WHEAT/USD, EUR/JPY and GBP/CAD on watch for me today.
WHEAT/USD:
• If price pushes up to and ideally just above our rayline, 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 merely pushes up to and ideally just above our lower rayline 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 one hour or the fifteen minute chart.
• 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 rayline, 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 simply pushes down impulsively from where it currently is, it does so in a convincing manner and a subsequent tight one hour flag forms, 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.
GBP/CAD:
• If price pushes down to and ideally just below our trend line 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 one hour or the fifteen minute chart.
• 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 rayline, 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 merely pushes up to and ideally just above our lower rayline 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 one hour or the fifteen minute chart.
• 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 rayline, 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 simply pushes down impulsively from where it currently is, it does so in a convincing manner and a subsequent tight one hour flag forms, 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.
GBP/CAD:
• If price pushes down to and ideally just below our trend line 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 one hour or the fifteen minute chart.
• 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.