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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

    Dec 11, 2007
    Likes Received:
    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.

    Sirpipsalot 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 7-days FREE TRIAL. Go to Forex Diamonds
    to sign up for the FREE trial. This offer is for NEW customers only.

    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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