EUR/AUD and GBP/USD on watch for me today.
EUR/AUD:
If price pushes up to and ideally just above our upper rayline and then we get a convincing push back down followed by a tight flag, then I'll be looking for reduced risk entries on the break of the flag. But if the flag forms close to our raylines, then I'll be hiding my stop loss above both raylines as illustrated for extra protection.
I'll not be getting involved if the flag that forms after a subsequent push back up to our upper rayline followed by a convincing push down forms either through or above structure as illustrated.
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 I will not place any of these trades.
GBP/USD:
If price pushes up to and ideally just above our rayline and then we get a convincing push back down followed by a tight flag, then I'll be looking for reduced risk entries on the break of the flag.
If price pushes up to and ideally just above our rayline and then we get a convincing push back down followed by a tight flag, then I'll be looking for reduced risk entries on the break of the flag. But if the flag forms close to our rayline, then I'll be hiding my stop loss above the rayline as illustrated for extra protection.
I'll not be getting involved if the flag that forms after a subsequent push back up to our rayline followed by a convincing push down forms either through or above structure as illustrated.
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 I will not place any of these trades.
If price pushes up to and ideally just above our upper rayline and then we get a convincing push back down followed by a tight flag, then I'll be looking for reduced risk entries on the break of the flag. But if the flag forms close to our raylines, then I'll be hiding my stop loss above both raylines as illustrated for extra protection.
I'll not be getting involved if the flag that forms after a subsequent push back up to our upper rayline followed by a convincing push down forms either through or above structure as illustrated.
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 I will not place any of these trades.
GBP/USD:
If price pushes up to and ideally just above our rayline and then we get a convincing push back down followed by a tight flag, then I'll be looking for reduced risk entries on the break of the flag.
If price pushes up to and ideally just above our rayline and then we get a convincing push back down followed by a tight flag, then I'll be looking for reduced risk entries on the break of the flag. But if the flag forms close to our rayline, then I'll be hiding my stop loss above the rayline as illustrated for extra protection.
I'll not be getting involved if the flag that forms after a subsequent push back up to our rayline followed by a convincing push down forms either through or above structure as illustrated.
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 I will not place any of these trades.