AUD/USD 14 JUNE 2012

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Price gave us a BF setup late in the session yesterday. Today we look to add to shorts.

FOR TODAY:

Today is a DABF trading day where we expect price to continue falling down to initial support circa 9850. We will sell after a rally followed by a bearish cs formation with limits lower down.

A sustained break of 1.0007 will negate the bearish view and open the upside.

Long trades are considered lower down at 9850/20. If these don’t offer support we have the 618/786 lower down.

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

SHORT: Will be going short only IF:

Being a DABF trading day we look for continuation of the fall, we look to add to positions after rallies followed by bearish cs formations . Stop will be 13 pips above the cs formation, max 1% risk.

A sustained break of 1.0007 negates this view and opens the upside.

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:

We will look for a test of the 9850/20 lows followed by a clear bullish cs formation. This qualifies as a DD entry and should be good for 100 pip rally. Else lower down at the 618/786 we will look Place stops 10 pips below the cs formation, max 1% risk.

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