Sir Pipsalot
Former FPA Special Consultant
- Messages
- 511
Hey everybody,
Welcome to the new home for my daily signals. We may start to take a slightly different approach with them over time, but they'll still be packed with market information which I'm confident will help your trading. For easy access to these signals, please bookmark the link for the signals folder:
Sir Pipsalot's Daily Trading Signals - Forex Peace Army Forum
Outlook Summary:
Roughly the same for EUR/USD, GBP/USD, Gold, Silver & Stocks:
Longer term: SHORT with entry opportunities now, or a bit higher from here.
Shorter term: Uncertain... potential for either direction or rangebound. A bit more bearish GU and bullish EU short term.
On EU and GU, the bottoms I saw formed on both pairs heading into Monday worked ok on GU but much better on EUR/USD which missed my 1.4850 profit target by about 4 pips. The GU's been tough to trade so far this week, so if you leave it alone with a bit wider TP and tighter SL, chances are it will hit the SL before the TP no matter which way you take the trade. Here I think the clear opportunity is short with a long term perspective. The short term looks more bearish for GU and a bit more bullish for EU. The GBP just has some strong sellers during the European session that are very tough to keep at bay, even with the very positive UK Manf PMI data last night. It's only a somewhat tentative bias though. I'm pretty much neutral across the board short term.
Gold has managed to rally into an area (right now at 1064) where it may be a decent sell, but as I mentioned yesterday, I strongly prefer to be short Silver instead of Gold, and with the clean break of the 78% retracement, Gold may attempt another high while Silver underperforms. Right now Silver is still shy of the $17.00 to $17.30 range I identified that might make a good short, so I'm waiting for the better price to get in.
Stocks yesterday worked short term higher as I expected, but fell short of my 1055-1060 profit target and turned lower. I saw this as further confirmation and decided to start entering more of my stock short position trade in the low 1030's, leaving about 40% of my planned entry still on the table. It looks like the confirmation was more of a fakeout at least from a short term perspective, as we've now crawled up into the low 1040's. At this point, it's not a question of IF I want in, it's a question of where, so I'll probably enter the last 40% of my planned stock position trade short sometime Tuesday or Wednesday (hoping for more of a bounce). Just to reiterate, I think this stock selloff could be quite huge (20-70%) and I'm planning to invest heavily in it.
In news Monday, UK Manf PMI came in MUCH higher than expected and we saw a very nice move on GBP/USD good for 40 pips right away and some gradual continuation for 75 pips higher. I was cautious about trading the US ISM Manufacturing number as I wanted to see it perform well first, but I did say a 1.5 deviation could still be worth it. It actually had quite an amazing move on a +2.7 trigger hitting 110 pip on the EUR/JPY in 5 minutes. I guess it's back on our radar for sure now =P Also, AUD/USD was a no trade, but the risky sell opportunity on a small hike as expected panned out quite well with 60 pips fairly quickly and follow-through after the retracement. In news Tuesday:
1930 AU Retail Sales m/m (0.5% expected) - Look out from any conflicts with the Retail Sales Ex Inflation q/q number (-0.5% expected) to be safe.
If it comes out at 1.0% or higher, AUD/USD should rally 40 pips or more
If it comes out at 0.0% or negative, AUD/USD should fall 40 pips or more
That's all for today's update. If you'd like to learn more about trading or trade along with myself and my collegues, come join us at Profit Mongers. Our subscription is very reasonable at $179 per month, and right now you can sign up for a 2 week trial to get started for only $29. This offer is for new customers only.
To our success!
Sir Pipsalot
Welcome to the new home for my daily signals. We may start to take a slightly different approach with them over time, but they'll still be packed with market information which I'm confident will help your trading. For easy access to these signals, please bookmark the link for the signals folder:
Sir Pipsalot's Daily Trading Signals - Forex Peace Army Forum
Outlook Summary:
Roughly the same for EUR/USD, GBP/USD, Gold, Silver & Stocks:
Longer term: SHORT with entry opportunities now, or a bit higher from here.
Shorter term: Uncertain... potential for either direction or rangebound. A bit more bearish GU and bullish EU short term.
On EU and GU, the bottoms I saw formed on both pairs heading into Monday worked ok on GU but much better on EUR/USD which missed my 1.4850 profit target by about 4 pips. The GU's been tough to trade so far this week, so if you leave it alone with a bit wider TP and tighter SL, chances are it will hit the SL before the TP no matter which way you take the trade. Here I think the clear opportunity is short with a long term perspective. The short term looks more bearish for GU and a bit more bullish for EU. The GBP just has some strong sellers during the European session that are very tough to keep at bay, even with the very positive UK Manf PMI data last night. It's only a somewhat tentative bias though. I'm pretty much neutral across the board short term.
Gold has managed to rally into an area (right now at 1064) where it may be a decent sell, but as I mentioned yesterday, I strongly prefer to be short Silver instead of Gold, and with the clean break of the 78% retracement, Gold may attempt another high while Silver underperforms. Right now Silver is still shy of the $17.00 to $17.30 range I identified that might make a good short, so I'm waiting for the better price to get in.
Stocks yesterday worked short term higher as I expected, but fell short of my 1055-1060 profit target and turned lower. I saw this as further confirmation and decided to start entering more of my stock short position trade in the low 1030's, leaving about 40% of my planned entry still on the table. It looks like the confirmation was more of a fakeout at least from a short term perspective, as we've now crawled up into the low 1040's. At this point, it's not a question of IF I want in, it's a question of where, so I'll probably enter the last 40% of my planned stock position trade short sometime Tuesday or Wednesday (hoping for more of a bounce). Just to reiterate, I think this stock selloff could be quite huge (20-70%) and I'm planning to invest heavily in it.
In news Monday, UK Manf PMI came in MUCH higher than expected and we saw a very nice move on GBP/USD good for 40 pips right away and some gradual continuation for 75 pips higher. I was cautious about trading the US ISM Manufacturing number as I wanted to see it perform well first, but I did say a 1.5 deviation could still be worth it. It actually had quite an amazing move on a +2.7 trigger hitting 110 pip on the EUR/JPY in 5 minutes. I guess it's back on our radar for sure now =P Also, AUD/USD was a no trade, but the risky sell opportunity on a small hike as expected panned out quite well with 60 pips fairly quickly and follow-through after the retracement. In news Tuesday:
1930 AU Retail Sales m/m (0.5% expected) - Look out from any conflicts with the Retail Sales Ex Inflation q/q number (-0.5% expected) to be safe.
If it comes out at 1.0% or higher, AUD/USD should rally 40 pips or more
If it comes out at 0.0% or negative, AUD/USD should fall 40 pips or more
That's all for today's update. If you'd like to learn more about trading or trade along with myself and my collegues, come join us at Profit Mongers. Our subscription is very reasonable at $179 per month, and right now you can sign up for a 2 week trial to get started for only $29. This offer is for new customers only.
To our success!
Sir Pipsalot
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