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Forex Trading Signal 08/29/08

Discussion in 'Current Forex Trading Signals' started by AsstModerator, Aug 29, 2008.

  1. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

    Joined:
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    Hi there my Forex friend :)

    Hi-Quality Preview/Review + Long-term Outlook:
    1) 8-29-2008r-p.swf

    Let's first talk about Thursday.

    At 2:00 a.m. we had UK Nationwide House Prices m/m. It came out too
    close to expectations to enter a trade. It also seems the number was
    leaked because the price started moving significantly before the news.
    If the price moves before the news, you have to treat that point as a
    starting point so the price may retrace to that point.

    At 8:30 a.m. we had US GDP Annualized which came out much higher than
    expected. USD/JPY moved by only 25 pips but on EUR/USD or GBP/USD we had
    45 to 50 pips move. We also saw over 100% retracements.

    Let's talk about Friday.

    1. Friday, August 29th, 2008 (8:30 a.m. New York Time) USA
    At 8:30 a.m. we will have Canadian GDP m/m coming out as well as Raw
    Material Index and some other reports out of Canada. We will also have
    a few U.S. reports such as U.S. Core PCE or U.S. Personal Income. For
    the afterspike trading: focus first on the U.S. reports. Personal Income
    is expected to come out at -0.2%, by the way. If Personal Income comes
    out at -0.7% and Personal Spending comes out at -0.3%, I would sell USD/JPY
    or buy EUR/USD, and look for 30 pips or so. If either of them comes out
    lower by 1.0 and the other one would not conflict, this would also be
    a sell signal on USD/JPY or buy on EUR/USD. If U.S. Personal Income comes
    out at 0.3% and Personal Spending comes out at 0.7%, this would be buy
    on USD/JPY or sell on EUR/USD. Or, if either comes out higher by 1.0,
    and the other one is not conflicting, this should work as well. U.S.
    Core PCE is not a big deal.

    2. Friday, August 29th, 2008 (8:30 a.m. New York Time) CANADA
    For the Canadian GDP: 0.5 deviation on the GDP Annualized or 0.2 deviation
    on GDP m/m should be enough to move EUR/CAD pretty well. Raw Material index,
    when conflicting, can be a problem but other than that, this should be
    tradable if you have SNW software. Keep in mind that we might see a very
    fast retracement and Canadian GDP is not as hot as it used to be but
    I still think this is worthy to give a try (Sir Pips does not agree, well,
    time will show...). I cannot access FPA Calendar now to give you a few
    examples, but I do remember that USD/CAD may not move at all whereas
    EUR/USD can move pretty well. At least this was a case last month,
    I believe. I would actually prefer to check charts to make sure 0.2 on
    m/m is not too risky to trade but I am not able to do that now. Keep in
    mind that EUR/CAD may and usually have higher spread than USD/CAD but
    I would really forget about USD/CAD here. Higher GDP is good for the
    Canadian dollar so it would be sell on EUR/CAD, and lower GDP is bad
    for the Canadian dollar and this would be a buy signal on EUR/CAD. Too
    \bad I cannot post this on FPA forum so I am not leaving specific triggers
    as I need to work more on this, and I am not able to update emails like
    I would be able to update a post on FPA website. If you want to play safe,
    you may try 0.3 deviation on GDP m/m and 0.2 trigger would be for more
    aggressive traders if they can get fast, know how to exit fast and have
    a reasonable spread on EUR/CAD.

    3. Friday, August 29th, 2008 (9:42 a.m. New York Time) USA
    At 9:42 we will have Chicago PMI. You can trade it only if you are able
    to get the number at 9:42 a.m., NOT 9:45 a.m. If it comes out at 52.0 or
    higher, it should be OK to sell GBP/USD or EUR/USD and look for 30 pips
    move. If it comes out at 47.9 or lower, this should be OK to buy EUR/USD
    or GDP/USD. I would personally want to see at least 3 deviation as I saw
    quite high spreads on previous releases and I cannot hook up SNW with that.

    That would be all for Monday.

    Please also wath the video: Review/Preview + Outlook in one combo video.

    TRADE LIVE WITH SIR PIPS FOR FREE!
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    There, he shares his trades in real time, including exact entries and exits,
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    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
     

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