Sir Pipsalot
Former FPA Special Consultant
- Messages
- 511
Hey folks,
Well, the big news is that we got the further confirmation we were looking for on the EUR/USD short. I personally am adding to the EUR/USD short here near 1.4600 and am tightening my SL from 1.5000 to 1.4850. If you're short along with us from last week, feel free to do the same, and if you're not in from last week, consider a short on the EU around here with a 1.4850 SL. I can't give away all the trade parameters to you free guys out there, but I'm eyeing the lower 1.3's over the next 4 to 8 weeks for this trade (of course closing some along the way as well). I'm closing down what's left of the swing trade short on GBP/USD though here around 1.5820 since 500 pips is good enough for me. GBP/USD may see downside along with the EUR/USD, but a potential reversal lower is looming on the EUR/GBP so I'd rather wait for a sizeable 3 wave bounce to try another GBP/USD short swing trade. In general, we are getting more and more bits of confirmation everyday that we've hit a major trend shift towards USD strength, and stock/commodity weakness. One other long term USD trade we've taken is long USD/CAD to play off both USD strength and commodity weakness. We got in long at a lower price though, so whether it's worth chasing for a position trade is up to you, but keep in mind our SL is below 1.0600. Ideally I'd say wait for it to sell off
As expected, Silver is seeing more weakness than gold. A good place to take some incremental profits on a short from last week should be the $14.70 to $15.25 range as there are some different levels of support in that region. Once $14.70 (approx) is broken, the next layer of trendline/fib support lies around 13.80 to 14.15, and if that goes, I think it's pretty darn'd clear we're heading to new lows on silver below $8.46 (our ultimate target).
Stocks continue to stay under pressure, but Monday is a jewish holiday and trading is typically light on Yom Kippur, so short term anything can happen. Medium term, what I'm expecting is a run down below 1000 here over the next few weeks. Ultimately, I think we're headed to the 250-400 range on the S&P 500, but that may take 1-2 years. While I am aggressively short stocks with a position that I plan to hold and take incremental profits on for quite some time, I'm also looking to grab more medium term swings lower on stocks. Right now, I doubt we'll get anything more than 1-3 day bullish periods in this selloff over the next few weeks, so you can try to chase it down or sell on a bounce if you want. I'm in short from about 1055, but it's still plenty high enough to enter for a position trade short.
There's no significant news out Monday, so we'll preview UK GDP and US Consumer Confidence in tomorrow's signal.
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
Well, the big news is that we got the further confirmation we were looking for on the EUR/USD short. I personally am adding to the EUR/USD short here near 1.4600 and am tightening my SL from 1.5000 to 1.4850. If you're short along with us from last week, feel free to do the same, and if you're not in from last week, consider a short on the EU around here with a 1.4850 SL. I can't give away all the trade parameters to you free guys out there, but I'm eyeing the lower 1.3's over the next 4 to 8 weeks for this trade (of course closing some along the way as well). I'm closing down what's left of the swing trade short on GBP/USD though here around 1.5820 since 500 pips is good enough for me. GBP/USD may see downside along with the EUR/USD, but a potential reversal lower is looming on the EUR/GBP so I'd rather wait for a sizeable 3 wave bounce to try another GBP/USD short swing trade. In general, we are getting more and more bits of confirmation everyday that we've hit a major trend shift towards USD strength, and stock/commodity weakness. One other long term USD trade we've taken is long USD/CAD to play off both USD strength and commodity weakness. We got in long at a lower price though, so whether it's worth chasing for a position trade is up to you, but keep in mind our SL is below 1.0600. Ideally I'd say wait for it to sell off
As expected, Silver is seeing more weakness than gold. A good place to take some incremental profits on a short from last week should be the $14.70 to $15.25 range as there are some different levels of support in that region. Once $14.70 (approx) is broken, the next layer of trendline/fib support lies around 13.80 to 14.15, and if that goes, I think it's pretty darn'd clear we're heading to new lows on silver below $8.46 (our ultimate target).
Stocks continue to stay under pressure, but Monday is a jewish holiday and trading is typically light on Yom Kippur, so short term anything can happen. Medium term, what I'm expecting is a run down below 1000 here over the next few weeks. Ultimately, I think we're headed to the 250-400 range on the S&P 500, but that may take 1-2 years. While I am aggressively short stocks with a position that I plan to hold and take incremental profits on for quite some time, I'm also looking to grab more medium term swings lower on stocks. Right now, I doubt we'll get anything more than 1-3 day bullish periods in this selloff over the next few weeks, so you can try to chase it down or sell on a bounce if you want. I'm in short from about 1055, but it's still plenty high enough to enter for a position trade short.
There's no significant news out Monday, so we'll preview UK GDP and US Consumer Confidence in tomorrow's signal.
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
