Sir Pipsalot
Former FPA Special Consultant
- Messages
- 511
Hey folks,
Well, NFP Friday proved to be a doozie with much worse than expected Employment figures weakening the USD and fulfilling most of my forecasts in that scenario. We did not see a headfake lower on EUR/USD to start the move, but other than that, everything panned out pretty much as described in https://www.forexpeacearmy.com/fore.../8248-nfp-friday-news-preview-1-8-2010-a.html . Also, our forecast for a EUR/USD bottoming/rally (from 12-30: https://www.forexpeacearmy.com/fore...psalots-daily-market-update-12-30-2009-a.html) has worked quite well, progressed further and has nearly hit our minimum retracement target in the 1.4560's (only 40 pips or so left to go). CAD Employment also came in low and sent the USD/CAD up 80 pips in 15 minutes.
Enough tooting my own horn though... let's look forward. The key thing about the EUR/USD is that this is a COUNTERTREND rally. The long term trend is still down and once this medium term retracement rally tops out, the stage will be set for what could be a 1000+ pip short on EUR/USD. My plan is to find the right balance of patience and decisiveness in calling this move, so stay tuned for more on it hopefully as the week develops.
There's no news worth trading due out until Wednesday, so tomorrow's update will focus on the trend development.
***NOTE*** I forgot to click submit when I originally wrote the signal and just noticed it now 4-5 hours later. My apologies, but better late than never!
That's all for today's update. If you'd like to learn more about trading or trade along with myself and my collegues, come join us at Profit Mongers. Our subscription is very reasonable at $179 per month, and right now you can sign up for a 2 week trial to get started for only $29. This offer is for new customers only.
To our success!
Sir Pipsalot
Well, NFP Friday proved to be a doozie with much worse than expected Employment figures weakening the USD and fulfilling most of my forecasts in that scenario. We did not see a headfake lower on EUR/USD to start the move, but other than that, everything panned out pretty much as described in https://www.forexpeacearmy.com/fore.../8248-nfp-friday-news-preview-1-8-2010-a.html . Also, our forecast for a EUR/USD bottoming/rally (from 12-30: https://www.forexpeacearmy.com/fore...psalots-daily-market-update-12-30-2009-a.html) has worked quite well, progressed further and has nearly hit our minimum retracement target in the 1.4560's (only 40 pips or so left to go). CAD Employment also came in low and sent the USD/CAD up 80 pips in 15 minutes.
Enough tooting my own horn though... let's look forward. The key thing about the EUR/USD is that this is a COUNTERTREND rally. The long term trend is still down and once this medium term retracement rally tops out, the stage will be set for what could be a 1000+ pip short on EUR/USD. My plan is to find the right balance of patience and decisiveness in calling this move, so stay tuned for more on it hopefully as the week develops.
There's no news worth trading due out until Wednesday, so tomorrow's update will focus on the trend development.
***NOTE*** I forgot to click submit when I originally wrote the signal and just noticed it now 4-5 hours later. My apologies, but better late than never!
That's all for today's update. If you'd like to learn more about trading or trade along with myself and my collegues, come join us at Profit Mongers. Our subscription is very reasonable at $179 per month, and right now you can sign up for a 2 week trial to get started for only $29. This offer is for new customers only.
To our success!
Sir Pipsalot
