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Forex Trading Signal 10/31/08

Discussion in 'Current Forex Trading Signals' started by Crazy Cat, Oct 31, 2008.

  1. Crazy Cat

    Crazy Cat Former FPA Special Consultant

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    HI there my Forex friend.

    There was no news surprise today so we got a no trade. If you watched the video, Sir Pips was also talking about Japanese Interest Rate. He indeed traded it in the Diamonds room and people made tons of pips; however, I must admit that Japanese reports are not easy to trade and I do not recommend them to trade, especially if someone is new in Forex.

    Let's talk about Friday.

    1. Friday, October 31st, 2008 (8:30 a.m. New York Time) USA
    At 8:30 a.m. we will have Personal Income m/m and Personal Spending m/m. In order to trade it, you need to have +/- 1.0 deviation on at least one of them, and the other one cannot be conflicting. If one of them deviates by +1.0 and the other one is not conflicting, USD/JPY should go up by 30 pips. If one of them deviates by -1.0 and the other one is not conflicting, USD/JPY should go down by 30 pips. Because two reports need to be analyzed, I will personally skip them since it would be too tricky to set it up on SNW but if you want to take a risk, this may actually work pretty well.

    2. Friday, October 31st, 2008 (9:42 a.m. New York Time) USA
    Then at 9:42 a.m. we will have Chicago PMI. This is tradable only if you can get the number at 9:42, not 9:45, and since this report cannot be traded from SNW, I will not trade it. Due to current market conditions, this report can be traded if there is a big surprise so minimum trigger here would be +/- 5.0. A deviation of +5.0 or more should send USD/JPY up a bit, and a deviation of -5.0 or more negative should send USD/JPY down a bit.

    That would be all for this week.

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    Good luck trading guys!

    To Our Success!
    -Crazy Cat
     
  2. Hisashi

    Hisashi Recruit

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    Aren't we trading the Canadian GDP coming an hour later?
    I think +-0.4 or 0.5 deviation may be tradable enough on the current market condition.
    (But we might see a quick retracement even with 0.5 deviation.)
    Also we will have Australian Retail Sales which is not on the SNW Trading Schedule.
    It is on FPA's Forex News Calendar though.
     

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