AUD/USD 19 MARCH 2012

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Price rallied on Friday and took out the A high starting the reversal on this timeframe.

FOR TODAY:

We now need to wait for a decent swing high to call a B high. Once we have that we can draw fibs to ascertain where the 618/786 will be. We will buy at the 618/786 of this AB swing.

SHORT: Will be going short only IF:

No short entries since we are waiting for a B high to form. No trade setup – stand aside. I will post on stocktwits.com/fxg if a trade setup develops.

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:

No long trade setups either, we need a B high to form. Stand aside on this pair for today’s session.

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