Forex Trading Signal 08/25/09

[Crazy Cat]

Hey folks,

Keeping it short and simple tonight. We saw a bit of two way action with some pullbacks in most of the markets we watch on Monday. My best guess is we get a bit more 2-way consolidation as stocks gather steam for another surge higher and the Euro decides whether it's ready to top out for good. Pretty much everything from my weekly outlook yesterday still applies. For news Tuesday:

1000 US Conference Board Consumer Confidence (48 expected) - This indicator has really come alive over the last year or so to be very tradable. Typically a good surprise will push stocks which in turn will fuel follow-through on currencies as well. I actually think a pretty tight deviation of about 2 will produce some decent price action. As usual, a larger surprise will be more reliable and push things further though.
If it comes out at 50 or higher, EUR/JPY should rally 40+ pips
If it comes out at 46 or lower, EUR/JPY should sell off 40+ pips.

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Sir Pipsalot

 

[eyitemi]

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Thanks .

 

[John Wimberley]

I'm a little confused. Why would the US Conference Board Consumer Confidence have such an impact on EUR/JPY? I would have expected USDJPY and the EURUSD.
Could someome explain this to a newby or is it a typo?
Thanks for any assistance.

 

[akerim3]

hello,
I have problem with getting into trades when news release. I need good broker recommendation. Even my stop orders does not open. the price goes above or down but my orders aren't opening.
help please

 

[Vladon]

1000 US Conference Board Consumer Confidence (48 expected) - This indicator has really come alive over the last year or so to be very tradable. Typically a good surprise will push stocks which in turn will fuel follow-through on currencies as well. I actually think a pretty tight deviation of about 2 will produce some decent price action. As usual, a larger surprise will be more reliable and push things further though.
If it comes out at 50 or higher, EUR/JPY should rally 40+ pips
If it comes out at 46 or lower, EUR/JPY should sell off 40+ pips.

Just for the history: Today's signal was completely misleading.

 

[Sir Pipsalot]

Just for the history: Today's signal was completely misleading.

I can't get 'em all right Vlad. At least I was right about continued 2-way consolidation on the Euro and stocks. If you're going to bash me for the news outcome at least give me credit on the short trend commentary.

Yah, it really didn't work out terribly well because the fact that it was coming out high was rumored and leaked out ahead of time. In a situation like that that gets confirmed, there's no surprise since it became more of a buy the rumor/sell the news type situation. While stuff like that does happen every now and then, there's no way to know that 12 hours ahead of the news. Fortunately it was obvious enough to us in the Diamonds room to keep us out of the trade.