Forex Trading Signal 06/08/09

Hey folks,

Here is the video:
06-08-2009.swf


Big big big turns here on the USD. I explain it in more detail in the video, so please give it a good watch/listen, but suffice to say that I view these turns on the GBP/USD and EUR/USD to be part of a major Primary degree trend shift into USD strength that has thousands of pips further to go. So, I suggest you work a position trade short, sell it on rallies, or just prepare your bias for a protracted downtrend over the next 2-6 months. If the picture changes, we'll be nimble and react accordingly, but that the overwhelmingly convincing case right now in currencies and gold for that matter. Even with NonFarm Payrolls much better than expected, the overall risk appetite rally on EUR/USD and EUR/JPY lasted only 8 minutes. Such good news rejections coupled with record/peak optimism on the EUR/USD and GBP/USD last week are clear indications of a major market top. I don't have a specific target on the GBP/USD just yet, but I believe we'll hit EUR/USD 1.2100 and potentially lower on this decline over the next few months. That said, nothing goes in a straight line, so manage your risk properly and see rallies as a welcome opportunity to short.

Stocks are a bit of a laggard as they often are. We may see modest new highs, or we may have already topped. Ususally big reversals in currencies and some commodities happen ahead of stocks and stocks are soon to follow, but sometimes they take days or weeks to get rolling. We saw enough of a rally rejection on Friday though to get exicited about the downside and start buying some puts though, and I'm looking to add to that position on a break of 923 as that will more concretely confirm the impending downside is at hand.

On the news front, Monday and Tuesday this week have no economic releases that are tradable. However, I think it's an excellent time to join up with the Diamonds room since we're catching this major reversal as it develops and offering a lot of educational webinars to pick up the slack on these slower weeks when there's not a lot of economic data. I hope to see you guys in there.

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To our success,
Sir Pipsalot

 

cool man

that's cool man

 

GOLD

I was posting pending orders on GOLD on June 4.

Sell at 968/75 area with target 945. Order executed now if 942/45 area will be broken, next moove 915. Stop loss 991.

*****************************
Target was 945, positions closed. Now Look to SELL GOLD again from 960.

 

Thanks SP - much appreciated as always

Mark

 

hi sir pips
how much investment do i have to have to participate your dimond room?
ty

You don't need a huge investment to come learn with us... in fact, it's best to start any new room or system or strategy with very low amounts of money until you get used to them, then ramp it up. I'd recommend that you make it so that eventually you can piece together at least a $10K account when you're ready to trade seriously. Once you have a lot of confidence in your trading, you need to have that much to trade with in order for it to be worth your time and effort in my opinion.