Sunday, March 18, 2012

Trading Plan for Week of 3/18


My bias is still to go short euro-dollar hopefully around the .3180 area. My second target to go short would be at .3250 in case my .3180 signal does not present itself. I'll remain bearish until the market is able to get above .3250 and establish support. It's pretty strong resistance since we have the .38 fib and Weekly trendwall intersecting each other showing confluence. We're facing the Daily 50 ma so if we can break the under 1hr 50 ma along with another form of support (fib level, psych level, trendwall etc.), I'll short and place my stop above both forms of resistance. My target would be back down at .3020. If Daily bars due run up to the .3250 area, I'll look for a bearish 4hr signal and enter on the 1Hr in the same manner, breaking under the 50 ma and other support area.

News Announcements (ET)

German Producers Prices - Tuesday , 3 a.m
Bank of England Minutes - Wednesday 5:30 a.m


We're still under the 50 MA so I'm still looking to short this pair. It tested .0520 which is the Weekly 50 MA and was rejected at the close of the week. Weekly chart can make a case for some bullish price action, however I'll wait until we get back above daily 50 MA. I hope to get short around .0650-.0680 area if my entry signal presents itself. I would hope to get under the 1hr 50 MA and be able to place my stop loss above the 1 hr 50 MA as well as .0650-.0680 for a nice R:R. My target would be .0520 for 100-130 pips.

Weekly Chart - AUDUSD


This pair can also make a case for some bullish price action testing the Weekly 50 MA, twice at that. Since we are still under the Daily 50 MA, I'm still looking to short the pair. With this daily trendwall, if we stay under the daily 50 MA, I'll looking to enter short if we can break under the 1hr 50 Ma along with that daily trendwall so I can place my stop above the confluence. If I can get a decent entry price, I'll look to take the pair back down to .8150, looking to gain a solid 100 pips off this trade if I like my chances.

Weekly Chart - NZDUSD

News Announcements for AUD and NZD (ET)
Australian Reserve Bank Minutes - Monday 8:30 p.m
New Zealand Quarterly GDP - Wednesday 5:45 p.m
Canadian Consumer Price Index - Friday 7:00 a.m

No comments:

Post a Comment