AUD/USD 26 MARCH 2012

AUD/USD - follow me on twitter @fxdailyforecast and stocktwits.com/fxg

No trade setup yesterday on Aussie yesterday.

FOR TODAY:

We are in no man’s land on Aussie today, we need price up at the 618/786 followed by a bearish cs formation for a short entry, or down at the  BF786 for a long entry, price found resistance at the 50 of the downswing – according to our system we have no trade setups in this area.

SHORT: Will be going short only IF:

We need a retracement to the 618/786 followed by a bearish cs formation at either of those levels. Limits will be defined at time of entry. Stops will be 13 pips above the cs formation, max 1% risk.

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 test the BF786 followed by a clear bullish cs formation. Limits on this entry will be defined at time of entry. Place stops 10 pips below the low of the cs formation, max 1% risk.

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