EUR/USD – follow
me on twitter @fxdailyforecast and stocktwits.com/fxg
Price broke the lows yesterday creating a new
AB swing with the B low down at 2323, A up at 2427.
FOR TODAY:
With the new AB swing we need price to retrace up to the
618/786 and give us bearish reversal cs formations for short entries.
Long trades are possible if we get a test of the BF786
followed by a bullish cs formation.
If we don’t get the setup we are looking for then we
don’t trade.
SHORT: WILL
ONLY BE GOING SHORT IF:
We need price to retrace to the 618/786 of this AB swing
and give us bearish cs formations at either of those levels. Place stop 13 pips
above the cs formation, max 1% risk. Limits defined at time of entry.
If we don’t get the setup we are looking for then we
don’t trade.
LONG: WILL ONLY
BE GOING LONG TODAY IF
Price rallied to the 382 of this swing thus far, if price
tests the BF786 and then gives us s bullish cs formation, that will initiate a
long trade setup. Place stop 10 pips
below the low, limit 50-60 pips. Exit on bearish cs formations which might be
driving price down again.
If we don’t get the setup we are looking for then we
don’t trade.
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