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Sir Pipsalot's Monday Market Update 10-25-2010

Discussion in 'Commercial Trade Journals' started by Sir Pipsalot, Oct 25, 2010.

  1. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

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    Hey guys,

    I got really busy at the end of last week taking care of stuff with family, and working on some exciting new trading projects with some collegues of mine, so I ended up missing publishing a few signals. I should have some exciting things coming out of all of my behind the scene work though, so I'm hoping to have some cool related stuff to announce over the next week or two.

    As far as the markets are concerned right now, it looks like we're gearing up for another thrust towards USD weakness sending the EUR/USD probably to new highs above 1.4150 somewhat early this week. Look to momentum following systems and strategies once a session establishes momentum, especially to the upside this week, but be wary of holding or entering during session rollovers around 2-3am, 7-8am, and 11am-12pm as these time periods are prime time for reversals to start.

    For news Monday, we have only 1 item of interest:

    1000 US Exisiting Home Sales m/m (4.30M expected) - This news has worked quite well on US Equity futures (S&P 500 contract is ESZ0), but not super great on currencies. Oftentimes a good surprise can still only manage 20 pips on USD/JPY and similar but weirder action on EUR/USD.

    --If it comes out at 4.80M or higher, ESZ0 should rally about 5 points right away, and 8-10 points over 10-15 minutes. USD/JPY should rally about 20 pips but could muster more.

    --If it comes out at 3.80M or lower, ESZ0 should fall about 5 points right away, and 8-10 points over 10-15 minutes. USD/JPY should fall about 20 pips, but could muster more downside.

    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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