As per post yesterday, we exited the long
position and reversed with the bearish confirmation at the BF86. This cs
formation gave us heads up that price was going to fall down to the 1.0259 area.
We now have to wait to see if price takes out the A low and resumes the
downtrend, or if the low holds and price rallies to take out the B high. The short
trade was exited as per the post as well.
We have reached our monthly target for February.
We have reached our monthly target for February.
Will be going long if:
Price is currently at the A low area. We need to wait for
bullish confirmation that the low is likely to hold. A bullish cs formation
will provide this confirmation for a long entry. Keep stops tight. If we do get
the long entry, limits will be 100 pips or the BF, whichever comes first. As
per the time of writing (06h00 GMT), we have a bullish cs formation on the 1h
chart which qualifies as a long entry. Stop below the low, max 1% risk - Limits
1.0244.
Will be going short if:
No short entries from current levels. We will wait for a
bearish cs formation if it presents itself after a BF786 print. Probably not in
today’s session.
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