Profit Mongers – Wednesday Trading Signal 06-10-2010

Posted on 16. Jun, 2010 by Sir Pipsalot in Forex Signals, How To, Random Noise

Hey folks,

EUR/USD did manage a dip and a subsequent rally to new highs, so there was good opportunity to get long last night and see quite a bit of profit so far. I’ve you’re long EUR/USD from any point this week based on my views, you should probably take some profits here in the 1.2300′s and look to take final profits around or just ahead of the 1.2450 area.

Stocks also have managed to continue their rally now setting fresh multiweek highs closing at their highs at 1115. If you took the risky short term long, you should be pretty much out with profit already. We need to see at least another 1% rally before considering a new medium term short trade. My sell region is 1125-1150 but that’s a bit wide and general, so I’m waiting to see a bit more of this rally before putting a limit order entry in. I’ll let you guys know when I do.

In news Tuesday, we saw UK CPI actually create an unexpectedly strong move on a very small deviation that made trading against the move a lot more difficult than usual. Personally, I exited with a loss on that one… it happens. In news Wednesday:

0430 UK Claimant Count Change (-23K expected) – With a renewed market focus on UK economic conditions readily apparent, a good deviation here will likely create a move that should hold up for 30-40 minutes similar to the CPI Tuesday:
If it comes out at -40K or lower, GBP/USD should rally 30-45 pips.
If it comes out at -5K or higher, GBP/USD should fall 30-45 pips.

0830-0915 Various Minor US economic reports – Look for the general tone of these releases and the spin provided by various news article headlines & soundbytes afterwards to help bias the tone for 3 hours or so following those reports.

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

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Profit Mongers – Wednesday Trading Signal 06-10-2010

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