EUR/USD 28 NOVEMBER 2011

EUR/USD

No Trade setup on EUR Friday. Price gave us a B low late in the session, but no trade setup.

FOR TODAY:

Price gap opened at Asia last night around the 618 of the AB swing. We now have to wait for a BF786 down at 3239 and a bullish cs formation for a long trade setup, or a rally and a bearish cs formation  for a short entry, preferably at the 786 at 3368. We are currently just off the 618 but its more sideways action we see here during the Asian session.

SHORT: WILL ONLY BE GOING SHORT IF:

We looking for a rally and a bearish cs formation, preferably at the 786 up at 3368. This will be a ST to the BF786 down at 3329, place stop above the high of the bearish cs formation, 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 down to the BF786 at 3239 and then get a bullish cs formation. Place stop below the low of the cs formation, limits will be set at the 786 up at 3358 – 10 pips inside the 786.

If we don’t get the cs formations we are looking for then we don’t trade.