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Sir Pipsalot's Monday Market Update 10-11-2010

Discussion in 'Commercial Trade Journals' started by Sir Pipsalot, Oct 10, 2010.

  1. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

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    Hey folks,

    In news Friday, CAD employment came out barely hitting our buy USD/CAD triggers, and while we did rally 40 pip initially, the move had trouble sustaining because of a slight conflict with their Unemployment Rate (came out a bit better than expected versus a worse employment figure). Also, the strong anticipation of US NFP also hindered the pair in making a larger move.

    US NFP certainly gave us some fruitful price action Friday. USD/JPY sold off into key 82.00 support and had initial trouble continuing as I had warned in Friday's signal if we got a USD/JPY sell signal near 82.00. Anyhow, we managed to go both long and short at different times on the USD/JPY after NFP for some decent trades. EUR/USD was also a rockstar, but faded out after 10-15 minutes went by, and while that pullback was occuring, an EU member put out some verbal intervention on the EUR/USD which caused it to push down hard and dip all the way back down slightly past session lows before recovering. This made GBP/USD the much safer choice for a retracement buy and hold trade, which also worked out quite nicely for us in the Profit Mongers room.

    There's no news due out Monday, and it is also a US Market holiday, so it may be a bad day for trading technically or using strategies that work best when the market has decent volume. I plan on taking the day off trading and returning for a fresh look on Monday night / Tuesday morning. See you then.

    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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