Forex Signal (Fri, July 23 2010, 7:00am NY Time EST) - CA Core CPI m/m

[Henry Liu]

thank god i wasn't in this trade can anyone tell us why ???
anyone got lucky in this one ??

This is actually a no trade. The reason we don't trade unless our deviation is hit is to avoid this kind of market condition exactly. CPI came out a bit softer for Canada, but most commodity currencies were in demand heavily, which drove the USD/CAD down after a brief pause after CPI.

 

[purplerowt]

thank god i wasn't in this trade can anyone tell us why ???
anyone got lucky in this one ??

Luckily I made 33 pips on this one. I noticed a few minutes before the news release that the price was shooting straight up. Based on this and my indicators (RSI>70, Stochastics>80) I could tell that the price was about to drop!

Anyway, thanks for the info Henry, and thanks everyone for such a helpful and collaborative community.

 

[sherby]

This is actually a no trade. The reason we don't trade unless our deviation is hit is to avoid this kind of market condition exactly. CPI came out a bit softer for Canada, but most commodity currencies were in demand heavily, which drove the USD/CAD down after a brief pause after CPI.

thx Mr henry

 

[musandpix]

USD/CAD Pair Movement

Comrades:

Regarding movement in USD/CAD, I refer you to Henry's analysis from yesterday, in which he suggested that since USD/CAD had moved up 2.0% last week, it may be time for some consolidation. He also suggested buying the pair "on the dips".

This is exactly what I've been doing, having bought the pair three times (once yesterday evening, twice this morning), and making about 10pips per trade for a total of 34 pips. With leverage these trades have been worth the trouble.

I should add that I typically waited for dips of 2-3 standard deviations on the 5-minute chart, which translates to approximately 20-30 pip dips. I was looking only for 10-pip profits, which is precisely what I've taken three times now. Thank you Sir Henry.

Check Henry's analysis yesterday regarding USD/CAD for more details.

DA