EUR/USD 12 OCTOBER 2011

EUR/USD

Price gave us a bearish cs formation yesterday, but the stop was too big and price only came back to the entry point very late in the day which suggested that the fall would be delayed. Price then gave us a bearish cs formation at the end of the US session which is outside our trading hours.

FOR TODAY:

If price rallies to test the highs of last night and gives us a bearish cs formation we will trade it short.

Else if price just rallies up and takes out the high at 3715 on a closing basis, we will then be reversing on the 1H timeframe.

SHORT: WILL ONLY BE GOING SHORT IF:

We get another run at the highs and then get a bearish cs formation. Trade this formation as a ST down to the BF786. Stops above the cs formations, 50 pips max.

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:

Price gets down to either the lows of yesterday and gives us a bullish cs formation, or we fall to the BF786 – which is far off - and gives us a bullish cs formation for a long trade setup. If this occurs, place stop below the low of the cs formation, max 50 pips stop, limit will be at the A high since we would have had an A prior.

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

GBP/USD 11 OCTOBER 2011

GBP/USD

Price gave us a bearish cs formation yesterday which failed, lost 20pips.

Price then went on to rally shy of 5700 and the highs at 5715. Will look to see if price takes out the highs at 5715 today thereby starting a reversal on the 1H chart, or if it finds resistance at yesterday’s highs, or the A high at 5715. If we get a bearish cs formation at any of these levels it will be an entry signal for a short trade.

SHORT: Will be going short only IF:

We get a bearish cs formation at yesterday’s highs, or higher up inside the A high. These will be ST with limits set at the BF786. Stops above the highs of the cs, max 50 pips.

LONG: Will be going long today only IF:

We get down to the BF786 and then get a bullish cs formation. Trade this as a ST to the A high since we would have had a 86 prior. Stop below the cs formation, 50 pips max.

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

EUR/USD 11 OCTOBER 2011

EUR/USD

We had a bearish cs formation yesterday which lost us 37 pips.

Price rallied yesterday negating the evening star formation of Friday and rallying to the A highs, but failing to take it out on a closing basis, so we are still in the AB downswing.

Today we will be looking to see if price finds resistance at the highs again by way of a bearish cs formation, or if we rally on up at take out the A high thereby starting a reversal on the 1H chart.

SHORT: WILL ONLY BE GOING SHORT IF:

We get another run at the highs and then get a bearish cs formation. Trade this formation as a ST down to the BF786. Stops above the cs formations, 50 pips max.

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:

Price gets down to the BF786 and gives us a bullish cs formation for a long trade setup. If this occurs, place stop below the low of the cs formation, max 50 pips stop, limit will be at the A high since we would have had an A prior bounce.

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

GBP/USD 10 OCTOBER 2011

GBP/USD

No Trade setup on Friday.

Price gave us an evening star late in the session on Friday just shy of the 86. Today we will see if we get another cs formation inside the highs of Friday, or higher up inside the A high. If we break the A high we will be reversing on this pair.

SHORT: Will be going short only IF:

We get another bearish cs formation inside the highs of Friday, else higher up inside the A high. These will be ST with limits set at the BF786. Stops above the highs of the cs, max 50 pips.

LONG: Will be going long today only IF:

We get down to the BF786 and then get a bullish cs formation. Trade this as a ST to the A high since we would have had a 786 prior. Stop below the cs formation, 50 pips max.

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

EUR/USD 10 OCTOBER 2011

EUR/USD

No trade setup on EUR on Friday

Price fell hard late in Fridays session, finding resistance just past the 618 of the swing. If we get another bearish cs formation inside Fridays highs then it will be a sign to short. Else higher up at the 786, if we get a bearish cs formation after hitting the 786, we will have a reason to go short.

SHORT: WILL ONLY BE GOING SHORT IF:

We get another bearish cs formation from current levels, or higher up at the 786. Trade the cs formation inside Fridays high for 80 pips, and the 786 cs formation will be a ST to the BF786. Stops above the cs formations, 50 pips max.

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:

Price gets down to the BF786 and gives us a bullish cs formation for a long trade setup. If this occurs, place stop below the low of the cs formation, max 50 pips stop, limit will be at the786 since we would have had a 618 prior.

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

GBP/USD 7 OCTOBER 2011

REMEMBER TO IS NFP, I DON'T TRADE ON NFP DAY, BROKERS DON'T HONOUR STOPS DUE TO POTENTIAL VIOLENT MOVEMENTS. 

GBP/USD

Price gave us the bullish cs formation for addition to the long trade towards 5736, price then reversed and stopped us out on both trades. I suffered slippage and what should have been a 50 pip stop turned out to be a 97 pip stop.

Price went on to take out the B low but failed to follow through, this tells us that price is heading higher over coming days. We do now have a new AB swing, with the B being down at 5270. We now need price down at the BF786 with a bullish cs formation for a long trade setup, or up at the 618/786 followed by a bearish cs formation for a short trade setup.

SHORT: Will be going short only IF:

Shorts are only considered up at the 618/786 areas after bearish cs formations.  Stops above the cs formation - max 50 pips. Limits at the 618 will be 80 pips, and the 786 will be a ST to the BF786.

LONG: Will be going long today only IF:

We get down to the BF786 and then get a bullish cs formation. Trade this for 80 pips since it will be a shallow bounce. Stop below the cs formation, 50 pips max.

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

EUR/USD 7 OCTOBER 2011

EUR/USD

No trade setup on EUR yesterday. Price fell and gave us a big morning star but it wasn’t at the BF786 and the stop was way too big.

We are still in no man’s land on EUR, price dipped yesterday but not deep enough for an entry since it dint get to the BF786. We still need price down at the BF786 and a bullish cs formation for a long entry, or up at the 618/786 and a bearish cs formation for a short entry.

The bullish cs formation on the daily charts tell us that we are in for a rally over coming days.

SHORT: WILL ONLY BE GOING SHORT IF:

We need price higher up at the 618/786 of this AB swing before we can consider going short. We then need a bearish cs formation as confirmation of our short entry. Trade the stop above the cs formation, 50 pips max, and limits for a 618 will be 80 pips and the BF786 will be a ST to the BF786.

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:

Price gets down to the BF786 and gives us a bullish cs formation for a long trade setup. If this occurs, place stop below the low of the cs formation, max 50 pips stop, limit will be at the 618 since we would have had a 50 prior.

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

GBP/USD 6 OCTOBER 2011

GBP/USD

No trade setup on GBP yesterday, we’re still in the ST from 5379, stops at cost, the trade looks to be threatened today but we will remain in it. We will add on dips to 5736.

Today we have a DABF trading day where we are looking for price to extend toward the A high, with this being the target over coming days. We are looking to buy dips to that price. If we don’t get a dip and price just rallies from here then we have no trade, we need a dip to buy into. Stops below the low, limits set at 5736.

SHORT: Will be going short only IF:

Shorts are still only considered up at the 5650/5700 areas after bearish cs formations.  Stops above the cs formation - max 50 pips.

LONG: Will be going long today only IF:

Today is a DABF trading day where we are looking for continuation of the rally towards the 5736 price area. Remember this is a ST so it may take a few days to get there. We will add to this position by buying dips towards 5736. Place stops below the low of the cs formation, max 50 pips, limits up at 5736.

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

EUR/USD 6 OCTOBER 2011

EUR/USD

No trade setup on EUR yesterday.

Price was pretty much range bound yesterday finding resistance still at the 382 of the AB swing. We need price higher up at the 618 for a short trade, or down at the BF786 for a long opportunity.

SHORT: WILL ONLY BE GOING SHORT IF:

We need price higher up at the 618/786 of this AB swing before we can consider going short. We then need a bearish cs formation as confirmation of our short entry. Trade the stop above the cs formation, 50 pips max, and limits for a 618 will be 80 pips and the BF786 will be a ST to the BF786.

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:

Price gets down to the BF786 and gives us a bullish cs formation for a long trade setup. If this occurs, place stop below the low of the cs formation, max 50 pips stop, limit will be 80 pips since it’s a shallow bounce.

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

GBP/USD 5 OCTOBER 2011

GBP/USD

Price gave us the bullish cs formation we were looking for yesterday, we entered at 5379, this is a ST to 10 pips inside the  A high – 5736. Stops for that trade can now be placed at zero.

Today we have a DABF trading day where we are looking for price to extend toward the A high, with this being the target over coming days. We are looking to buy dips to that price. If we don’t get a dip and price just rallies from here then we have no trade, we need a dip to buy into. Stops below the low, limits same as yesterday’s limit- 5736.

SHORT: Will be going short only IF:

Shorts are still only considered up at the 5650/5700 areas after bearish cs formations.  Stops above the cs formation - max 50 pips.

LONG: Will be going long today only IF:

Today is a DABF trading day where we are looking for continuation of the rally towards the 5736 price area. Remember this is a ST so it may take a few days to get there. We will add to this position by buying dips towards 5736. Place stops below the low of the cs formation, max 50 pips, limits up at 5736.

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