Morning all.
I have three pairs on watch today. The first one I'll almost certainly not be trading now which is NZD/CAD, because I just placed a market order on AUD/CAD and I never have more than 1% of my capital exposed to any one currency at any one time if my bias is the same on that currency where both currency pairs are concerned. But it's possible that NZD/CHF might give me an entry by the end of the say, because it's doing exactly what I thought it might do at the moment.
So I'm currently short on AUD/CAD, so I'm now just watching this for monitoring purposes, but the other two are what I'll be watching for trading purposes for the rest of the day.
Have a fab day folks!
NZD/CAD:
• If price corrects and a tight one hour flag forms, then I'll be looking to get short with either a reduced risk entry on the break of the flag or a risk entry within it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
NZD/CHF:
• If price pushes up to and ideally just above the upper trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it.
• If price only pushes up to and ideally just above our upper rayline and the last part of the move is corrective, then I'll once again be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it but I'll be hiding my stop loss above our upper ascending trend line for extra protection.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
AUD/CAD:
• If price corrects and a tight one hour flag forms, then I'll be looking to get short with either a reduced risk entry on the break of the flag or a risk entry within it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
I have three pairs on watch today. The first one I'll almost certainly not be trading now which is NZD/CAD, because I just placed a market order on AUD/CAD and I never have more than 1% of my capital exposed to any one currency at any one time if my bias is the same on that currency where both currency pairs are concerned. But it's possible that NZD/CHF might give me an entry by the end of the say, because it's doing exactly what I thought it might do at the moment.
So I'm currently short on AUD/CAD, so I'm now just watching this for monitoring purposes, but the other two are what I'll be watching for trading purposes for the rest of the day.
Have a fab day folks!
NZD/CAD:
• If price corrects and a tight one hour flag forms, then I'll be looking to get short with either a reduced risk entry on the break of the flag or a risk entry within it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
NZD/CHF:
• If price pushes up to and ideally just above the upper trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it.
• If price only pushes up to and ideally just above our upper rayline and the last part of the move is corrective, then I'll once again be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it but I'll be hiding my stop loss above our upper ascending trend line for extra protection.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
AUD/CAD:
• If price corrects and a tight one hour flag forms, then I'll be looking to get short with either a reduced risk entry on the break of the flag or a risk entry within it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.