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Sir Pipsalot's Monday Market Update 2-22-2010

Discussion in 'Commercial Trade Journals' started by Sir Pipsalot, Feb 22, 2010.

  1. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

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    Hey folks,

    The bounce from Thursday extended into Friday and Sunday and may be running into some resistance here as I speak. On the EUR/USD we're running into a potential double top here on around 1.3650 near a key fib extention off the daily chart. I think a short right now around 1.3637 with a 20 pip SL could hit some decent profit even if it's only a dip before another rally. For today I'm biased neutral to bearish on EUR/USD.

    Stocks did not top out quite as I thought they would, and instead they rallied 1-2 points through my 1109 SL. I see dueling potentials for a turnaround south soon, or an intermediate rally up to 1124 first, so I plan to stay a bit more neutral in the short term until the near term direction seems more clear. Long term, I'm still definitely biased short.

    In news Friday, on UK retail sales we saw a fast 45 pips down, but it turned into a sharp whipsaw back up as there was a conflict between the m/m and the y/y numbers due to some strong revisions. US Core CPI came in low which I thought would induce a 40-50 pip EUR/USD rally, but the effect was weaker than I expected and it only rallied 20 pips. There are no economic releases scheduled for Monday.

    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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