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Forex Trading Signal 10-19-2009

Discussion in 'Current Forex Trading Signals' started by Sir Pipsalot, Oct 19, 2009.

  1. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

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    Hey folks,

    Well, it looks like last Thursday/Friday may have completed a significant multi-day to multi-week high, or at least such a high is quite close to completion. I suggest shorting on all timeframes from short term to long term especially on rallies. The caveat here is that we might get one more surge up to new highs on the S&P to 1121, a bit above 1.5000 on the EUR/USD, above 0.9300 on the AUD/USD and above 1.6500 on the GBP/USD; however, I think it's still more likely at this point that we topped out last week.

    Right now the S&P futures are at 1083.5 (corresponds to 1087 or so in the cash market), the EU is at 1.4907 and GBP/USD is at 1.6300 and I think each of them is worth a medium to long term short at these levels, although waiting for more of a bounce may be more of an efficient option since there's a bit of short term positive momentum. You're going to have to pick your own stop loss and take profit though since the potential trend change is in it's infancy and there's a lot of uncertainty. At this point it's a bit of an early flier of a trade, so I don't blame you if you want to sit this one out and wait for a bit more certainty.

    As for the long positions held for the last couple weeks, I'm not sure if things are concrete enough to bail them just yet if you're in profit and managing it accordingly. I just suggest tightening up the stop losses appropriately for now perhaps just below Friday's lows. If you're holding some stuff long in profit with a tightened SL and taking a shot at the short from here, it's a good hedge and should work out well either way.

    No news of note today, but we'll have some news to preview tomorrow. *Edit* Below are the news events I'm likely going to key in on this week for some short term trades.

    Trading Schedule for week of 10-19 to 10-23
    Monday 10-19:
    none

    Tuesday 10-20:
    0830 US PPI with Sir Pipsalot
    0900 CAD Interest Rates with Sir Pipsalot

    Wednesday 10-21:
    0430 BoE Meeting Minutes with Sir Pipsalot
    2200 Chinese GDP and Industrial Production with Cactus Jack and/or Sir Pipsalot

    Thursday 10-22:
    0430 UK Retail Sales with Sir Pipsalot
    0830 CAD Retail Sales with Magister Pips

    Friday 10-23:
    0400 German IFO with Sir Pipsalot (may skip this)
    1000 US Existing Home Sales with Sir Pipsalot
     
    #1 Sir Pipsalot, Oct 19, 2009
    Last edited: Oct 20, 2009
  2. lilies

    lilies Recruit

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    I'm glad things have cleared substantially for you to be able to write again. Appreciate your input - as always. Happy pipping!
     
  3. haigo

    haigo Recruit

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    Long Term targets?

    SirPips, when you say longterm, what do you mean by that? Several months up to one year?
    What are your longterm (1 year) targets for the S&P500 and the EUR/USD ?

    I'm ready to short, but I prefer longer term puts, to be on the safer side. And I cannot really day trade, because of my day job.

    thanks,
    haigo
     
  4. lvelho

    lvelho Recruit

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    S&p 1021 ?

    Sir,

    Don't you mean S&P = 1121 ?

    --lv
     
  5. hagual

    hagual Recruit

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    EUR/USD now 1.4933 and the signal are Bearish but there are some hesitation at the moment so it can quickly change to Bullish. Chart M15
    GBP/USD now 1.4933 and when writing this the pair took a big jump upwards
    the signal show it might be a start of a long term long. Chart M15
    :)
     
  6. hagual

    hagual Recruit

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    GBP/USD set up for a long trade suggest a Pending order long with entry level at 1.6336 and S/L 1.6291 T/P 1:1 or 1:1,5 (it look to be ok at 1.6372)
     
  7. yurps

    yurps Private, 1st Class

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    not official

    keep calling short, eventually you will be right..
     
  8. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

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    lol, I've been long for 2 weeks and have kept the longs in... they're just running out of steam a bit and it looks like a top is coming sometime soon so I'm starting to take a shot at it
     
    #8 Sir Pipsalot, Oct 20, 2009
    Last edited: Oct 20, 2009
  9. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

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    Yep, sorry, fixed it with an edit
     

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