EUR/USD 3 NOVEMBER 2011

EUR/USD

No trade setup on EUR yesterday.

FOR TODAY:

We are still in the AB swing, price rallied shy of the 382 and fell back, we will wait for price to hit the BF786 and then a bullish cs formation for a long trade setup.

Else if price falls and takes out the B low at 3607 then we will wait for a new B to form and our A will be up at 3828.

SHORT: WILL ONLY BE GOING SHORT IF:

We get a rally and a bearish cs formation after hitting the 618/786.  This is 300+ pips away, so probably not going to happen today.

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 are looking for price to dip to the BF786 at3654 and then give us a bullish cs formation. Trade it long, limit 80-100 pips since it’s a shallow bounce. Stops below the low of the cs formation.

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