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.