SOYBN/USD, USD/CHF, NZD/USD and EUR/AUD on watch for me today.
Good morning all,
I hope you're well.
Experience has taught me not to fret when the market doesn't look great at least in terms of how I trade, because when some pairs do shape up the whole Forex market tends to shape up across the board and so it appears to be doing again at the moment. To the extent that I actually found it difficult to leave one or two pairs out of my Tuesday Forecast last night whilst I was creating it and difficult to decide which pair to swap to USD/SGD for this morning after I decided to remove this pair for my forecast due to how it had moved during the Asian Session and that's one of the many reasons why I always say that patience is one of the keys to trading.
With the above in mind I have four pairs on watch today for the first time in a little while and my entry requirements I've included for your viewing as per usual.
Have a great day!
SOYBN/USD:
• If price pushes down to and ideally just below the lower 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 one hour flag and then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it.
• If price simply impulses up above our lower rayline, it does so impulsively and in a convincing manner and a subsequent tight one hour flag forms, then I'll again be looking to get long 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.
USD/CHF:
• 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/USD:
• If price pushes up to and ideally just above our lower rayline 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 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.
EUR/AUD:
• 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 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 hope you're well.
Experience has taught me not to fret when the market doesn't look great at least in terms of how I trade, because when some pairs do shape up the whole Forex market tends to shape up across the board and so it appears to be doing again at the moment. To the extent that I actually found it difficult to leave one or two pairs out of my Tuesday Forecast last night whilst I was creating it and difficult to decide which pair to swap to USD/SGD for this morning after I decided to remove this pair for my forecast due to how it had moved during the Asian Session and that's one of the many reasons why I always say that patience is one of the keys to trading.
With the above in mind I have four pairs on watch today for the first time in a little while and my entry requirements I've included for your viewing as per usual.
Have a great day!
SOYBN/USD:
• If price pushes down to and ideally just below the lower 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 one hour flag and then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it.
• If price simply impulses up above our lower rayline, it does so impulsively and in a convincing manner and a subsequent tight one hour flag forms, then I'll again be looking to get long 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.
USD/CHF:
• 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/USD:
• If price pushes up to and ideally just above our lower rayline 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 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.
EUR/AUD:
• 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 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.