Sir Pipsalot
Former FPA Special Consultant
- Messages
- 511
Hey folks,
No real news to speak of coming out on Monday, but we'll have a few news items to preview on tomorrow's signal for Tuesday. As far as the trends go, the EUR/USD seems uncertain to me. I'm keeping current trades in as planned, but I'm shifting back from short term bullish to short term neutral. There seems to be a notable pullback on Gold, and Silver possibly functioning as a leading indicator of USD strength, and if you guys remember, this 1.4700 area was the level I've eyeing for quite some time to be the potential top of this EUR/USD rally. Short term, I think we could get action in either direction here on Monday and Tuesday, but long term the big opportunity is short. I'm not quite ready to pull the trigger and shove in a huge trade short just yet because we may have a final push to new highs here in the next day or two.
As far as the GBP is concerned, let me remind you guys of the new stance from Wednesday's https://www.forexpeacearmy.com/fore...ve/5792-forex-trading-signal-9-16-2009-a.html:
So far the long on EUR/GBP has been good for about 140 pips, and it's halfway to it's ultimate 0.9200 target. If you had gotten short on the GBP/USD (I did not) it's up 260 pips. My plan was to wait until we're ready to short EUR/USD to also short GBP/USD, and if we do get an ending rally on EUR/USD, that may float up GBP/USD enough to short it from a higher level than the current 1.6200. However, the reason I'm short term neutral on USD in general is that we may have topped out already and it's all downhill from here. With some key confirmations, I won't mind chasing it on the way down a bit.
On Silver and Gold, as I said we've had some notable pullbacks, and at this point, there's some key question marks. Is this a decent retracement before the final push higher, or is it the start of the downward reversal we've been waiting for? We'll have to wait at least another day to know for sure, but I'm holding the 2nd half of my long from $976 with a break even stop and a $1035 take profit.
On stocks, as with the other markets, we may have topped out, but it's a bit more likely there that we have another rally leg yet to go. Often times stocks will peak out a bit later than the correllating currencies, so I'm not in a rush to get back short on stocks unless we break down through 1035 on the S&P.
TRADE LIVE WITH SIR PIPS FOR $39.00 FOR 2 WEEKS
Sir Pipsalot has a live trading room, in which he trades these news reports. There, he shares his trades in real time, including exact entries and exits, and detailed explanation for every entry and exit. The service costs $299 per month, but we have a 14-days $39.00 trial. Go to Forex Diamonds and take advantage of this offer. This offer is for NEW customers only.
To our success,
Sir Pipsalot
No real news to speak of coming out on Monday, but we'll have a few news items to preview on tomorrow's signal for Tuesday. As far as the trends go, the EUR/USD seems uncertain to me. I'm keeping current trades in as planned, but I'm shifting back from short term bullish to short term neutral. There seems to be a notable pullback on Gold, and Silver possibly functioning as a leading indicator of USD strength, and if you guys remember, this 1.4700 area was the level I've eyeing for quite some time to be the potential top of this EUR/USD rally. Short term, I think we could get action in either direction here on Monday and Tuesday, but long term the big opportunity is short. I'm not quite ready to pull the trigger and shove in a huge trade short just yet because we may have a final push to new highs here in the next day or two.
As far as the GBP is concerned, let me remind you guys of the new stance from Wednesday's https://www.forexpeacearmy.com/fore...ve/5792-forex-trading-signal-9-16-2009-a.html:
Sir Pipsalot said:
So far the long on EUR/GBP has been good for about 140 pips, and it's halfway to it's ultimate 0.9200 target. If you had gotten short on the GBP/USD (I did not) it's up 260 pips. My plan was to wait until we're ready to short EUR/USD to also short GBP/USD, and if we do get an ending rally on EUR/USD, that may float up GBP/USD enough to short it from a higher level than the current 1.6200. However, the reason I'm short term neutral on USD in general is that we may have topped out already and it's all downhill from here. With some key confirmations, I won't mind chasing it on the way down a bit.
On Silver and Gold, as I said we've had some notable pullbacks, and at this point, there's some key question marks. Is this a decent retracement before the final push higher, or is it the start of the downward reversal we've been waiting for? We'll have to wait at least another day to know for sure, but I'm holding the 2nd half of my long from $976 with a break even stop and a $1035 take profit.
On stocks, as with the other markets, we may have topped out, but it's a bit more likely there that we have another rally leg yet to go. Often times stocks will peak out a bit later than the correllating currencies, so I'm not in a rush to get back short on stocks unless we break down through 1035 on the S&P.
TRADE LIVE WITH SIR PIPS FOR $39.00 FOR 2 WEEKS
Sir Pipsalot has a live trading room, in which he trades these news reports. There, he shares his trades in real time, including exact entries and exits, and detailed explanation for every entry and exit. The service costs $299 per month, but we have a 14-days $39.00 trial. Go to Forex Diamonds and take advantage of this offer. This offer is for NEW customers only.
To our success,
Sir Pipsalot
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