EUR/USD 15 FEBRUARY 2012

EUR/USD

Price broke the B low yesterday and gave us another B low with the A being up at 3215.

FOR TODAY:

Price has bounced and has come a few pips shy of the 786 at 3186. If we get a bearish cs formation after hitting the 786 it will qualify as a short entry. A violation of the 3215 high will signal a potential reversal on this time frame.

SHORT: WILL ONLY BE GOING SHORT IF:

Price hits the 786 and the gives 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 at the BF786 since it’s 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

We need price down at the BF786 followed by a bullish cs formation for a long trade setup. Place stop below the low of the cs formation, max 1.5% risk, limits will be at 3205.

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