NZD/USD, CAD/JPY and USD/CAD on watch for me today.
NZD/USD:
• If price pushes down to and ideally just below our rayline and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour rejection from it.
• If price simply impulses up above the upper descending trend line of our most recent piece of structure, it does so in a convincing manner and a subsequent tight one flag forms, then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
CAD/JPY:
• If price pushes down to at least and ideally just below our rayline, or better still down to and ideally just below our lower descending trend line and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour rejection from it and if the first scenrario occurs then I'll be hiding my stop loss below our lower descending trend line for extra protection.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
USD/CAD:
• If price pushes up to at least and ideally just above our rayline, or better still up to and ideally just above our upper ascending trend line and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour rejection from it and if the first scenrario occurs then I'll be hiding my stop loss above our upper ascending trend line for extra protection.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
• If price pushes down to and ideally just below our rayline and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour rejection from it.
• If price simply impulses up above the upper descending trend line of our most recent piece of structure, it does so in a convincing manner and a subsequent tight one flag forms, then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
CAD/JPY:
• If price pushes down to at least and ideally just below our rayline, or better still down to and ideally just below our lower descending trend line and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour rejection from it and if the first scenrario occurs then I'll be hiding my stop loss below our lower descending trend line for extra protection.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
USD/CAD:
• If price pushes up to at least and ideally just above our rayline, or better still up to and ideally just above our upper ascending trend line and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour rejection from it and if the first scenrario occurs then I'll be hiding my stop loss above our upper ascending trend line for extra protection.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.