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Sir Pipsalot's Monday Market Update 04-26-2010

Discussion in 'Commercial Trade Journals' started by Sir Pipsalot, Apr 26, 2010.

  1. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

    Dec 11, 2007
    Likes Received:
    Hey folks,

    I'm pretty much in the same camp I was at the end of last week. The EUR/USD really could be going either way medium term... so I'm waiting for a steeper retracement rally to give us a good spot to sell, or I'm looking for enough downside confirmation to push me into a momentum sell. Chances are at some point before the end of week we'll get one or the other. In the shorter term, I think a rally above 1.3425 tilts the odds enough towards a bigger retracement that some longs for 100-400 pips profit should be considered, while downside breaks at the moment aren't enough to get me to chase this thing south shorter term.

    Stocks pushed higher as I mentioned they should in Friday's signal. My long around 1200 is 14 points up and I plan to TP just a bit ahead of 1220. The 1220-1230 range could very likely put in a solid top lasting awhile, so I'd prefer to get out of my long ahead of it.

    In news Friday, UK GDP came in low prompting a 40-50 point downmove, while CAD CPI and Retail Sales both came in week offering up 40 pips higher and 20-30 pips higher respectively on the USD/CAD pair. There's no tradable news coming out on Monday though.

    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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