EUR/USD 29 MARCH 2012

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Price gave us the bearish cs formation after hitting the BF786 and we entered a short trade setup and closed with 57 pips profit. Price then bounced off the 382 late in the session and consolidated during Asia.

FOR TODAY:

With today being a DABF786 trading day, we will look to sell after a rally and a bearish cs formation.

Else if price falls and find support at yesterday’s lows then we will have a DD entry which will be good for 100 pips.

If we don’t get the set-up we are looking for then we don’t trade.

SHORT: WILL ONLY BE GOING SHORT IF:

We need price to rally followed by a bearish cs formation, or a test of yesterdays high followed by a bearish cs formation for a short entry. Place stop 13 pips above the cs formation, max 1% risk. Limits will be 70 pips since it’s a shallow bounce.

If we don’t get the set-up we are looking for then we don’t trade.

LONG: WILL ONLY BE GOING LONG TODAY IF

We will go long if price reaches yesterday’s lows and gives us a bullish cs formation, this will be a DD entry and will be god for a 100 pip rally.

Else if that support doesn't hold then we need price to fall to the 618/786 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 set-up we are looking for then we don’t trade.