EUR/USD – follow
me on twitter @fxdailyforecast and stocktwits.com/fxg
Euro failed at the highs on Friday and gave us a bearish cs
formation, we didn’t take the trade because the stop was too big and then the test
was late in the session before the weekend close. Price is back in that same area
now.
FOR TODAY:
During Asia price tested the highs and gave us an evening
star indicating that price is heading lower. We have entered short on that bearish
cs formation.
A violation of the 3292 highs will open the upside for
this pair and resume higher highs and lows.
SHORT: WILL
ONLY BE GOING SHORT IF:
We have entered short for a fall down to the BF786. Placed
stop 13 pips above the high of the cs formation, max 1% risk. Limits will be down at 3180.
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 will need price to fall to the BF786 followed by a
bullish cs formation, limits on this trade will be defined if we get this
setup. Place stop 10 pips below the low of the cs formation, max 1% risk.
If we don’t get the setup we are looking for then we
don’t trade.
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