AUD/USD -
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Price rallied through the B high yesterday and seems to
have given us a new B high at 1.0223.
FOR TODAY:
We will look for a test of yesterday’s lows, or lower
down at the 618/786 of this swing followed by a bullish cs formation for a long
trade setup.
Shorts are considered only after a test of the BF786.
If we don’t get
the setup we are looking for then we don’t trade.
SHORT: Will be
going short only IF:
We need a rally to test the BF786 followed by a clear bearish cs for a short trade setup.
Place stop 13 pips above the cs formation, max 1% risk.
A sustained break of 1.0223 negates this view and opens
the upside for a rally higher towards 1.0390.
If we don’t get the setup we are looking for then we
don’t trade.
LONG: Will be
going long today only IF:
Price is close to yesterday’s lows, we will wait to see
if the low holds. If we get a bullish cs formation we will enter a long trade
setup, else we have a 618/786 lower down – we will look for support at these
levels. 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.
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