EUR/USD
Price reached the BF786 limit for 180 pips profit yesterday and then the BF786 long trade setup yesterday lost 50 pips. Price went on to take out the B low during the Asian session.
FOR TODAY:
We now have a new AB swing in play and the bearish trend seems firmly intact. We will look to sell rallies, wait for a retracement to the 618/786 and then a bearish cs formation.
Else we can only buy on a BF786, but right now (04h47 GMT) we don’t even have a B yet, so probably not going to happen today.
SHORT: WILL ONLY BE GOING SHORT IF:
We need price up at the 618/786, and then a bearish cs formation for a short trade setup. Right now we don’t have a confirmed B so we don’t know where the 618/786 is going to be as yet.
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. But first we need a B to form, then a swing high and a test of the B low by bouncing off the BF786 at least, so this setup is probably not going to happen today.
If we don’t get the setup we are looking for then we don’t trade.
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