AUD/USD
No trade setups on Friday past, price formed the B low and rallied shy of the 618 during the Asian session last night.
FOR TODAY:
We need price to hit the 618/786 and then give us a bearish cs formation for a short entry. If we fall from current levels we have no trade set-up. We need a test of the fib.
SHORT: Will be going short only IF:
We need price to hit the 618/786 and then give us a bearish sc formation for a short entry. Place stop 14 pips above the cs formation, max 1.5% risk. Limits for the 618 will be 60-70 pips and the 786 will be a ST to the BF786.
If we don’t get the setup we are looking for then we don’t trade.
LONG: Will be going long today only IF:
We get down to the BF786 and we get a bullish cs formation afterward. Trade this to the 618 up at 753, stops 10 pips below the cs formation.
If we don’t get the setup we are looking for then we don’t trade.
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