EUR/USD and GBP/JPY on watch for me today.EUR/USD:
If price breaks below our 90% rule I'll be looking for risk entries within a more developed a one hour flag.
If price breaks below our 90% rule I'll be looking for risk entries within a more developed a one hour flag, but with my stop loss above the 90% rule for protection as illustrated.
If price retraces back into our pattern then I'll flip my bias and I'll be looking for reduced risk entries after a tight flag for a short term move to the upside.
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.
GBP/JPY:
If prices pushes above our wick and then impulses back down I'll be looking for reduced risk entries below a subsequent tight flag.
If prices pushes above our wick and then impulses back down a little lower than the previous example I'll be looking for reduced risk entries below a subsequent tight flag, hiding my stop loss behind structure as illustrated so long as doing so gives me at least a 3:1 risk/reward to the low of structure.
If prices pushes above the top of structure and then impulses back down a little lower than the previous example, I'll again be looking for reduced risk entries below a subsequent tight flag, hiding my stop loss behind structure as illustrated so long as doing so gives me at least a 3:1 risk/reward to the low 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 I will not place any of these trades.
