Forex Trading Signal 11/07/08

Crazy Cat

Former FPA Special Consultant
Hi there my forex friend :)

Here is the hi-quality video:

Let's first review what happened on Thursday.

UK did cut the rates by 1.50%. Amazing. It was a nice spike trade for sure, and also if you entered right after first retracement, then you probably made a lot of money. But once GPB/USD went down to 1.5720, GBP/USD reversed. It seems the market realized that over all it was a positive news because it seems the government is responsive to the market needs. I made very nice money with SNW...

Then we had Interest rate decision out of Euro zone. They did cut the rates by 0.50% as expected so it would be hard to predict how the market would react, especially after big cut in the UK. No trade is fine, at least I made money on the UK report.

Let's talk about Friday.

1. Friday, November 7th, 2008 (7:00 a.m. New York Time) CANADA
At 7:00 a.m. we will have Canadian Employment Change. This was always a big report but last month despite of a big deviation the market somehow ignored it. I still think it is worthy to give a try. It is expected to come out at -10K. I would use bigger triggers here, however, and be prepared to exit as soon as possible. If it comes out at +15K or higher, I would sell USD/CAD; if it comes out at -35K or more negative, I would buy USD/CAD. I cannot really give profit targets here because I am not sure how the market is going to react but after seeing market reaction to Australian Employment change, I think this is worthy to give a try. Right before the report I will do some analysis for myself where USD/CAD and EUR/CAD are and I might lower or widen triggers for my own trade based on the prerelease price action.

2. Friday, November 7th, 2008 (8:30 a.m. New York Time) USA
At 8:30 a.m. we will have U.S. Non-Farm Payroll which is expected to come out around -175K. In order to sell USD/JPY we would need to have a BIG surprise so if it comes out at -300K or more negative, then I would sell USD/JPY. However, if it comes out at -99K or less negative, I would buy USD/JPY. Sir Pips recommends -125K or less negative trigger but I would like to see bigger trigger than that because we will also have unemployment rate coming out which might came higher as expected, even with less negative employment change than expected, plus we will also have revision number so I would like to see either a big deviation or I don't want to trade it at all.

As always, please watch Sir Pips video for more information.

That would be all for Friday.

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To Our Success!
-Crazy Cat && Sir Pips