Friday, March 23, 2012

Week of 3/25 Trading Plan

With my trading strategy, I'm still looking for buying opportunities being above the daily 50 MA. It's been in between this weekly trendwall (arrow) and .3020 since the end of January, breaking out once to the upside but immediately erased the gains. Last couple of days it has been finding support around the .3180 level which has recently corresponded with the daily 50 MA. Switching down to the 1hr, I'm looking at 2 possible entry opportunities. The 1st possible entry I will look at will be a pullback to this lower trendwall, SHOW SUPPORT ACTION (especially on the 4 hr chart), and then close above the 1 hr 50 MA (which should get dragged down a little bit, hopefully). I would like to be able to place my stop-loss below BOTH the 50 MA and lower trendwall. That would be my ideal entry. The other entry I will look at as a possibility would be for price to stall until the 50 MA is able to catch up and then look for a break above this upper trendwall, placing my stop below the upper trendwall AND the 50 MA. My targets will be .3380 and then .3480. Looking for nothing less than  2.5:1 RR because once EurUsd decides where she wants to go, she'll run and she'll run HARD.

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