I am extremely lucky in that my “office” is wherever in the world I happen to be. For this past week, my office has been the rugged Mediterranean island of Cyprus. So long as you have a laptop and internet connection, you too could have a ubiquitous office and be “working” (aka trading) from anywhere.
I am the first to admit that not a lot of work was done from my Cypriot office this week! I was far too busy making the most of the warm Mediterranean Sea lapping at my heels during our unfortunately short 4 day Eid getaway. Even though there wasn’t a lot of trading that went on while in Cyprus, (I was simply far too distracted by the azure waters which beckoned for that), there was time for some trade planning…
A few of the currency pairs that I have on my radar this week, and their entry points, are detailed below:
Short @ .9200
Long @ .9040 & .9000
I plan to Short @ .9200, since there is previous resistance at this price and it is also at the 78.6% fib level. I will enter short, after looking at lower time frames to 1. find the ideal entry point, and 2. find further confirmation of my reasons to go short.
If the price gets down to .9040, I will look for reasons to long here since this is a previous support area and is also 38.2% fib. If price fails to hold at the .9040 level, I will definitely look for a bounce at .9000.
Short @ 1.3300
Short @ 1.3280
Long @ 1.3100
Price is at the upper triangle edge. It is also has the 200 ema on the daily and 55 ema on the weekly holding price down.
I will enter short on the 4H chart after there has been a close below and a pullback to 1.3280 – which is the weekly 200 ema. This area is also a strong support and resistance level on the 4H chart.
I will definitely look for reasons to long when price gets to 1.3100, since this is a support area, whole number, 50% fib and 200 ema are just below, as well as there is a steep bollinger band to hold price up in this area.
Long @ 1.5330
I will look to short below 1.5520 since there is a weekly trendline which has been in place since the end of 2012. There is also a 55 ema to hold price down. I will look to take my profits at 1.5330, since this was a previous support area.
I will definitely look to long if price gets to 1.5330, since there are multiple reasons to take this trade: trendline, support, 55 ema, 50% fib
Let’s see what the trading week brings.