Forex Trading Signal 9-7-2009

Sir Pipsalot

Former FPA Special Consultant
Hey folks,

Just a quick update tonight because of the holiday, and as I write this my wife seems to be going into labor with our first child. Labor Day weekend seems like a convenient time for that =P Anyhow, Friday's up move in stocks really took us right to the edge here. There's a good chance the run up will end up being chalked up to pre-holiday low volume optimism; however, any further bullishness in the real stock market on Tuesday will push the odds more in favor of higher highs on stocks before the downside gains more traction. I'm lowering my odds now from 70% to 70% that the 1039 highs will hold for the year, while a break of 1020 will quickly lower those odds to 25% and a break of 1031 will put it at 5%. On currencies, the EU and GU should see further upside short to medium term and I expect EUR/USD to break above 1.4450 this week. Gold is poised to climb higher as well and I also expect it to top its prior $1007 highs probably this week. With Monday being a US Market holiday there is no key news to trade on, and the price action is likely going to make less sense and be less significant than usual, so my focus will be more on what happens on Tuesday the 8th.

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To our success,
Sir Pipsalot

Chris Russell

Wishing your wife, you and the expected one, all the very best that the world can offer. Thank you for your words of wisdom.:)

Joji Ikeda

Too close!

Too close, man, you are too close. Congratulations, on your family addition. As you know, the navy/Marines has a campaign against gambling. Now, you're not a gambler, right? And if there is any gambling, you know about Captain Janeway from Star Trek Voyager? Neways, she's the law of the jungle, and Gordon Law doesn't have to commit... to do it.:embarrassed: