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Forex Trading Signal 05/06/09

Discussion in 'Current Forex Trading Signals' started by Crazy Cat, May 6, 2009.

  1. Crazy Cat

    Crazy Cat Former FPA Special Consultant

    Sep 30, 2007
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    Hey Folks,

    We saw some profit taking on stocks and risk related currencies Tuesday as markets worked down off of channel resistance extremes. The EUR/USD sell near the previous day's highs that I recommended yesterday worked very well selling off 180 pips from the double top. Stocks did not sell off a ton, but spent most of the day in negative territory and the futures are getting beat up as jitters circulate in anticipation of the stress test results release on Thursday. Chances are today on Wednesday, we'll have a jittery day in anticipation of that news with either choppy range-bound trading, or some continued pullbacks lower. Because of this, I'd recommend selling rallies today on EUR/USD, GBP/USD, EUR/JPY, and stocks so that you can benefit from either further bearish price action, or at least getting in short near the top of the range. Gold burst through channel resistance, but failed to clear that 919 hurdle and has since sold off. Because of this, I'm still holding shorter term short, but obviously it's not as high probability of a sell as it was before the channel boundary was violated. It's quite possible that stress test financial market jitters could make gold seem attractive over the next day or two and violate a few more technicals along the way, but it could go either way so be careful there. For news Wednesday:

    0430 UK Services PMI (46.3 expected) - This indicator performed very well last month and should do well in the current market environment. Sometimes the price action takes a bit (10-20 minutes) to build up steam, so I'd take a more patient trade on this one.
    If it comes out at 47.3 or higher, GBP/USD should rise by 40+ pips
    If it comes out at 45.3 or lower, GBP/USD should fall by 40+ pips

    0815 US ADP Employment Change (-645 expected) - This indicator is losing tradability because a lot of analysts are slamming employment figures as "lagging" and not as valuable as other numbers out there. Because of this, the ADP hasn't been trading very well with more nominal deviations, so we'll look for a very large surpise here to get us in.
    If it comes out at -499 or higher, EUR/JPY should rally by 50 pips or more.
    If it comes out at -800 or lower, EUR/JPY should sell off by 50 pips or more.

    18:45 NZ Employment q/q (-1.0% expected) - Even on a big surprise, this will probably only move 20-30 pips right away, and have some follow through later on.
    If it comes out at 0.0% or higher, NZD/USD should rally by 30 pips
    If it comes out at -2.0% or lower, NZD/USD should fall by 30 pips

    2130 AU Employment Change m/m (-25K expected) - For this trade it's important that the Unemployment Rate agree with the employment surprise. You want worse (higher) unemployment rate to go along with a big negative Employment Change number, and a better (lower) unemployment rate to accompany a less negative or positive Employment Change number. Unemployment is expected at 5.9%.
    If it comes out at 0.0 or higher (positive) and the Unemployment rate is 5.8% or lower, AUD/USD should rise by 40 pips.
    If it comes out at -50K or lower and the Unemployment rate is 6.0% or higher, AUD/USD should fall by 40 pips.

    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
  2. gra

    gra Recruit

    Apr 22, 2008
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    Wspaniale -Perfect

    You are really doing great job! Powodzenia (goodluck)
  3. Ricardo Fernandez

    Feb 17, 2009
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    Hey Sirpips, your trading signal abount AUD/USD today was just amazing! 70+ pips in just 5 minutes!!!

    Unfortunately, the news calendar on FPA website is not (at least on my situation) fast enough to get that big trades on time... plus my broker (IGmarkets) didn't accept my trade twice before I could get in, apparently because the rate I clicked was no longer valid when it was processed or something...

    So I have two questions for you, if you can help me with this---

    1. Is there any service (free if possible) to receive real-time streaming news on your signals? I know bloomberg works and blah blah blah, but it is quite expensive... I'm talking about something in Java or something you can have open and that will give you the news just on time...

    2. What broker are you using? (assuming it's the best you could find... right?) or what broker do you recommend?

    You do a great job Commander Pipsalot! Thanksalot.
  4. r1234

    r1234 Recruit

    May 6, 2009
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    about a reliable forex broker


    Thank you very much for the information. I also would like to ask what broker you are using..i am not happy with my current broker FXCM. Thanks in advance.

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