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: 5-6-2008.swf
Today we had only one report, and that was U.S. ISM Non-Manufacturing. It came out at 52 so it was a big positive surprise and a buy signal on USD/JPY. The price moved by 20 pips so you could get in anywhere here, and then it moved another 25 pips. Eventually the price action reversed because of the oil. The short term reaction was definitely solid, however.
Let's talk about Tuesday.
1. Tuesday, May 06th, 2008 (12:30 a.m. New York Time) AUSTRALIA
At 12:30 a.m. we are going to have Australian Monetary Policy Statement. It is widely expected they will hold the rates at 7.25%. If they cut the rates to 7.00%, it would be a clear sell signal on AUD/USD. If they raise the rates to 7.50%, it would be clear buying opportunity on AUD/USD. In either case, I would expect 50 to 70 pips price move. In addition to the interest rate decision, they will also issue a statement. If the statement is hawkish (like they are expecting to hike rates soon), you may want to buy AUD/USD; if it is clearly dovish (like they might want to cut the rates by the end of summer), you may want to sell AUD/USD.
2. Tuesday, May 06th, 2008 (1:45 a.m. New York Time) SWITZERLAND
At 1:45 a.m. we will have Swiss CPI y/y coming out. The CPI m/m is expected to come out at 0.9%, and the y/y is expected to come out at 2.4%. I would prefer to trade CPI y/y with 0.2 deviation. If it comes out at 2.6% or higher, you may want to sell USD/CHF, looking for about 30 to 35 pips of price action. If it comes out at 2.2% or lower, it would be a good buying opportunity on USD/CHF, good for 30 to 35 pips.
3. Tuesday, May 06th, 2008 (4:30 a.m. New York Time) UK
At 4:30 a.m. we will have UK Services PMI. I would trade it with 0.8 trigger. If it comes out at 52.5 or higher, I would buy GBP/USD or GBP/JPY, and expect 30 to 40 pips move. If it comes out at 50.9 or lower, then it would be a sell signal on GBP/USD or GBP/JPY, good for 30 to 40 pips as well. With a wider trigger, you can expect even bigger price move here.
4. Tuesday, May 06th, 2008 (8:30 a.m. New York Time) CANADA
At 8:30 a.m. we will have Canadian Building Permits coming out. I will be a bit more conservative here, and I will use about 3.0 trigger here. If it comes out at 4.0% or higher, I would be a sell signal on USD/CAD; if it comes out at -2.0% or more negative, then it would be a buy signal on USD/CAD. If the trigger is hit, I would expect about 30 pips price action.
5. Tuesday, May 06th, 2008 (10:00 a.m. New York Time) CANADA
At 10:00 a.m. we will have Ivey PMI out of Canada. I like this indicator, and I will use 4.0 trigger here. If it comes out at 59.0 or higher, I would sell USD/CAD. On the other hand, if it comes out at 51.0 or lower, I would buy USD/CAD. In either case, I would look for 40 pips price action.
That's all for Tuesday.
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
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: 5-6-2008.swf
Today we had only one report, and that was U.S. ISM Non-Manufacturing. It came out at 52 so it was a big positive surprise and a buy signal on USD/JPY. The price moved by 20 pips so you could get in anywhere here, and then it moved another 25 pips. Eventually the price action reversed because of the oil. The short term reaction was definitely solid, however.
Let's talk about Tuesday.
1. Tuesday, May 06th, 2008 (12:30 a.m. New York Time) AUSTRALIA
At 12:30 a.m. we are going to have Australian Monetary Policy Statement. It is widely expected they will hold the rates at 7.25%. If they cut the rates to 7.00%, it would be a clear sell signal on AUD/USD. If they raise the rates to 7.50%, it would be clear buying opportunity on AUD/USD. In either case, I would expect 50 to 70 pips price move. In addition to the interest rate decision, they will also issue a statement. If the statement is hawkish (like they are expecting to hike rates soon), you may want to buy AUD/USD; if it is clearly dovish (like they might want to cut the rates by the end of summer), you may want to sell AUD/USD.
2. Tuesday, May 06th, 2008 (1:45 a.m. New York Time) SWITZERLAND
At 1:45 a.m. we will have Swiss CPI y/y coming out. The CPI m/m is expected to come out at 0.9%, and the y/y is expected to come out at 2.4%. I would prefer to trade CPI y/y with 0.2 deviation. If it comes out at 2.6% or higher, you may want to sell USD/CHF, looking for about 30 to 35 pips of price action. If it comes out at 2.2% or lower, it would be a good buying opportunity on USD/CHF, good for 30 to 35 pips.
3. Tuesday, May 06th, 2008 (4:30 a.m. New York Time) UK
At 4:30 a.m. we will have UK Services PMI. I would trade it with 0.8 trigger. If it comes out at 52.5 or higher, I would buy GBP/USD or GBP/JPY, and expect 30 to 40 pips move. If it comes out at 50.9 or lower, then it would be a sell signal on GBP/USD or GBP/JPY, good for 30 to 40 pips as well. With a wider trigger, you can expect even bigger price move here.
4. Tuesday, May 06th, 2008 (8:30 a.m. New York Time) CANADA
At 8:30 a.m. we will have Canadian Building Permits coming out. I will be a bit more conservative here, and I will use about 3.0 trigger here. If it comes out at 4.0% or higher, I would be a sell signal on USD/CAD; if it comes out at -2.0% or more negative, then it would be a buy signal on USD/CAD. If the trigger is hit, I would expect about 30 pips price action.
5. Tuesday, May 06th, 2008 (10:00 a.m. New York Time) CANADA
At 10:00 a.m. we will have Ivey PMI out of Canada. I like this indicator, and I will use 4.0 trigger here. If it comes out at 59.0 or higher, I would sell USD/CAD. On the other hand, if it comes out at 51.0 or lower, I would buy USD/CAD. In either case, I would look for 40 pips price action.
That's all for Tuesday.
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
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