WHEAT/USD, EUR/JPY, AUD/USD and EUR/NZD on watch for me today.
WHEAT/USD:
• 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 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 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.
EUR/JPY:
• If price pushes up to give us a confirmed second top, it then pushes down to give us a confirmed second bottom and then it pushes back up to and ideally just above the highest of our two touches to give us a confirmed third top, then regardless of how it does so 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 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.
AUD/USD:
• If price pushes down to and ideally just below our lower trend line, then regardless of how it does so I'll be waiting for a convincing impulse back up followed by a tight flag and then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If price only pushes down to and ideally just below our rayline, then regardless of how it does so I'll once again be waiting for a convincing impulse back up followed by a tight flag and then I'll again be looking to get long with a reduced risk entry on the break of the flag.
• 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 either of these trades.
EUR/NZD:
• If price pushes up to and ideally just above the upper 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 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 flag.
• If price only pushes up to and ideally just above our rayline, then regardless of how it does so I'll once again be waiting for a convincing impulse back down followed by a tight flag and then I'll again be looking to get short with a reduced risk entry on the break of the flag.
• 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 either of these trades.
• 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 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 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.
EUR/JPY:
• If price pushes up to give us a confirmed second top, it then pushes down to give us a confirmed second bottom and then it pushes back up to and ideally just above the highest of our two touches to give us a confirmed third top, then regardless of how it does so 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 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.
AUD/USD:
• If price pushes down to and ideally just below our lower trend line, then regardless of how it does so I'll be waiting for a convincing impulse back up followed by a tight flag and then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If price only pushes down to and ideally just below our rayline, then regardless of how it does so I'll once again be waiting for a convincing impulse back up followed by a tight flag and then I'll again be looking to get long with a reduced risk entry on the break of the flag.
• 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 either of these trades.
EUR/NZD:
• If price pushes up to and ideally just above the upper 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 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 flag.
• If price only pushes up to and ideally just above our rayline, then regardless of how it does so I'll once again be waiting for a convincing impulse back down followed by a tight flag and then I'll again be looking to get short with a reduced risk entry on the break of the flag.
• 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 either of these trades.