GBP/AUD, EUR/JPY, NZD/JPY, GBP/USD and GBP/JPY on watch today.
GBP/AUD:
• If the corrective piece of price action that has just formed develops a little further and in doing so it allows me to draw a trend line both above and below it on either the one hour or the fifteen minute chart, I'll be looking to place an order just below the lower trend line that I subsequently plot.
• If price pushes down below our rayline convincingly and the impulse is followed by a tight flag, then I'll be looking for a reduced risk entry on the break of the flag.
• If price pushes down below our rayline convincingly and the impulse is followed by a tight flag, then I'll be looking for a reduced risk entry on the break of the flag. But if the flag forms close to our rayline then I'll be using it as protection for my stop loss by hiding my stop loss above it.
• 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.
EUR/JPY:
• 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 for a risk entry after a phase line break on either the one hour or the fifteen minute 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 below our rayline followed by a tight flag where I'll be looking for a reduced risk entry on the break of the flag.
• If price pushes up to and ideally just above our rayline, then regardless of how price does so I'll be waiting for a convincing push back down followed by a tight flag where I'll be looking for 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.
NZD/JPY:
• If price pushes down to and ideally just below our lower rayline, then regardless of how price does so I'll be waiting for a convincing push back up above our lower trend line followed by a tight flag where I'll be looking for a reduced risk entry on the break of the flag.
• If price only pushes down to and ideally just below our lower trend line, then once again regardless of how price does so I'll be waiting for a convincing push back up followed by a tight flag where I'll be looking for a reduced risk entry on the break of the flag.
• I'll not be looking for any risk entries after either a corrective third touch of our lower trend line or our lower rayline, because in the former's case price could trickle down to our lower rayline and having my stop loss below it would make my stop loss too wide and in the latter's case I'd potentially be taking a risk entry just below as opposed to above a three touch structure.
• 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 any of these trades.
GBP/USD:
• If price pushes down below our rayline convincingly and the impulse is followed by a tight flag, then I'll be looking for a reduced risk entry on the break of the flag.
• If price pushes down below our rayline convincingly and the impulse is followed by a tight flag, then I'll be looking for a reduced risk entry on the break of the flag. But if the flag forms close to our rayline then I'll be using it as protection for my stop loss by hiding my stop loss above it, so long as my stop loss isn't excessively large.
• If price pushes down and then it flags either through or above our rayline then I'll not be looking to place an order 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 any of these trades.
GBP/JPY:
• 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 for a risk entry after a phase line break on either the one hour or the fifteen minute 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 below our rayline followed by a tight flag where I'll be looking for a reduced risk entry on the break of the flag.
• If price pushes up to and ideally just above our rayline, then regardless of how price does so I'll be waiting for a convincing push back down followed by a tight flag where I'll be looking for 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 the corrective piece of price action that has just formed develops a little further and in doing so it allows me to draw a trend line both above and below it on either the one hour or the fifteen minute chart, I'll be looking to place an order just below the lower trend line that I subsequently plot.
• If price pushes down below our rayline convincingly and the impulse is followed by a tight flag, then I'll be looking for a reduced risk entry on the break of the flag.
• If price pushes down below our rayline convincingly and the impulse is followed by a tight flag, then I'll be looking for a reduced risk entry on the break of the flag. But if the flag forms close to our rayline then I'll be using it as protection for my stop loss by hiding my stop loss above it.
• 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.
EUR/JPY:
• 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 for a risk entry after a phase line break on either the one hour or the fifteen minute 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 below our rayline followed by a tight flag where I'll be looking for a reduced risk entry on the break of the flag.
• If price pushes up to and ideally just above our rayline, then regardless of how price does so I'll be waiting for a convincing push back down followed by a tight flag where I'll be looking for 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.
NZD/JPY:
• If price pushes down to and ideally just below our lower rayline, then regardless of how price does so I'll be waiting for a convincing push back up above our lower trend line followed by a tight flag where I'll be looking for a reduced risk entry on the break of the flag.
• If price only pushes down to and ideally just below our lower trend line, then once again regardless of how price does so I'll be waiting for a convincing push back up followed by a tight flag where I'll be looking for a reduced risk entry on the break of the flag.
• I'll not be looking for any risk entries after either a corrective third touch of our lower trend line or our lower rayline, because in the former's case price could trickle down to our lower rayline and having my stop loss below it would make my stop loss too wide and in the latter's case I'd potentially be taking a risk entry just below as opposed to above a three touch structure.
• 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 any of these trades.
GBP/USD:
• If price pushes down below our rayline convincingly and the impulse is followed by a tight flag, then I'll be looking for a reduced risk entry on the break of the flag.
• If price pushes down below our rayline convincingly and the impulse is followed by a tight flag, then I'll be looking for a reduced risk entry on the break of the flag. But if the flag forms close to our rayline then I'll be using it as protection for my stop loss by hiding my stop loss above it, so long as my stop loss isn't excessively large.
• If price pushes down and then it flags either through or above our rayline then I'll not be looking to place an order 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 any of these trades.
GBP/JPY:
• 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 for a risk entry after a phase line break on either the one hour or the fifteen minute 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 below our rayline followed by a tight flag where I'll be looking for a reduced risk entry on the break of the flag.
• If price pushes up to and ideally just above our rayline, then regardless of how price does so I'll be waiting for a convincing push back down followed by a tight flag where I'll be looking for 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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