EUR/USD – follow
me on twitter @fxdailyforecast and stocktwits.com/fxg
No trade setup as per the system yesterday. Price gave us
the B swing high we were looking for.
FOR TODAY:
Price has retraced to the 618 of the AB swing, we now
need to wait for a bullish cs formation for a long trade set-up, if the 618 doesn’t
hold then we look for bullish support at the 786.
Short trade setups are only considered after a test of
the BF786.
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 test the BF786 and then give us 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.
If we don’t get the setup we are looking for then we
don’t trade.
LONG: WILL ONLY
BE GOING LONG TODAY IF
We need a bullish cs formation from current levels, or
lower down at the 786. This will initiate a long trade setup, place stop 10 pips
below the low of the cs formation, max 1% risk. Limits for the 618 entry will
be 60-70 pips. If we get a 786 entry we will limit out at the BF786 over coming
sessions.
If we don’t get the setup we are looking for then we
don’t trade.
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