EUR/USD
No trade setup on EUR on Friday.
Price has taken out the B low on this pair and we are now
waiting for a new B to form. Once we have a B we can draw fibs and ascertain
where the 618 and 786 are. Until then we have no trade setup on EUR.
SHORT: WILL
ONLY BE GOING SHORT IF:
We need price higher up at the 618/786 of this AB swing
before we can consider going short. We then need a bearish cs formation as
confirmation of our short entry. Trade the stop above the cs formation, 50 pips
max, and limits for a 618 will be 80 pips and the BF786 will be a ST to the
BF786.
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 first need a B to form, once we have that we need a
swing high, then a pullback to the BF786 and a bullish cs formation for a long
trade setup. At this stage we don’t even have a B yet, so there will probably
be no trade setup on the EUR for a long trade in todays sessions.
IF something develops I will post it.
If we don’t get the setup we are looking for then we
don’t trade.
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