AUD/NZD, USD/JPY and USD/CAD on watch for me today.
AUD/NZD:
• 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 only pushes up to and ideally just above our lower rayline and the last part of the move is corrective, then I'll once again be looking to get short with a risk entry after a phase line break on either the fifteen minute or the one hour chart, but I'll be hiding my stop loss above our upper trend line for extra protection.
• 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.
USD/JPY:
• 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 the upper rayline of our most recent piece of structure, 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 once 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.
USD/CAD:
• If price pushes down to and ideally just below our rayline, 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 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.
• 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 only pushes up to and ideally just above our lower rayline and the last part of the move is corrective, then I'll once again be looking to get short with a risk entry after a phase line break on either the fifteen minute or the one hour chart, but I'll be hiding my stop loss above our upper trend line for extra protection.
• 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.
USD/JPY:
• 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 the upper rayline of our most recent piece of structure, 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 once 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.
USD/CAD:
• If price pushes down to and ideally just below our rayline, 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 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.
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