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Forex Trading Signal 10/27/08

Discussion in 'Current Forex Trading Signals' started by Crazy Cat, Oct 27, 2008.

  1. Crazy Cat

    Crazy Cat Former FPA Special Consultant

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    Hi there my forex friend :)

    Let's first review what happened on Friday.

    On Friday we had UK GDP which came out much lower than expected. GBP/USD moved down a lot before a report so it was kind of scary to enter a trade. I know that some people made as much as 40 pips with SNW so it was a nice report. Later on GBP/USD melted down even more, and we had amazing range of nearly 1,000 pips for that day.

    Trading was crazy that day, and with such fast price actions it is easy to make a lot of money as well as easy to lose a lot of money. Please keep it on mind when you trade on your own because even 50 pips stop loss is nothing now. Evidently, it is very important now to reduce risk level per each trade.

    Sir Pips was trading like crazy in the Diamonds room but it is very hard to measure his performance. He made a lot of money himself, he also gave a lot of signals and lots of them were profitable but some of them were not. If someone took all his trades, that session was indeed very profitable. If someone took some of his trades, then it all depended on his/her luck if s/he took profitable trades. Therefore, some Diamonds members lost money whereas some others made money. Kind of weird, is not it?

    Let's talk about Monday.

    1. Monday, October 27th, 2008 (5:00 a.m. New York Time) GERMANY, EURO ZONE
    At 5:00 a.m. we will have German Ifo Business Climate and it is expected to come out at 91.0 or 91.2 although there is quite wide range of expectations but most people expect lower number. Therefore, we need to use bigger lower trigger and we can try to use smaller upper trigger. Last month this report failed but chances are good this month it may work quite OK. I would strongly recommend to be very careful but I will be trading it myself. If it comes out at 88.9, I would sell EUR/USD and try to make some pips on the spike. If it comes out at 92.5 or higher, I would buy EUR/USD. I would rush to take profits on this because the market is weird and it is hard to predict how the market is going to react on it. Because there are still 5 hours to this report, it is hard to say how exactly approach this report because the price level right before will matter a lot. Also, if it comes out slightly lower than expected, it is very possible the price will spike down a bit and then go the other way so trading against the number also may work.

    2. Monday, October 27th, 2008 (10:00 a.m. New York Time) USA
    At 10:00 a.m. we will have U.S. New Home Sales. I cannot give triggers for this now because current price level will matter a lot. If you are new to Forex, I would skip this report.

    That would be all for Monday.

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    Good luck trading guys!

    To Our Success!
    -Crazy Cat
     

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