GBP/USD and EUR/NZD on watch for me today.
GBP/USD:
• If price pushes up to and ideally just above our rayline line and the last part of the move is corrective, then I'll be looking for risk entries beneath the correction.
• If price pushes up impulsively to and ideally just above our rayline, then I'll be waiting for a convincing push back down followed by a tight flag where I'll be looking for reduced risk entries on the break of the flag.
• If price pushes up impulsively to and ideally just above our rayline, then I'll be waiting for a convincing push back down followed by a tight flag where I'll be looking for reduced risk entries on the break of the flag. But if the flag forms close to our rayline, then I'll be hiding my stop loss above the rayline as illustrated for extra protection.
• 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 any of these trades.
EUR/NZD:
• If price pushes up to and ideally just above our upper trend line and the last part of the move is corrective, then I'll be looking for risk entries beneath the correction.
• However if the correction doesn't quite reach our upper trend line but it meets my entry criteria, then I'll be using the trend line as a shield by hiding my stop loss above it just encase price trickles up a little further before retracing.
• If price pushes up to and ideally just above our upper rayline and then we get a convincing push back down followed by a tight flag, then I'll be looking for reduced risk entries 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 any of these trades.
• If price pushes up to and ideally just above our rayline line and the last part of the move is corrective, then I'll be looking for risk entries beneath the correction.
• If price pushes up impulsively to and ideally just above our rayline, then I'll be waiting for a convincing push back down followed by a tight flag where I'll be looking for reduced risk entries on the break of the flag.
• If price pushes up impulsively to and ideally just above our rayline, then I'll be waiting for a convincing push back down followed by a tight flag where I'll be looking for reduced risk entries on the break of the flag. But if the flag forms close to our rayline, then I'll be hiding my stop loss above the rayline as illustrated for extra protection.
• 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 any of these trades.
EUR/NZD:
• If price pushes up to and ideally just above our upper trend line and the last part of the move is corrective, then I'll be looking for risk entries beneath the correction.
• However if the correction doesn't quite reach our upper trend line but it meets my entry criteria, then I'll be using the trend line as a shield by hiding my stop loss above it just encase price trickles up a little further before retracing.
• If price pushes up to and ideally just above our upper rayline and then we get a convincing push back down followed by a tight flag, then I'll be looking for reduced risk entries 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 any of these trades.