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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-Crazy Cat
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.
TRADE LIVE WITH SIR PIPS FOR FREE!
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!
-Crazy Cat