Forex Trading Signal 09/02/08

Crazy Cat

Former FPA Special Consultant
Hi there my forex friend :)

I hope you enjoyed the Labor Day (if you live in the USA). We had a really nice weather in Chicago area.

On Tuesday we are going to have two tradable events.

1. Tuesday, September 02nd, 2008 (10:00 a.m. New York Time) USA
At 10:00 a.m. we will have U.S. ISM Manufacturing PMI. It should be OK to trade it with 1.1 trigger although I would like to see 1.5 deviation here. It is expected to come out at 50.0 which is a very nice number. If it comes out at 48.9 or lower, I would buy EUR/USD or buy GBP/USD or sell USD/JPY and look for 30 pips price action. If it comes out at 51.1 or higher, I would sell EUR/USD or sell GBP/USD or buy USD/JPY. Be prepared to exit quickly as this will probably reverse, especially if it comes out against the trend.

2. Tuesday, September 02nd, 2008 (9:30 p.m. New York Time) AUSTRALIA
Then at 9:30 p.m. we will have Australian GDP q/q. It is expected to come out at 0.4% versus 0.6% last month. I think 0.2 deviation should be tradable but ideally I would like to see +0.3 or -0.2 deviation. If it comes out at 0.7% or better then it would be better reading than last month and AUD/USD should go up by 50 pips. If it comes out at 0.6%, then it should still be tradable but I would expect less reaction, maybe 35 pips. If it comes out at 0.2% or lower, then it would be bad for the Australian dollar, and I would sell AUD/USD and expect 40 pips move. With given profit targets, I assume there is no conflict with the y/y number.

That would be all for Tuesday.

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To Our Success!
-Crazy Cat