NZD/USD 15 JUNE 2012

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

No trade setup on Kiwi yesterday. Price rallied to take out the B high giving us a new AB swing.

FOR TODAY:

We firstly need a B swing high to form, and then we need price to retrace to the 618/786 followed by a bullish cs formation for a long trade setup.

No short trade setups since we don’t have an established B swing high at present.

If we don’t get the set-up we are looking for then we don’t trade.

SHORT: Will be going short only IF:

No short trade setups since we don’t have an established B swing high at present.

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 firstly need a B swing high to form, and then we need a retracement down to the 618/786 of this swing followed by bullish cs formations. Place stop 10 pips below the low of the cs formation, max 1 % risk. Limits defined at time of entry.

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