Forex Trading Signal 01/06/09

Crazy Cat · (#1 (**permalink**))

Hello everyone,

There's a good flow of news today which I break down along with some insight on our long running EU short position that's doing quite nicely. I highly recommend watching today's video as always.

Here is the video:
01-06-2008.swf

At 02:00 We're getting UK Nationwide House prices. A 0.8% deviation here might affect the GBP but I'm not going to recommend trading this one as I don't have a lot of faith in it especially with a european open release time.

04:30 UK Services PMI expected at 39.0, 2.0 deviation should be good for 30-50 pips on GBP/USD, GBP/CHF and/or GBP/JPY. It's been doing well the past couple of months.
If it comes out at 41 or higher, GBP/USD should go up by 30-50 pips in the first 20 minutes of the report
If it comes out at 37 or lower, GBP/USD should go down by 30-50 pips in the first 20 minutes of the report

10:00 US ISM Non-Manufacturing expected at 36.5, I'm willing to trade a 2.5 deviation even though this indicator has been muted because ISM Manufacturing did so well last Friday.
If it comes out at 39 or higher, USD/JPY should go up by 30-40 pips in the first half hour
If it comes out at 34 or lower, USD/JPY should go down by 30-40 pips in the first half hour

14:00 US FOMC Meeting Minutes. This is too complicated to preview so far in advance, but expect some currency volatility, particularly on the EUR/USD and based on what comes out in the release and the market sentiment at the time.

19:30 AU Retail Sales Trend - I've lost faith in this indicator for now, so I'm waiting for it to come back in favor before we start trading it again.

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Sir Pipsalot

Mark Harding · (#2 (**permalink**))

More video gold from SP - best trader, best teacher. There are only really two types of trades : SP trades, and anti-SP trades. Just lost 30 pips on an anti-SP trade, but I'm up 300 on an SP trade - it ain't rocket science ! I always find it hard to enter in the direction of a breakout, so I just grit my teeth and did it. Missing all you guys in the room, but very happy to still have this level of contact. Thanks again as always SP - Happy New Year !