EUR/USD – follow
me on twitter @fxdailyforecast and stocktwits.com/fxg
Price gave us the bullish cs formation for a long entry
early yesterday morning, but then fell back to stop us out. Price then
proceeded to give us another bullish cs formation at the A support low at the
end of our session.
FOR TODAY:
We will look for price to give us another stab at the
lows followed by a bullish cs formation for a long entry. A sustained break of
the A low negates this view and starts a reversal on this timeframe.
Shorts are considered on a test of yesterday’s highs followed
by a bearish cs formation, else higher up in BF territory.
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 to test yesterday’s highs followed by a
clear bearish cs formation, or a test of the BF 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 given us a bullish cs formation late in
yesterday’s 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 2609 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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