EUR/USD – follow
me on twitter @fxdailyforecast and stocktwits.com/fxg
Price rallied to the 3153 target yesterday but failed to
get us an entry with a good risk/reward ratio. We are back in that price area
at present (05h45GMT).
FOR TODAY:
We expect price to rally today and break the 3163 high
starting a reversal on this timeframe.
A clear bearish cs formation from
current levels will negate this view and initiate a short trade setup.
If we don’t get the cs formations we are looking for then
we don’t trade.
SHORT: WILL
ONLY BE GOING SHORT IF:
We will only consider short trade setups if we get
bearish cs formation from current levels, or while inside 3163. Stop will be 13
pips above the cs formation, max 1% risk. Limits defined at 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
We get a dip followed by a clear bullish cs formation. Place
stop 10 pips below the low of the cs formation, max 1% risk. Price will then
target 3163 or higher.
If we don’t get the setup we are looking for then we
don’t trade.
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