AUD/USD
Price fell yesterday taking out support at 762, giving us a bearish AB swing.
FOR TODAY:
Price rallied during the Asian session and we are currently sitting at the 786 of the AB swing. A bearish cs formation here would be a signal to sell.
Violation of the 843 high will be resumption of the uptrend on this time frame.
SHORT: Will be going short only IF:
We are in sell territory, if we get a clear bearish cs formation from current levels it will be a signal to short, stop 14 pips above the high of the cs formation, max 1.5% risk, limits down at the BF786, 10 pips inside.
If we don’t get the set-up we are looking for then we don’t trade.
LONG: Will be going long today only IF:
We can only long if price falls to the BF786 and then gives us a bullish cs formation. Limits here will be 10 pips inside the A high, with stops 10 pips below the cs formation, max 1.5% risk.
If we don’t get the set-up we are looking for then we don’t trade.
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