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Thread: my trading plan for week beginning 17/12/06

  1. #1
    Week beginning Monday 18th December trading program for the week, remember this is just a guide for me and things for me to remember.


    Eur/usd support and resistance levels for monday, tuesday, wednesday, thursday
    r3 1.3268 r2 1.3224 r1 1.3153
    s3 1.2923 s2 1.2994 s1 1.3038

    Sunday/Mondays trades Times as are at GMT

    Mondays data releases are dollar negative, but for this week I need to maintain a very careful eye on amounts, I expect these
    to tail off towards the end of the week, and downward revisions to to ppi figures, which makes the initial launch spike
    that the market long , but will have a close look at this in an instant. I dont like going against the tendency but my first trade is going to be a really speculative trade.

    Eur/usd buy @ 1.3050 36 pip stop loss, limit 1.3150 activate time approximately 8.00 a.m. gmt monday

    the reason behind this trade is that most of the time the markets open and go up 25 pips, the downward 25 pips before going
    on the path for the day, also the asian markets normally transfer the markets down about 20 pips, also 1.3040 holds strong
    support.

    Tuesday

    could be a very hectic day, together with the downwards revisions of past months cpi figures, would the ppi figures follow suit

    eur/usd market @ 1.3150-1.3170 40 pip sl limit 1.3040
    shoul have produced approximately 140 pips profit. When we receive the revisions and the figure comes out at 0.2percent a dollar negative response
    is unlikely because its still a rise, which is dollar favorable, together with positive housing starts and building permits
    not being to bad, needs to be a good days trading

    wednesday

    fairly quiet data/news releases together with the gbp dominating the day together with the bank of england minutes, and public sector
    borrowing favorable for the gbp I will put another buy with other information releases being favorable for every currency
    my commerce will be as follows

    eur/usd buy @ 1.3040-50 only looking to make 20pip so that I will use a 25 pip trailing stop, my limit goal being 1.3120


    thursday

    nothing spetacular being announced so technical trading needs to continue without much hinderence, together with the trading day
    begiining at the peak of the downwards channel, I will put a market at the afternoon

    eur/usd market 1.3110-20 limit 1.3050


    Friday

    with volumes at a reduced, the eur/usd at a reduced and the only additional service being 1.2980 and the information being dollar favorable I
    possess my final trade for weekly.

    Eur/usd market 1.3080 limit 1.2980


    I believe this could also be the end of the correction, as we head towards year end, will probably be taking a look at a shift
    in interest rate differentials between uk/us/eur

    good fortune all!my

  2. #2
    Well thats the very first trade, obtained in slightly earlier at 1.3050, set my stop at 1.3100 when the eur/usd passed that mark, this was triggered faster than I thought, oh well 50 pips aint bad.


    I have an entry order at 1.3150 just if a movement occurs over night, then I will transfer it to 1.3126 at about 5.00% gmt, then consider the trade at 8.00 am gmt on tuesday if the order has not been filled

    (see trading plan above)

  3. #3
    Great surprise for me this afternoon, managed to receive my trade in at a really respectable 1.3170, did anticipate that, I am using very tight stopss today however, something about a report on currency repairing by china, me thinks, oh well anything helps turn a profit. My goal for this remains the same (see trading egy )

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