EUR/USD
Price gave us a bearish cs formation at the 50 fib of the AB swing in play. We never had an entry at this level since we were looking for the 618 to short at.
FOR TODAY:
With the evening star on Friday we might have price fall down to the BF786 at 3461 where we will be looking for a bounce. Else if we get a rally from current levels and get another bearish cs formation inside Fridays highs we will then be looking for short entries there, else higher up at the 618.
If price falls and takes out the B low we will then have a ne3w AB swing in play.
SHORT: Will be going short only IF:
Price rallies to test Fridays highs and gives us another bearish cs formation , else higher up at the 618/786 of this AB swing. Place stop above the high of the cs formation, max 1.5% risk, limits will be 80-100 pips and the 786 will be a ST to the BF786.
If we don’t get the setup we are looking for then we don’t trade.
LONG: Will be going long today only IF:
Price retraces to the BF786 down at 3461 and gives us a bullish cs formation. Trade this as a ST to the 618 since we already had a 50 prior bounce. Stops are placed below the low of the cs formation, max 1.5% risk.
If the BF786 fails to give us a bullish entry, we can look for one lower down while still inside the B low.
If we don’t get the setup we are looking for then we don’t trade.
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