EUR/USD
Price rallied on Friday and we have an AB swing in play now.
FOR TODAY:
We can only sell up at the BF786 – after a bearish cs formation, which for now is at the 2957 price level, or buy down at the 618/786 of this AB swing.
SHORT: Will be going short only IF:
We need price to rally to the 2957 price level and then give us a bearish cs formation for a short entry. Trade this for 60 pips since it’s a shallow bounce ie less than a 382, stops above the cs formation, max 1.5% risk.
If we don’t get the setup we are looking for then we don’t trade.
LONG: Will be going long today only IF:
We need price to fall to the 618/786, then a bullish cs formation for a long trade setup. Stops below the low of the cs formation, max 1.5% risk. The limits for the 618 entry will be 60-70 pips, and the 786 entry will be a ST to the BF786.
If we don’t get the setup we are looking for then we don’t trade.
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