EUR/JPY, GBP/JPY, GBP/CHF and NZD/CAD on watch for me today.
EUR/JPY:
• If price pushes up to and ideally just above our rayline, then regardless of how it does so I'll be waiting for a convincing impulse back followed by a tight flag and 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.
GBP/JPY:
• If price corrects and a tight flag forms after the convincing impulse down which it has now given us, 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.
GBP/CHF:
• If a larger flag with two clear tops and bottoms which is fairly horizontal in nature forms, the second move up pushes up to and ideally just above our previous high and the last part of the move is corrective, then I'll be looking to get short with a risk entry after a phase line break on either the fifteen minute or the hour chart.
• If a larger flag with two clear tops and bottoms which is fairly horizontal in nature forms, the second move up pushes up to and ideally just above our previous high and the last part of the move is impulsive, then I'll be waiting for a convincing impulse back down followed by a tight flag and then I'll be looking to get short with a reduced risk entry on the break of the tight flag.
• If price simply corrects and a tight one hour flag forms, then I'll once again be looking to get short with a reduced risk entry 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.
NZD/CAD:
• If price impulses back down, it does so in a convincing manner 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 up to and ideally just above our rayline, then regardless of how it does so I'll be waiting for a convincing impulse back followed by a tight flag and 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.
GBP/JPY:
• If price corrects and a tight flag forms after the convincing impulse down which it has now given us, 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.
GBP/CHF:
• If a larger flag with two clear tops and bottoms which is fairly horizontal in nature forms, the second move up pushes up to and ideally just above our previous high and the last part of the move is corrective, then I'll be looking to get short with a risk entry after a phase line break on either the fifteen minute or the hour chart.
• If a larger flag with two clear tops and bottoms which is fairly horizontal in nature forms, the second move up pushes up to and ideally just above our previous high and the last part of the move is impulsive, then I'll be waiting for a convincing impulse back down followed by a tight flag and then I'll be looking to get short with a reduced risk entry on the break of the tight flag.
• If price simply corrects and a tight one hour flag forms, then I'll once again be looking to get short with a reduced risk entry 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.
NZD/CAD:
• If price impulses back down, it does so in a convincing manner 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.