Forex Trading Signal 10-8-2009

Sir Pipsalot

Former FPA Special Consultant
Messages
511
Hey guys,

Some people pissed me off in yesterday's post so I was over there typing up a really long rant and the signal is coming out late. Anyways, the EUR/USD after a dip to a good region for a long (as discussed yesterday) had squeaked out to new highs for the week and should extend gains over the next several days. I honestly don't know how far it's going to go, but I think the 1.5000 level will be quite magnetic on the Euro, and 1.6500 is likely on GBP/USD.

Gold and Silver continue to plow higher, but I only like really long term trades there, so if we take another gold or silver position, it will be either long after a steep dip, or short at another potential top.

Stocks worked higher Wednesday after consolidating most of Tuesday. If you look through yesterday's post, I had some recommendations on a stock long trade as well that's working well. Right now I don't think we'll dip below 1040 on the S&P and we should see prices above 1080 in the next week or two. If we do dip below 1040, that's basically my mental stop on the flip to long stocks and I'll probably close it down and move to neutral.

In news Wednesday, we had an amazingly strong AU Employment release that sent the AUD/USD rocketing up. Honestly right now, the AU situation is the huge catalyst for a massive shift in sentiment towards risk appetite and USD weakness... I expect to see a continuing USD weak trend and AUD/USD strength at least to 0.9300 over the next week. It's not a super trade, but not a bad trade to try a long from here at 0.9030 with a TP around or just under 0.9300. It's just hard to pick a good SL when you chase something long. A safer SL would be around 0.8960, but a tighter SL (increases risk, but also net profits if it works) could be used just under 0.9000. We traded the news event in the trading room and we're long form 0.8985 a minute or two after the release, so that's the position I'm managing right now on that pair. In news Thursday:

0700 BoE Interest Rate Decision (no change at 0.50% expected) - The BoE is probably about the last central bank likely to raise interest rates right now, so don't expect a surprise hike out of them just yet, lol. The reaction will come primarily from their text statement, which is quite complicated this month and hard to preview here. There is a small chance though that they cut their renumeration rate, or the rate they pay on deposits. The likelihood they were going to do that has diminished greatly over the last 2 months, but if they do, it would be VERY bearish GBP and I'd recommend a long on EUR/GBP with an ambitious 50 pip short term TP, or swing trade TP's of several hundred pips.

0745 ECB Interest Rate Decision (no change at 1.00% expected) - The ECB will probably come out with no surprises as well here. They do not release a statement at 0745, but instead have a press conference around 0830 that lasts an hour or so. Trichet is expected to be a bit more hawkish at every meeting, but still very cautious and still quite a ways out from raising rates. The action (if any) will come from the press conference and any indications that the ECB is moving much closer to withdrawing or unwinding its special programs will see a lot of Euro strength. If it's just the same old blah blah avoiding saying anything concrete from Trichet though, usually the Euro gradually loses a bit of strength during the speech.
 
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M.Nazri

Private, 1st Class
Messages
28
Hey guys,

Some people pissed me off in the other post so I'm over there typing up a rant rant right now and the signal might come a bit late. I'll have the signal up by 0300 EST, sorry.
you can call the people in the other post to join here,sir....i think this is your "REAL" post......that's only my oppinion....i hope you don't mind,OK sir.........however,you are the great:D
 

Valetman

Recruit
Messages
2
I wouldnt let people annoy you.


Personally I find the daily forecasts very interesting, sometimes you agree with my sentiment on things, sometimes you dont, and a different way of looking at things can be very helpful at times. Too easy to get tunnel vision when trading alone.
 

jay boy

Recruit
Messages
4
Detractors!

I always tell ppl around me dat if u don't hv detractors, u would be comfortable wth ur position.see dem as propels to a higher ground.
Go on wth the good work.:)
 

Gumrai

Private
Messages
23
We traded the news event in the trading room and we're long form 0.9285 a minute or two after the release,.....
I think that this is a typo maybe should be 0.89???.

I'm new to this forum and been reading your posts for about the last 2 weeks. Thanks for what you do, you give some good pointers. I'm very impressed.
Please try not to get pissed off by some posters.
If somebody can take $500 to $9000 in such a short time, they have to be a gunslinger and have no idea of risk management. Almost certainly doomed to bankrupcy and then have to put the blame on somebody else.
 

public enemy

Recruit
Messages
5
"Some people pissed me off in yesterday's post"- don't worry. Allways was and allways be peoples with "piss mind", they think you'll show the way to milions of money, but they don't understand one thing- everyone must use own mind and check and dubble check what you write for us.
 

mango67

Recruit
Messages
3
Sir Pipsalot

Don`t worry, be happy!!:) We still love you & I`m sure most of us appreciate what you are doing. Please keep up the good work.
 

gashawk

Recruit
Messages
2
understanding intraday bets

hello sir pipsirlot. I need to understand what is this bet means. "lower at 06h00 Gmt than at 18h00
Gmt. this is a bet on bet on markets.com. thanks:)
 

gashawk

Recruit
Messages
2
pay them no heed sir pips

like i said, pay them no heed. you are doing a great job. thanks for all your help.:)
 
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