As per yesterday’s analysis, price rallied a few pips shy of the 618 on the
4h chart yesterday where it found resistance and gave us a huge bearish cs formation
on the 1h chart. The stop was too big to take the trade, hence no post for a
short trade opportunity. The market did what we were waiting for, but according
to our entry rules we couldn’t take the short trade. Price went on to break the
B low giving us a new AB swing in play, although we have to wait for a new B to
form. So there will be no trade setups on this chart for today’s session.
Follow me on twitter @fxdailyforecast where intraday updates
are tweeted.
Will be going long if:
No long setup at present. We don’t have any entry criteria
for long trades at present, stand aside.
Will be going short if:
We first need a B to form, then we need a retracement to the 618/786 where we
will be looking for short trade setups.
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