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Sir Pipsalot's Friday Market Update 05-14-2010

Discussion in 'Commercial Trade Journals' started by Sir Pipsalot, May 13, 2010.

  1. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

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    Hey folks,

    We're pretty much in the same situation we were in when I put out yesterday's signal on the EUR/USD, USD/JPY and Stocks, so please reference that:
    http://www.forexpeacearmy.com/forex...lots-thursday-market-update-05-13-2010-a.html

    In news Thursday, we saw NZ Retail Sales come out lower than expected hitting our trigger, and we got 33 pips down which was less than the 40 I expected, but prices stayed subdued well enough to at least give plenty of opportunities to get out for a small gain or without a loss. In news Friday:

    0830 US Retail Sales Ex-Autos (0.4% expected) - This trade has a strong possibility of setting up for a good reversal trade similar to what we had planned for Wednesday's German GDP and UK CCC. This one though has a much better chance of sending a nice surge to get in against. Retail Sales historically is also usually one of the more fleeting indicators where there's a strong short term reaction, but it's significance tends to dwindle rather fast.

    If you're looking to trade the spike, I'd use +/- 0.6% triggers on USD/JPY, but aim to take profit pretty quickly.
    For the afterspike, I'd look to trade against the numbers.

    If the numbers come in high, look to get short USD/JPY at an intelligent spot 30-45 pips above prerelease 1-2 minutes after the numbers are out (might have to enter within that first minute).
    If the release comes in low, look to get long USD/JPY 30-45 pips below prerelease at an intelligent spot 1-2 minutes after the numbers are out.

    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. If you have any questions, you can also email me at sirpipsalot@profitmongers.com

    To our success!
    Sir Pipsalot
     

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