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Forex Trading Signal 08/04/09

Discussion in 'Current Forex Trading Signals' started by Crazy Cat, Aug 4, 2009.

  1. Crazy Cat

    Crazy Cat Former FPA Special Consultant

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    Hey folks,

    Here is the video:
    08-04-2009.swf

    Tonight's signal video is focused much more on the trends and medium to long term trading opportunities than the news since there isn't very reliable, tradable news on Tuesday. First off, if you got long on the EUR/USD from around 1.4050 or the GBP/USD from around 1.64-1.65 last week based on my recommendations, I think you should consider exiting now (1.44ish, 1.6930) or at least tighten up your stop losses to protect profits. This rally has hit the target areas I was looking for, and the next big long term overdue move south is either starting now, or starting soon. In the video, I discuss a position trade sell on EUR/USD from current levels (around 1.4380) with a stop threshold somewhere above the 1.4715 highs from December. Entering short now may be getting in a bit early (this rally might have another higher high or two left in it), but I feel it's a good time to start sticking my toe in the water for an initial short. The ultimate target on this is around 1.3000, but I highly recommend taking incremental profits along the way and talk more about that in the video.

    In stocks, we also got that last pop higher to 1000 on the S&P 500 I called for earlier, so I've closed the last of my longs around 999 and have started to flip short. We're going to start a 1-3 week decline phase here soon, and we're likely either topping now close to 1000, or working towards a top soon somewhere between 1000 and 1015. Right now I'm thinking about 955 is a good downside target (since this selloff is unlikely to make new lows below 870), but I'll keep an eye on it and let you know if I think our target could be extended more towards 920, or has to be choked up more towards 970.

    On Silver, we're now in that sweet spot target range that is a great price to initiate a position trade short if you're not already in. I'm personally in from $13.40 awhile back, but I've been using the volatility to work in and out portions of the position and average my entry price higher by reselling into this rally. The $14.30 to $14.60 area is a great place to add or start a short, and I don't really see Silver pushing to $15 or above on this leg, but anything's possible, especially if the Euro and/or stocks stubbornly extend their advances as well.

    In news Monday, US ISM Manufacturing data came out much better than expected, hitting our buy EUR/JPY trigger and EUR/JPY managed to gain 70 pips in the first 15 minues, and 120 pips 2 hours after the report. The US news coming out on Tuesday at 0830 is very tricky and price action has been underwhelming, so I'm no longer recommending it for a trade. 1000 Pending Home Sales data is kind of a sucker trap of a trade, so I'm not going to recommend that one either. Wednesday has a ton good news to focus on, so tomorrow's signal will be focused less on trends, and much more on the news and short term opportunities they may bring about.

    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
     
  2. zarni

    zarni Recruit

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    Dollar index collapsing and you keep shorting Silver and Gold. Perhaps it's time to admit this won't work and go other way. Fundamentals also are starting to turn around and favor commodities.
     
  3. derekthai

    derekthai Recruit

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    Be wary of your recommendations. Your advise comes with heavy responsibilities.

    You keep proposing to short Silver, again and again, but silver keeps going up. I have so much faith in your advise, so I went along and short Silver and have now lose so much money!

    Another bad advise by another so-called guru, who are found everywhere on the net nowadays. Everyone thinks he's a guru and dispense advise when they're not qualified to be..., I discovered that with a pinch of salt and alot of pain, Guru Pipsalot
     
    #3 derekthai, Aug 4, 2009
    Last edited: Aug 4, 2009
  4. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

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    I love how people come out of the woodwork to blast my position trading strategies/biases right before they start to turn around my way. It's a position trade, not a swing trade that last a few days or a scalp or something. I entered back on 7-2-09 at $13.40 and in the process of selling small amounts on rallies and buying (taking small profits) on dips after that initial entry, I've worked my average entry price up to about $14.16.

    Again, I've never really said "today's a great day to short silver" in the context of a day trade and if I did, it was back in early July when we first entered and it sold off over $1. In fact, if you've been keeping up with the signals and videos, I mentioned that a good bounce was coming and if you weren't in to consider waiting for a bounce to the $14.30 to $14.60 range and consider getting in there. I'm not just blindly shorting silver every day hoping for it to work out and neither should you.

    Dollary index is collapsing... of course it has been. The USD was getting beat up like a red headed step child as it blows off the last of it's weakening trend move. We're now going to start a USD rally phase here very soon. Expecting something to happen just because it has been happening is more often wrong than right.

    And of course, as always, I may be wrong. I will say though that I do very well with my position trades because I have a good system with which to manage them and I have the patience to keep focus on the appropriate longer term timeframe with them. If all goes well, I may be in this Silver short for 6 months or more. Realistically though, unless we start hitting $15-16, I still feel quite confident in this one.

    If you want to learn how I manage position trades and get live advice on them, feel free to sign up with the diamonds room as I've taught a couple of webinars on the subject to get our members up to speed.
     
  5. zarni

    zarni Recruit

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    maybe you have but that is not reflected in your daily signals. how does that help anybody. people are losing money on your recommendations day after day.
    I am talking about the past not forecasting future. you have been trying to do that and not working great.
    Again i am not saying you are not doing well but your signals you send to people are not going to work out for most.

    Yes that is great. I am sending you these signals for free...you will lose money. if you don't want to lose money sign up for diamonds..that is great tactic
     
    #5 zarni, Aug 5, 2009
    Last edited: Aug 5, 2009

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