GBP/USD 8 MARCH 2013

Price did give us the bounce out of the B low area, but we are back there again testing the lows. We need to find support here again to head up. If the low doesn’t hold and price breaks to the downside then we will have a new AB swing in play. A bounce however should have price heading towards 5220.

Will be going long if:

We will only consider long entries on a clear bounce out of current levels. Limits will be 5210 over coming sessions and will signal a reversal in progress. Stops will be 10 pips below the low, max 1% risk.

Will be going short if:

No short immediate short setups, we need a minor 618 test for a short entry, for now we stand aside.

AUD/USD 8 MARCH 2013

Price bounced off the382 and has since fallen back, here we are looking for price to fall back to 1.0208 at least. We are looking for a 618 for an entry to go long. A sustained break of the B high will give us the start of a new uptrend.

Will be going long if:

No immediate long trade setups since we have no criteria in place. Stand aside. We are waiting for a retracement down to the 618/786 for a long entry.

Will be going short if:

Even though we are expecting price to fall down to 1.0208 initially, we have no short setups, we have a reversal in progress. Stand aside.

EUR/USD 6 MARCH 2013

Price still largely sideways on this pair as we are still waiting for a retracement to the 618/786, where, if we find resistance and a bearish cs formation, we will enter a short trade setup.  Else if price rallies then we looking for reversals on a sustained break of 3162.

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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 need a retracement to the 618/786 where we will be looking for short trade setups.  A sustained break of the A high starts a reversal on this timeframe.

GBP/USD 6 MARCH 2013

Price rallied past the 618 onto the 786 of this swing, where it found resistance and fell a bit. Today is a DA786 trading day where we will be looking for a test followed by another bearish cs formation for a short entry. Else if price rallies and doesn't give us any bearish cs formations, and violates 5220, then we start a reversal on this pair.

Follow me on twitter @fxdailyforecast where intraday updates are tweeted.

Will be going long if:

No long setups, no criteria in place.

Will be going short if:

We need a clear bearish cs formation, preferably after a minor 618 test for a short trade setup. Only a sustained break of 5220 negates this view and starts a reversal on this pair.

AUD/USD 6 MARCH 2013

Price continued up yesterday and violated the 1.0290 high, although not on a closing basis as yet. We will have to wait for a B high to form, then a pullback to the 618 for a long entry.

Follow me on twitter @fxdailyforecast where intraday updates are tweeted.

Will be going long if:

No immediate long trade setups since we have no criteria in place. Stand aside. We are waiting for a B high to form, then a retracement down to the 618/786 for a long entry.

Will be going short if:

No short setups, we have a reversal in progress. Stand aside.

EUR/USD 5 MARCH 2013

Price went sideways for most of the day yesterday; we are currently at the 382 of the current AB swing. We need price up at the 618/786 of the swing for a short entry. We look at reversal once we take out the A high.

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 need a retracement to the 618/786 where we will be looking for short trade setups.  A sustained break of the A high starts a reversal on this time frame.

GBP/USD 5 MARCH 2013

Price is currently at the 618 of this swing. We need a bearish cs formation from current levels for a short entry, else a sustained break of 5220 will start a reversal on this time frame.

Follow me on twitter @fxdailyforecast where intraday updates are tweeted.

Will be going long if:

No long setups, no criteria in place.

Will be going short if:

We need a clear bearish cs formation for a short trade setup. If the 618 doesn't hold then we have a 786 higher up. Only a sustained break of 5220 negates this view and starts a reversal on this pair.

AUD/USD 5 MARCH 2013

Price is currently at the 786 of this swing, we are looking for a bearish cs formation from current levels for a short entry. If we don’t get a short trade setup and price rallies to take out the 1.0290 level then we are looking at a reversal on this pair.

Follow me on twitter @fxdailyforecast where intraday updates are tweeted.

Will be going long if:

No immediate long trade setups since we have no criteria in place. Stand aside.

Will be going short if:

Price is at the 786, we need a bearish cs formation for a short setup, else if price continues up and takes out 1.0290, this view will be negated, with a reversal setting up.

AUD/USD 1 MARCH 2013

Price rallied to the 50 yesterday and fell to the BF zone. We already had a bullish cs formation which tells us that price is likely to head for 1.0301 over coming sessions. A break of 1.0182 negates this view and opens the downside. We will not take the long entry presented as its not part of our system.

Follow me on twitter @fxdailyforecast where intraday updates are tweeted.

Will be going long if:

No immediate long trade setups since we have no criteria in place. Stand aside.

Will be going short if:

No trade setups at present, we need price higher at the 618/786 where we will look for signs of reversal. 

GBP/USD 1 MARCH 2013

Price found resistance at the 618 again yesterday. We exited the long position as per tweet with 100 pips profit. For today either the DD at the 618 will hold for a short entry, or the BF will push price higher towards the 786. Candle formations will give us a clue.

Follow me on twitter @fxdailyforecast where intraday updates are tweeted.

Will be going long if:

We can only go long on a minor 618 long entry. If this doesn’t occur, no trade setup.

Will be going short if:

The bounce yesterday leads us to believe that price is heading to 5267 over coming sessions. We are expecting to find resistance at this level so we will be looking for short entries here. If however we get a DD entry at the 618 highs then we will consider that a short entry.