EUR/USD – follow
me on twitter @fxdailyforecast and stocktwits.com/fxg
Price gave us the bearish cs formation at the UK open and
fell to close the gap, down to the 86 of the AB swing where we have
a morning star cs formation.
FOR TODAY:
We will look for a test of the m/star formation followed
by another bullish cs formation for a long entry.
Shorts are considered on a test of yesterday’s highs
followed by a bearish 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 get a rally followed by a clear bearish cs formation,
or a test of yesterday’s highs followed by a clear bearish cs formation. Place stop 13 pips above the high of 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 has already retraced down to the 86 of this AB
swing and given us a bullish cs formation during the Asian session. We will
look for a test of that cs formation followed by a bullish cs formation for a
long trade setup. Place stop 10 pips below the low of the cs formation, max 1%
risk. Limit out at the BF786 over coming sessions.
A sustained break of 2434 negates this view and starts a
reversal on this timeframe.
If we don’t get the setup we are looking for then we
don’t trade.
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