Sir Pipsalot
Former FPA Special Consultant
- Messages
- 511
Hey folks,
As the Euro and GBP continue the final stages of their latest climb, I'm content to stay neutral as far as the long term goes and wait for signs of reversal since this move is likely to mature soon. Our targets for upside have been hit this week, so we're now waiting for the next clear move. The recommended EUR/CHF long from yesterday worked pretty well seeing a nice spike up to 1.5140, but if you were holding out for more profits (like I am), it's still worth keeping in play.
Stocks managed a nice recovery today, which makes Friday especially important. I'm willing to give this rally back up a bit of room and even tentatively recommend shorting into it since a short here (1094 on ES futures, which is about 1097 on S&P cash) could work well even with a 4-10 point SL giving it great reward to risk ratio. I chose to short a bit on futures here figuring if it works we'll see 15-40 points of downside within a week or so on a reversal.
In news Thursday, both UK and CAD Retail Sales came out too close to expectations for a reliable trade, but the lower than expected UK numbers did still shot the GBP/USD down 40 pips in 2 minutes. In news Friday:
0400 German IFO - I'm choosing to skip this one due to spotty performance recently.
0430 UK GDP q/q Advance (0.2% expected) - UK data has been performing very well in the last week or two, so I expect more of the same here if we get enough of a surprise.
If it comes out at 0.4% or higher, GBP/USD should rally 50 pips
If it comes out at 0.0%, GBP/USD should fall 40 pips
If it comes out at -0.1% or lower, GBP/USD should fall 50+ pips.
1000 US Existing Home Sales m/m (5.35M expected) - US news has been somewhat inconsistent lately in whether it primarily affects USD/JPY or EU and GU. Historically, this report does best with USD/JPY, but I recommend looking for at least a small amount of confirmation before getting in. If it works out, usually there is more of a gradual move.
If it comes out at 5.45M or higher, USD/JPY should rally 30+ pips.
If it comes out at 5.25M or lower, USD/JPY should fall 30+ pips.
TRADE LIVE WITH Forex Diamonds FOR $39.00 FOR 2 WEEKS
Sir Pipsalot 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 14-days $39.00 trial. Go to Forex Diamonds and take advantage of this offer. This offer is for NEW customers only.
To our success,
Sir Pipsalot
As the Euro and GBP continue the final stages of their latest climb, I'm content to stay neutral as far as the long term goes and wait for signs of reversal since this move is likely to mature soon. Our targets for upside have been hit this week, so we're now waiting for the next clear move. The recommended EUR/CHF long from yesterday worked pretty well seeing a nice spike up to 1.5140, but if you were holding out for more profits (like I am), it's still worth keeping in play.
Stocks managed a nice recovery today, which makes Friday especially important. I'm willing to give this rally back up a bit of room and even tentatively recommend shorting into it since a short here (1094 on ES futures, which is about 1097 on S&P cash) could work well even with a 4-10 point SL giving it great reward to risk ratio. I chose to short a bit on futures here figuring if it works we'll see 15-40 points of downside within a week or so on a reversal.
In news Thursday, both UK and CAD Retail Sales came out too close to expectations for a reliable trade, but the lower than expected UK numbers did still shot the GBP/USD down 40 pips in 2 minutes. In news Friday:
0400 German IFO - I'm choosing to skip this one due to spotty performance recently.
0430 UK GDP q/q Advance (0.2% expected) - UK data has been performing very well in the last week or two, so I expect more of the same here if we get enough of a surprise.
If it comes out at 0.4% or higher, GBP/USD should rally 50 pips
If it comes out at 0.0%, GBP/USD should fall 40 pips
If it comes out at -0.1% or lower, GBP/USD should fall 50+ pips.
1000 US Existing Home Sales m/m (5.35M expected) - US news has been somewhat inconsistent lately in whether it primarily affects USD/JPY or EU and GU. Historically, this report does best with USD/JPY, but I recommend looking for at least a small amount of confirmation before getting in. If it works out, usually there is more of a gradual move.
If it comes out at 5.45M or higher, USD/JPY should rally 30+ pips.
If it comes out at 5.25M or lower, USD/JPY should fall 30+ pips.
TRADE LIVE WITH Forex Diamonds FOR $39.00 FOR 2 WEEKS
Sir Pipsalot 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 14-days $39.00 trial. Go to Forex Diamonds and take advantage of this offer. This offer is for NEW customers only.
To our success,
Sir Pipsalot
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