EUR/JPY:
If price pushes up to and ideally above our upper rayline I'll be looking for an impulse down followed by a tight flag where I'll look to get short with a reduced risk entry.
If the flag forms a little lower than in the example to the left I'll use the lower rayline as a shield by hiding my stop loss behind it for extra protection.
If the flag doesn't form below our lower rayline I will not be interested in taking this trade.
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 I will not place any of these trades.
EUR/USD:
If price convincingly breaks below our descending correction I'll be looking for a reduced risk entry on the break of a more confirmed one hour tight flag.
If price convincingly breaks above our descending correction I'll be looking for a reduced risk entry on the break of any kind of tight 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 I will not place any of these trades.
If price pushes up to and ideally above our upper rayline I'll be looking for an impulse down followed by a tight flag where I'll look to get short with a reduced risk entry.
If the flag forms a little lower than in the example to the left I'll use the lower rayline as a shield by hiding my stop loss behind it for extra protection.
If the flag doesn't form below our lower rayline I will not be interested in taking this trade.
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 I will not place any of these trades.
EUR/USD:
If price convincingly breaks below our descending correction I'll be looking for a reduced risk entry on the break of a more confirmed one hour tight flag.
If price convincingly breaks above our descending correction I'll be looking for a reduced risk entry on the break of any kind of tight 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 I will not place any of these trades.