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Forex Trading Signal 08/10/09

Discussion in 'Current Forex Trading Signals' started by Crazy Cat, Aug 10, 2009.

  1. Crazy Cat

    Crazy Cat Former FPA Special Consultant

    Sep 30, 2007
    Likes Received:
    Hey folks,

    Here is the video:

    Our short outlook on the Euro and GBP from late last week seems to be spot on so far as the odds tilt more in our favor towards a large degree trend shift from USD weakness towards USD strength. Feel free to watch the video for more information on this. One trusted sources of analysis I rely on has been beating the drum that we're pushing into a potential multi-year dollar rally phase, and while that gets me excited to be in emphatically short at such a key potential top, we have to keep in mind that even if that's true, markets never move in a straight line and I'd rather grab the down legs with postion and swing trades and get out than hold a trade for years. For now my target is around 1.3000 on the Euro, but I'll be willing to extend it a bit, or tighten it up as the situation develops.

    With stocks, it still looks like the odds are we are exhausting the last of upside momentum for now. A rally to 1015 on Friday on the good NFP news helped to form a bit of an ending diagonal triangle, so while the odds are still tilted towards a turn to the downside soon, I'm willing to hold my "toe in the water" shorts from last week. Swing low support at 968 on the S&P 500 will be the initial target, and a break of 993 will be the first sign that that is underway.

    In the precious metals, Gold seems to have topped out more convincingly than silver so far, likely because silver does better when the markets are up. If and when the markets turn down, silver will sell off harder than gold. Irregardless, I highly recommend either holding or entering short on either Gold or Silver for a long term position trade. I also think that like the USD, they may have finished making important key highs and are great swing trade short opportunities as well.

    In news Friday, we saw mixed news on the CAD work very much in favor of the worse employment number versus the better unemployment (maybe the USD strength trend shift helped out?), but the big story was NFP. Everything I previewed happened exactly as forecast on NFP. The better than expected numbers sent both EUR/USD and USD/JPY up initially, then EUR/USD reversed and USD/JPY continued to extend, while naturally, EUR/JPY had the biggest short term spike. Whether you felt like playing the EUR/USD or GBP/USD reversal, following the USD/JPY north, or spike trading in and out on the EUR/JPY, everything worked to a tee. Also, I identified 1.6830 as a good spot to short GBP/USD and that ended up being roughly the high of the day as GBP/USD topped out there right after NFP and sold off 150 pips pretty quickly.

    There is no key economic news scheduled for Monday, while Tuesday may have something worth looking at out of China that I'll cover tomorrow in a text signal. Wednesday and Thursday is when the big news starts coming out, so I should have another video signal (time permitting) for you guys to preview those trades.

    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. yurps

    yurps Private

    Dec 10, 2007
    Likes Received:

    you got it right.

    for those of us who have read how many times GU,EU,Stocks, and Gold
    were topping out the past few months, we are very glad that maybe finally
    this may happen. Maybe stopped out alot of still in but margin running out,
    lol, but eventually every prediction is correct, just give it time.
  3. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

    Dec 11, 2007
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    Sure: Forex Broker Rebates

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