EUR/USD, CHF/JPY, AUD/USD and EUR/AUD on watch for me today.
EUR/USD:
• If price pushes down to and ideally just below our rayline, then regardless of how it does so I'll be waiting for a convincing impulse back up followed by a tight flag and then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If price simply impulses up, it does so in a convincing manner and a subsequent tight flag forms, then I'll again be looking to get long with a reduced risk entry on the break of the flag.
• If neither of these setups present themselves then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place either of these trades.
CHF/JPY:
• If price corrects and a tight flag forms, or price impulses up still further and a subsequent tight flag forms, then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If this setup doesn't present itself then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place this trade.
AUD/USD:
• If price pushes down to and ideally just below the lower descending trend line of our most recent piece of structure, then regardless of how it does so I'll be waiting for a convincing impulse back up followed by a tight flag and then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If price simply impulses up above the upper descending trend line of our most recent piece of structure, it does so in a convincing manner and a subsequent tight flag forms, then I'll again be looking to get long with a reduced risk entry on the break of the flag.
• If neither of these setups present themselves then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place either of these trades.
EUR/AUD:
• If price impulses back down below the upper trend line of our most recent piece of structure, it does so in a convincing manor and a subsequent tight flag forms, then I'll be looking to get short with a reduced risk entry on the break of the flag.
• If this setup doesn't present itself then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place this trade.
• If price pushes down to and ideally just below our rayline, then regardless of how it does so I'll be waiting for a convincing impulse back up followed by a tight flag and then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If price simply impulses up, it does so in a convincing manner and a subsequent tight flag forms, then I'll again be looking to get long with a reduced risk entry on the break of the flag.
• If neither of these setups present themselves then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place either of these trades.
CHF/JPY:
• If price corrects and a tight flag forms, or price impulses up still further and a subsequent tight flag forms, then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If this setup doesn't present itself then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place this trade.
AUD/USD:
• If price pushes down to and ideally just below the lower descending trend line of our most recent piece of structure, then regardless of how it does so I'll be waiting for a convincing impulse back up followed by a tight flag and then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If price simply impulses up above the upper descending trend line of our most recent piece of structure, it does so in a convincing manner and a subsequent tight flag forms, then I'll again be looking to get long with a reduced risk entry on the break of the flag.
• If neither of these setups present themselves then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place either of these trades.
EUR/AUD:
• If price impulses back down below the upper trend line of our most recent piece of structure, it does so in a convincing manor and a subsequent tight flag forms, then I'll be looking to get short with a reduced risk entry on the break of the flag.
• If this setup doesn't present itself then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place this trade.
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