EUR/USD 7 FEBRUARY 2012

EUR/USD

Price bounced off the BF786 yesterday, we are still in that position, looking for extension to wards the 3200 area.

FOR TODAY:

Today we have a DABF786 trading day where we are looking for continuation of the rally towards 3200-3220. If we fall and take out the B low we will have confirmation of the reversal on this timeframe.

SHORT: WILL ONLY BE GOING SHORT IF:

We get to the 786/86 and get a bearish cs formation, trade this down to the BF786.

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 have a DABF786 trading day where we are looking for a dip and a bullish cs formation for a long trade setup, we can only add to the current position if we are more than 50 pips in the money on the first trade.

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