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Forex Trading Signal 10/06-07/08

Discussion in 'Current Forex Trading Signals' started by Crazy Cat, Oct 6, 2008.

  1. Crazy Cat

    Crazy Cat Former FPA Special Consultant

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    Hi there my Forex friend :)

    There was no signal earlier today because Sir Pips is out of town and I think he will be back on Wednesday.

    The truth to be told, there are only a few reports coming out this week that are worthy trading: Australian Employment Change on Wednesday and Canadian Employment Change on Friday.

    On Monday we had Canadian Ivey PMI which I just skipped at all. What we got was a BIG up deviation (+10) and USD/CAD going down just a few pips, and then it reversed and went even higher according to its trend. USD/CAD was clearly on a buy mode and Canadian Ivey could not do anything about it. It was good we skipped this report.

    Let's talk about Monday and Tuesday.

    1. Monday, October 06th, 2008 (11:30 p.m. New York Time) AUSTRALIA
    At 11:30 p.m. we will have Australian Interest Rate. It is expected they will cut the rates by 0.50 (50 bp) from 7.00% to 6.50%. Just last month we had another cut of 0.25 from 7.25% to 7.00%. Will they cut the rates to 6.50% as the market is expecting? I don't know. I am not sure, however, if it would be smart to place any trade on the cut as the market is expecting it so probably 50 bp cut will not give any reliable move on AUD/USD. We would need to see a cut of 0.75 but I don't think we would see that. If we had 0.75% cut, this would be a sell signal on AUD/USD. I would not place a trade on 25 bp cut but I think if they don't cut the rates, it might be a good move to buy AUD/USD and expect 40 pips move (possibly more). The problem is we may also have a commentary and depending what it says, this may move the price greatly - or even reverse. For that reason I don't really want to recommend anything here.

    2. Tuesday, October 07th, 2008 (4:30 a.m. New York Time) UK
    On Tuesday at 4:30 a.m. we will have UK Industrial Production m/m. It was not a good report past few months so there is no reason to say it should work well tomorrow. For example, in July 2007 we had -0.7 deviation and GBP/USD spiked down by 35 pips or so to just reverse 100% within next 10 minutes. Perhaps the best way is to trade against it but I would just skip that. I know, we are skipping a lot of reports recently but we can only get what the market gives, and I personally don't think this will give anything.

    3. Tuesday, October 07th, 2008 (1:15 and 2:00 p.m. New York Time) USA
    At 1:15 p.m. we will have Bernanke speaking so expect some moves on U.S. dollar, and at 2:00 p.m. we will have FOMC Meeting Minutes. This is not for beginners so if you are new to this, skip it.

    That would be all for Monday and Tuesday. Almost nothing.

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    -Crazy Cat
     
  2. tightxman

    tightxman Recruit

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    Hi SP and CC, Sorry for posting here, but i'm so lost and don't know where to get your attention or help. I've been trying cancel my trial account on Forexdiamond for the last week, I emailed you guys for so many times, and i still have NO respond from your side, right now I got charged for 299. I know you guys are busy right now, but please help me take out my trial account and refund me. My email is winner_xp@hotmail.com:mad:
     
    #2 tightxman, Oct 6, 2008
    Last edited: Oct 6, 2008
  3. Crazy Cat

    Crazy Cat Former FPA Special Consultant

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    You got your refund yesterday at 11:02 NY time....
     
  4. jake14153

    jake14153 Recruit

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    What is going on with USD/JPY

    Hi There

    Thank you again for FPA, Great site, Great Infos.

    I have a question :

    Does anybody understand what is going on with USD/JPY.
    Since several days when EUR/USD, and GBP/USD are up,
    then USD/JPY is up too !!!.
    (for instance now at 08:40 AM GMT)

    Idem when EUR/USD is down, USD/JPY is down too !!!.

    Usually they are in opposite direction,
    it makes sense since EUR/USD and USD/JPY, right.

    Thank you
    Jake
     
  5. gold555

    gold555 Recruit

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    Hi, Jake14153, Here is the answer

    That is because yen-crosses are dominating the market recently.
    Say, eur/jpy goes up, then eur/usd and usd/jpy is going up together!!
    In other words, eur/jpy is pulling eur/usd and usd/jpy together simultaneously.
    comprende?
    hope you understand it!
     

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