EUR/USD
We had a bearish cs formation yesterday which lost us 37
pips.
Price rallied yesterday negating the evening star
formation of Friday and rallying to the A highs, but failing to take it out on a
closing basis, so we are still in the AB downswing.
Today we will be looking to see if price finds resistance
at the highs again by way of a bearish cs formation, or if we rally on up at
take out the A high thereby starting a reversal on the 1H chart.
SHORT: WILL
ONLY BE GOING SHORT IF:
We get another run at the highs and then get a bearish cs
formation. Trade this formation as a ST down to the BF786. Stops above the cs
formations, 50 pips max.
If we don’t get the cs formations we are looking for at
the fib levels then we don’t trade.
LONG: WILL ONLY
BE GOING LONG TODAY IF:
Price gets down to the BF786 and gives us a bullish cs
formation for a long trade setup. If this occurs, place stop below the low of
the cs formation, max 50 pips stop, limit will be at the A high since we would
have had an A prior bounce.
If we don’t get the setup we are looking for then we
don’t trade.
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