Forex Trading Signal 07/08/08

Crazy Cat

Former FPA Special Consultant
Hi there my Forex friend :)

Hi-Quality Preview/Review:
1) 7-8-2008R-P.swf

Long-term Outlook:
2) 7-8-2008outlook.swf

Let's first review what happened on Monday.

At 4:30 a.m. we had UK Industrial Production which came out much lower than expected: -0.8% versus -0.1%. At that time GBP/USD was oversold y 120 pips so the spike itself was not big. Eventually it moved more pips but this was very creepy to trade.

At 6:00 a.m. we had German Industrial Production which came out -2.4 versus 0.3 expected. It was a huge deviation, and EUR/USD moved by about 30 pips but it also retraced by over 100%. I was watching it live but I did not trade it.

At 8:30 a.m. we had Canadian Building Permits which came out at 1.1% versus -5.8% expected. We should see some positive price action but what we saw was just 10 pips. It seems this indicator is pretty much dead.

Let's talk about Tuesday.

1. Tuesday, July 8th, 2008 (8:00 a.m. New York Time) USA
At 8:00 a.m. Bernanke will be speaking. They are expecting him to be hawkish so any good confirmation of this tone should be U.S. dollar supportive and you should see EUR/USD and GBP/USD going down. If he is more neutral, we can easily see a lot of strength on EUR/USD or GBP/USD. Don't trade it if you are new in Forex, and for more details please watch the video.

2. Tuesday, July 8th, 2008 (10:00 a.m. New York Time) USA
At 10:00 a.m. we will have U.S. Pending Home Sales which is the least tradable Home Indicator. I will not be trading it.

That's pretty much all for tomorrow. Nothing really going on.

If you are interested more in trading news, go to Forex Diamonds - News Trading Education where Sir Pips or Magister Pips are trading all of mentioned indicators live. Join the room, and get a lot of education from me and other traders that are there. They post trade plans and talk about the trades as well as they give entry and exit signal live while the market moves. You can try it with no risk for 21 days so if you don't like it it is free. If you find it useful, then you can stick with us and make grow you live account with us. I am pretty sure you will be satisfied but at least give a try. Worst case scenario, you will learn something and get all your money back.

Thank you and good luck with your trades.

To Our Success!
-Sir Pipsalot & Crazy Cat

The video with the signal is recorded by Sir Pipsalot.
For your convenience, this text is written based on the video by Crazy Cat
Last edited by a moderator: