EUR/USD
No Trade setup on EUR yesterday. Price came shy of the BF786 and then bounced, so no entry.
Price bounced off the 50 of the AB swing yesterday and then just a few pips shy of the BF786, today we will be looking for price to extend towards the 618 up at 4164. We will be looking to buy a dip with limits set 10 pips inside the 618.
Else if price just continues down without a bullish cs formation and takes out the B low, then we will have to wait for a new B to form, and then start all over with a new AB swing.
SHORT: Will be going short only IF:
Price rallies to the 618/786 and gives us a bearish cs formation, trade the 618 for 60 pips profit and the 786 will be a PT to the BF786. Stops above the cs formations, 50 pips max.
LONG: Will be going long today only IF:
1. We get a dip and a bullish cs formation before we hit yesterday’s lows, trade this with stop below the low – 50 pips max, and limit out 10 pips inside the 618. This will be a regarded as a DABF trading day, where we assume then that yesterday’s lows will hold and price will retrace deeper into the swing. I.e. the 618.
2. Price hits the BF786 or lower down and then gives us a bullish cs formation afterward while inside the B low. Trade this as a PT to the 618. Stops below the cs formation, 50 pips max.
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