Trade Plan for Today (Sept 3, 2009)

AUD/USD

In about an hour, Australian Trade Balance comes out. I expect it to surprise to the upside with the recent developments in China.

Hence, I am placing an Entry-Stop Order below:

ES BUY AUD/USD @ 0.8364
Stop - 0.8318
Limit 1 - 0.8394
Limit 2 - 0.8438

Hedge:

ES SELL AUD/USD @ 0.8318
Stop - 0.8364
Limit 1 - 0.8288
Limit 2 - 0.8248


GBP/USD and EUR/USD

UK Services PMI comes out at 4:30. I expect the numbers to be positive for the Pound. I will be looking to enter once a setup on the hourly chart appears. On the dailies, this pair saw a bounce yesterday.

ECB (European Central Bank) Interest Rate announce is up at 7pm but before that, Eurozone Retail Sales will be released at 5pm. I am looking to BUY EUR/USD once a favorable setup presents itself on the hourly chart. On the daily chart, a bounce is found yesterday.