my trading plan for week beginning 19 november 2006
this week i will place no live trades, I would however welcome comments from
other more experienced traders, these are my thoughts for the week, and my demo trade.
We have the bis meeting on monday, holidays, low volumes, and conflicting charts.
I am expecting an interest rate rise for the uk, and europe, with an early cut for the u.s. the non farms payrolls a week later will prove to be another shambles, Watching the price movements on friday i suggest that a large quantity of trades came from central banks selling the eur, however i am not prepared to enter the market at 1.2825. Also no signs of a retracement leads me to believe that there will be a slight upward movement, when this trade has hit its limits i will wait until next sunday when hopefully the forthcoming data will confirm the above and we can see some real worthwhile trading, with my final aim of the week to consider an entry point for the nfp (which will whipsaw down, then up, seeing a possible break of the 1.3000 barrier)
My first and only slow painfull trade for the week will be an entry order will be a buy @ 1.2800 on the eur/usd with a limit of 1.2850 and a stop set at 1.2750, as the week moves on these will be move to a final take profit of 1.2915 if the technicals drive the market down, i will exit as close to 1.2800, the opportunity being on jpy news releases, as i will be sleeping i will alter my limits for this exit.
good luck, and look forwards to you comments, as always
this week i will place no live trades, I would however welcome comments from
other more experienced traders, these are my thoughts for the week, and my demo trade.
We have the bis meeting on monday, holidays, low volumes, and conflicting charts.
I am expecting an interest rate rise for the uk, and europe, with an early cut for the u.s. the non farms payrolls a week later will prove to be another shambles, Watching the price movements on friday i suggest that a large quantity of trades came from central banks selling the eur, however i am not prepared to enter the market at 1.2825. Also no signs of a retracement leads me to believe that there will be a slight upward movement, when this trade has hit its limits i will wait until next sunday when hopefully the forthcoming data will confirm the above and we can see some real worthwhile trading, with my final aim of the week to consider an entry point for the nfp (which will whipsaw down, then up, seeing a possible break of the 1.3000 barrier)
My first and only slow painfull trade for the week will be an entry order will be a buy @ 1.2800 on the eur/usd with a limit of 1.2850 and a stop set at 1.2750, as the week moves on these will be move to a final take profit of 1.2915 if the technicals drive the market down, i will exit as close to 1.2800, the opportunity being on jpy news releases, as i will be sleeping i will alter my limits for this exit.
good luck, and look forwards to you comments, as always