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Sir Pipsalot's Wednesday Market Update 09-01-2010

Discussion in 'Commercial Trade Journals' started by Sir Pipsalot, Aug 31, 2010.

  1. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

    Dec 11, 2007
    Likes Received:
    Hey folks,

    Just a short update today as I have had a long night and need some rest.

    EUR/USD and USD/JPY are somewhat inderminate as 2-way pressures exist at the moment.

    EUR/GBP long hit my first target of 0.8280 today and may cool off a bit before a final run to or near my final 0.8600 TP.

    In news Tuesday, most news came out expected except AUD GDP which came out higher by 0.3% and led to a rally exactly as I described with 30 pips of upside initially and 54 pips eventually over 90 minutes. Read yesterday's signal for more verification there. In news Wednesday:

    0815 US ADP Employment Change (15K expected) - ADP typically responds well to a 50K+ deviation, but poorly to a smaller deviation. Estimates are also tilted towards the downside so I'm widening my downside trigger.
    If it comes out at +65K or higher, USD/JPY should rally 40 pips or more.
    If it comes out at -50K or lower, USD/JPY should fall 40 pips or more.

    1000 US ISM Manufacturing (52.7 expected) - This report has performed poorly on USD/JPY, but with a 2.0+ deviation should perform well on US equities good for a 5-10 point move on the ES contract over 30 minutes.

    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
  2. eric10

    eric10 Private

    Feb 10, 2009
    Likes Received:
    helo sir pips i short the s&p at 1074 as you said where ihave to put the sl for long term and for medium term:)

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