NZD/USD 16 JULY 2012

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

Price rallied since the 86 bounce and has not given us another entry since.

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.

If we don’t get the setup 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 8019.

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