Profit Mongers – Wednesday Trading Signal 3-31-2010
Posted on 31. Mar, 2010 by Sir Pipsalot in Forex Signals, How To, Random Noise
Hey folks,
The EUR/USD did manage to hold up for another good momentum buy yesterday before finally topping out around 1.3540 (around where I thought it might on Sunday night’s signal). Anyhow, it looks like medium term we may be in for a 1-2-3 type retracement pattern, which means the reversal lower could stop and head higher anywhere from here (near 1.3400), or as low as the mid 1.3200′s… so buying a dip seems a bit problematic from a SL perspective. Also, the long term trend is clearly down, so there’s always the risk that the trend resumes sooner or harder than you expect. So my advice is to continue to play off of the 1hr and 15m chart momentum by selling around the 10 EMA when we’re trending down (like now) and buying around the 10 EMA if we clearly reverse higher later today. Price seems to be zooming up, then zooming down, sometimes holding trends for several sessions at a time.
Once we get to a more lucrative spot or setup for a long term trade, I’ll let you know what I see. Suffice to say that EUR/USD is pretty doomed long term (maybe 1.0000 is possible in the next year), but we’re a bit oversold right now and due for retracement, so it’s not the best time to jump in on that.
In stocks we had another lackluster sideways day without any downside momentum, so I’m going to close my shorts for a small 6 point loss here at 1168 and wait for a decent break below 1159 before reentering. This is in accordance with my recommendations yesterday to bail if we failed to mount a selloff today.
In news today, UK GDP and US Consumer Confidence both came out close to expectations, so there were no trades on either. But AU Retail Sales came out VERY low and forced the AUD/USD down over 60 pips (it’s still down almost an hour later as I type). In news Wednesday:
0815 US ADP Employment Change (40K expected) – We have not seen a surprise on this indicator for quite some time, so it’s hard to say for sure whether it will be a blockbuster or a dud if it comes out way off again. I tend to think it will perform decently and even give a bit of extra time to get in early at a good price, so I’d watch this one just in case.
If it comes out at 90K or higher, USD/JPY should rally 30 pips.
If it comes out at -10K or lower, USD/JPY should fall 30 pips.
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3 Responses to “Profit Mongers – Wednesday Trading Signal 3-31-2010”
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yurps: jason fielder at it again...another system...each ...
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sree: www.forexpeacearmy.com website is scam site, no he...
This is my 1st visit to your site, but how can you recommend products and advertise a complete waste of money.
Strignano’s site is dead (Or should I say Tom Aligno’s site). Either way be prepared for a new lauch of the same crap.
Yes I do. I have tried his signal service and from what I know, the service is still running? I agree with you that Strignano is doing a lot of “launches” and $500 for his Head Fake System (which is basically a candlestick chart pattern) is crazy. His signal service is expensive too, but he calls some good trades, if you follow his (and Carlos) advices. Did you try his signal service and what exactly didn’t you like?
Scott,
No problem :)