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.