GBP/JPY, GBP/USD, EUR/JPY and EUR/GBP on watch for me today.
GBP/JPY:
• If price impulses down in a convincing manner, then I'll be looking to get short with a reduced risk entry on the break of a subsequent tight 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.
GBP/USD:
• If price pushes up to and ideally just above the upper ascending trend line of our most recent piece of structure, then regardless of how it does so I'll be waiting for a convincing push 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 the upper rayline of our most recent piece of structure, then regardless of how it does so I'll be waiting for a convincing push back down below it 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.
EUR/JPY:
• If price pushes up to and ideally just above our previous high then I'll be looking for a convincing impulsive back down below it followed by a tight one hour 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/GBP:
• 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 push 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 our rayline then regardless of how it does so I'll again be waiting for a convincing impulse back up followed by a tight flag and then I'll again be looking to get long 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 impulses down in a convincing manner, then I'll be looking to get short with a reduced risk entry on the break of a subsequent tight 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.
GBP/USD:
• If price pushes up to and ideally just above the upper ascending trend line of our most recent piece of structure, then regardless of how it does so I'll be waiting for a convincing push 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 the upper rayline of our most recent piece of structure, then regardless of how it does so I'll be waiting for a convincing push back down below it 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.
EUR/JPY:
• If price pushes up to and ideally just above our previous high then I'll be looking for a convincing impulsive back down below it followed by a tight one hour 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/GBP:
• 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 push 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 our rayline then regardless of how it does so I'll again be waiting for a convincing impulse back up followed by a tight flag and then I'll again be looking to get long 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.
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