Forex alert for 12/08/2006
Hi there? folks 
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I hope you are having a great day and I hope you are excited before the huge non-farm payroll report tomorrow
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We were watching quite a few things earlier today.? All interest rate statements came out exactly as expected.? Trichet was hawkish, and it moved EUR/USD about 40 pips.? I personally wasn’t able to take a profit on that, I made three trades on that report, one was a loser, one was a winner, and the last one was pretty much break even.? I think I lost a total of about 16 pips on half a lot on this report, which makes it about 8 pips on 1 lot.? Then I also traded Japanese GDP report, which I didn’t tell you about yesterday, and the Japanese GDP reading was horrible, but the yen only weakened about 12 pips.? I took a loss of 9 pips on that trade on 2 lots, because I was hoping for a much bigger move.? Oh well…it happens sometimes.? The market can be dumb on some economic reports, but it’s always important to remember that no matter how dumb the market is, it’s always right.
You can watch the videos of the Trichet speech and the Japanese report by going to this link:
http://forexdiamonds.com/performance.htm
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Rob Grespi on the other hand had another profitable day today, making +39 pips, which puts his performance to +374 pips so far for the month.? To watch his trading videos, please click here:
http://www.kingforexsignals.com/performance.htm
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Okay that’s all for review, let’s focus on what’s going on tomorrow.
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We have a few reports coming out tonight.? We have the German trade balance, Canadian housing starts, U.S. non-farm payroll, and U.S. consumer sentiment.? I am not going to be watching any of these things, except non-farm payroll.
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1.? Friday, December 7th, 2006 (8:30 am New York Time) USA
We have non-farm payroll coming out.? Expectations are at 100K.? After the ADP Employment that came out at 158K, it seems like most people will be expecting a surprise on the upside rather than downside.? If the NonFarm number comes out at 150K or higher, I may possibly go short on GBP/USD.? If the number comes out at 69K or lower, I may possibly go long on GBP/USD.? WATCH OUT FOR REVISIONS of previous number at 92K.? If the previous revision comes out at 20K difference up or down and it’s conflicting, exit immediately.? Also, keep in mind the unemployment rate, which last month was at 4.4%, and now is expected at 4.5%.? If the unemployment rate conflicts by at least 0.2% against the non-farm payroll, I will take my profits or losses, and exit the position.
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That’s all for tomorrow :)? Let’s hope we can complete this week with humangous profits from this non-farm payroll report.
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(source: www.forexbastards.com)
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