Profit Mongers – Wednesday Trading Signal 09-01-2010

Posted on 01. Sep, 2010 by Sir Pipsalot in Forex Signals, How To, Random Noise

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.

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Related posts:

1. Profit Mongers – Wednesday Trading Signal 08-04-2010
2. Profit Mongers – Wednesday Trading Signal 06-30-2010
3. Profit Mongers – Wednesday Trading Signal 07-28-2010
4. Profit Mongers – Wednesday Trading Signal 08-11-2010
5. Profit Mongers – Wednesday Trading Signal 10-06-2010

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