Hi there my Forex friend 
Hi-Quality Preview/Review:
1) 7-17-2008review.swf
2) 7-17-2008preview.swf
Long-term Outlook:
3) 7-17-2008outlook.swf
Let's review what happened on Wednesday.
At 4:30 a.m. we had UK Claimant Count Change which came out higher than expected which was bad for GBP. We saw 35 pips spike down and eventually the price went down even more.
At 8:30 a.m. we had U.S. CPI Core. My strategy was to enter an opposite trade right on the spike. We only had 25 pips spike down and it went up past pre-release. Since the spike was so little, most likely you missed long entry which is good because at least you did not lose money on the spike, and with missed entry you did not make anything so no gain and no loss is not that bad.
At 9:15 a.m. we had U.S. Industrial Production. It came out 0.5% versus 0.1%, not enough to buy on USD/JPY. No trade here.
Let's talk about Thursday.
1. Thursday, July 17th, 2008 (8:30 a.m. New York Time) UK
At 8:30 a.m. we will have U.S. Housing Starts and Building Permits. I think it is better to focus on Housing Starts. When Housing Starts deviated by over -60K, we saw only 15 pips move on USD/JPY and then it went the other way. However, when it deviated by +90K two months ago, we saw nearly 40 pips spike up and the price eventually went even higher. Today Housing Starts m/m is expected to come out at 960K. If it comes out at 1,000K or higher, I would buy USD/JPY and expect 35 pips price action. If it comes out at 920K or lower, I would sell USD/JPY and look for 30 pips price action. (I, Crazy Cat, however will not be trading negative deviation at all, only positive).
2. Thursday, July 17th, 2008 (10:00 a.m. New York Time) USA
At 10:00 a.m. we will have Philadelphia Fed Index coming out. It is expected to come out at -15. If it comes out at -25K or more negative, I would look to sell USD/JPY and expect 30 pips price action. If it comes out at -5K or less negative, I would buy USD/JPY and expect 30 pips move as well.
3. Thursday, July 17th, 2008 (10:30,11:15 a.m. New York Time) CANADA
At 10:30 we will have Monetary Policy out of Bank of Canada and at 11:15 we will have a speech. We can see a good/bad reaction on the Canadian dollar. Watch out.
PLEASE ALSO WATCH Sir Pip's longer term outlook videos, links are always provided at the beginning of this post. A lot of people found them very useful. If you have any comments regarding that videos, please leave a comment. Sir Pips is working hard to improve our free tools so more and more people can benefit from them.
That's all for Thursday.
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
Hi-Quality Preview/Review:
1) 7-17-2008review.swf
2) 7-17-2008preview.swf
Long-term Outlook:
3) 7-17-2008outlook.swf
Let's review what happened on Wednesday.
At 4:30 a.m. we had UK Claimant Count Change which came out higher than expected which was bad for GBP. We saw 35 pips spike down and eventually the price went down even more.
At 8:30 a.m. we had U.S. CPI Core. My strategy was to enter an opposite trade right on the spike. We only had 25 pips spike down and it went up past pre-release. Since the spike was so little, most likely you missed long entry which is good because at least you did not lose money on the spike, and with missed entry you did not make anything so no gain and no loss is not that bad.
At 9:15 a.m. we had U.S. Industrial Production. It came out 0.5% versus 0.1%, not enough to buy on USD/JPY. No trade here.
Let's talk about Thursday.
1. Thursday, July 17th, 2008 (8:30 a.m. New York Time) UK
At 8:30 a.m. we will have U.S. Housing Starts and Building Permits. I think it is better to focus on Housing Starts. When Housing Starts deviated by over -60K, we saw only 15 pips move on USD/JPY and then it went the other way. However, when it deviated by +90K two months ago, we saw nearly 40 pips spike up and the price eventually went even higher. Today Housing Starts m/m is expected to come out at 960K. If it comes out at 1,000K or higher, I would buy USD/JPY and expect 35 pips price action. If it comes out at 920K or lower, I would sell USD/JPY and look for 30 pips price action. (I, Crazy Cat, however will not be trading negative deviation at all, only positive).
2. Thursday, July 17th, 2008 (10:00 a.m. New York Time) USA
At 10:00 a.m. we will have Philadelphia Fed Index coming out. It is expected to come out at -15. If it comes out at -25K or more negative, I would look to sell USD/JPY and expect 30 pips price action. If it comes out at -5K or less negative, I would buy USD/JPY and expect 30 pips move as well.
3. Thursday, July 17th, 2008 (10:30,11:15 a.m. New York Time) CANADA
At 10:30 we will have Monetary Policy out of Bank of Canada and at 11:15 we will have a speech. We can see a good/bad reaction on the Canadian dollar. Watch out.
PLEASE ALSO WATCH Sir Pip's longer term outlook videos, links are always provided at the beginning of this post. A lot of people found them very useful. If you have any comments regarding that videos, please leave a comment. Sir Pips is working hard to improve our free tools so more and more people can benefit from them.
That's all for Thursday.
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