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
TRADE LIVE WITH SIR PIPS FOR $39.00 FOR 2 WEEKS
Sir Pipsalot 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 14-days $39.00 trial. Go to Forex Diamonds and take advantage of this offer. This offer is for NEW customers only.
To our success,
Sir Pipsalot
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
TRADE LIVE WITH SIR PIPS FOR $39.00 FOR 2 WEEKS
Sir Pipsalot 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 14-days $39.00 trial. Go to Forex Diamonds and take advantage of this offer. This offer is for NEW customers only.
To our success,
Sir Pipsalot
