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Sir Pipsalot's Tuesday Market Update 04-06-2010

Discussion in 'Commercial Trade Journals' started by Sir Pipsalot, Apr 6, 2010.

  1. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

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    Hey folks,

    Just a short update tonight... EUR/USD has found fresh weakness on the back of some negatives rumors about Greece, causing a somewhat premature end to the first stage of EUR/USD retracement. I would look to hold off from a buy on a dip until more of a consolidative double bottom in the 1.3250-1.3300 area; however, it's possible we could rally off fibs at 1.3343 or 1.3390.

    Stocks continue what seems to be an ending diagonal upwards. My plan is to wait for downwards turn and confirmation which has not happened yet. I'll let you know when it does.

    In news we just got AU Interest Rates where they hiked as somewhat expected, but still worth a buy according to yesterday's triggers. The AUD/USD did rally about 35 pips initially with another run higher for a 45 pip total rally so far, but the USD seems strong and may limit further upside. There's no real tradable news due out Tuesday, but a few decent items are on the schedule for Wednesday, so definitely look out for tomorrow night's signal.

    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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