Forex Trading Signal 02/21/08

Crazy Cat

Former FPA Special Consultant
Hi my dear Trader :)

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.: 02-21-2008.swf

Let's first review what happened on Wednesday.

At 4:30 a.m. we had BOE Minutes. It was 8:1 vote with one vote to cut even more than expected so it was an unexpected sell signal on GBP/USD. I got in around 1.9479 but Diamonds people got in around 1.9470 and we saw down movement of almost 40 pips in first 10 minutes, and within 2 hours we saw about 70 pips move, eventually even much more.

At 8:30 a.m. we had a clear sell signal on GBP/USD or EUR/USD on U.S. CPI. All CPIs came out slightly higher. GBP/USD was traded around 1.9438 at the time of the announcement, and moved down about 76 pips. EUR/USD had stronger initial move of 43 pips but after that the move was muted. Overall, EUR/USD moved about 50 pips in a first half hour of the report. What was wonderful about this trade was that EUR/USD gave everyone enough time to enter at good price, and then it moved down very nicely.

The FOMC Minutes came out pretty much as expected.

Let's now talk about tomorrow.

1. Thursday, February 21st, 2008 (4:30 a.m. New York Time) UK
At 4:30 a.m. we will have U.K. Retail Sales m/m coming out. It is expected to come out at 0.25% (some people say 0.2% and some 0.3%). If it comes out at 0 or negative, I think it would be a good sell signal on GBP/USD or GBP/JPY, looking for 50 pips of a price action in a first hour of the report. If it comes out at 0.5% or more positive, I would recommend to buy GBP/USD or GBP/JPY. For more details how the price moved in the past, please watch the video.

2. Thursday, February 21st, 2008 (8:30 a.m. New York Time) USA
At 8:30 a.m. we will have U.S. Initial Jobless Claims. It is expected to come out at 349 K. If it comes out at 370K or more, sell USD/JPY and look for 30 to 35 pips move. If it comes out at 330K or lower, I would buy USD/JPY and look for 30 to 35 pips move.

That's all for tomorrow. As always, you can watch more detailed signal by clicking on the video link.

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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mARIO-Prague Czech Republic