Sir Pipsalot
Former FPA Special Consultant
- Messages
- 511
Hey folks,
Well, we're about in the same position we were yesterday on the EUR/USD. Short term odds look a bit more bullish as we churn in this wide support region. Please check yesterday's signal for more detailed insight on the Euro as little has changed:
https://www.forexpeacearmy.com/fore...lots-wenesday-market-update-04-28-2010-a.html
One interesting new development though, is that GBP/USD is starting to look technically more bearish than EUR/USD, so we may be gearing up for a big comeback retracement rally on the EUR/GBP. I believe a decent break of the nearby 8720 area should see further strength up to 8810 and possibly 8860-75.
Also, the NZD/USD buy in anticipation of rumor-based strength worked out quite well exceeding the 0.7196 TP I mentioned well before the news came out.
Stocks are managing to float back up, but I'm not sure yet what form they'll take, so I'm looking for good risk/reward opportunities. I think an ESM0 (S&P 500 futures) short at 1194.75 with a 10-11 point SL, 14-15 point initial TP, and 90-100 point final TP makes some sense, but it's only got 50-60% odds of working out, so don't bet the farm on it.
In news today, the FOMC Interest Rate statement came out with a reiterated statement of keeping "rates exceptionally low rates for an extended period" when the market was expecting them to firm up from that stance. This weakened the USD and led to a pretty decent 60 pip EUR/USD rally that we got in on pretty easily in the Profit Mongers room. In fact, we're holding a portion of the trade with a break even stop in case the EUR/USD busts higher for another 50 pips further. The RBNZ didn't quite come out hawkish enough to satisfy the rumors of a big hawkish shift, so profit taking drove the NZD/USD lower. If you got in long at some point ahead of time as I recommended yesterday, there were plenty of good opportunities to close with ample profit.
There's no key tradable news out Thursday... The last good news trade of the week will be US GDP on Friday.
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
Well, we're about in the same position we were yesterday on the EUR/USD. Short term odds look a bit more bullish as we churn in this wide support region. Please check yesterday's signal for more detailed insight on the Euro as little has changed:
https://www.forexpeacearmy.com/fore...lots-wenesday-market-update-04-28-2010-a.html
One interesting new development though, is that GBP/USD is starting to look technically more bearish than EUR/USD, so we may be gearing up for a big comeback retracement rally on the EUR/GBP. I believe a decent break of the nearby 8720 area should see further strength up to 8810 and possibly 8860-75.
Also, the NZD/USD buy in anticipation of rumor-based strength worked out quite well exceeding the 0.7196 TP I mentioned well before the news came out.
Stocks are managing to float back up, but I'm not sure yet what form they'll take, so I'm looking for good risk/reward opportunities. I think an ESM0 (S&P 500 futures) short at 1194.75 with a 10-11 point SL, 14-15 point initial TP, and 90-100 point final TP makes some sense, but it's only got 50-60% odds of working out, so don't bet the farm on it.
In news today, the FOMC Interest Rate statement came out with a reiterated statement of keeping "rates exceptionally low rates for an extended period" when the market was expecting them to firm up from that stance. This weakened the USD and led to a pretty decent 60 pip EUR/USD rally that we got in on pretty easily in the Profit Mongers room. In fact, we're holding a portion of the trade with a break even stop in case the EUR/USD busts higher for another 50 pips further. The RBNZ didn't quite come out hawkish enough to satisfy the rumors of a big hawkish shift, so profit taking drove the NZD/USD lower. If you got in long at some point ahead of time as I recommended yesterday, there were plenty of good opportunities to close with ample profit.
There's no key tradable news out Thursday... The last good news trade of the week will be US GDP on Friday.
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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