Sir Pipsalot
Former FPA Special Consultant
- Messages
- 511
Hey folks,
Well, it looks like last Thursday/Friday may have completed a significant multi-day to multi-week high, or at least such a high is quite close to completion. I suggest shorting on all timeframes from short term to long term especially on rallies. The caveat here is that we might get one more surge up to new highs on the S&P to 1121, a bit above 1.5000 on the EUR/USD, above 0.9300 on the AUD/USD and above 1.6500 on the GBP/USD; however, I think it's still more likely at this point that we topped out last week.
Right now the S&P futures are at 1083.5 (corresponds to 1087 or so in the cash market), the EU is at 1.4907 and GBP/USD is at 1.6300 and I think each of them is worth a medium to long term short at these levels, although waiting for more of a bounce may be more of an efficient option since there's a bit of short term positive momentum. You're going to have to pick your own stop loss and take profit though since the potential trend change is in it's infancy and there's a lot of uncertainty. At this point it's a bit of an early flier of a trade, so I don't blame you if you want to sit this one out and wait for a bit more certainty.
As for the long positions held for the last couple weeks, I'm not sure if things are concrete enough to bail them just yet if you're in profit and managing it accordingly. I just suggest tightening up the stop losses appropriately for now perhaps just below Friday's lows. If you're holding some stuff long in profit with a tightened SL and taking a shot at the short from here, it's a good hedge and should work out well either way.
No news of note today, but we'll have some news to preview tomorrow. *Edit* Below are the news events I'm likely going to key in on this week for some short term trades.
Trading Schedule for week of 10-19 to 10-23
Monday 10-19:
none
Tuesday 10-20:
0830 US PPI with Sir Pipsalot
0900 CAD Interest Rates with Sir Pipsalot
Wednesday 10-21:
0430 BoE Meeting Minutes with Sir Pipsalot
2200 Chinese GDP and Industrial Production with Cactus Jack and/or Sir Pipsalot
Thursday 10-22:
0430 UK Retail Sales with Sir Pipsalot
0830 CAD Retail Sales with Magister Pips
Friday 10-23:
0400 German IFO with Sir Pipsalot (may skip this)
1000 US Existing Home Sales with Sir Pipsalot
Well, it looks like last Thursday/Friday may have completed a significant multi-day to multi-week high, or at least such a high is quite close to completion. I suggest shorting on all timeframes from short term to long term especially on rallies. The caveat here is that we might get one more surge up to new highs on the S&P to 1121, a bit above 1.5000 on the EUR/USD, above 0.9300 on the AUD/USD and above 1.6500 on the GBP/USD; however, I think it's still more likely at this point that we topped out last week.
Right now the S&P futures are at 1083.5 (corresponds to 1087 or so in the cash market), the EU is at 1.4907 and GBP/USD is at 1.6300 and I think each of them is worth a medium to long term short at these levels, although waiting for more of a bounce may be more of an efficient option since there's a bit of short term positive momentum. You're going to have to pick your own stop loss and take profit though since the potential trend change is in it's infancy and there's a lot of uncertainty. At this point it's a bit of an early flier of a trade, so I don't blame you if you want to sit this one out and wait for a bit more certainty.
As for the long positions held for the last couple weeks, I'm not sure if things are concrete enough to bail them just yet if you're in profit and managing it accordingly. I just suggest tightening up the stop losses appropriately for now perhaps just below Friday's lows. If you're holding some stuff long in profit with a tightened SL and taking a shot at the short from here, it's a good hedge and should work out well either way.
No news of note today, but we'll have some news to preview tomorrow. *Edit* Below are the news events I'm likely going to key in on this week for some short term trades.
Trading Schedule for week of 10-19 to 10-23
Monday 10-19:
none
Tuesday 10-20:
0830 US PPI with Sir Pipsalot
0900 CAD Interest Rates with Sir Pipsalot
Wednesday 10-21:
0430 BoE Meeting Minutes with Sir Pipsalot
2200 Chinese GDP and Industrial Production with Cactus Jack and/or Sir Pipsalot
Thursday 10-22:
0430 UK Retail Sales with Sir Pipsalot
0830 CAD Retail Sales with Magister Pips
Friday 10-23:
0400 German IFO with Sir Pipsalot (may skip this)
1000 US Existing Home Sales with Sir Pipsalot
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