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Forex Trading Signal 05/20/09

Discussion in 'Current Forex Trading Signals' started by Crazy Cat, May 20, 2009.

  1. Crazy Cat

    Crazy Cat Former FPA Special Consultant

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    Hey folks,

    Here is the link:
    05-20-2009.swf

    Markets consolidated today around resistance, but had some good selling pressure into the close that keeps me optimistic for that downside follow-through from last week in the days ahead that I called for yesterday. I still think holding XXX/USD and XXX/JPY trades short are a good bet until the recent highs are convincingly broken. Stocks are a good short here from the low 900's as mentioned yesterday as well, but please watch the video for more info on all of these trades. Someone e-mailed me and said I haven't been giving updates on gold, but actually I have been... on 5-13 I said "After pushing through 919, gold is looking potentially short term bullish, but the potential for a medium to long term significant decline is still quite palpable, so I'd play it with either a short term buy looking for the 935-950 range to take profits, or wait for a potential rally to that region to get short for a longer position/swing trade." I still feel exactly the same way, and we topped out so far at 934, so my outlook from last week still seems like the way to go and I haven't updated my thoughts because nothing's really changed there. On the news front, UK CPI came out too close to expectations for a trade, the German ZEW came out nicely high, but it looked to be leaked in my opinion, so there was muddled price action after an initial spike up, and lastly, US Housing Starts came in at record lows hitting our sell trigger and making for a nice 70 pip move on EUR/JPY that was very trader-friendly. For Wednesday:

    0430 BoE Minutes - I don't think this is very tradable since the BoE Inflation report last week was more current

    0700 CAD Core CPI m/m (0.1% expected) - This trade has been patchy, so trade it with less risk than usual to play it safe.
    If it comes out at 0.3% or higher, USD/CAD should fall 35 pips
    If it comes out at -0.1% or lower, USD/CAD should rise 35 pips

    1400 US FOMC Minutes - These minutes are from the April 29th meeting and the markets will be picking apart the statement for clues about the FOMC's outlook and policy stances heading forward. Expect some volatility off of this release, but quite honestly, it's difficult for me to preview without knowing how market sentiment is shaping heading into the release. Whether there's a lot of risk aversion or risk appetite on the table can dramatically shift what the market is looking for in the release, so I'll have some insight for the Diamonds room on this trade, but I feel previewing it in detail over 12 hours beforehand might be a bit presumptuous.

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    To our success,
    Sir Pipsalot
     
  2. ETTEBAA

    ETTEBAA Recruit

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    Not Understanding The Signals

    I do not seem to understand the pattern of the signal given so far as a new trader I Thought it was going to be on exact entry and exit basis, and possibly with stop loss and take profit. giving it in this manner will not profit me to subscribe on monthly basis. Please help me out
     
  3. Mark Harding

    Mark Harding Corporal

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    Thanks Sir Pips
     
  4. Pharaoh

    Pharaoh Colonel

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    These trades are primarily based around news events that haven't happened yet. Since the price 1 minute before the news event isn't yet known, an exact entry would be impossible to give hours in advance.

    This article should help you:

    http://www.forexpeacearmy.com/forex...w-trade-fpas-forex-daily-trading-signals.html
     

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