Sir Pipsalot's Tuesday Market Update 06-15-2010

Sir Pipsalot

Former FPA Special Consultant
Hey folks,

EUR/USD has continued to advance, but missed my 1.2155 entry by about 9 pips. It still looks poised to rally towards the 1.2450 area, so a buy on a dip or trading along with momentum still seems ideal. it's taken enough of a break to consider a long from here around 1.2215.

Stocks advanced a bit but pulled back slightly in the end. I still think it best to cut down shorts here and hold for a better short at a higher level in the 1125-1150 range. A buy on a dip here today may also prove opportune.

In news Tuesday, we've got UK CPI to look forward to:

0430 UK CPI y/y headline (3.4% expected) - Lately many UK reports have been consistently failing, and that's sometimes easier to make money on than typical news price action. Look to trade against a 25-30 pip spike by:
If it comes out higher than expected, look to sell GBP/USD 20-30 pips above prerelease looking for 20-40 pips profit.
If it comes out lower than expected, look to buy GBP/USD 20-30 pips below prerelease looking for 20-40 pips profit.

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

To our success!
Sir Pipsalot