EUR/USD – follow me on twitter @fxdailyforecast
No trade setup yesterday, price never gave us the dip we were looking for.
FOR TODAY:
Price rallied to the 50 of the AB swing, which is also past support that became resistance. We need price up at the 618/786 for a short trade, or for a long entry we need a dip and a bullish cs formation from current levels, or lower down at the BF786.
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. If price dips all the way down to the BF786 then the limit changes – will advise at time of entry. 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.
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