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Forex Trading Signal 05/01/09

Discussion in 'Current Forex Trading Signals' started by Crazy Cat, May 1, 2009.

  1. Crazy Cat

    Crazy Cat Former FPA Special Consultant

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    Hey folks,

    Here is the video:
    05-01-2009.swf

    Thursday we saw what I think was one final blowout rally in several markets that I feel may lead to some continuation declines sometime soon. We saw this happen on both the EUR/USD and stocks. Stocks are continuing to channel and I like holding short for a run to the bottom of that channel and eventual break lower (see the video). The EUR/USD double topped nicely, but it has stretched it's upper channel boundary repeatedly, so our bias is still short from here, but I'd quickly shift bias neutral if we see more rallies to new highs. Gold looks well positioned for further declines as well although a short term rally to 900 is possible especially if stocks sell off tomorrow. News we watched closely yesterday all came out too close to expected. For Friday:

    1000 US ISM Manufacturing Index (38.4 expected) - I think we need to hold out for 2.1-2.2 deviation to expect much out of this one... two months ago a smaller deviation wasn't enough for a great trade.
    If it comes out at 40.5 or higher, EUR/USD should rally by 40 pips
    If it comes out at 36.2 or lower, EUR/USD should sell off by 40 pips

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  2. plind

    plind Recruit

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    USD ISM Signal

    If higher number is good for USD (Forex Factory calendar) should not your signal say if 40.5 or higher short EUR/USD, if 36.2 or lower long EUR/USD? Movement maybe 40 pips?
     
  3. Mark Harding

    Mark Harding Corporal

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    Thanks Sir Pipsalot
     
  4. kasim ijelu

    kasim ijelu Private, 1st Class

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    Hello Sir Pipsalot. Being follow you mail just recently great work... I would like to get you thoughts on this trading week with

    The euro, British pound, and Australian dollar that will be encountering rate decisions from the European Central Bank, Bank of England, and Reserve Bank of Australia this coming week, but only one is expected to reduce rates. and and also the Canadian dollar that will see their own employment figures coming out???

    Kaism Ijelu

    Thank you
     
  5. kasim ijelu

    kasim ijelu Private, 1st Class

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    ISM

    Would like to question the ISM report shouldn't it be the other way around if the result are good .......just a little confused

    Cheers!!
     

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