GBP/USD 29 FEBRUARY 2012

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Price gave us the bearish cs formation we were looking for yesterday, fell a bit and then bounced to take out our stop for a 38 pip loss. We could not immediately go long since the stop on the bounce was too big.

FOR TODAY:

Price has now reached the 5928 target set a few days ago. We have not taken the level out significantly as yet, so a bearish cs formation at current levels will initiate a short trade setup.

A sustained break of 5936 will open the upside.

SHORT: Will be going short only IF:

We did get another bearish cs formation from current levels and we are short currently as of 06h00GMT,  telling us that the level is holding, this will probably drive price lower. Stops above the high of the cs formation.

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 get a dip and a bullish cs formation, maybe at yesterday’s lows around 5800, or lower down. Place stop below the low and limit out for 70 pips.

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

EUR/USD 29 FEBRUARY 2012

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Euro gave us a bearish cs formation yesterday after hitting the BF786, we exited that trade last night with a 27 pip loss.

FOR TODAY:

We are still in sell territory with price still inside the B high, price just gave us a bearish cs formation, we are in short at 06h00GMT.

A sustained break of the 3485 high negates this outlook and gives us a new AB swing in play.

SHORT: WILL ONLY BE GOING SHORT IF:

Price gave us a bearish cs formation and we are short this pair. Stop is 13 pips above the high of the cs formation, limits will be 70 pips.

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 need price to bounce off the 3366 lows followed by a bullish cs formation – this will be a DD entry and will be good for 100 pip rally, else we looking for support lower down at the 618/786 followed by a bullish cs formation. Stop 10 pips below the low of the cs formation, limits for the 618 entry will be 70 pips, and the 786 will be a ST.

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

AUD/USD 29 FEBRUARY 2012 - 4H CHART BELOW

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We did get the bearish cs formation at the 86 highs yesterday, price fell and bounced in the US session, we exited the trade with 3 pips profit as per post.

FOR TODAY:

Price has not taken the high out on a sustained basis. We have a bearish cs formation on the 1h chart which we traded short. It’s a small stop we have in place above the high.

A sustained break of 1.0815 opens the upside, starting a reversal on this timeframe.

SHORT: Will be going short only IF:

We are short on the bearish cs formation as at 06h00 GMT. Stops 14 pips above the cs formation, max 1.5% risk, Limits are lower down, will wait and see how far the cs can drive price lower.

If we don’t get the set-up we are looking for then we don’t trade.

LONG: Will be going long today only IF:

We need price down at yesterday’s lows, or the BF786 followed by a bullish cs formation for a long entry. This entry will be good for 60-70 pips. Stop 10 pips below the low of the cs formation.

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

GBP/USD 28 FEBRUARY 2012

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No trade setup on Sterling yesterday, price consolidated after finding resistance at the 5900 level.

FOR TODAY:

I’m still of the view that price is heading for 5928, We will still look to buy  dips after bullish cs formations until price reaches 5918/5928.

Only a clear bearish cs formation at the 5900 level negates.

SHORT: Will be going short only IF:

We get a test of the 5900 price level and then get another bearish cs formation, telling us that the level is holding, this will probably drive price down to the 5650 area again.

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 still looking for price to extend towards the 5918/28 level. We are looking to buy dips after bullish cs formations. We will trade this entry as a ST to the 5900/5918 price level over coming sessions. Stops 10 pips below the low of the cs formation.

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

EUR/USD 28 FEBRUARY 2012

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No trade setup on Euro yesterday, price fell during the UK session and bounced off the 382 fib.

FOR TODAY:

We will look to short the Euro if price reaches the BF786 and then gives us a bearish cs formation.

Else if price rallies and takes out the 3485 high then we will have no trade setup, but a new AB swing in play and resumption of up-trend on this time frame.

SHORT: WILL ONLY BE GOING SHORT IF:

We need price to hit the BF786, or higher while still inside the 3485 highs, followed by a bearish sc formation for a short trade setup. Place stop 13 pips above the high of the cs formation, limits will be 70 pips.

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 need price to bounce off the 3366 lows followed by a bullish cs formation – this will be a DD entry and will be good for 100 pip rally, else we looking for support lower down at the 618/786 followed by a bullish cs formation. Stop 10 pips below the low of the cs formation, limits for the 618 entry will be 70 pips, and the 786 will be a ST.

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

AUD/USD 28 FEBRUARY 2012

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No trade setup on Aussie yesterday, price fell , but only to 1.0649, we were looking for a fall to 1.0630 followed by a bounce.

FOR TODAY:

Price is at the 86 of the AB downswing, we are in sell territory, we will sell a clear bearish cs formation from current levels or while inside the 1.0815 highs.

A break of 1.0815 negates this outlook and opens the upside, starting a reversal on this timeframe.

SHORT: Will be going short only IF:

We get a bearish cs formation from current levels or while inside the 1.0815 A high. Stops 14 pips above the cs formation, max 1.5% risk, limits for this entry will be at the BF786, being a ST.

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 down at yesterday’s lows, or the BF786 followed by a bullish cs formation for a long entry. This entry will be a ST to the A high up at 1.0815. Stop 10 pips below the low of the cs formation.

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

GBP/USD 27 FEBRUARY 2012

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Price gave us the bullish cs formation we were looking for on Friday, I waited for a test which never materialized. Price went on to rally to 5900.

FOR TODAY:

I'm still of the view that price is heading for 5928, We will still look to buy  dips after bullish cs formations until price reaches 5918/5928.

SHORT: Will be going short only IF:

We get a test of the 5900 price level, or higher while inside the A high and then get another bearish cs formation telling us that the level is holding, this will probably drive price down to the 5650 area again.

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 still looking for price to extend towards the 5918/28 level. We are looking to buy dips after bullish cs formations. We will trade this entry as a ST to the 5900/5918 price level. Stops 10 pips below the low of the cs formation.

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

EUR/USD 27 JANUARY 2012

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No trade setup on Friday as we were waiting for  B high to form.

FOR TODAY:

We seem to have a B high at 3485, will see if it holds. We can only sell on a test of the high with a bearish cs formation, or buy at the 618/786 of this AB swing.

SHORT: WILL ONLY BE GOING SHORT IF:

We need a swing low followed by a test of the high; price is just sideways at present, will wait for a clear setup.

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 need price down at the 618/786 followed by a bullish cs formation.

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

AUD/USD 27 FEBRUARY 2012

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No trade setup on Friday, price did fall after a test of the 1.0754 level, but that was rather late Friday afternoon.              

FOR TODAY:

Today we will look for either a DA618 trading day, or a bounced at 1.0630 for a long trade setup.

SHORT: Will be going short only IF:

We get a rally and a bearish cs formation for a short trade setup, since today might be a DA618 trading day where price resumes the fall. Stops 14 pips above the cs formation, max 1.5% risk, limits for this entry will be at the BF786, being a ST.

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 down at the BF786 and a bullish sc formation for a long entry. This entry will be a ST to the 786 higher up. Stop 10 pips below the low of the cs formation.

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

GBP/USD 24 FEBRUARY 2012

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There was no trade setup on Sterling yesterday, we waited for a dip but never got a bullish cs formation during the session. Price continued to rally in late US session.

FOR TODAY:

We still looking for dips and bullish cs formations to buy until price reaches 5918.

A break of 5644 negates this view.

SHORT: Will be going short only IF:

No short trade setups, we need price much higher for a short trade setup.

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 have a DABF786 trading day where we are looking for price to extend towards the 5918 level. We are looking to buy dips after bullish cs formations. We will trade this entry as a ST to the 5900/5918 price level over coming sessions. Stops 10 pips below the low of the cs formation.

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

EUR/USD 24 FEBRUARY 2012

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We were stopped out of our short trades yesterday for a total of 53 pips yesterday when price rallied to break the resistance high at 3292.

FOR TODAY:

Price continued up, we are in no man’s land according to our system. We need  a B high and a retracement down to the 618/786 for a long trade setup.

SHORT: WILL ONLY BE GOING SHORT IF:

No short setups , we need a formation to setup. Until then stand aside.

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

No long trade setups need a formation to develop , I will tweet if something transpires.

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

AUD/USD 24 FEBRUARY 2012

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No trade setup on Aussie yesterday, but the failure at 1.0600 did push price deeper into the AB swing.

FOR TODAY:

We are now in sell territory have advanced past the 618. When we have such a setup where price pushed through the 618, then I prefer to extend to the 786.

SHORT: Will be going short only IF:

We need a clear bearish cs formation after price retraces to the 786 of this swing for a short trade. Stops 14 pips above the cs formation, max 1.5% risk, limits for this entry will be at the BF786, being a ST.

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 down at the BF786 and a bullish sc formation for a long entry. Far away at present. So no long trade set-up.

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

Total Pips for Month to Date is 680 pips - we have no open positions at present.

These trades were called live on Stocktwits.com and posted on twitter as well. These daily calls can be viewed on www.stocktwits.com - username FXG.


Follow me on twitter @fxdailyforecast  where I tweet all my trading calls.

GBP/USD 23 FEBRUARY 2012

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Price gave us the bearish sc formation we were looking for yesterday and we went short on that trade setup. We were limited out on both trades, first one was 136 pips, second trade was 65 pips, for a total of 201 pips profit.

FOR TODAY:

Price fell past the BF786 to the B support low. A bullish cs from current levels or maybe after a test of the low will signal a rally towards 5900/5920 over coming sessions. 

A break of 5644 negates this view and opens the downside.

SHORT: Will be going short only IF:

No short trade setups, we need price much higher for a short trade setup. If price falls and takes out the 5644 B low then we wait for a B to form, followed by a retracement to the 618/786 for a short set-up.

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 are in long territory, failure to take out the 5644 B low will signal a long trade. We will wait and see if we get a test of the low during the UK session followed by a clear bullish cs formation. We will trade this entry as a ST to the 5900/5920 price level over coming sessions. Stops 10 pips below the low of the cs formation.

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

EUR/USD 23 FEBRUARY 2012

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We are still short from 3272, and a second  position from 3227, limits set at 3200, stop bove the cs high of yesterday at 3276.

FOR TODAY:

Price is going sideways, and as mentioned yesterday, we need a break of either the high at 3292/3300, or the low at 3186 on a closing basis to give us some direction.

SHORT: WILL ONLY BE GOING SHORT IF:

No short setups, need more clarity, will wait for a break as mentioned above, until then stand aside.

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

No long trade setups, will stand aside and see what develops, will tweet if something transpires.

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

AUD/USD 23 FEBRUARY 2012

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No trade setup on Aussie yesterday, price was rather sideways yesterday and seems to be finding a base at 1.0600 since we have bounced off that level three times in last few trading sessions.

FOR TODAY:

The bounce out of 1.0600 during the Asian session might be the signal here that price is heading deeper into the AB swing. We will go long on a test of the overnight low followed by a bullish cs formation.

Else if price keeps falling and breaks the 1.0600 on a sustained basis then we will have a new AB swing in play.

SHORT: Will be going short only IF:

We need a clear bearish cs formation after price retraces to the 618/786 of this swing for a short trade. Stops 14 pips above the cs formation, max 1.5% risk, limits for the 618 will be 60-70 pips, and the 786 will be a ST to the BF786.

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 are looking for a test of the Asian session lows  followed by a clear bullish cs formation.  Place stops 10 pips below the low of the cs formation, max 1.5% risk, limits for this entry will be 60-70 pips.

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

Total Pips for Month to Date is 723 pips (Excluding current open EUR/USD trade)

These trades were called live on Stocktwits.com and posted on twitter as well. These daily calls can be viewed on www.stocktwits.com - username FXG.


Follow me on twitter @fxdailyforecast  where I tweet all my trading calls.

GBP/USD 22 FEBRUARY 2012

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Price gave us the bearish sc formation we were looking for yesterday and we went short on that trade setup. We are still in that short trade setup.

FOR TODAY:

Today will be another DA786 trading day, we are looking to sell rallies after bearish cs formations down to the 5708 price level. We will only add to positions if yesterdays trade is 50+ pips in the money.

SHORT: Will be going short only IF:

We need a clear bearish cs formation for a short trade setup – preferably after a small rally. Place stop 14 pips above the high of the cs formation, max1.5% risk. This will be a ST entry, with limits down at the 5708.

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 will wait for a BF786 trade setup, until price reaches that level we will not be looking for long trade setups.

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

EUR/USD 22 FEBRUARY 2012

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We shorted yesterday at the 3272 price level, and we are looking for price to extend down to the 3200/3186 area.

FOR TODAY:

No trade setup till price either breaches the high at 3292, or breaks the low at 3186, on a sustained basis. We will remain in the current short trade setup but don’t foresee additions to this position.

SHORT: WILL ONLY BE GOING SHORT IF:

No short setups, need more clarity, maybe a test and a bearish cs formation at the highs again, will wait and see.

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

No long trade setups, will stand aside and see what develops, will tweet if something transpires.

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

AUD/USD 22 FEBRUARY 2012

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Price gave us the bearish cs formation yesterday and we went short and limited out with 41 pips profit. Price went on to take out the B low, but not on a sustained basis.

FOR TODAY:

We have a new AB swing in play here, with our new B down at 1.0609. We need to wait for a retracement up to the 618/786 for a short trade setup, or a BF for a long trade setup.

SHORT: Will be going short only IF:

We need a clear bearish cs formation after price retraces to the 618/786 of this swing for a short trade. Stops 14 pips above the cs formation, max 1.5% risk, limits for the 618 will be 60-70 pips, and the 786 will be a ST to the BF786.

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

LONG: Will be going long today only IF:

Price must reach the BF786 and then give us a bullish cs formation.  Place stops 10 pips below the low of the cs formation, max 1.5% risk, limits for this entry will be 60-70 pips.

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

Total Pips for Month to Date is 481 pips.

Daily calls can be viewed on www.stocktwits.com - username FXG.


Follow me on twitter @fxdailyforecast  where I tweet all my trading calls.

GBP/USD 21 FEBRUARY 2012

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No trade setup yesterday, we are however still in the sell territory on this pair. A test of the highs and a bearish cs formation here will be a sell signal.

FOR TODAY:

Price found resistance at 5880 and pulled back a bit. Today we will look to see if we get a bearish cs formation will be good for a short entry. 

A sustained break of 5928 will start a reversal on this pair.

SHORT: Will be going short only IF:

We need a clear bearish sc formation for a short trade setup. Place stop 14 pips above the high of the cs formation, max1.5% risk. This will be a ST entry, with limits down at the BF786.

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 a dip and a bullish cs formation for a long trade setup. Place stop 10 pips below the low of the cs formation, max 1.5% risk, limits will be 70 pips.

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

EUR/USD 21 FEBRUARY 2012

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We were waiting for a B to form yesterday, price fell, then rallied during the Asian session to take out the high formed during the day.

FOR TODAY:

We need a swing high to form before we can call a high on this timeframe. Until then we have no trade setups. We have a new A down at 3186, which will act as the support low.

SHORT: WILL ONLY BE GOING SHORT IF:

No short trade setups at present, we first need a swing low followed by a test of the high, we don’t have that at present. We don’t even have a B high yet.

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

No long trade setups, we need price down at the 618/786 and a bullish cs formation for a long trade setup.

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

AUD/USD 21 FEBRUARY 2012

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Price gave us the bearish cs formation we were looking for yesterday, we entered short and limited out for 37 pips.

FOR TODAY:

Today is a DA86 trading day where we are looking for continuation of the fall, down to 1.0678. Sell rallies after bearish cs formations.

Else a sustained break of the 1.0823 highs will start the reversal process on this timeframe.

SHORT: Will be going short only IF:

We need a clear bearish cs formation for a short trade. Stops 14 pips above the cs formation, max 1.5% risk, limits will be at 1.0678.

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

LONG: Will be going long today only IF:

Price must reach the  BF786 and then give us a bullish cs formation.  Place stops 10 pips below the low of the cs formation, max 1.5% risk, limits set at 1.0813, this will be a ST.

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

GBP/USD 20 FEBRUARY 2012

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No trade setup on Friday on Cable, price never reached the 786 as a trigger for an entry. The Asian session did however rally past the 786.

FOR TODAY:

We are in sell territory on Sterling; we need a clear bearish cs formation for a short trade setup.

Else a sustained break of the 5928 highs will start the reversal process on this timeframe.

SHORT: Will be going short only IF:

We need a clear bearish sc formation for a short trade setup. Place stop 14 pips above the high of the cs formation, max1.5% risk. This will be a ST entry, with limits down at the BF786.

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 a dip and a bullish cs formation for a long trade setup. Place stop 10 pips below the low of the cs formation, max 1.5% risk, limits will be 70 pips.

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

EUR/USD 20 FEBRUARY 2012

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Price has taken out the A high at 3190, even the next resistance high at 3215, starting the reversal process on this timeframe.

FOR TODAY:

We will wait for a decent swing high to form, after which we need a retracement down to the 618/786 of this upswing.

SHORT: WILL ONLY BE GOING SHORT IF:

No short trade setups at present, we first need a swing low followed by a test of the high, we don’t have that at present.

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

No long trade setups, we need price down at the 618/786 and a bullish cs formation for a long trade setup.

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

AUD/USD 20 FEBRUARY 2012

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Price gave us the bullish cs formation we were looking for on Friday, but then stopped us out at 1.0740 with a 26 pip net profit from both trades we were in.Price opened last night with a big gap open, and then rallied to the 813 limit.

FOR TODAY:

While under the 1.0823/43 highs we will be looking for clear bearish cs formations.

Else a sustained break of the 1.0823 highs will start the reversal process on this timeframe.

SHORT: Will be going short only IF:

We need a clear bearish cs formation from current levels, or while inside the 1.0823/43 highs for a short trade. Stops 14 pips above the cs formation, max 1.5% risk, limits will be at the BF786.

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 are looking for dips to buy into, after bullish cs formations.  Place stops 10 pips below the low of the cs formation, max 1.5% risk, limits set at 813, this will be a ST.

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

GBP/USD 17 FEBRUARY 2012

GBP/USD - FOLLOW ME ON TWITTER - FXDAILYFORECAST

Price gave us the bullish cs formation we were looking for yesterday after hitting 5663 as per analysis yesterday morning. We entered the long trade setup which limited out with 70 pips profit.

FOR TODAY:

Price has since rallied and has come shy of the 618 on the AB swing. We need price to hit the 618/786 followed by a bearish cs formation for a short trade setup.

SHORT: Will be going short only IF:

We need price to hit the 618/786 and a clear bearish sc formation for a short trade setup. Place stop 14 pips above the high of the cs formation, max1.5% risk. Limits for a 618 entry will be 60-70 pips and a 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.

LONG: Will be going long today only IF:

We need price down at the BF786 and a bullish cs formation for a long trade setup. Place stop 10 pips below the low of the cs formation, max 1.5% risk, limits will be 70 pips.

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

EUR/USD 17 FEBRUARY 2012

EUR/USD – FOLLOW ME ON TWITTER - FXDAILYFORECAST

No trade setup on EUR yesterday as we were waiting for a B low to form. Price has since rallied just shy of the 86.

FOR TODAY:

We are in sell territory being at the 786/86 of the bearish AB swing. If we get a clear bearish cs formation from current levels or high up while still inside the A high then we will enter a short trade.

Else a sustained break of the 3190 A high will start the reversal process on this time frame.

SHORT: WILL ONLY BE GOING SHORT IF:

We need a clear bearish cs formation from current levels, or higher up inside the 3190 high. Stop 14 pips above the high of the cs formation, max 1.5% risk, limits will be at the BF786, and it will be a ST.

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

No long trade setups, we need price down at the BF786 and a bullish cs formation for a long trade setup. Some 100+ pips away at present.

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

AUD/USD 17 FEBRUARY 2012

AUD/USD - FOLLOW ME ON TWITTER - FXDAILYFORECAST

Price gave us the bullish cs formation we were looking for yesterday as per analysis yesterday morning. We entered the long trade setup at 1.0690, our stop is now at cost, limits still set at 1.0813.

FOR TODAY:

Today we have a DABF786 trading day where we are looking for price to rally to the 1.0823 high, then maybe onto 1.0843. We have our limits set 10 pips inside the 1.0823 high at 1.0813. We will look to buy dips to 1.0813 after bullish cs formations.

SHORT: Will be going short only IF:

We need a test of the Asian highs or higher at 1.0823/43 and a bearish cs formation for a short trade. Stops 14 pips above the cs formation, max 1.5% risk, limits will be at the BF786.

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 are looking for dips to buy into after bullish cs formations.  Place stops 10 pips below the low of the cs formation, max 1.5% risk, limits set at 1.0813, this will be a ST.

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

GBP/USD 16 FEBRUARY 2012

GBP/USD

No trade setup on GBP yesterday, price did hit the BF786 during the Asian session though.

FOR TODAY:

We are at the BF786, today we will be looking for a bullish cs formation telling us that support at 5644 is holding.

Else a sustained break of the low on a closing basis will give us a new AB swing.

SHORT: Will be going short only IF:

We need price up at yesterday’s highs, or at the 618/786 and a bearish sc formation for a short trade setup. Place stop 14 pips above the high of the cs formation, max1.5% risk. Limits will be 60-70 pips and a 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.

LONG: Will be going long today only IF:

We are in BF786 territory at present, so a clear bullish cs formation will initiate a long trade setup. Place stop 10 pips below the low of the cs formation, max 1.5% risk, limits will be 70 pips.

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

EUR/USD 16 FEBRUARY 2012

EUR/USD

As per yesterday's analysis, we entered short after the bearsh cs formation and limited out at 50 pips profit. Price went on to take out the B low giving us a new AB swing.

FOR TODAY:

We have to wait for a B to form, only once we have a B can we ascertain where the 618/786 will be for short entries.

SHORT: WILL ONLY BE GOING SHORT IF:

We first need a B to form, and then we need price to retrace to the 618/786 and then give us a bearish cs formation for a short trade setup. Stop above the high of the cs formation, max 1.5% risk, limits will be defined later.

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 need a B to form, so no long set-ups in this session. Will tweet if something develops during US session.

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

AUD/USD 16 FEBRUARY 2012

AUD/USD

As per yesterday's analysis, price gave us the bearish cs formation after the test of the 777 high, we went short and profited 45 pips from the trade.

FOR TODAY:

Price is at the BF786, so a clear bullish cs formation here will initiate a long trade setup. A sustained break of the 628 low will give us a new AB swing.

SHORT: Will be going short only IF:

We need a test of the 777 highs or higher and a bearish cs formation for a short trade. Stops 14 pips above the cs formation, max 1.5% risk, limits will be at the BF786.

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 a get a clear bullish cs formation from current levels, or lower down while inside the B low. Place stops 10 pips below the low of the cs formation, max 1.5% risk, limits set at 813, this will be a ST.

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