EUR/USD – follow
me on twitter @fxdailyforecast and stocktwits.com/fxg
Price stopped us out on Friday with the short trade we
were in for 44 pips loss. Price has since taken out the B high overnight with
gap open.
FOR TODAY:
We seem to have a new B swing high in place and hence a
new AB swing in play. We can only buy lower down at Fridays support , or lower down
at the 618/786.
Short trades are considered if price tests the BF786
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 need a clear bearish cs formation after a test of
theBF786. Place stop 13 pips above the high of the cs formation, max 1% risk.
Limits defined at time of entry.
A sustained break of 2746 negates this view and opens the
upside.
If we don’t get the set-up we are looking for then we
don’t trade.
LONG: WILL ONLY
BE GOING LONG TODAY IF
We will wait for a fall down to Friday’s support, or
lower down at the 618/786 of this swing. Place stop 10 pips below the low of
the cs formation, max 1% risk.
If we don’t get the setup we are looking for then we
don’t trade.
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