EUR/USD 21 NOVEMBER 2011

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.