Sir Pipsalot
Former FPA Special Consultant
- Messages
- 511
Hey folks,
Going to keep it short and sweet tonight given the lenthy signal from last night.
I think USD/JPY is a good long here in the 84.00's (now 84.61). It bounced near 84.40 support and may manage a rally today. I'd use an SL a bit below 84.00.
EUR/GBP rally has continued with a lot of strength, but it's likely to taper off soon. EUR relative strength should turn to relative weakness at some point in the next week or so, but I can't say for sure when just yet.
EUR/USD has broken out high and as I said yesterday, may rally as high as 1.3800 before topping out; however, momentum short term looks a bit spent. I'd try a buy on a dip around 1.3335 (61.8% retrace of Wed's range) with around a 40 pip SL.
In news Wednesday, we saw no surprises from the BoE Minutes, but some bleak outlook on the economy led to a temporary selloff. CAD Retail Sales came out very low and reacted with a 50 pip spike, a full retracement an hour or so later, and a subsequent 120 pip rally off prenews lows. NZ GDP also came out quite low which led to a scenario #1 where almost all the price action came right away with a 50 pip spike down. In new Thursday:
1000 Exisiting Home Sales (4.10M expected) - This report is usually only good for 20-30 pips on the USD/JPY, but it makes a nice impact on US Equities enough to move the S&P 500 about 5 points quickly, and 10 points over 10-15 minutes.
If it comes out at 4.60M or higher, USD/JPY should rally 20-30 pips and ESZ0 should rally 10 points
If it comes out at 3.60M or lower, USD/JPY should drop 20-30 pips and ESZ0 should drop 10 points
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
Going to keep it short and sweet tonight given the lenthy signal from last night.
I think USD/JPY is a good long here in the 84.00's (now 84.61). It bounced near 84.40 support and may manage a rally today. I'd use an SL a bit below 84.00.
EUR/GBP rally has continued with a lot of strength, but it's likely to taper off soon. EUR relative strength should turn to relative weakness at some point in the next week or so, but I can't say for sure when just yet.
EUR/USD has broken out high and as I said yesterday, may rally as high as 1.3800 before topping out; however, momentum short term looks a bit spent. I'd try a buy on a dip around 1.3335 (61.8% retrace of Wed's range) with around a 40 pip SL.
In news Wednesday, we saw no surprises from the BoE Minutes, but some bleak outlook on the economy led to a temporary selloff. CAD Retail Sales came out very low and reacted with a 50 pip spike, a full retracement an hour or so later, and a subsequent 120 pip rally off prenews lows. NZ GDP also came out quite low which led to a scenario #1 where almost all the price action came right away with a 50 pip spike down. In new Thursday:
1000 Exisiting Home Sales (4.10M expected) - This report is usually only good for 20-30 pips on the USD/JPY, but it makes a nice impact on US Equities enough to move the S&P 500 about 5 points quickly, and 10 points over 10-15 minutes.
If it comes out at 4.60M or higher, USD/JPY should rally 20-30 pips and ESZ0 should rally 10 points
If it comes out at 3.60M or lower, USD/JPY should drop 20-30 pips and ESZ0 should drop 10 points
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
