18th – Aussie retraced to the 618 as per Fridays analysis, we are now looking for a bullish cs formation to enter the market. Place stop 10 pips below the low of the cs formation, limits will be 100 pips. If support at the 618 is not found then we look for the 786 to hold. Else a sustained break of 227 continues the downtrend.
19th –
Price gave us the bounce out of the 618 yesterday by way of a bullish cs
formation on the 1h chart. We have entered the trade, with stops below the low
of the cs formation, limits set at 100 pips. We need a break of 375 to open the
upside. We will add to the open position on 618 minor bounces, only if the open
position is 50+ pips in the money. Else a fall and a sustained break of 227
resumes the downtrend.
LONG: Will be going long IF:
Today is a DA618 trading day where we look for price
to rally towards 375, we cannot rule out any dips before price rallies. We only
add to the open position if we get a minor 618 retracement after a break of
375.
SHORT: Will be going short IF:
With the break of the A high we have a reversal in
play here, so we are not looking for short trade setups, we need a sustained
break of the A low to resume the downtrend.
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