EUR/USD 9 DECEMBER 2011

EUR/USD

Price fell and negated the long trade we were in and we lost 1.5% on that trade. Price then went on to find support at the 86fib retracement.

FOR TODAY:

Today will be a DA86 trading day where we look to buy dips towards the BF786.

Else if price falls and takes out the A low down at 3258 then we will be reversing on this timeframe.

SHORT: WILL ONLY BE GOING SHORT IF:

We get a rally and then a bearish cs formation for a short either inside yesterday’s highs, or higher up at the BF786 at 3491.  The limit for this entry will be at the A low since we had an 86 prior bounce. Stop above the 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 a clear bullish cs formation at or inside yesterdays lows, or lower down inside the A low. Trade this to the BF786. Stops below the low of the cs formation, max 1.5% risk.

For Position traders – The trade was stopped out at zero.

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