This is Sir Pips.
If you wish to watch the video, just click on it, and then click on "play" icon. My video version is MUCH MORE detailed so I encourage you to watch it.
HI-res.: 02-08-2008.swf
Let's first review what happened on Thursday.
First, we had UK Industrial Production coming out. It came out -0.1% versus 0.2% so it almost hit the trigger but based on my signal it was a no trade. GBP/USD moved about 40 pips in the first 10 minutes.
Then we had Interest rate decisions both in the UK and Eurozone. Both came out as expected so no real opportunity to enter the trade.
At 8:30 a.m. we had Trichet speaking. I actually thought his comments were fairly hawkish. He mentioned the importance of the raising inflation but he said a few things opening the door to a possible cut rate. He said they would closely monitor developments and risks of grow were high. He did not say they would cut rates; he said if it will be needed, they might cut the rates. To make the long story short, I was surprised of the sell off on EUR/USD. Watch the video for more details.
Let's talk about tomorrow.
1. Friday, February 08th, 2008 (1:45 a.m. New York Time) SWITZERLAND
We at 1:45 a.m will have Swiss CPI coming out. It is expected to come out at -0.5%. I would trade y/y number which is expected to come out at 2.2%. I would trade it with 0.3 trigger so if it comes out at 2.5% or higher, I would sell USD/CHF, looking for 25 to 30 pips of a price action. If it comes out at 1.9% or lower, you may consider buying USD/CHF, looking for 25 to 30 pips of a price action. This one moves very SLOW so you can set up your SL 5 pips below prerelease and wait patiently for 25 to 30 pips of a price action.
2. Friday, February 08th, 2008 (7:00 a.m. New York Time) CANADA
At 7 a.m. we will have Employment Change out of Canada. It is expected to come out at 10K. We had 4 months in a row with big triggers, and 3 out of 4 moved the market by 100 pips so it is a big trading opportunity. I would trade 15 K trigger on this. If it comes out at 25K or higher, you may want to sell USD/CAD, looking for 30 to 40 pips of a price action. If it comes out at -5K or lower, then you want to buy USD/CAD, looking for 30 to 40 pips of a price action. If it hits wider trigger like 30K deviation, the price move may double or even triple.
Just quick update on GBP/JPY to the call I made a few days ago. I said we will see GBP/JPY trading as low as 207.00 but we saw even lower at 206.00. I still think it can go even lower to 205.00 but this is not as high probability as it was a few days ago. I took my majority of profits at 206.00 level. If we break 205.00 then we may see 202.00 in few days, I believe. More details on the video.
If you are interested more in trading news, go to Forex Diamonds - News Trading Education as I am trading there all of mentioned indicators live. Join the room, and get a lot of education from me and other traders that are there. I post trade plans and talk about the trades as well as give entry and exit signal live while the market moves. You can try it with no risk for 21 days so if you don't like it it is free. If you find it useful, then you can stick with us and make grow you live account with us. I am pretty sure you will be satisfied but at least give a try.
Thank you and good luck with your trades.
To Our Success!
-Sir Pipsalot
The video with the signal is recorded by Sir Pipsalot.
For your convenience, this text is written based on the video by Crazy Cat
If you wish to watch the video, just click on it, and then click on "play" icon. My video version is MUCH MORE detailed so I encourage you to watch it.
HI-res.: 02-08-2008.swf
Let's first review what happened on Thursday.
First, we had UK Industrial Production coming out. It came out -0.1% versus 0.2% so it almost hit the trigger but based on my signal it was a no trade. GBP/USD moved about 40 pips in the first 10 minutes.
Then we had Interest rate decisions both in the UK and Eurozone. Both came out as expected so no real opportunity to enter the trade.
At 8:30 a.m. we had Trichet speaking. I actually thought his comments were fairly hawkish. He mentioned the importance of the raising inflation but he said a few things opening the door to a possible cut rate. He said they would closely monitor developments and risks of grow were high. He did not say they would cut rates; he said if it will be needed, they might cut the rates. To make the long story short, I was surprised of the sell off on EUR/USD. Watch the video for more details.
Let's talk about tomorrow.
1. Friday, February 08th, 2008 (1:45 a.m. New York Time) SWITZERLAND
We at 1:45 a.m will have Swiss CPI coming out. It is expected to come out at -0.5%. I would trade y/y number which is expected to come out at 2.2%. I would trade it with 0.3 trigger so if it comes out at 2.5% or higher, I would sell USD/CHF, looking for 25 to 30 pips of a price action. If it comes out at 1.9% or lower, you may consider buying USD/CHF, looking for 25 to 30 pips of a price action. This one moves very SLOW so you can set up your SL 5 pips below prerelease and wait patiently for 25 to 30 pips of a price action.
2. Friday, February 08th, 2008 (7:00 a.m. New York Time) CANADA
At 7 a.m. we will have Employment Change out of Canada. It is expected to come out at 10K. We had 4 months in a row with big triggers, and 3 out of 4 moved the market by 100 pips so it is a big trading opportunity. I would trade 15 K trigger on this. If it comes out at 25K or higher, you may want to sell USD/CAD, looking for 30 to 40 pips of a price action. If it comes out at -5K or lower, then you want to buy USD/CAD, looking for 30 to 40 pips of a price action. If it hits wider trigger like 30K deviation, the price move may double or even triple.
Just quick update on GBP/JPY to the call I made a few days ago. I said we will see GBP/JPY trading as low as 207.00 but we saw even lower at 206.00. I still think it can go even lower to 205.00 but this is not as high probability as it was a few days ago. I took my majority of profits at 206.00 level. If we break 205.00 then we may see 202.00 in few days, I believe. More details on the video.
If you are interested more in trading news, go to Forex Diamonds - News Trading Education as I am trading there all of mentioned indicators live. Join the room, and get a lot of education from me and other traders that are there. I post trade plans and talk about the trades as well as give entry and exit signal live while the market moves. You can try it with no risk for 21 days so if you don't like it it is free. If you find it useful, then you can stick with us and make grow you live account with us. I am pretty sure you will be satisfied but at least give a try.
Thank you and good luck with your trades.
To Our Success!
-Sir Pipsalot
The video with the signal is recorded by Sir Pipsalot.
For your convenience, this text is written based on the video by Crazy Cat
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