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Sir Pipsalot's Friday Market Update 09-24-2010

Discussion in 'Commercial Trade Journals' started by Sir Pipsalot, Sep 24, 2010.

  1. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

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    Hey folks,

    Well, it looks like as I type Japan may be intervening again as I just saw about a 70 pip 1 minute rally randomly on USD/JPY. Those who bought the dip as I mentioned the last few days on USD/JPY should be doing well. Again, I'm targetting a break higher near 87.00 or a bit above for my final TP, while taking some profits along the way of course.

    EUR/USD and GBP/USD may have another rally in them to new hourly chart highs Friday, or maybe as late as Monday. I'd look to buy both on dips.

    In news Thursday, we saw Exisiting Home Sales come out too close to expectations for a trade. In news Friday:

    0400 German IFO Business Climate (106.4 expected) - Honestly guys, I've got some gut feeling and decent research pointing me in the direction that this one is going to come out low. If you can afford to risk 30 pips on it, feel free to short it right before the news, or even ahead of the news (sometimes rumors of a bad number cause weakness beforehand). Typically, on a moderate trigger (+/- 1.0) you'll see a 25-35 pip move, while a larger trigger of 3-5 or more should create the same 25-35 pip initial move, followed by a continuation good for 50-70 pips.

    --Plan is a prenews short, entry time up to you.
    --If the number comes out high, close it for a loss within the first minute afterwards (no real need for SL unless you think it will save you pips). It should cost you 15-40 pips.
    --If it comes out close to expectations, close it within the first few minutes at market on a swing in your favor, and use a 30 pip SL (once your spreads calm down).
    --If it comes out moderately low (104 to 105.4), TP around 30 pips from prerelease.
    --If it comes out very low (103.9 or lower), TP 1/2 at 30 pips and you can set something more ambitous up for the final 1/2 (70 pip TP, 100 pip TP, 20-30 pip Trailing stop, etc.)

    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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