USD/CHF, GBP/CHF, GBP/NZD and EUR/GBP on watch for me today.
USD/CHF:
• If price impulses back down below our rayline, it does so in a convincing manner and a subsequent tight flag forms, then I'll be looking to get short with a reduced risk entry 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.
GBP/CHF:
• 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 below the trend line I've plotted as illustrated, 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 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.
GBP/NZD:
• 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 doesn't quite push up to 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 below our higher time frame rayline 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 our rayline, then regardless of how it does so I'll be waiting for a convincing impulse back down below the lower ascending trend line of our most recent piece of structure followed by a tight flag and then I'll again be looking to get short with 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.
EUR/GBP:
• If price pushes down to and ideally just below the lower descending trend line of our most recent piece of structure 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 fifteen minute or the one hour chart.
• If price only pushes down to and ideally just below our rayline and the last part of the move is corrective, then I'll once again be looking to get long 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 below our lower descending 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.
• If price impulses back down below our rayline, it does so in a convincing manner and a subsequent tight flag forms, then I'll be looking to get short with a reduced risk entry 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.
GBP/CHF:
• 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 below the trend line I've plotted as illustrated, 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 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.
GBP/NZD:
• 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 doesn't quite push up to 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 below our higher time frame rayline 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 our rayline, then regardless of how it does so I'll be waiting for a convincing impulse back down below the lower ascending trend line of our most recent piece of structure followed by a tight flag and then I'll again be looking to get short with 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.
EUR/GBP:
• If price pushes down to and ideally just below the lower descending trend line of our most recent piece of structure 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 fifteen minute or the one hour chart.
• If price only pushes down to and ideally just below our rayline and the last part of the move is corrective, then I'll once again be looking to get long 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 below our lower descending 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.
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