Forex Trading Signal 03/31/09

Crazy Cat · (#1 (**permalink**))

Hey Folks,

Here is the video:
03-31-2009.swf

Monday saw no major economic numbers of consequence, but the markets sold off pretty hard as anticipated. The EUR/USD saw some decent downside action too, and thankfully has retraced up to a bit more attractive of a selling level to start building a potential position trade short in the 1.3200's. I'd continue to sell EUR/USD on rallies. Gold broke the major trendline we've been eyeing and whipsawed around afterwards and has since held somewhat firmly below the trendline. I wouldn't call it a clear breakout just yet, but every passing day seems to bring us bits more confirmation of our strong bias towards significant gold downside. On stocks, we saw the S&P futures barely touch the upper end of our 765-775 support level. Realistically, I'm still holding short, looking to TP in the range of 750-775 and start to flip long in that range as well. I'm fairly confident well see S&P surpass or at least come near 1000 in the next 2-6 months, so I'd like to catch some nice coin on the upside before the next major break lower later this year that should bring us to new lows. There are a lot of economic numbers tomorrow, but all of them are small and relatively inconsistent with their ability to sway price action. There is one I find worth watching though:

2030 AU Retail Sales m/m (-0.5% expected) - This isn't the best trade in the world, but I think it's worth a look.
If it comes out at 0.5% or higher, AUD/USD should rise by about 30 pips.
If it comes out at -1.5% or lower, AUD/USD should fall by about 30 pips.

Real data starts hitting wires with the US morning on Wednesday, so that's the time I'll be watching to really start my week scalping. Until then, I'll just be working these positions and swings.

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Sir Pipsalot

Mark Harding · (#2 (**permalink**))

Thanks Sir Pips

Wizeman · (#3 (**permalink**))

Few words to say thanks to Sir Pips for your excellent work. Since I start listening to your daily signal, 1 month ago, I'm about 20% over all. Please other listener take some times to say thanks.

Please don't worry we won't fast foward your daily signal. As you said before traders needs to react in a short terms period so even if for days you recommand a trend it can move quickly. As for your video, keep it like this, I like to see Euro/USD and gold first as for me. I'm a Canadian citizen so maybe some more updates on Canadian news would be usefull as I trade USD/CAD. Maybe one question SirPips, which broker are you using to trade stock as Oanda don't offer it?

Thanks to forexpeacearmy team as well. If you want to get private. I might have a recommandation on how yo improve your excellent daily news.

Thanks all, have a great day!

goodtyneguy · (#4 (**permalink**))

Sir Pipsalot, you're commentary is just fine.

Since starting out as a full time investor/trader I have made it my business to search out the most reliable and accurate sources of information available on the internet. You are one among the few I listen too, you filter out the noise in your simple but effective summary of the days action. It helps that my interests are in swing trading gold, currencies and the US indices using ETFs. I need to find a news service that can deliver in a timely manner before I can trade the news.

I look forward to watching you're video every day so please keep up the good work.

Much appreciated, thank you.