Sir Pipsalot
Former FPA Special Consultant
- Messages
- 511
Hey folks,
EUR/USD has floated up into a decent area to sell into (now 1.2290), so I'm in short now with a SL around 1.2360. I'm not positive whether we'll top out here, or manage another thrust higher before topping, so it may take 2 trades to pull off the swing trade short. Again, I'm targetting the 1.1810-1.1995 area with my final TP, but looking to take appropriate partial profits ahead of time.
Stocks managed that bounce I was looking for and have continued positive momentum after the close as well. Chances are that follow-through Thursday and/or Friday should carry stocks up to our 1110-1120 sell region. SL is up to you and how much you want to hold out for on the trade. You could go as tight as 20-30 points and take quicker profits, or you could trade lower volume with a 50-70 point SL and look for a bigger move, or some combination of the two. Remember, if we break 1035, that will have very long-lasting bearish implications, so a short from here could end up going much further than a typical trade given the right circumstances.
In news Thursday, UK Services PMI already came out, and it was too close to expectations for a trade. In later news:
0815-0830 US ADP Employment Change and US Initial Jobless Claims (70K and 455K expected respectively) - Optimism over the upcoming US jobs data is supposedly fueling the stock rally right now, so there will likely be more attention than usual on this pre-NFP data this week. I would look for a big deviation on either of these to create a 35-50 pip+ move on USD/JPY that may still give you a chance to get in during the first minute... one of those moves that takes 3-10 minutes to flesh out.
--If ADP comes out at 120K or higher, USD/JPY should rally 35-50 pips
--If ADP comes out at 20K or lower, USD/JPY should fall 35-50 pips
--If IJC comes out at 435K or lower, USD/JPY should rally 30-40 pips
--If IJC comes out at 475K or higher, USD/JPY should fall 30-40 pips
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
EUR/USD has floated up into a decent area to sell into (now 1.2290), so I'm in short now with a SL around 1.2360. I'm not positive whether we'll top out here, or manage another thrust higher before topping, so it may take 2 trades to pull off the swing trade short. Again, I'm targetting the 1.1810-1.1995 area with my final TP, but looking to take appropriate partial profits ahead of time.
Stocks managed that bounce I was looking for and have continued positive momentum after the close as well. Chances are that follow-through Thursday and/or Friday should carry stocks up to our 1110-1120 sell region. SL is up to you and how much you want to hold out for on the trade. You could go as tight as 20-30 points and take quicker profits, or you could trade lower volume with a 50-70 point SL and look for a bigger move, or some combination of the two. Remember, if we break 1035, that will have very long-lasting bearish implications, so a short from here could end up going much further than a typical trade given the right circumstances.
In news Thursday, UK Services PMI already came out, and it was too close to expectations for a trade. In later news:
0815-0830 US ADP Employment Change and US Initial Jobless Claims (70K and 455K expected respectively) - Optimism over the upcoming US jobs data is supposedly fueling the stock rally right now, so there will likely be more attention than usual on this pre-NFP data this week. I would look for a big deviation on either of these to create a 35-50 pip+ move on USD/JPY that may still give you a chance to get in during the first minute... one of those moves that takes 3-10 minutes to flesh out.
--If ADP comes out at 120K or higher, USD/JPY should rally 35-50 pips
--If ADP comes out at 20K or lower, USD/JPY should fall 35-50 pips
--If IJC comes out at 435K or lower, USD/JPY should rally 30-40 pips
--If IJC comes out at 475K or higher, USD/JPY should fall 30-40 pips
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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