EUR/USD 8 MARCH 2012

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We had a trade setup yesterday, we were stopped out for 30 pips loss on that trade. There was another trade setup, I had a FO in for a test of the cs formation – which never materialized during Asia.

FOR TODAY:

Today we have a DABF trading day where we expect price to continue rallying. We will look to buy dips.

Short trades are only considered up at the 618/786 of this swing.

SHORT: WILL ONLY BE GOING SHORT IF:

We need price to retrace to the 618/786 of this AB swing. Once price hits either of those fibs we are looking for a bearish cs formation for a short entry. Stops 13 pips above the high of the cs formation, limits defined at time of entry.

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

Today is a DABF trading day where we are looking for price to continue up. We will be looking to buy dips after bullish cs formations for limits of 60-70 pips. Stops will be 10 pips below the low of the cs formation.

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