AUD/USD 15 JUNE 2012

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The short trade setup was stopped out yesterday with 50 pips loss. Price went on to rally and take out the B high giving us a new AB swing and confirming reversal on this timeframe.

FOR TODAY:

We have a new B high at 1.0032, with A being down at 9850. We need a retracement down to the 618/786 of this swing followed by a bullish cs formation for a long trade setup.

Shorts are not considered at present since we don’t have an establish B swing high in place.

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

SHORT: Will be going short only IF:

No short setups at present. Will post if situation changes.

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 retracement down to the 618/786 of this AB swing followed by a bullish cs formation for a long trade setup. Place stops 10 pips below the cs formation, max 1% risk. Limits define at time of entry.

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