EUR/USD
Price rallied yesterday giving us a new B high so we have a new AB swing in play.
FOR TODAY:
We can only sell after price hits the BF786 at 3160 – if the 3077 swing low holds- and then gives us a bearish cs formation.
Else long trade setups are considered down at the 618/786 of this AB swing.
SHORT: Will be going short only IF:
Price hits the BF786 and then gives us a bearish cs formation, trade this entry for a limit of 60-70 pips since the prior bounce is a shallow one, stops 14 pips above the high of 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 retrace to the 618/786, then a bullish cs formation for a long trade setup. Stops 10 pips 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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