GBP/USD 7 NOVEMBER 2011

GBP/USD

We had a dip and a bullish cs formation on Friday afternoon, but it was at the end of the session. We are back at that price right now.

FOR TODAY:

We are still in the same AB swing on Sterling. Since we had a very deep bounce out of the A low again, we are looking for price to extend towards 6120. Buy dips towards 6120, stops below the cs formation.

Else if price falls and takes out the 5875 low then we will be reversing on this pair.

SHORT: Will be going short only IF:

We get to the 6120 price level or even the 6165 highs and get a bearish cs formation, trade this as a ST to the BF786, stops above the cs formation, max 1.5% risk.

LONG: Will be going long today only IF:

We need a dip to buy into with stops below the cs formation. Trade this as a ST to the 6120 price, add to the previous position. Remember 1.5% max risk on the stop.

If we don’t get the setup we are looking for then we don’t trade.

EUR/USD 7 NOVEMBER 2011

EUR/USD

No entry on EUR on Friday, we had the dip we were looking for but price never gave us a clear bullish sign that we were going long.

FOR TODAY:

We are still looking for price to extend towards 1.4000, we will still hold the view that we are buying into dips until 1.4000. We are expecting Fridays low to hold, so bullish cs formations inside that low will be a trade opportunity. Else if price violates that low, we still have support at 3650, then 3607.

Else if price falls and takes out the B low at 3607 then we will wait for a new B to form and we will have a new AB swing in play.

SHORT: WILL ONLY BE GOING SHORT IF:

We get a rally and a bearish cs formation after hitting the 618/786. Trade the 618 entry for a limit of 100 pips and the 786 will be a ST to the BF786. Stops above the cs formations, max 1.5% risk.

If we don’t get the cs formations we are looking for at the fibs then we don’t trade.

LONG: WILL ONLY BE GOING LONG TODAY IF:

Today we have a DABF786 trading day where we are looking for continuation of the rally, we are looking for dips to buy into with price heading for 1.4000. Place stops below the low of the cs formation, max 1.5% risk.

If we don’t get the setup we are looking for then we don’t trade.

GBP/USD 4 NOVEMBER 2011

GBP/USD

We had a test of the support yesterday and a bullish cs formation, price came back and tested the 50 pip max level but my broker never filled me. Price rallied for the rest of the session.

FOR TODAY:

We are still in the same AB swing on Sterling. Since we had a very deep bounce out of the A low again, we are looking for price to extend towards 6120. Buy dips towards 6120, stops below the cs formation.

Else if price falls and takes out the 5875 low then we will be reversing on this pair.

SHORT: Will be going short only IF:

We get to the 6120 price level or even the 6165 highs and get a bearish cs formation, trade this as a ST to the BF786, stops above the cs formation, max 1.5% risk.

LONG: Will be going long today only IF:

We need a dip to buy into with stops below the cs formation. Trade this as a ST to the 6120 price, add to yesterdays position, assuming you guys got filled. Remember 1.5% max risk.

If we don’t get the setup we are looking for then we don’t trade.

EUR/USD 4 NOVEMBER 2011

EUR/USD

There was a BF786 trade entry yesterday but stop was too big for the trade. Price did come back to test the level late in the session after the interest rate announcement came out of ECB.

FOR TODAY:

We are looking for price to extend its rally today heading for 1.4000 where we have a 618 fib. We are looking to buy dips to that level, stops below the cs formations.

Else if price falls and takes out the B low at 3607 then we will wait for a new B to form and we will have a new AB swing in play.

SHORT: WILL ONLY BE GOING SHORT IF:

We get a rally and a bearish cs formation after hitting the 618/786. Trade the 618 entry for a limit of 100 pips and the 786 will be a ST to the BF786. Stops above the cs formations, max 1.5% risk.

If we don’t get the cs formations we are looking for then we don’t trade.

LONG: WILL ONLY BE GOING LONG TODAY IF:

Today we have a DABF786 trading day where we are looking for continuation of the rally, we are looking for dips to buy into with price heading for 1.4000. Place stops below the low of the cs formation, max 1.5% risk.

If we don’t get the setup we are looking for then we don’t trade.

GBP/USD 3 NOVEMBER 2011

GBP/USD

We were stopped out at zero on the long trade setup we were in, price never rallied higher.

FOR TODAY:

Price dropped down to the A low but never broke it convincingly and on a closing basis. We have bullish support there and a bullish cs formation at the low. Will wait for a clearer setup though since the bullish cs was during the Asian session.

Else if price falls and takes out the A low then we will be reversing on this pair.

SHORT: Will be going short only IF:

We get to yesterday’s highs and get a bearish sc formation, or else higher up at the BF786 get a bearish cs formation.  The BF786 will qualify as a ST down to the A low since we would have had an A low prior bounce.

LONG: Will be going long today only IF:

We get a test of the support created in Asia and a bullish sc formation, trade this as a ST up to the BF786.

If we don’t get the setup we are looking for then we don’t trade.

EUR/USD 3 NOVEMBER 2011

EUR/USD

No trade setup on EUR yesterday.

FOR TODAY:

We are still in the AB swing, price rallied shy of the 382 and fell back, we will wait for price to hit the BF786 and then a bullish cs formation for a long trade setup.

Else if price falls and takes out the B low at 3607 then we will wait for a new B to form and our A will be up at 3828.

SHORT: WILL ONLY BE GOING SHORT IF:

We get a rally and a bearish cs formation after hitting the 618/786.  This is 300+ pips away, so probably not going to happen today.

If we don’t get the cs formations we are looking for then we don’t trade.

LONG: WILL ONLY BE GOING LONG TODAY IF:

We are looking for price to dip to the BF786 at3654 and then give us a bullish cs formation. Trade it long, limit 80-100 pips since it’s a shallow bounce. Stops below the low of the cs formation.

If we don’t get the setup we are looking for then we don’t trade.

GBP/USD 2 NOVEMBER 2011

GBP/USD

Price fell according to our analysis yesterday meeting the target at 5949 and beyond. Price failed to break the A low though and gave us a bullish cs formation. We are still in that trade and will add to that position on dips towards the BF786 where the limit is since it’s an A low bounce.

FOR TODAY:

Price gave us a test of the bounce during asia, we are looking for another test during the UK session and a bullish cs formation after that. We are looking to buy dips towards the BF786 up at 6106.

Else if price falls and takes out the A low then we will be reversing on this pair.

SHORT: Will be going short only IF:

We get to the BF786 up at 6106 and get a bearish cs formation.  This will qualify as a ST down to the A low since we would have had an A low prior bounce.

LONG: Will be going long today only IF:

We get a test of the support created in Asia and a bullish sc formation, trade this as a ST up to the BF786.

EUR/USD 2 NOVEMBER 2011

EUR/USD

No trade setup on EUR yesterday.

FOR TODAY:

Price took out the A support low, thereby reversing on the 1h timeframe. We now have a new B at 3607 and we now have to look for a rally to the 618/786 and a bearish cs formation for a sell.

Price already bounced and gave us a BF786 with a morning star during Asia, if we get a test of that level and a bullish cs formation we will go long for 80-100 pips since it’s a shallow bounce.

SHORT: WILL ONLY BE GOING SHORT IF:

We get a rally and a bearish cs formation after hitting the 618/786.  This is approximately  280 pips away, so probably not going to happen today.

If we don’t get the cs formations we are looking for at the fib levels then we don’t trade.

LONG: WILL ONLY BE GOING LONG TODAY IF:

We had a BF786 and a bullish cs formation during Asia. If we get a test of that during the UK session and a bullish cs formation we will go long, limit 80-100 pips since it’s a shallow bounce. Stops below the low of the cs formation.

If we don’t get the setup we are looking for then we don’t trade.

GBP/USD 1 NOVEMBER 2011

GBP/USD

There was a 618 bounce yesterday which I never took, was looking for a deeper test of the 786. The trade ran its 100 pips though.

FOR TODAY:

Price gave us a BF786 setup after our trading session yesterday. The evening star was too big for an entry and we never got a test of that evening star. We expect prices to fall today down to the 786 at 5949.

SHORT: Will be going short only IF:

We rally to test the BF786 and then get a clear bearish cs formation, the limit here will be at the 786 down at 5949.

LONG: Will be going long today only IF:

We get down to the 786 and then get a bullish cs formation, trade this as a ST to the BF786.

If we don’t get the setup we are looking for then we don’t trade.

EUR/USD 1NOVEMBER 2011

EUR/USD

No trade setup on EUR yesterday.

FOR TODAY:

Price went sideways for several hours yesterday and then fell. We are currently nearing support at the A low. If we bounce here we have a long trade setup, if we take out the low then we are starting a reversal on the 1h time frame.

SHORT: WILL ONLY BE GOING SHORT IF:

We get a rally and a bearish cs formation after hitting the BF786.  This is very far away so not a possibility for today.

If we don’t get the cs formations we are looking for at the fib levels then we don’t trade.

LONG: WILL ONLY BE GOING LONG TODAY IF:

We get a bullish cs formation from current levels. This entry will be a ST to the BF786. Stops below the cs formations, max 50 pips.

If we don’t get the setup we are looking for then we don’t trade.