EUR/USD
We traded the bullish cs formation at 06h00GMT yesterday and price reversed and we lost 38 pips on that trade.Price went on to take out the 3420 B low, thus giving us a new AB swing.
FOR TODAY:
We now have an A up at 3613 and the B down at 3319. Price bounced quite hard off the B low during the Asian session. We now have to wait for a BF786 and a bullish sc formation for a Long trade, or a sell up at the 618/786 of this swing.
SHORT: WILL ONLY BE GOING SHORT IF:
Price gets up to the 618/786, and thereafter gives us a bearish cs formation. 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 need price to fall down to the BF786 and then give us a bullish sc formation. Trade the limit for 80-100 pips since it’s a shallow bounce at time of writing. Stops below the low, max 1.5% risk.
If we don’t get the cs formations we are looking for then we don’t trade.
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