AUD/USD 17 FEBRUARY 2012

AUD/USD - FOLLOW ME ON TWITTER - FXDAILYFORECAST

Price gave us the bullish cs formation we were looking for yesterday as per analysis yesterday morning. We entered the long trade setup at 1.0690, our stop is now at cost, limits still set at 1.0813.

FOR TODAY:

Today we have a DABF786 trading day where we are looking for price to rally to the 1.0823 high, then maybe onto 1.0843. We have our limits set 10 pips inside the 1.0823 high at 1.0813. We will look to buy dips to 1.0813 after bullish cs formations.

SHORT: Will be going short only IF:

We need a test of the Asian highs or higher at 1.0823/43 and a bearish cs formation for a short trade. Stops 14 pips above the cs formation, max 1.5% risk, limits will be at 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 are looking for dips to buy into after bullish cs formations.  Place stops 10 pips below the low of the cs formation, max 1.5% risk, limits set at 1.0813, this will be a ST.

If we don’t get the setup we are looking for then we don’t trade.