EUR/USD
The Trade entry from the previous day was stopped out t zero yesterday with the pullback. Euro is range bound trading in a 120 pip range. We need either the support at 3420 or resistance at 3656 to break to give some direction.
FOR TODAY:
We are currently sitting at support of this range, any bullish cs formation here would qualify for a long trade setup to the top of the range.
Else if price just continues down from here and breaks the support at 3420 we will have a new AB swing in play.
SHORT: WILL ONLY BE GOING SHORT IF:
We need price up at the top of the range and a bearish cs formation for a short entry with limits set to the bottom of the range.
Else higher up at the 618/786, and then a bearish cs formation for a short trade setup. Limits for the 618 is 100 pips and the 786 is a ST to the BF786. Stops above the cs formations, 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 bullish cs formation at current levels or lower down while inside the B low, trade it to the top of the range, stops below the low of the cs formation, max 1.5% risk.
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