Forex Trading Signal 02/11/08

Crazy Cat · (#1 (**permalink**))

This is Sir Pips.

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HI-res.: 02-11-2008.swf

Let's review what happened on Friday.

First, we had Swiss CPI coming out at 2.4% versus 2.2% expected. We were looking for 2.5 to enter short trade on USD/CHF. This deviation move the market by 10 pips or so. I personally tried a good luck with 0.2 deviation, made a few pips on a portion of the position, and I was stopped out with the rest. Officially it was a no trade.

The big trade was Canadian Employment Change coming out 36K above expectations. It was a sell signal, and the price moved from 1.0072 to 0.9984 so almost 90 pips move in a first minute. It did retrace and moved some more later on but it was hard to get in. If you entered on the retracement and was patient enough to keep that, you should make some profit on this indicator. A few lucky people were able to get in right before the spike using SNW and made tons of pips (I was one of them). If you don't know what the SNW is, take a look here: Forex Secret News Weapon - I know, there are times there are no fills but when you get a fill, it is a home-run

Let's now talk about Monday.

1. Monday, February 11th, 2008 (4:00 a.m. New York Time) Norway
First, we will have Norway CPI y/y. If you have never traded Norway or Swedish reports, don't worry too much about it. You can use 0.3 trigger so if it comes out at 3.9% or higher, you want to sell USD/NOK or EUR/NOK. If it comes out 3.3% or lower, you can buy USD/NOK or EUR/NOK. Keep an eye on the underline inflation that is expected to be at 2.1%. When the trigger is hit, expect 300 to 400 pips move but keep in mind that spreads are higher so you must trade a few times smaller lot sizes on these reports. Do NOT trade it if you don't know what you are doing. If it is your first time, either trade very small or just observe.

2. Monday, February 11th, 2008 (4:30 a.m. New York Time) UK
At 4:30 a.m. we will have UK Trade Balance coming out. It is expected to come out at -740 M (-7.4 B). We will also PPI coming at the same time. To be honest, I would skip this report unless you can process everything quickly. You need to have everything in one direction in order to enter the trade, and by the time everything is coming out, it may be too late to enter the trade. UK Trade Balance on its own has been performing poorly lately, and the PPI has never been in focus at all. I would leave this alone.

If you are interested more in trading news, go to Forex Diamonds - News Trading Education as I am trading there all of mentioned indicators live. Join the room, and get a lot of education from me and other traders that are there. I post trade plans and talk about the trades as well as give entry and exit signal live while the market moves. You can try it with no risk for 21 days so if you don't like it it is free. If you find it useful, then you can stick with us and make grow you live account with us. I am pretty sure you will be satisfied but at least give a try.

Thank you and good luck with your trades.

To Our Success!
-Sir Pipsalot

The video with the signal is recorded by Sir Pipsalot.
For your convenience, this text is written based on the video by Crazy Cat