Sir Pipsalot's Friday Market Update 06-25-2010

Sir Pipsalot

Former FPA Special Consultant
Hey folks,

EUR/USD could really go either way from here... it's still kind of stuck with 2-way potential depending on how you interpret the charts. Personally, I feel we'll see more downside and a pullback to the 1.2100-1.2150 level as I've stated a few times this week, but I don't feel the odds are strong enough for a new trade. I'm simply keeping the 2nd half of my short from 1.2450 in and for now I'll trail my SL down to 1.2405 and keep my TP in the aforementioned support region.

Stocks did sell off into my TP area for my short from 1125-30 today hitting my first 1/2 TP at 1072 on S&P futures. Stocks may find some support and bounce soon, but playing that bounce with a buy I fear could prove problematic. If I try anything new there, I plan to wait and see if a bounce develops, then short into it on Sunday or Monday with a well-placed limit order. There's still definitely potential for prices to slip further as well short term, so I'm keeping 1/2 in short with an open TP for now.

In news Friday:

0830 US GDP Annualized Final Revision (3.0 expected) - This isn't a huge report since it's the final revision, but a decent deviation here should have a palpable effect. Typically it sends the USD/JPY down as well as EUR/USD, so I'm going to look at EUR/JPY on this one.
If it comes out at 3.4% or higher, EUR/JPY should rally 40 - 50 pips.
If it comes out at 2.6% or lower, EUR/JPY should fall 40 -50 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. If you have any questions, you can also email me at

To our success!
Sir Pipsalot


Sir Pips,

Totally agree with the analysis. So for now I'll be a scalping fool, until direction is realized. It has been a rough week for trading, so any traders should not feel bad that there was not as much opportunity to make money as usual.

SP, thank you for your efforts.



That report on the euro is accurate. The week has been bearish and to stablize the weekly trend the eur/usd trend for the day is bearish. I will short at 1.23245 with a t/p at 1.22664/22360.
Trade with caution;)