EUR/USD 1 MARCH 2013

Price found resistance at the PS/R level mentioned yesterday and fell, we are not in the BF area as yet, and even if we do hit it we don’t have any entry criteria as we reached the 50 only. So no trade opportunities on this pair today. If price falls from current levels and takes out the B low then we have a new swing in play.

Will be going long if:

No long setup at present. We don’t have any entry criteria for long trades at present, stand aside.

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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 B low gives us a new swing in play.

EUR/USD 28 FEBRUARY 2013

Price retraced yesterday and we currently at the level of PS/R. We are still waiting for a retracement to the 618 of this swing where we will look for a short trade setup. A fall from current levels will not initiate a short; we need the 618 to get hit. We need to remain below 3318 to maintain downtrend.

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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.  Only a break of 3318 negates this view and opens the upside.

GBP/USD 28 FEBRUARY 2013

Price gave us the long entry we were looking for yesterday at 5114, today is a DABF trading day where we are looking for price to extend gains, maybe after a minor 618 retracement before continuing up. Look to add to the position only if current trade is 50+ pips in the money. Limits for current trade can either be kept at 5250, or 100 pips. If we get a new long trade setup then watch out for bearish cs formations circa 786/86, if resistance proves to be strong then exit long trades and reverse. Remember we are expecting to find resistance at 5267.

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Will be going long if:

We will wait for a minor 618 for a long trade entry, only add to the position if the current trade is 50+ pips in the money.

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, and exit the current long trade.

AUD/USD 28 FEBRUARY 2013

Price rallied, holding at the B low that was established yesterday. Price is currently at the 50 of this current swing. Here we are also looking for the 618/786 to offer up resistance. Only a sustained break of 1.0374 starts a reversal on this pair, while below we look to sell against this.

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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. 

EUR/USD 27 FEBRUARY 2013

Price is still hovering around the B low, although it is a confirmed B low, it is not a swing low as yet. We are still waiting for a retracement on this pair. For now we have no trade setup, if price falls from current levels we stand aside as it’s not a system trade. We continue to wait patiently for a setup.

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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 have a B , now we need a retracement to the 618/786 where we will be looking for short trade setups. 

GBP/USD 27 FEBRUARY 2013

Price found resistance shy of the 618 and fell to the B low where it is currently (07H15 GMT) Failure at this level will have price rallying towards 5250 over coming sessions. We will wait for a setup to develop for a long entry. Else if the B low is violated on a closing basis then we will have a new swing in play.

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Will be going long if:

We get a clear bullish cs formation from current levels or while inside 5072.

Will be going short if:

We are looking for a retracement up to the 618/786 for a short trade setup. A sustained break of 5320 negates this view and opens the upside.

AUD/USD 27 FEBRUARY 2013

 

Price fell yesterday and stopped out the long trade with 35 pips, taking out the low and continuing the downtrend. We now wait for a clear swing low to form, then a retracement.  For now we have no trade setups on this pair.

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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, stand aside. 

EUR/USD 26 FEBRUARY 2013

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.

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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 first need a B to form, then  we need a retracement to the 618/786 where we will be looking for short trade setups. 

GBP/USD 26 FEBRUARY 2013

Price seemed to have found support yesterday giving us the B swing low we were waiting for. The retracement is currently just shy of the 618, where we will be looking for signs of resistance on the 1h chart. A sustained break of 5320 starts a reversal on this time frame. 

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Will be going long if:

No long setups at present according to the system. We are in a downtrend. Stand aside and wait for an entry to present itself.

Will be going short if:

We are looking for a retracement up to the 618/786 for a short trade setup. A sustained break of 5320 negates this view and opens the upside.

AUD/USD 26 FEBRUARY 2013

Price found resistance at Fridays highs as per yesterday’s post, we needed something clearer to give us direction, by taking out yesterday’s lows we now have a clearer setup. We now looking for the A low to get taken out with price continuing the downtrend. Look to sell rallies after bearish cs formations with A low as targets.

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Will be going long if:

No immediate long trade setups. Since we had failure circa BF, we are expecting 1.0220 to get violated today. ONLY a really strong clear bounce out of the 1.0220 area will have us looking to the upside.

Will be going short if:

Price gave us a bearish cs formation at Friday’s highs (we didn’t take it because of the conflicting areas mentioned yesterday). We now look for price to fall and violate 1.0220. Sell rallies against yesterday’s highs followed by clear bearish cs formations for 1.0220.