GBP/USD and EUR/NZD on watch for me today.
GBP/USD:
• 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 a risk entry after a phase line break on either the one hour or the fifteen minute chart.
• If price pushes up impulsively to and ideally just above either our upper trend line or our lower 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 to and ideally just above our lower rayline, then regardless of how price does so 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 none 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 impulses back into our expanding pattern convincingly after giving us a third touch, I'll simply be waiting for a subsequent tight flag where I'll be looking for a reduced risk entry on the break of the flag.
• If price impulses back into our expanding pattern convincingly after giving us a third touch, I'll simply be waiting for a subsequent tight flag where I'll be looking for a reduced risk entry 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 price impulses back towards our expanding pattern after giving us a third touch, due to personal preference I'll not be looking for any entries on the break of a subsequent tight flag, regardless of with the impulse is convincing or not if the flag forms either through or above our rayline.
• 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 upper trend line and the last part of the move is corrective, then I'll be looking for a risk entry after a phase line break on either the one hour or the fifteen minute chart.
• If price pushes up impulsively to and ideally just above either our upper trend line or our lower 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 to and ideally just above our lower rayline, then regardless of how price does so 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 none 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 impulses back into our expanding pattern convincingly after giving us a third touch, I'll simply be waiting for a subsequent tight flag where I'll be looking for a reduced risk entry on the break of the flag.
• If price impulses back into our expanding pattern convincingly after giving us a third touch, I'll simply be waiting for a subsequent tight flag where I'll be looking for a reduced risk entry 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 price impulses back towards our expanding pattern after giving us a third touch, due to personal preference I'll not be looking for any entries on the break of a subsequent tight flag, regardless of with the impulse is convincing or not if the flag forms either through or above our rayline.
• 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.