AUD/USD 27 JULY 2012

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Price rallied and stalled just after the 86 of this swing.

FOR TODAY:

We will look for a test of yesterdays high, or even the A high followed by a bearish cs formation for a short trade setup.

A sustained break of 1.0443 negates this view and starts a reversal on this pair.

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

SHORT: Will be going short only IF:

Today is a DA86 trading day where we will look for a test of yesterdays high, or even the A high followed by a clear bearish cs formation for a short trade setup, place stop 13 pips above the cs formation, max 1% risk, limits down at 1.0120.

A sustained break of 1.0443 negates this view and opens the upside, continuing the uptrend.

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 consider buying a dip followed by a clear bullish cs formation, with a view to taking out the B high.

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