EUR/USD – follow
me on twitter @fxdailyforecast and stocktwits.com/fxg
Price fell to the 618
of the AB swing yesterday. We are looking for a bounce today with price heading higher.
FOR TODAY:
We have a 618 bounce overnight, today will be a DA618
trading day where we are looking for price to extend the rally towards 2746 initially
onto 2900 over coming days. We will buy after dips followed by bullish cs
formations. If the 618 doesn’t hold we look for support at the 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 price to rally and test the BF786 followed by a bearish
cs formation for a short trade setup. 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 setup we are looking for then we
don’t trade.
LONG: WILL ONLY
BE GOING LONG TODAY IF
Today is a DA618 trading day where we are looking for
price to rally, maybe after a dip to test yesterdays lows – we are looking to
buy after a dip followed by a bullish cs formation. If the 618 doesn’t hold the
we look lower down at 786 for bullish support. Place stop 10 pips below the low
of the cs formation, max 1% risk.
A break of 2442 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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