AUD/USD -
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Our target objective was reached yesterday with price falling
and limiting out at 100 pips profit.
FOR TODAY:
The bounce out of 9672 during the Asian session is indicative
of a bullish scenario. If we find support and price rallies from here – maybe after
another test of the lows, then we are heading higher over coming sessions
towards 9934.
Else if price breaks the low then we will resume the fall
on this pair, opening up the downside.
If we don’t get the setup we are looking for then we
don’t trade.
SHORT: Will be
going short only IF:
With this strong trend we could sell a clear bearish cs
formation with price heading down to test the lows or even break it. Make sure
to exit on a clear bullish cs formation though, since this will indicate the price
might be heading higher as mentioned above. Stops are placed 13 pips above the
cs formation, max 1% risk. Limits 50-60 pips.
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:
The bounce out of the B low overnight suggests that we
might be in for a rally. We will look for a test of the lows followed by a
bullish cs formation for a long trade setup. This will be a ST with limits
higher up at 9924, only looking to reach this target over coming sessions.
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.
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