AUD/USD - follow me on twitter @fxdailyforecast
Price gave us the bearish cs formation yesterday and we went short and limited out with 41 pips profit. Price went on to take out the B low, but not on a sustained basis.
FOR TODAY:
We have a new AB swing in play here, with our new B down at 1.0609. We need to wait for a retracement up to the 618/786 for a short trade setup, or a BF for a long trade setup.
SHORT: Will be going short only IF:
We need a clear bearish cs formation after price retraces to the 618/786 of this swing for a short trade. Stops 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:
Price must reach the BF786 and then give us a bullish cs formation. Place stops 10 pips below the low of the cs formation, max 1.5% risk, limits for this entry will be 60-70 pips.
If we don’t get the setup we are looking for then we don’t trade.
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