AUD/USD 9 MAY 2012

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

Price gave us a bullish cs formation yesterday after the BF786 - we went long and we were stopped out for 44 pips loss. Price went on to take out the B low giving us a new AB swing.

FOR TODAY:

We need to wait for a retracement to the 618/786 of this new AB swing before we can consider shorts.

No long trade setups at present since we don’t have an established B swing-low as yet.

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

SHORT: Will be going short only IF:

Price retraces to the 618/786 of this AB swing 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:

Might not get a long trade setup today since we have to wait for an established B swing low first. Wait and see.

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