1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Sir Pipsalot's Daily Market Update 12-08-2009

Discussion in 'Commercial Trade Journals' started by Sir Pipsalot, Dec 8, 2009.

  1. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

    Dec 11, 2007
    Likes Received:
    Hey folks,

    Well, we got mainly sideways action across the board, and we haven't had enough of retracement yet for a position trade sell on the EUR/USD around 1.4950, so it's possible we may have to sell it at a lower price to assure entry. I'm considering entering short somewhere in the 1.4800 to 1.4900 range, but I still think something above 1.4900 is possible and I'm still holding out for that at the moment instead of chasing it down.

    In stocks, it's still a good time to try to position short to cash in on this potential triple top. I still think it's possible we could have a final rally a bit higher, but it's also possible we've seen the last of it, so getting in short now in the 1100 to 1110 range seems like a solid trade just like it did yesterday.

    In news Tuesday:

    0430 UK Industrial Production m/m (0.5% expected) - This used to be a very tradable report on smaller 0.4-0.8% deviations, but lately it's been ignored unless it's been a big surprise. Because of that, I'm recommending wider triggers.
    If it comes out at 1.5% or higher, GBP/USD should rally 40 pips.
    If it comes out at -0.5% or lower, GBP/USD should fall 40 pips.

    0900 CAD Interest Rate Decision (no change at 0.25% unanimously expected) - There is basically no chance the BOC will change their rate, so any action on the CAD will be based on the ensuing commentary. They are expected to reaffirm they will keep rates down until the 2nd half of next year. Movements on USD/CAD will probably stem from any commentary on the removal of stimulus or a timetable for that. Obviously, if they look to be aggressive about stimulus removal, that should strengthen USD/CAD, and a very passive, accomodative standpoint would be USD/CAD bearish.

    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
    #1 Sir Pipsalot, Dec 8, 2009
    Last edited: Dec 8, 2009

Share This Page