AUD/USD -
follow me on twitter @fxdailyforecast and stocktwits.com/fxg
No trade setup yesterday on Aussie, we exited our long
trade with 3.5 pips loss after the bearish cs formation at Asia’s high.
FOR TODAY:
Price fell and took out the A low at 1.0422, thereby reversing
again and resuming the downtrend on this time frame. We now have to wait for a B
swing low to form before we can ascertain where the 618/786 will be for a sell
entry.
Long trade entries are far off at present since we don’t even
have a swing low yet.
SHORT: Will be
going short only IF:
We first need a swing low before we can draw fibs and
determine where the 618/786 are. We can only sell up at the 618/786 after bearish
cs formations.
If we don’t get the setup we are looking for then we
don’t trade.
LONG: Will be
going long today only IF:
Probably no long trade set-up during this session since we
don’t even have a B swing low yet. We will need a swing high followed by a test
of the low and a bullish cs formation for a long trade setup – that is far off
for now. Will update via stocktwits.com/fxg
If we don’t get the setup we are looking for then we
don’t trade.
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