AUD/USD - follow me on twitter @fxdailyforecast
We were stopped out of our short entry yesterday with rice rallying to the 1.0855 high, we lost 33 pips on that trade. With price having taken out the 1.0815 high, we have started the reversal on this timeframe. Price has since retraced to the 50 of this AB swing already.
FOR TODAY:
We will be looking to either buy at the 618/786 of this AB swing, or sell at the BF786.
SHORT: Will be going short only IF:
We get a rally to the BF786 and price then gives us a bearish cs formation. Place stop 13 pips above the high of the cs formation, limits advised then.
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 need price to hit the 618/786 followed by a bullish cs formation for a long trade setup. Place stop 10 pips below the low.
If we don’t get the setup we are looking for then we don’t trade.
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