Hey folks,
Here is the video:
07-31-2009.swf
On the EUR/USD my buy recommendation from the last few weeks to buy near 1.4000 is working out well so far. Please watch the video by the way for all sorts of outlook and analysis on the Euro, Silver and Stock market moves both shorter term and especially longer term. Anyways, yesterday in my signal, I specifically recommended getting long EUR/USD and got long myself at 1.4020 on Thursday afternoon. How you manage the trade is up to you, but taking some profits now or soon above 1.4100 is a good idea and moving your SL to break even at that point is just good money management. Potential targets to the upside right now are 1.4300 and 1.4490. I will remain biased long on EUR/USD and GBP/USD and recommend buying on dips unless we start trading through recent lows (1.4000 on EUR/USD).
We saw that fresh pop to new highs on the stock market I was calling for the last couple of days. I even wrote a Haiku about it on Wednesday's (7-29) signal, lol. Anyways, this move up has either topped out already, or more likely has a little more push in it before it turns around. I recommend scaling out of any longs now and I'm looking to actually get short to medium term short here if we get another push to or through 1000 on the S&P.
Silver continues to be a good long term position trade short at current levels, but make sure you have the ability to add more on another rally above $14 or at least can withstand a $1-$2 SL looking for a long term selloff to $8 or below. There's a chance we'll rally above $14 again, possibly to the $14.30 or $14.60 levels and you can wait to short it there, but another bounce like that is not a guarantee.
In news Thursday, we saw UK Nationwide House Prices come in better than expected hitting our buy trigger, and while the short term reaction was a bit lackluster, there was definitely supportive buying on dips and an eventual breakout high with plenty of profits if you chose to be patient with the trade. Not ideal price action, but definitely worked for us much more than against us. Friday there are 2 news items:
0330 Swedish GDP q/q (-0.4% expected) - Only trade this one if you really know what you're doing. SEK pairs are strange animals.
If it comes out at +0.2% or higher, EUR/SEK should fall 400+ pips
If it comse out at -1.0% or lower, EUR/SEK should rally 400+ pips
0830 US GDP Annualized Advance (-1.5% expected) - While this is a big deal type number with a lot of media and market attention, the advance GDP release has not translated into appropriately huge currency moves when it's hit big surprises this year. It's worth a trade no doubt, but not worth any more than your typical news trade. I recommend biasing yourself towards a buy so that you look for a little more profit on a long, and get more defensive looking to take profit faster on a short.
If it comes out at -0.8% or higher, EUR/USD should rally 40 pips.
If it comes out at -2.2% or lower, EUR/USD should sell off 30-40 pips.
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:
07-31-2009.swf
On the EUR/USD my buy recommendation from the last few weeks to buy near 1.4000 is working out well so far. Please watch the video by the way for all sorts of outlook and analysis on the Euro, Silver and Stock market moves both shorter term and especially longer term. Anyways, yesterday in my signal, I specifically recommended getting long EUR/USD and got long myself at 1.4020 on Thursday afternoon. How you manage the trade is up to you, but taking some profits now or soon above 1.4100 is a good idea and moving your SL to break even at that point is just good money management. Potential targets to the upside right now are 1.4300 and 1.4490. I will remain biased long on EUR/USD and GBP/USD and recommend buying on dips unless we start trading through recent lows (1.4000 on EUR/USD).
We saw that fresh pop to new highs on the stock market I was calling for the last couple of days. I even wrote a Haiku about it on Wednesday's (7-29) signal, lol. Anyways, this move up has either topped out already, or more likely has a little more push in it before it turns around. I recommend scaling out of any longs now and I'm looking to actually get short to medium term short here if we get another push to or through 1000 on the S&P.
Silver continues to be a good long term position trade short at current levels, but make sure you have the ability to add more on another rally above $14 or at least can withstand a $1-$2 SL looking for a long term selloff to $8 or below. There's a chance we'll rally above $14 again, possibly to the $14.30 or $14.60 levels and you can wait to short it there, but another bounce like that is not a guarantee.
In news Thursday, we saw UK Nationwide House Prices come in better than expected hitting our buy trigger, and while the short term reaction was a bit lackluster, there was definitely supportive buying on dips and an eventual breakout high with plenty of profits if you chose to be patient with the trade. Not ideal price action, but definitely worked for us much more than against us. Friday there are 2 news items:
0330 Swedish GDP q/q (-0.4% expected) - Only trade this one if you really know what you're doing. SEK pairs are strange animals.
If it comes out at +0.2% or higher, EUR/SEK should fall 400+ pips
If it comse out at -1.0% or lower, EUR/SEK should rally 400+ pips
0830 US GDP Annualized Advance (-1.5% expected) - While this is a big deal type number with a lot of media and market attention, the advance GDP release has not translated into appropriately huge currency moves when it's hit big surprises this year. It's worth a trade no doubt, but not worth any more than your typical news trade. I recommend biasing yourself towards a buy so that you look for a little more profit on a long, and get more defensive looking to take profit faster on a short.
If it comes out at -0.8% or higher, EUR/USD should rally 40 pips.
If it comes out at -2.2% or lower, EUR/USD should sell off 30-40 pips.
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