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Sir Pipsalot's Monday Market Update 09-27-2010

Discussion in 'Commercial Trade Journals' started by Sir Pipsalot, Sep 27, 2010.

  1. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

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    Hey folks,

    EUR/USD may be setting up a top here around 1.3500 and set up for at least a retracement of the rally since 1.3286, and possibly the rally from 1.2600. I'm not putting a large trade on, but I am getting short now on the Sunday bounce at 1.3470 with a 70 pip SL and 80 pip initial TP, looking for 300-320 pips on the final portion.

    The EUR/GBP rally seems to be running out of steam, but there's a decent chance we'll have one final push higher to 0.8600 or a bit past. I just missed my 340 pip TP on my EG long by a few pips, and I'm still holding out for it, but I'll let you guys know if I end up closing early.

    In news Friday, my educated guess on German IFO coming in low was wrong and it came in slightly high, but enough to stop out my prenews trade for a 30 pip loss. I tend to have bad luck on prenews calls, heh. Durable Goods seemed to have an effect on stocks, but nothing worthwhile on currencies. There's no tradable news due out Monday, and in fact, it's a very light week altogether since both GDP figures (US and UK) are only final revisions. I'll do my best to try and find some opportunities this week, but it will likely have to come more from the trends and technicals than the news.

    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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