NZD/USD, GBP/JPY and USD/CAD on watch for me today.
NZD/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 our upper trend line, then I'll be waiting for a convincing push back down below our lower rayline followed by a 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 only pushes up to and ideally just above our upper rayline, then regardless of how price does so I'll be waiting for a convincing push back down below our lower rayline followed by a 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 once again I'll be hiding my stop loss above the rayline as illustrated for extra protection.
• 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.
GBP/JPY:
• 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 our upper trend line, then I'll be waiting for a convincing push back down below our rayline followed by a tight flag where I'll be looking for a reduced risk entry on the break of the flag.
• If price pushes up to and ideally just above our upper 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 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.
USD/CAD:
• If price pushes down to and ideally just below our lower rayline, then regardless of how price does so I'll be waiting for a convincing push back up followed by a tight flag where I'll be looking for a reduced risk entry on the break of the flag.
• If price only pushes down to our upper rayline, then again regardless of how price does so I'll be waiting for a convincing push back up followed by a tight flag where I'll again be looking for a reduced risk entry on the break of the flag.
• If price pushes down to just below our lower rayline and this is followed by an impulsive push back up, I'll not be looking for an entry above a subsequent tight flag if the flag forms either through or below our upper 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 our upper trend line, then I'll be waiting for a convincing push back down below our lower rayline followed by a 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 only pushes up to and ideally just above our upper rayline, then regardless of how price does so I'll be waiting for a convincing push back down below our lower rayline followed by a 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 once again I'll be hiding my stop loss above the rayline as illustrated for extra protection.
• 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.
GBP/JPY:
• 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 our upper trend line, then I'll be waiting for a convincing push back down below our rayline followed by a tight flag where I'll be looking for a reduced risk entry on the break of the flag.
• If price pushes up to and ideally just above our upper 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 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.
USD/CAD:
• If price pushes down to and ideally just below our lower rayline, then regardless of how price does so I'll be waiting for a convincing push back up followed by a tight flag where I'll be looking for a reduced risk entry on the break of the flag.
• If price only pushes down to our upper rayline, then again regardless of how price does so I'll be waiting for a convincing push back up followed by a tight flag where I'll again be looking for a reduced risk entry on the break of the flag.
• If price pushes down to just below our lower rayline and this is followed by an impulsive push back up, I'll not be looking for an entry above a subsequent tight flag if the flag forms either through or below our upper 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.