Hi my dear Trader
If you wish to watch the video, just click on it, and then click on "play" icon. My video version is MUCH MORE detailed so I encourage you to watch it.
Hi res:
6-4-2008review.swf
Hi res:
6-4-2008preview.swf
Let's first review what happened on Tuesday.
Unfortunately, although the video was recorded before the Bernanke speech, the signal was sent after the speech. The price moved by over 150 pips. Well, this was incredible but don't expect this happening all the time. If it happened that you trade it on your own and you missed this huge profit target, don't worry about it as you need to look at forex realistically. 9 out of 10 times you would get some price action and then a retracement, and you don't want to give up your profit on the retracement. Anyway, it was a no trade because you did not get a signal for it.
At 9:30 p.m. we had Australian GDP coming out. It came out 0.6% versus 0.3% so it was a pretty good number. AUD/USD jumped up by about 40 pips, consolidated at about 0.9530 for a couple of minutes, and then it moved even higher. The price went up as high as 0.9567. I hope you made a nice profit here.
Let's talk about Wednesday.
1. Wednesday, June 4th, 2008 (4:30 a.m. New York Time) UK
At 4:30 a.m. we will have UK Services PMI. It is expected to come out at 50.5. Last month we had a great price action on this so we might get a good trade today too. I would trade 1.0 trigger on this, and look for 40 pips move either direction. If it comes out at 51.5 or higher, I would go long on GBP/USD. On the other hand, if it comes out at 49.5 or lower, I would sell GBP/USD. A bigger deviation should cause bigger price action.
2. Wednesday, June 4th, 2008 (5:00 a.m. New York Time) EURO ZONE
At 5:00 a.m. we will have Eurozone Retail Sales m/m coming out which is expected at 0.2%. I normally don't trade this indicator but it seems if m/m and y/y both come out at the same direction, you would get 20 to 30 pips move but it takes up to 20 minutes to develop such move. This gives a good opportunity to enter at a good price. If either the m/m comes out at -0.3% (or more negative) or the y/y comes out at -1.5% (or more negative) AND both are negative and lower than expected, I would sell EUR/USD, looking for 20 to 30 pips move in about 20 minutes timeframe. If both come out non-negative and better than expected, AND either the m/m is at 0.7% (or higher) or the y/y is 0.0% (or higher), I would buy EUR/USD and look for 20 to 30 pips up move in 20 minutes timeframe as well.
3. Wednesday, June 4th, 2008 (8:15 a.m. New York Time) USA
At 8:15 a.m. we will have U.S. ADP Employment Change. It is expected at -30K. There is a rumor that last month's Non-Farm Payroll was miscalculated and there is going to be a big down revision this month. In general, lean toward dollar weakness during NY session. Anyway, I would trade the ADP Employment with 50K deviation. If it comes out at +20K, I would buy USD/JPY and look for 35 pips of a price action. If it comes out at -80K or more negative, I would sell USD/JPY and look for 35 to 40 pips move as well.
4. Wednesday, June 4th, 2008 (10:00 a.m. New York Time) USA
At 10:00 a.m. we will have U.S. ISM Non-Manufacturing Composite. It is expected at 51. This report matters in first 10 minutes only, and it goes like 40 pips, and in the 8th minute or so it either holds that level or fails. A trigger of 1.0 should be enough to trade this report. If it comes out at 52 or higher, I would buy USD/JPY and look for 40 pips move. If it comes out at 49.9 or lower, I would sell USD/JPY and look for 40 pips move as well.
5. Wednesday, June 4th, 2008 (5:00 p.m. New York Time) NEW ZEALAND
At 5:00 p.m. we will have New Zealand Interest Rate Statement. It is expected they will hold the rates at 8.25%. If they hike the rates to 8.50% or higher, I would buy NZD/USD and look for 50 pips move. If they cut the rates to 8.00% or lower, I would sell NZD/USD and look for 50 pips move as well.
6. Wednesday, June 4th, 2008 (9:30 p.m. New York Time) AUSTRALIA
At 9:30 p.m. we will have Australian Trade Balance. Forget about it.
That's all for now.
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
Forex Trading Signal 06/04/08 -
06-04-2008, 07:16 AM
Linear Mode
