Sir Pipsalot's Thursday Market Update 06-24-2010

[Sir Pipsalot]

Hey folks,

EUR/USD and Stocks are at very ambiguous points in their patterns, so I don't have a whole lot more meaningful to say about them other than what I've outlined in the last 2 signals:

https://www.forexpeacearmy.com/fore...ots-wednesday-market-update-06-23-2010-a.html

https://www.forexpeacearmy.com/fore...ended-tuesday-market-update-06-22-2010-a.html

In news Wednesday, for the first time in 2 years, at least one member of the BoE was revealed to have voted for a rate hike in the BoE minutes which led to a decent GBP/USD uptrend for the rest of the European session, and the latter half of the NY session as well. We also saw CAD Retail Sales come out very low which led to a steady USD/CAD rally that peaked out at 120 pips above prerelease about 90 minutes afterwards. As I highlighted in yesterday's signal, there was good potential for the initial price action to be a bit muffled (only 30 pips initially on a huge deviation), but then turn into a large pip surge, which is exactly what happened. Lastly, we saw the FOMC Interest Rate Statement come out with no huge surprises, but it was a little dovish and caused some modest downside for USD/JPY.

While Wednesday was quite busy, there's no particularly key news due out Thursday. Every now and then US Core Durable goods or NZ Trade balance can stir up some action, but usually it's more misleading than predictable.

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. If you have any questions, you can also email me at sirpipsalot@profitmongers.com

To our success!
Sir Pipsalot

 

[dancingphil]

Elliot Wave Demo

Big fan Sir Pips,

Cutting to the chase - it would probably help us plebs if you gave a pic/diagram of Elliot Wave action as you currently/generally see it.

Waves B, C etc are one thing. Waves within the waves are another. We probably only know what is top and bottom but I suspect zero concept of the waves themsleves.

And probably none of us will ever be expert in it, but your words of wisdom to explain it a little (WITH A DECENT PIC) could be used by you as an ongoing URL to direct people to when you talk the wave action etc.

A good pic tells a thousand words etc.

 

[Sir Pipsalot]

Big fan Sir Pips,

Cutting to the chase - it would probably help us plebs if you gave a pic/diagram of Elliot Wave action as you currently/generally see it.

Waves B, C etc are one thing. Waves within the waves are another. We probably only know what is top and bottom but I suspect zero concept of the waves themsleves.

And probably none of us will ever be expert in it, but your words of wisdom to explain it a little (WITH A DECENT PIC) could be used by you as an ongoing URL to direct people to when you talk the wave action etc.

A good pic tells a thousand words etc.

I recognize that charts help a lot, but oftentimes taking pictures of, correctly labeling and formatting a chart for display is even more work than writing the daily signal. Most of the elliott wave stuff is already produced and done up for me by one of the several services I subscribe to, and I tend to compare and contrast their views with my own reasoning and analysis of what's going on to form my opinion. Because of that, most of the time the chart I really agree with came from another service and is copyrighted by them so I can't redisplay it.

In any case, moving forward I've actually bought a pretty neat tablet peripheral for my desktop and my brother is starting to help me learn my way around Photoshop, so hopefully some time in the near future it will get a lot easier for me to put charts up in my signals without having to eat up too much time. Remember, I'm a trader first, so I have to keep the amount of time I put into these signals at a maintainable level from a psychological standpoint. If it ever gets to the point where producing signals eats up so much of my time it's really taking away from my actual trading or family time, I'm probably going to burn out and just stop doing them all together. An alternative could be to shift towards a more in-depth weekly signal, but oftentimes the best stuff comes around at odd times of the week, so I like the daily focus.