EUR/USD 6 FEBRUARY 2012

EUR/USD

Price fell to the BF786 on Friday and gave us a bullish cs formation which we just got stopped out of now.

FOR TODAY:

Price is at the BF86 at present, any bullish cs formation here would be a long entry setup, a break of the 3025 B low will be confirmation of the reversal on this timeframe.

SHORT: WILL ONLY BE GOING SHORT IF:

We need another rally and a bearish cs formation for a short entry, stop 14 pips above the high of the cs formation, max 1.5% risk.

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're in BF786 buy territory, but in order to go long we first we need a bullish cs formation as confirmation. Trade the bullish cs formation to the 3232 highs, stop 10 pips below the low of the cs formation, max 1.5% risk.

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