Hi there my friend 
Friday is finally coming, and that's good because it was a busy week. I made tons of money the week so I will be glad to trade just one more report and have a little break. So far we had excellent Tuesday and even better Thursday.
Let's talk about past Thursday for a moment:
At 4:30 we had had UK Retail Sales which came out 3.5% versus -0.1% expected. It seems the economists did an excellent job by missing a prediction by that much, and every time they do that this is our opportunity to make money. I want to say thank you from the bottom of my heart to every economists that contributed in that. Thanks to you, dear economists, I am closer to have my mortgage to be paid off. Well, obviously I don't have to explain that GBP/USD moved greatly, and if anything, I just had too tight my take profit (TP) so I grabbed "only" 42 pips (in average) of leveraged trades. Well, SNW software rocks!!!! Yahoo!
Then we had Canadian CPI which unfortunately did not deviate on the core number, not even by 0.1, so it was a no trade. The headline number deviated pretty well, sending USD/CAD down by many pips.
Then we had U.S. Initial Jobless Claims. Not enough deviation to enter a trade.
At the end we had Phily Fed coming out which did not deviate well enough either. No trade.
So let's talk about Friday
1. Friday, June 20th, 2008 (8:30 a.m. New York Time) CANADA
At 8:30 a.m. we will have Canadian Retail Sales m/m headline. A deviation of 0.6 on the headline number should be enough to move USD/CAD by 40 pips so your profit target (TP) can be say 35 pips minus spread. Canadian Retail Sales headline m/m is expected to come out at 0.6%. If it comes out at 1.2% or higher, this would be good for Canadian dollar and you would sell USD/CAD. If it comes out at 0% or negative, it would be bad for the Canadian dollar and you would buy USD/CAD. Well, if it comes out negative, you might try to take even more pips on a part of your position. Just close half with regular target and try to squeeze a few more pips with another half or a quarter of your position. If that report was at 7:00 a.m. or 10:00 a.m., I would be more aggressive but in general Canadian reports at 8:30 a.m. just tend to make less pips so I cannot even be too aggressive with tighter spreads. I guess 0.5 trigger might be worthy to take under consideration, and probably I will use that trigger on some of my positions IF spread is not crazy. Some people have fixed spread, and if you have fixed spread and you trust your broker you will not be filled at the top of the spike, you might try to use 0.4 trigger but make sure you know what you are doing and don't expect big spikes with such lower trigger. Let me make it clear: a trigger of 0.4 *IS* a *very* small trigger, period, so if you ever decide to trade it, this would just be scalping meaning you have a small spread (and I mean that!) and you are ready to get out very quickly if you feel like the move is over and be ready to close at break even or a few pips loss. Like with any other type of scalping, you cannot expect to get big profits in just one trade or have 100% positive performance but you don't want to take unnecessary risk either - if you feel it is not worthy to give a try, just don't do that. Avoid trading against the trend as well. 99% chance I will not be trading 0.4 trigger because I know my broker and I will not get low enough spread to do that. Also, watch out for any possible conflicts with the core number: usually it deviates same way but still pay attention to it.
That would be all for this week!
Keep in mind that I will be trading what I wrote on my own live account so I try my best to make a good judgement. If I don't, then I will pay the price on my life account. So far, most of the time I have gains on my accounts...
If you need a software for spike trading, give a try at The Secret News Weapon - they don't pay me any commission on mentioning it, and I administer the Diamonds room rather than the SNW service. But I make a very good money on the spikes so you may give a try too. They offer 25 days money back policy so there is nothing what you can lose.
If you have any feedback regarding this signal, please do not hesitate to leave a comment.
Sir Pips is on the vacation right now so Magister Pips is substituting him on the Diamonds room. If you need some real time guidance on trading the news, give a try at Forex Diamonds - News Trading Education - this comes with 21 days money back policy. Worst case scenario you will learn something and get your money back.
Thank you very much and happy trading!
To our success!
--Crazy Cat
Friday is finally coming, and that's good because it was a busy week. I made tons of money the week so I will be glad to trade just one more report and have a little break. So far we had excellent Tuesday and even better Thursday.
Let's talk about past Thursday for a moment:
At 4:30 we had had UK Retail Sales which came out 3.5% versus -0.1% expected. It seems the economists did an excellent job by missing a prediction by that much, and every time they do that this is our opportunity to make money. I want to say thank you from the bottom of my heart to every economists that contributed in that. Thanks to you, dear economists, I am closer to have my mortgage to be paid off. Well, obviously I don't have to explain that GBP/USD moved greatly, and if anything, I just had too tight my take profit (TP) so I grabbed "only" 42 pips (in average) of leveraged trades. Well, SNW software rocks!!!! Yahoo!
Then we had Canadian CPI which unfortunately did not deviate on the core number, not even by 0.1, so it was a no trade. The headline number deviated pretty well, sending USD/CAD down by many pips.
Then we had U.S. Initial Jobless Claims. Not enough deviation to enter a trade.
At the end we had Phily Fed coming out which did not deviate well enough either. No trade.
So let's talk about Friday
1. Friday, June 20th, 2008 (8:30 a.m. New York Time) CANADA
At 8:30 a.m. we will have Canadian Retail Sales m/m headline. A deviation of 0.6 on the headline number should be enough to move USD/CAD by 40 pips so your profit target (TP) can be say 35 pips minus spread. Canadian Retail Sales headline m/m is expected to come out at 0.6%. If it comes out at 1.2% or higher, this would be good for Canadian dollar and you would sell USD/CAD. If it comes out at 0% or negative, it would be bad for the Canadian dollar and you would buy USD/CAD. Well, if it comes out negative, you might try to take even more pips on a part of your position. Just close half with regular target and try to squeeze a few more pips with another half or a quarter of your position. If that report was at 7:00 a.m. or 10:00 a.m., I would be more aggressive but in general Canadian reports at 8:30 a.m. just tend to make less pips so I cannot even be too aggressive with tighter spreads. I guess 0.5 trigger might be worthy to take under consideration, and probably I will use that trigger on some of my positions IF spread is not crazy. Some people have fixed spread, and if you have fixed spread and you trust your broker you will not be filled at the top of the spike, you might try to use 0.4 trigger but make sure you know what you are doing and don't expect big spikes with such lower trigger. Let me make it clear: a trigger of 0.4 *IS* a *very* small trigger, period, so if you ever decide to trade it, this would just be scalping meaning you have a small spread (and I mean that!) and you are ready to get out very quickly if you feel like the move is over and be ready to close at break even or a few pips loss. Like with any other type of scalping, you cannot expect to get big profits in just one trade or have 100% positive performance but you don't want to take unnecessary risk either - if you feel it is not worthy to give a try, just don't do that. Avoid trading against the trend as well. 99% chance I will not be trading 0.4 trigger because I know my broker and I will not get low enough spread to do that. Also, watch out for any possible conflicts with the core number: usually it deviates same way but still pay attention to it.
That would be all for this week!
Keep in mind that I will be trading what I wrote on my own live account so I try my best to make a good judgement. If I don't, then I will pay the price on my life account. So far, most of the time I have gains on my accounts...
If you need a software for spike trading, give a try at The Secret News Weapon - they don't pay me any commission on mentioning it, and I administer the Diamonds room rather than the SNW service. But I make a very good money on the spikes so you may give a try too. They offer 25 days money back policy so there is nothing what you can lose.
If you have any feedback regarding this signal, please do not hesitate to leave a comment.
Sir Pips is on the vacation right now so Magister Pips is substituting him on the Diamonds room. If you need some real time guidance on trading the news, give a try at Forex Diamonds - News Trading Education - this comes with 21 days money back policy. Worst case scenario you will learn something and get your money back.
Thank you very much and happy trading!
To our success!
--Crazy Cat
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