Hi there my friend 
Sir Pips is on strike again. He got a check from Felix for $4.95 for yesterday's video and it bounced back. Now he does not trust Felix and he requested Money Order. He will start recording videos as soon as his money order is cleared. ;-)
Anyway, let's review what happened on Monday.
We have gotten better than expected Existing Home Sales - 5.00 M versus 4.92M expected. It was not a killer trade but it was possible to scalp a few pips with the SNW service. I made 5 pips on one account and one pip on the other.... Eh, not a big deal but always some lunch money, well..., say, "rich lunch" money ;-) I think EUR/USD reacted better than USD/JPY, and I actually got filled on EUR/USD.
Let's talk about Tuesday.
1. Tuesday, August 26th, 2008 (2:00 a.m. New York Time) GERMANY, EURO ZONE
At 2:00 a.m. we will have German GDP. I don't trust this report but if you have a broker that don't raise spread, and you are able to enter with 2 pips spread on the spike, you might try to trade it with 0.3 deviation. Higher number will cause EUR/USD going up, and lower number will move EUR/USD down. If your spread is going to be higher than 2, skip it. Oh, and if you enter the trade, set up small SL. No need to lose big bucks here, and don't go crazy since we will have another German reports 2 hours later. This is just a little opportunity to scalp, and it may not work as expected.
2. Tuesday, August 26th, 2008 (4:00 a.m. New York Time) GERMANY, EURO ZONE
At 4:00 a.m. we will have German IFO Business Climate. It is expected to come out at 97.1. This is a very nice report to trade, and I think if you get a reasonable spread, you may try to enter with 0.8 trigger. If it comes out at 97.9 (or even 98.0) or better, I would buy EUR/USD and expect 35 pips move on EUR/USD. If it comes out at 96.3 or lower, I would sell EUR/USD and expect 35 pips move as well. Smaller deviation may work but you need to have good tools to enter on the spike and a good broker too. For an aferspike, I would enter within 10 pips of the prerelease price and budget for 20 pips stop loss although I am not an expect for the afterspike trades - Sir Pips is much better in this.
3. Tuesday, August 26th, 2008 (10:00 a.m. New York Time) USA
At 10:00 a.m. we will have U.S. New Home Sales and Consumer Confidence. Here is the story. There are things I don't like and there are things I hate. I hate when we have two reports at the same time, that's for sure. Well, I also don't like both Consumer Confidence and New Home Sales. Last month we saw quite big deviation on the New Home Sales: 530 K versus 503K expected, yet we did not see great spikes: 27 pips on EUR/USD or 20 pips on USD/JPY (and USD/JPY retraced by 100% very quickly). Two months ago we had Consumer confidence coming out at 50.4 versus 56.0 expected. EUR/USD spiked up by 20 pips and then it moved even higher, so it was well over 30 pips move. A pretty nice trade but a big deviation too. Now which report is more important, I don't know. If they conflict each other, this might be a very bad trade. If you like to take a risk, go for it but I would trade EUR/USD here. If New Home Sales comes out higher by 25K than expected or Consumer Confidence comes out higher by 5, I would sell EUR/USD and expect 25 pips move. If the New Home Sales comes out lower by 25K than expected or Consumer Confidence comes out lower by 5, I would buy EUR/USD and expect 25 pips move as well. Quite risky approach to two reports but it may work, trade whichever tradable deviation comes first. Make sure your spread is 6 pips or less if you want to enter on the spike.
4. Tuesday, August 26th, 2008 (2:00 p.m. New York Time) USA
Then at 2:00 p.m. we will have U.S. FOMC Meeting Minutes. I am not an expect on this, and this is nor for beginners either. I trade only those reports I can set up on the SNW software...
That would be all for Tuesday.
TRADE LIVE WITH SIR PIPS FOR FREE!
Sirpipsalot 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 7-days FREE TRIAL. Go to Forex Diamonds to sign up for the FREE trial. This offer is for NEW customers only.
To Our Success!
-Sir Pipsalot & Crazy Cat
The video with the signal is recorded by Sir Pipsalot.
For your convenience, this text is written based on the video by Crazy Cat
Sir Pips is on strike again. He got a check from Felix for $4.95 for yesterday's video and it bounced back. Now he does not trust Felix and he requested Money Order. He will start recording videos as soon as his money order is cleared. ;-)
Anyway, let's review what happened on Monday.
We have gotten better than expected Existing Home Sales - 5.00 M versus 4.92M expected. It was not a killer trade but it was possible to scalp a few pips with the SNW service. I made 5 pips on one account and one pip on the other.... Eh, not a big deal but always some lunch money, well..., say, "rich lunch" money ;-) I think EUR/USD reacted better than USD/JPY, and I actually got filled on EUR/USD.
Let's talk about Tuesday.
1. Tuesday, August 26th, 2008 (2:00 a.m. New York Time) GERMANY, EURO ZONE
At 2:00 a.m. we will have German GDP. I don't trust this report but if you have a broker that don't raise spread, and you are able to enter with 2 pips spread on the spike, you might try to trade it with 0.3 deviation. Higher number will cause EUR/USD going up, and lower number will move EUR/USD down. If your spread is going to be higher than 2, skip it. Oh, and if you enter the trade, set up small SL. No need to lose big bucks here, and don't go crazy since we will have another German reports 2 hours later. This is just a little opportunity to scalp, and it may not work as expected.
2. Tuesday, August 26th, 2008 (4:00 a.m. New York Time) GERMANY, EURO ZONE
At 4:00 a.m. we will have German IFO Business Climate. It is expected to come out at 97.1. This is a very nice report to trade, and I think if you get a reasonable spread, you may try to enter with 0.8 trigger. If it comes out at 97.9 (or even 98.0) or better, I would buy EUR/USD and expect 35 pips move on EUR/USD. If it comes out at 96.3 or lower, I would sell EUR/USD and expect 35 pips move as well. Smaller deviation may work but you need to have good tools to enter on the spike and a good broker too. For an aferspike, I would enter within 10 pips of the prerelease price and budget for 20 pips stop loss although I am not an expect for the afterspike trades - Sir Pips is much better in this.
3. Tuesday, August 26th, 2008 (10:00 a.m. New York Time) USA
At 10:00 a.m. we will have U.S. New Home Sales and Consumer Confidence. Here is the story. There are things I don't like and there are things I hate. I hate when we have two reports at the same time, that's for sure. Well, I also don't like both Consumer Confidence and New Home Sales. Last month we saw quite big deviation on the New Home Sales: 530 K versus 503K expected, yet we did not see great spikes: 27 pips on EUR/USD or 20 pips on USD/JPY (and USD/JPY retraced by 100% very quickly). Two months ago we had Consumer confidence coming out at 50.4 versus 56.0 expected. EUR/USD spiked up by 20 pips and then it moved even higher, so it was well over 30 pips move. A pretty nice trade but a big deviation too. Now which report is more important, I don't know. If they conflict each other, this might be a very bad trade. If you like to take a risk, go for it but I would trade EUR/USD here. If New Home Sales comes out higher by 25K than expected or Consumer Confidence comes out higher by 5, I would sell EUR/USD and expect 25 pips move. If the New Home Sales comes out lower by 25K than expected or Consumer Confidence comes out lower by 5, I would buy EUR/USD and expect 25 pips move as well. Quite risky approach to two reports but it may work, trade whichever tradable deviation comes first. Make sure your spread is 6 pips or less if you want to enter on the spike.
4. Tuesday, August 26th, 2008 (2:00 p.m. New York Time) USA
Then at 2:00 p.m. we will have U.S. FOMC Meeting Minutes. I am not an expect on this, and this is nor for beginners either. I trade only those reports I can set up on the SNW software...
That would be all for Tuesday.
TRADE LIVE WITH SIR PIPS FOR FREE!
Sirpipsalot 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 7-days FREE TRIAL. Go to Forex Diamonds to sign up for the FREE trial. This offer is for NEW customers only.
To Our Success!
-Sir Pipsalot & Crazy Cat
The video with the signal is recorded by Sir Pipsalot.
For your convenience, this text is written based on the video by Crazy Cat
