EUR/USD
Price gave us a bearish cs formation yesterday, but the
stop was too big and price only came back to the entry point very late in the
day which suggested that the fall would be delayed. Price then gave us a
bearish cs formation at the end of the US session which is outside our trading
hours.
FOR TODAY:
If price rallies to test the highs of last night and
gives us a bearish cs formation we will trade it short.
Else if price just rallies up and takes out the high at 3715
on a closing basis, we will then be reversing on the 1H timeframe.
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 either the lows of yesterday and gives
us a bullish cs formation, or we fall to the BF786 – which is far off - 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.
If we don’t get the setup we are looking for then we
don’t trade.
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