EUR/USD 1 MAY 2012

EUR/USD – follow me on twitter @fxdailyforecast and stocktwits.com/fxg

Did not trade yesterday.

FOR TODAY:

We have an A low down at 3156, with a B up at 3269. We are already in BF786 territory and can sell if we get a clear bearish cs formation. Longs are only considered down at the 618/786 after bullish cs formations.

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 get a clear bearish cs formation from current levels or higher up while still inside the B high. Place stop 13 pips above the high of the cs formation, max 1% risk. Limits will be at 3200.

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 to the 618/786 and price gives us a bullish cs formation.

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