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Sir Pipsalot's Daily Market Update 11-13-2009

Discussion in 'Commercial Trade Journals' started by Sir Pipsalot, Nov 13, 2009.

  1. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

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    Hey folks,

    Outlook Summary:
    Roughly the same for EUR/USD, GBP/USD, Gold, Silver & Stocks:
    Longer term: SHORT with entry opportunities now or on bounces.
    Shorter term: Neutral... can try to sell rallies or buy dips.

    Well, the USD is finally looking pretty solid across the board and the EUR/USD short position seems to be on good footing again. Shorter term could go either way Friday, but the recommended stop around 1.5100 should continue to hold and it's worth staying short or even entering short looking for more downside. If you want to enter short now (1.4873) with a low leverage wide SL trade you can, but we may get more of a bounce today for a better entry.

    Yesterday, I mentioned stocks had the potential to rally to 1120 (although I typoed it and said 1020, whoops) and that longer term positions should try to hold short through the volatility and shorter term players could try going long on a dip. We definitely got that dip today; however, the manner of the decline has Wednesday's recovery highs set to be at least a multiday high, so I'm revoking my recommendation for shorter term longs on stocks as this may have been a strange double-top type of setup.

    In news early this morning, German GDP came out too close to expectations and saw little short term reaction. There's no news I think is particularly tradable, but...

    1000 EST University of Michigan Consumer Confidence (expected at 71) This could get the markets moving, but it's a hit or miss kind of news item that's worth watching if you're already there, but not worth showing up for. I'd only trade a bigger surprise on it.
    If it comes out at 76 or higher, EUR/USD may rally 30-40 pips.
    If it comes out at 66 or lower, EUR/USD may fall 30-40 pips.

    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
     
  2. Falmi Dorlo

    Falmi Dorlo Private

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    Thank you, Sir Pipsalot

    As was already there, gained 10 pips of Consumer Sentiment, great tip Sir Pipsalot
     

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