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Forex Trading Signal 9-4-2009

Discussion in 'Current Forex Trading Signals' started by Sir Pipsalot, Sep 4, 2009.

  1. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

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    Hey folks,

    I feel the odds have shifted noticably against our USD long position trades, and I'd rather close them now than give them more time. I'm shifting into more of a buy on dips mode for the EU and GU, rather than the sell on rallies type disposition I've been using the last month or so. After some careful consideration, I've decided to exit out of the GBP/USD and EUR/USD position trade shorts. Based on the entries back much earlier in August, both should be able to be exited for some gain. I ended up making about 400 pips on the GU and depending on when you took the EU short, you should be anywhere from break even to up +130 pips here at 1.4255. Gold and Silver's strong break and move higher makes it very likely the EU and GU will strengthen further in the short to medium term before turning into an overdue major selloff. We will retry the short position trade again in the future most likely, but I feel like if we wait, we can reenter at higher levels.

    In stocks, we had a modest move higher over 1000, but I'd rather wait for a bit more before adding to my short position. I still think somewhere in the 1010-1015 range is a great spot to get short if you're not in already or to add short if you've already gotten in and feel like putting more on the table. Again, as I said yesterday, I feel there's about a 70% chance we posted the high for the year in August at 1039 and have started the first stages of a significant turnaround south in stocks. On Monday I got aggressively short, and since then price action has further confirmed my view. A good NFP number Friday though could give us a nice spike up in stocks which I would see as nothing more than a shorting opportunity as I doubt that strength will hold indefinitely.

    On Gold and Silver, fortunately I called for an exit of those position trade shorts last night around $976 and $15.45, and I even called a swing trade long on gold at $976 (see 9-3-2009 signal post for more info). The strength here is off and running and we should see further gains on Gold to $1007 and higher over the next 3-10 days.

    In news Thursday, the UK Services PMI and ECB Interest Rates came out as expected and Trichet offered no major surprises in his speech. In news Friday:

    0700 CAD Employment (-15K expected) - This trade did quite well last month, so hopefully we'll get a repeat if there's a surprise worth trading (+/- 24K). Typically, when this news works, most of the move comes in the first 1-2 minutes, then there's either a fairly sharp retracement or long consolidation period. If you're nimble enough you could try to trade against the spike extreme in that first minute or two.
    If it comes out at 9K or more positive, USD/CAD should sell off 40+ pips.
    If it comes out at -39K or more negative, USD/CAD should rally 40+ pips.

    0830 US NonFarm Employment Change (-230K expected) - Last month's preview strategy worked perfect on all fronts, so I'm planning to take exactly the same approaches this month. We've seen decent surprises 3 months in a row... two positive and one negative. In each case the EUR/USD and USD/JPY spiked in the same direction right away, but the EUR/USD wound up reversing hard while the USD/JPY kept chugging along. If we get a surprise and a big spike on the EUR/USD that might be running out of steam, look to play the reversal on EUR/USD. If you want to hold on to something and let it extend, trade the USD/JPY. If you want the biggest spike trade possible trade the EUR/JPY. Also, be careful to look out for revisions to prior numbers and the unemployment rate deviation (9.5% expected) and consider them just as significant as this month's surprise.
    If it comes out at -160K or higher, USD/JPY should rally 50+ pips.
    If it comes out at -300K or lower, USD/JPY should sell off 50+ pips.

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    To our success,
    Sir Pipsalot
     
  2. Mark Harding

    Mark Harding Corporal

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    Thanks Sir Pips. Didn't receive an email today.

    Best regards

    Mark
     
  3. manujain_1574

    manujain_1574 Recruit

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    Forex diamond

    Dear Sir,

    I want to subscribe to your Diamond Room trial.

    But before that I was looking at the details that how you would be giving us the calls. As I my sole purpose for this subscription is to get particular levels for:
    • Entering into a trade
    • Stop Loss Levels
    • Take Profit Levels
    • and prior information about the time when these call would be given

    I myself is into this field and by god's grace I am doing good in trades too ( ofcourse not to forget your tips), but this subscription is for someone who knows next to nothin about forex ....

    Would it be that simple ....

    Kindly contact ( if possible) at manujain1574@gmail.com

    Regards
    Abhishek
     
  4. Capital Trader

    Capital Trader Private

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    Capital Trader

    I re-signed up for forexdiamonds..after a 3 mth break.....I signed up for the trial....and was told I could not receive since I was a prior member...So I went to sign up for the 299. monthly subsciption....But I was suprised to see that they took the 39.00 from my visa for the trial which I never got....If they re-imburse me my $39.00...Then I will join the monthly subscription....And tell me why payments@forexdiamonds.com..NEVER EVER reply to e-mails....

    Regards...

    bud1234@rogers.com
     
  5. mago

    mago Private

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    great tips

    wowyou give some good tips here...sirPips..... im new to forex..3 months trading on demos.. im testing some robbots and indicators..links that i found on this site...ill be trying to subscribe when i make some money of course..thanks.
     

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