AUD/USD 10 APRIL 2012

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

We had a long entry on Thursday which we exited prior to NFP. Price rallied to the 50 of the AB downswing during last nights Asian session.

FOR TODAY:

Price currently in no man’s land on Aussie.  We can only sell at the 618/786, or buy at a BF786 after cs formations confirming the entry.

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

SHORT: Will be going short only IF:

We need price to retrace to the 618/786 of this swing followed by a bearish cs formation. Stop will be 13 pips above the high of the cs formation, max 1% risk – Limits defined later.

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 bullish cs formation. Stops 10 pips below the cs formation, max1% risk. Limits defined at time of entry.

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