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.
TRADE LIVE WITH SIR PIPS FOR $39.00 FOR 2 WEEKS
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
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.
TRADE LIVE WITH SIR PIPS FOR $39.00 FOR 2 WEEKS
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
that's cool man
