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Profit Mongers – Monday Trading Signal 04-26-2010

Posted on 26. Apr, 2010 by in Forex Signals, How To, Random Noise

Hey folks,

I’m pretty much in the same camp I was at the end of last week. The EUR/USD really could be going either way medium term… so I’m waiting for a steeper retracement rally to give us a good spot to sell, or I’m looking for enough downside confirmation to push me into a momentum sell. Chances are at some point before the end of week we’ll get one or the other. In the shorter term, I think a rally above 1.3425 tilts the odds enough towards a bigger retracement that some longs for 100-400 pips profit should be considered, while downside breaks at the moment aren’t enough to get me to chase this thing south shorter term.

Stocks pushed higher as I mentioned they should in Friday’s signal. My long around 1200 is 14 points up and I plan to TP just a bit ahead of 1220. The 1220-1230 range could very likely put in a solid top lasting awhile, so I’d prefer to get out of my long ahead of it.

In news Friday, UK GDP came in low prompting a 40-50 point downmove, while CAD CPI and Retail Sales both came in week offering up 40 pips higher and 20-30 pips higher respectively on the USD/CAD pair. There’s no tradable news coming out on Monday though.

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