1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Forex Trading Signal 05/02/08

Discussion in 'Current Forex Trading Signals' started by Crazy Cat, May 2, 2008.

  1. Crazy Cat

    Crazy Cat Former FPA Special Consultant

    Joined:
    Sep 30, 2007
    Messages:
    752
    Likes Received:
    0
    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 Review.: http://www.yummyapple.com/5-02-2008review.html

    HI-res Preview.: http://www.yummyapple.com/5-02-2008preview.html


    Let's first review what happened on Thursday.

    At 4:30 a.m. we had UK Manufacturing PMI. I did not recommend to trade it; it did not deviate much anyway, so it was just a no trade.

    At 8:30 a.m. we had US Core PCE. It came out slightly high but not high enough to enter a trade. The Initial Jobless Claims came out higher by 15 K so it slightly hit sell signal on USD/JPY. First few minutes were very tough but then it worked very well. Watch the video for more details.

    At 10:00 a.m. we had U.S. ISM Manufacturing coming out. It did not hit my trigger so it was a no trade. The most aggressive trigger you can use is 1.0 trigger but we got only 0.6 deviation. However, the price moved quite well with 0.6 deviation although it would be too risky to trade with a such small trigger.

    At 9:30 p.m. we had Australian Retail Sales which came out pretty close to expectations. It deviated only by 0.2 but the price moved quite well. The price initially moved by 25 pips but again it was not worthy to take a risk.


    Let's talk about Friday.

    1. Friday, May 02nd, 2008 (8:30 a.m. New York Time) USA
    At 8:30 we will have U.S. Non-Farm Payroll. It is expected to come out at -75K but the expectations range from -150K to -18K. Even the most optimistic economists expects a decline on the job market. I would use conservative triggers here. If it comes out at 0K or positive, then it would be good enough to buy and hold USD/JPY, assuming there is no big conflict with the revision. In such case, you can expect 50 to 70 pips move in the first hour of the report. If it comes out at -150K or lower, I would sell USD/JPY, hold for a while and expect 50 to 70 pips move as well. Watch out for the unemployment rate. 0.2 is a significant deviation. If it is conflicting, be extremely careful. In general, higher unemployment rate is bad for the U.S. dollar, and lower unemployment rate is good for the U.S. dollar.

    For tips and suggestions how to trade Non-Farm Payroll, please watch the video. Today's preview video is all about the NFP.

    If you want to make some money on nice spikes, try The Secret News Weapon - they also offer 21 days money back policy so try it and see if you can grow your account that way. A nice thing about the SNW is it has not only the autoclick feature but it will also allow you to see other reports so you will immediately know if there are any conflicts, and therefore you would know if you should stay in your trade or get out, or maybe even reenter on the retracement. With a fast market moving I cannot imagine checking on-line forex calendars which are really slow.

    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
     
    #1 Crazy Cat, May 2, 2008
    Lasted edited by : Aug 15, 2015
  2. F-soldier

    F-soldier Recruit

    Joined:
    Dec 29, 2007
    Messages:
    5
    Likes Received:
    0
    Video's not available

    The news trading video is not available, could you please check the link so that we can view it!! Thanks!:unhappy:
     
  3. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,629
    Likes Received:
    2,187
    The links to the hi res videos do seem to not be working. I'm watching the YiuTube low-res videos now and they are fine.
     
  4. akglod

    akglod Recruit

    Joined:
    Apr 30, 2008
    Messages:
    1
    Likes Received:
    0
    Tutorial on effect of revision of Market data

    Greetings Sir Pipsalot,

    I am immensely grateful for your kindness in offering this service to the world.

    Being relatively new to the market trading, I humbly appeal for a tutorial on the possible effects a revision of fundamental market data could possibly have on the market with respect to the forecast and actual data using several scenarios like when the actual comes in greater, lesser or equal to forecast in a revised case.

    Wishing you and us all many more pipful trading experiences.

    Sincerely,

    Akglod
    (Knight of St. Pips)
     
  5. EZE OBI

    EZE OBI Recruit

    Joined:
    May 1, 2008
    Messages:
    4
    Likes Received:
    0
    O'brainy

    Hi Sir Pipsalot,
    I am so excited to receive your first signal yesterday. Thanks. Sorry to bother you with these questions. I am still a novice and there are lots of terms I do not understand, [a] Non-Farm Paroll, K, -75k, 150k to -18k, 0K or positve,
    [c] Job market, [d] Conflict and revision in trading signal [e] 0.2 deviation. I am confused and cannot trade without understanding them please.
    Thanks.
    recruit O'brainy
     
  6. EZE OBI

    EZE OBI Recruit

    Joined:
    May 1, 2008
    Messages:
    4
    Likes Received:
    0
    Hi Sir Pipsalot,
    I am so excited to receive your first signal yesterday. Thanks. Sorry to bother you with these questions. I am still a novice and there are lots of terms I do not understand, [a] Non-Farm Paroll, K, -75k, 150k to -18k, 0K or positve,
    [c] Job market, [d] Conflict and revision in trading signal [e] 0.2 deviation. I am confused and cannot trade without understanding them please.
    Thanks.
    recruit O'brainy
     
  7. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

    Joined:
    Dec 11, 2007
    Messages:
    511
    Likes Received:
    0
    Sorry for the belated response. To answer some of your questions:

    Non-farm payrolls is the main US employment economic number released usually on the first Friday of the month and gets a whole lot of attention.

    K = 1000... so something expected at 75K is really expected at 75000 but no one really prints the three zeros

    Job market is well, how well employment is doing. A strong job market is a sign of economic health and usually good for a currency while a poor, weak job market is a sign of stifling growth and has a negative effect on a currency and its interest rates.

    Conflict is when 2 or more reports come out at once with deviations (see below) in different directions. In other words, one comes out higher than expected, while another comes out lower than expected. Such conflict can create confusion that can hurt or kill a news trade.

    Deviation is the difference between the actual and expected value. For example, if a CPI number has a consensus figure of 2.3 percent, if it comes out at 2.5 percent, then it's coming out with a positive 0.2% deviation. Generally in news trading, the deviation from expectations is far more important than how it did compared to the prior release.

    I hope that helps... take care.

    -Sir Pipsalot
     

Share This Page