AUD/USD 2 MAY 2012

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

No trade setup on Aussie yesterday. Price never reached the 786.

FOR TODAY:

We are still looking for price to test the 786 and give us a bullish cs formation before we go long on this pair.

Short trades will only be considered higher up at the BF786, after bearish cs formations.

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

SHORT: Will be going short only IF:

Price reaches the BF786 and gives us a bearish cs formation.  

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 will wait for a test of the 786 followed by a clear bullish cs formation. Place stops 10 pips below the low of the cs formation, max 1% risk, limits here will be 10 pips inside the BF786 over coming sessions.

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