Forex Playbook: October 18-24
October 18, 2009 at 12:12 UTC || By Forex Playmaker
As Wall Street stumbles at the 10,000 mark, the US Dollar remains at recent lows relative to its major counterparts. The coming week of trading will be pivotal for global investors, as a break higher in equities will signal continued weakness in the US Dollar in the intermediate term.
Last Week’s Forex Playbook: +105 Pips
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Trading Rules
Trading Style: Swing, 1-5 day duration (unless otherwise noted)
Order Entry Time: Sunday, 5:30 PM ET
Trade Exit Time: If stops/limits are not reached by 2:00 PM ET Friday, exit trades manually. Unless otherwise noted, positions are not held over the weekend.
Unexecuted ENTRY Orders: If by 12:00 PM ET Wednesday, position is not established, cancel the entry order.
Sunday Gaps: If a significant gap occurs at the Sunday open (> 35 Pips), use discretion when placing orders. If market gaps in favor of the trade – i.e. gaps higher on buy orders or lower on sell orders – note the impact on the RR Ratio to determine whether the trade setup remains favorable.
