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Sir Pipsalot's Monday Market Update 06-28-2010

Discussion in 'Commercial Trade Journals' started by Sir Pipsalot, Jun 28, 2010.

  1. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

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    Hey folks,

    EUR/USD is a bit on the edge here at 1.2400 resistance (now 1.2380). My SL for the last half of my short from 1.2450 is at 1.2405 and has survived so far, but the Euro is facing a bit of a line in the sand. Risk reward still favors the short on most timeframes as long as the 1.2400 area is holding. If 1.2400 is broken to the upside convincingly, I'd play EUR/USD a bit more neutrally and wait for a better setup.

    Stocks are possibly forming a short term bottom for another medium term push higher, within the context of a long term downtrend. So the opportunity here depends on your timeframe. Short to medium term, it looks most likely setting up for a 50-70 point bounce here, but as with most wave B's, there's always a chance we'll push lower before the bounce takes hold.

    In news Friday, we saw US GDP come in a bit too close to expectations for a reliable trade. In news Monday:

    0830 Various Small US Reports - This monthly cluster of US data rarely has pushed the markets much, but every now and then it comes out of nowhere with a pretty solid move. Nothing reliable to predict here, but just keep your eyes open if there's a big surprise and look to play off of support and resistance.

    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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