Life in Cairo is certainly a lot quieter this week than of late Maybe that is helped by the curfew, which is still being strictly policed on the streets. Curfew time now 9 pm to 6 am. Certainly an improvement from the 7 pm curfew start time of the previous week. Even when I was growing up in my early teenage years I never had a curfew of 9 pm! Seems ludicrous to be forced to adhere to such an early curfew time at my age!!
As life is reverting back to some form of normality here, it’s time to get my trading back into my normal routine also. My trading plan for the week ahead is as follows:
Daily Chart / End of Day Trade / Short
I love this “end of day” strategy. The set ups may not appear frequently, however, when they do you can usually set your order and walk away. Great for those working full time and who may only have a small amount of time for trading. The ideal set up for this strategy is depicted in the chart below – the pair is trending, the previous day’s candle is a doji which is located within the upper 2 envelopes, the 5 ema is below the 20 ema and the 200 ema. As soon as the daily candle closes, I set my order – green = entry, red = stop loss, gold = target
ie Entry at 88.71, Stop at 89.48 and target at 87.50
I see there is no news due out over the next day which could affect my trade, I set my order as above and walk away.
4 Hour Chart / Long / Triangle Break
I will be looking for an entry long after the break of the triangle on the 4 hourly chart – around 1.3380. I will wait for a pullback to this level before entering. This area is also a weekly pivot point. My stop will be just below the 55 ema with my target being the recent high.
These are two trades which I have on my radar for the start of the week. If I have some other trades lining up for the latter part of the week I will provide further details in another post.
Bring on the pips!