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Forex Trading Signal 10/01/08

Discussion in 'Current Forex Trading Signals' started by Crazy Cat, Oct 1, 2008.

  1. Crazy Cat

    Crazy Cat Former FPA Special Consultant

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    Hi there my forex friend :)

    Here is the hi-quality video:
    1) 10-01-2008r-p.swf

    Let's first review what happened on Tuesday.

    At 4:30 a.m. we had UK GDP which came out exactly as expected so no story here.

    Canadian GDP came out much lower than expected. USD/CAD spiked down by 25 pips or so and then it immediately reversed. I am so glad I am stressed so much how dangerous would be to enter a trade with the news direction. Although the deviation was quite big, I managed to make a few pips by entering a trade in the opposite direction.

    At 9:42 we had Chicago PMI which came out a bit better but not enough to push the market.

    At 10:00 a.m. we had consumer confidence which almost hit our trigger. USD/JPY went up but not really because of this report but because of the other factors. NO trade anyway.

    Let's talk about Wednesday.

    1. Wednesday, October 1st, 2008 (4:30 a.m. New York Time) UK
    At 4:30 a.m. we will have UK Manufacturing PMI. During current market conditions, it is not tradable. Forget about it.

    2. Wednesday, October 1st, 2008 (8:15 a.m. New York Time) USA
    At 8:15 a.m. we will have US ADP Employment. In July this report worked pretty well but it needs a solid deviation. It is expected to come out at -15K. If it comes out at -100K or lower, this should weaken the U.S. dollar so you can sell USD/JPY or buy EUR/USD and look for 30 pips. If it comes out positive, you can buy USD/JPY or sell EUR/USD and look for 30 pips move. Although any positive number should work (minimum +15 deviation), I would personally like to see at least +40 K deviation to enter a trade.

    3. Wednesday, October 1st, 2008 (10:00 a.m. New York Time) USA
    At 10:00 a.m. we will have US ISM Manufacturing. It is expected to come out at 49.5. I would use a quite big deviation here, such as 2. If it comes out at 51.5 or higher, USD/JPY should go up. If it comes out at 47.5, USD/JPY should go down. In either case, we should see something like 30 pips although right now it is hard to say how it will perform as the U.S. government is working on another bill similar to that $700 B bail out.

    That would be all for Wednesday.

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    The video with the signal is recorded by Sir Pipsalot.
     

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