NZD/USD 13 JULY 2012

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

Price fell yesterday and bounced out of the 86 of this AB swing.

FOR TODAY:

We will look to buy after dips followed by bullish cs formations. Shorts are only considered at the BF786 after bearish cs formations.

A sustained break of 7839 starts the reversal process on this time frame.

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

SHORT: Will be going short only IF:

We can only consider shorts after a test of the BF786 followed by bearish cs formations.

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

LONG: Will be going long today only IF:

Today is a DA86 trading day where we are looking for dips followed by bullish cs formations for long trade setups. Place stops 10 pips below the low of the cs formation, max 1% risk, limits are up at the BF786 – 10pips inside.

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