EUR/USD
Price gave us a bullish cs formation at the BF786 yesterday and rallied, but couldn’t take out the previous day’s high. We then had another bearish cs formation that we were waiting for, but the stop was too big, price fell only to find support at the B low again with another bullish cs formation. Price then rallied off the support, once again, stop was too big.
FOR TODAY:
The BF yesterday is an indication that we are heading to take out the A up at 3913 and continue higher over coming days. But for now we seem to be stuck inside the AB swing in a 200 pip range between 3860 and 3650. For now we can trade the range by buying bullish cs formations at support and selling bearish cs formations at resistance.
SHORT: WILL ONLY BE GOING SHORT IF:
We get a rally and a bearish cs formation either at the highs of yesterday, or higher up inside the A high. Trade this down to the BF786. Stops above the high of the cs formation.
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:
We get another test of the lows and get a bullish cs formation, trade this to the 786. Stop below the low of the cs formation max 50 pips.
If we don’t get the setup we are looking for then we don’t trade.
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