AUD/USD - follow me on twitter @fxdailyforecast
No trade setup on Aussie yesterday, price was rather sideways yesterday and seems to be finding a base at 1.0600 since we have bounced off that level three times in last few trading sessions.
FOR TODAY:
The bounce out of 1.0600 during the Asian session might be the signal here that price is heading deeper into the AB swing. We will go long on a test of the overnight low followed by a bullish cs formation.
Else if price keeps falling and breaks the 1.0600 on a sustained basis then we will have a new AB swing in play.
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:
We are looking for a test of the Asian session lows followed by a clear 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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