Profit Mongers – Friday Trading Signal 08-06-2010

Posted on 06. Aug, 2010 by Sir Pipsalot in Forex Signals, How To, Random Noise

Hey folks,

Nothing new to add on the trend front on stocks or EUR/USD. Right now we’re just waiting for these consolidation ranges to break to either confirm or refute the downwards biases. Please see recent signals for information on the my downwards bias on both.

In news Thursday, we had little tradable data with both interest rate statements pretty much as expected. In news Friday:

0700 CAD Employment (12.5K expected) – CAD Employment can often hit very large deviations and create very strong moves. Just cross your fingers and hope for another big deviation like last month. Even a moderate 20-30K deviations should be good for 40-50 pips though.
If it comes out at 35K or higher, USD/CAD should fall 40+ pips.
If it comes out at -10K or lower, USD/CAD should rally 40+ pips.

0830 US NonFarm Payrolls and Unemployment Rate (-65K and 9.6% expected) – Be very careful to look out for conflicts between these two numbers or with revisions. Last month when NFP came out 50K worse, but Unemployment Rate came in 0.2% better, there was quite a whipsaw and little ultimate move. That being said, if they agree the move could be quite large. I think USD/JPY is the way to go on this one.
–If NFP comes out at 125K or higher and Unemployment Rate comes in as expected or low, USD/JPY should rally 50+ pips.
–If NFP comes out at 0K or lower, and Unemployment Rate comes in as expected or high, USD/JPY should sell off 50+ pips.
–If NFP comes out pretty close to expectations, but Unemployment Rate is off by 0.2% or more, Unemployment Rate should take over the move and force USD/JPY up if it comes in low, and down if it comes in high.

Try ProfitMongers Trading Room – Get a Two week trial for $29.95

Tags: Daily forex outlook, forex signal, forex trading, Profit Mongers, ProfitMongers, Sir Pipsalot, Trading Forex

Are you ready to become a profitable Forex Trader? First of all, you need to be certain Key Elements to be in place, such as your Psychological Mindset, a good Broker and Trading Platform, Capital, etc.

Here you can read more about how to get started in Forex Trading.

Once you have gone through the Essential Elements, it's time to spice up your trading. You can read my reviews about other services and obviously don't forget to sign up for my Free Signals.

Also, don't forget to read about these cool tools which can take your trading to the next level... More Tools and Resources

No comments.

Profit Mongers – Friday Trading Signal 08-06-2010

Leave a Reply Cancel reply

Blogroll