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Forex Trading Signal 10/24/08

Discussion in 'Current Forex Trading Signals' started by Crazy Cat, Oct 24, 2008.

  1. Crazy Cat

    Crazy Cat Former FPA Special Consultant

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    HI there my friend :)

    It seems Sir Pips forgot to record a video today. He is so busy trading in the Diamonds room right now. I think he had at least 5 profitable trades so far and a few BE. They made a lot of money today. Nevertheless, sorry that we don't have a video today.

    Anyway, let's talk what happened on Thursday. Well, nothing happened other than market goes wild for another day, Euro and GBP goes down like crazy, gas prices, at least in the USA go down.

    UK Retail Sales came out too close to expectations so it was a no trade.

    Let's talk about Friday.

    1. Friday, October 24th, 2008 (4:30 a.m. New York Time) UK
    At 4:30 a.m. we will have UK GDP q/q. It is expected to come out at -0.2%. Because GBP/USD is on such strong down trend, probably you can just short GBP/USD and make money. Therefore, if it comes out at -0.3% or lower, I would sell GBP/USD. If it comes out at -0.1% or 0.0%, I would also sell but on the spike up (if any). That it, I would wait for the spike up, and try to short at better price. I think because of such strong down trend we will see a very short living spike up should GDP comes out at -0.1 or 0.0. If it is positive, I would be more careful, perhaps stay away.

    2. Friday, October 24th, 2008 (7:00 a.m. New York Time) CANADA
    At 7:00 a.m. we will have Canadian CPI Core m/m which is expected to come out at 0.3%. I still think it is better to trade against the spike on higher CPI here. If it comes out at 0.4% or higher and other numbers are not conflicting, I would buy USD/CAD right after USD/CAD spikes down. If it comes out at 0.1% or lower, I would enter long on USD/CAD on a spike and I would not trade against it.

    3. Friday, October 24th, 2008 (10:0 a.m. New York Time) USA
    At 10:00 a.m. we will have U.S. Existing Home Sales m/m. Because of all the other problems, I don't think people would care about this report. However, if it comes out much better, and you are around your trading station, you may to sell EUR/USD or GBP/USD as an excuse to enter a short trade. Unfortunately, it is hard to say what USD will do in the next few hours so such decision must be made right before the report.

    That would be all for this week.

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    Good luck trading guys!

    To Our Success!
    -Crazy Cat
     

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