EUR/USD 14 NOVEMBER 2011

EUR/USD

No trade setup on EUR on Friday, price rallied to the 86 of the AB swing.

FOR TODAY:

We need a bearish cs formation for a short entry while still inside the A high. If we break the A high we will be reversing on this timeframe.

Else we will be looking for bullish cs formations after price hits the BF786, much lower down.

If we don’t get the cs formations we are looking for then we don’t trade.

SHORT: WILL ONLY BE GOING SHORT IF:

Price has already hit the 786/86 of this AB swing, so we are in sell territory at present. We need a clear bearish cs formation to enter a short trade setup. This entry will be a ST down to the BF786, stops above the high of the cs formation, max 1.5% risk.

If we don’t get the cs formations we are looking for then we don’t trade.

LONG: WILL ONLY BE GOING LONG TODAY IF:

We get a BF786 trade setup and a bullish cs formation thereafter. Trade this as a ST since we would have had an 86 prior. Stops below the low of the cs formation, max 1.5% risk.

If we don’t get the setup we are looking for then we don’t trade.