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Forex Trading Signal 09/26/08

Discussion in 'Current Forex Trading Signals' started by Crazy Cat, Sep 26, 2008.

  1. Crazy Cat

    Crazy Cat Former FPA Special Consultant

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    Hi there my Forex friend :)

    Hi-Quality Preview/Review:
    1) 9-26-2008r-p.swf

    First of all, thank you very much for your comments on yesterdays signal. I am pleased to see that there are people who enjoy our signals, but I also welcome all the comments that may help other people to trade. But even when you read the text and watch the video, you may notice that sometimes there are some differences between them. It is all because the video is recorded by Sir Pips, and the text is written by me, Crazy Cat. Although I write mostly based on the video, I still sometimes modify by my own experience so you really have two opinions on the same matter. It is good to watch the video to see what Sir Pips has to say, plus there is A LOT of extra informations that are not typed here.

    Regarding Nigerians and their ForexDiamonds troubles, I think there is no credit card option through PayPal but there is another link for regular credit card transaction and there is Nigeria on the list.

    Let's first review what happened on Thursday.

    At 8:30 a.m. we had U.S. Core Durable Goods which came out much lower than expected. We had both a nice down price action and eventually a nice reversal so if someone traded the spike with SNW, it should be a nice profitable trade. If someone traded reversal, it should be profitable too. The only problem was the reversal took some time so some people could have given up.

    Then we had New Home Sales with a significant lower number: -50K deviation. We did not trade it anyway, and guess what? It was not worthy to trade at all. A small down price action and a big reversal. Actually the reason the price went the other way was a rumor about possible bail out by the U.S. government. Like I said in a few previous signals, currently the market is very focused on the whole situation regarding the banks and financial institutions in trouble, and what the government would do about it. Not that I support the idea of paying for someone's mistakes from the public money but this is what it is and in terms of price action the market is always right. Unless you are a market maker (and I don't think you are, but if you are, nice to know big fishes are reading our signals, he he), you can only make money if you trade with the same direction the big fishes trade.

    What else. Oh, NZD GDP. It came out lower than expected by 0.3. NZD/USD moved by 50 pips. I actually made money with the SNW on the spike but it was very hard to trade because most brokers had crazy spread. Quite honestly, it moved really well.

    Let's talk about Friday.

    1. Friday, September 26th, 2008 (8:30 a.m. New York Time) USA
    At 8:30 a.m. we will have U.S. GDP Annualized. This is a final revision so this is not a great report to trade. We would need to have 0.5 deviation to trade it with some chances it would work well but the problem is it rarely deviates that much. But even with 0.3 deviation, who cares what happened on Q2? Right now people are focused on more current informations and more recent events. Great reports were failing recently so I don't think this outdated report would do any good, at least in terms of trading the spike unless the deviation is huge. In order to trade, I need to have some confidence, and I don't have with this one. But, whereas 0.5 deviation may or may not work, and we may or may not see price going one direction or another, 0.1 to 0.3 deviations can probably be tradable against the number. So if it comes out at 3.4, 3.5 or 3.6, probably it would not be a bad idea to sell USD/JPY 20 to 30 pips above the prerelease price. If it comes out at 3.0, 3.1 or 3.2, it might spike down and probably it would be tradable to buy USD/JPY 20 to 30 pips below the prerelease price.

    2. Friday, September 26th, 2008 (9:55 a.m. New York Time) USA
    At 9:55 a.m. we will have Consumer Sentiment. Whereas 5 deviation may move the market a little, I don't think it is tradable at this moment.

    If you like long term trades, Sir Pips has some recommendations on GBP/CHF. Sell or buy? I know the answer but I will not tell - well, watch the video.... One story to be said here, I was working on a homework, a class presentation, and the challenge is to estimate what pair to trade if you can enter a trade today and leave it untouched for 1 year (no or very small leverage such as 2:1). I had my opinion but in the Diamonds room I wanted to see what Sir Pips and other people think, and I provoked a very nice discussion. The only one problem with long term trades are the swaps.

    That's all for this week.

    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
     
    #1 Crazy Cat, Sep 26, 2008
    Last edited: Sep 26, 2008

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