GBP/USD, USD/CHF and AUD/CAD on watch for me today.
GBP/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 to get short with a risk entry after a phase line break on either the fifteen minute or the one hour 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 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 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 again be looking to get short with a reduced risk entry on the break of the flag.
• If price only pushes up to 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 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 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/CHF:
• If price pushes down to and ideally just below the lower 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 long with a risk entry after a phase line break on either the fifteen minute or the one hour chart.
• If price pushes down impulsively to and ideally just below the lower trend line of our most recent piece of structure, then 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 merely pushes up in a convincing manner from where it currently is and a tight one hour flag then forms above our most recent high, then I'll be looking to get long with a reduced risk entry on the break of the flag so long as I can get my stop loss to break even before price reaches the upper descending trend line of our most recent piece of structure.
• 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.
AUD/CAD:
• 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 to get short with a risk entry after a phase line break on either the fifteen minute or the one hour 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 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 upper rayline, then regardless of how it does so I'll be waiting for a convincing push back down below our rayline 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 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.
• 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 to get short with a risk entry after a phase line break on either the fifteen minute or the one hour 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 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 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 again be looking to get short with a reduced risk entry on the break of the flag.
• If price only pushes up to 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 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 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/CHF:
• If price pushes down to and ideally just below the lower 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 long with a risk entry after a phase line break on either the fifteen minute or the one hour chart.
• If price pushes down impulsively to and ideally just below the lower trend line of our most recent piece of structure, then 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 merely pushes up in a convincing manner from where it currently is and a tight one hour flag then forms above our most recent high, then I'll be looking to get long with a reduced risk entry on the break of the flag so long as I can get my stop loss to break even before price reaches the upper descending trend line of our most recent piece of structure.
• 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.
AUD/CAD:
• 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 to get short with a risk entry after a phase line break on either the fifteen minute or the one hour 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 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 upper rayline, then regardless of how it does so I'll be waiting for a convincing push back down below our rayline 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 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.
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