NZD/USD 2 AUGUST 2012

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We have a new B high for the AB swing.

FOR TODAY:

We need to wait for a retracement down to the 618/786 of this swing for a long trade setup.

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

SHORT: Will be going short only IF:

Because we had a small swing high followed by a fall to take out interim support, we will consider selling a clear bearish cs formation if price rallies deep into the B high and reverses.

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

LONG: Will be going long today only IF:

We need a retracement down to the 618/786 of this swing for a long trade setup.

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