Free Forex Signals for 02/08/2007

Hi there
 
I hope you are having a good day today   My day today could’ve been better…  Let’s review what happened today.
 
There were three reports that we were watching and possibly trading.  According to the signals I sent you yesterday, none of the reports gave a trade.  All of them were no trade situations.  However, since I have the ability to get in before the spikes on news trades with the secret news weapon, I normally use less conservative triggers.  We got a short signal on the industrial production, however conflict in manufacturing production muted the move, so the results varied between +10 pips profit on some platforms to -10 pips loss on others.  But basically because of the muted move, whoever had to pay widened spreads lost pips, and whoever had more reasonable spreads made pips.  Then we had New Zealand unemployment report, which didn’t hit any of the triggers.  Then we had Australian Employment change coming out.  That didn’t hit any of the triggers either, so it was a no trade, however one of the news services that contributes to secret news weapon released the number at -3600, instead of -3.6K, so the weapon gave a false short signal.  The price did spike down in the direction of the signal, but then quickly retraced, partially because of conflict in unemployment figure, and the number not being too far away from consensus.  Rob Allen and I implemented a safety guard in the weapon against such occurences in the future, so it won’t happen again.   To watch videos of this messy day, please go to this link: http://forexdiamonds.com/performance.htm
 
Rob Grespi from kingforexsignals.com also took a beating today.  He lost -50 pips, which brought his performance for February from +298 to +248 pips total.  He was doing well, until he took a big loss of -40 pips on one of his swing trades.  Oh well…that’s the nature of forex, sometimes there are winning days, and other times there are losing days.  It’s absolutely inevitable, unless of course you are a broker   To see videos of Rob’s live trades, please go to this link:
http://www.kingforexsignals.com/robtrades0207.htm
 
Okay, let’s now talk about what’s going on tomorrow.
 
1.  Thursday, February 8th, 2007 (7:00 am New York Time) UK
We have UK interest rate statement coming out.  The expectations is that the UK government will keep the rate unchanged at 5.25%.  However, after a surprise rate hike last month, about 15% of the economists are expecting another surprise rate hike this month.  I personally don’t think that there is going to be a rate hike…simply because the previous rate hike was too close on the votes.  But I hope I am wrong   Basically if there is a rate hike to 5.50%, I may possibly go long on GBP/USD.  Expect about 100 to 120 pips move, then we should probably see about 40 to 50 pips retracement, which will be caused by people taking their profits, and then we’ll probably see another 100 pips move or so.  If there is a rate hike, and you can’t get in on the initial spike, just wait for the retracement, and once you start seeing consolidation period after retracement, you can possibly go long.  If there is no rate hike, most likely we’ll see a temporary weakening in the pound, however shorting on no rate hike would be too risky in my opinion. 
 
2.  Thursday, February 8th, 2007 (7:45 am New York Time) E-12
Then we have interest rate statement out of E-12.  It’s expected unanimously that the rate will be kept unchanged at 3.50%.  If for some reason there is a rate hike by 0.25% or more, I may possibly go long on EUR/USD.  If there is no rate hike, I wouldn’t trade.  If there is a surprise rate hike, expect similar price action as I’ve explained on the pound above.  Just EUR/USD will probably have smaller range…initial move may only be 80 pips or so.
 
3.  Thursday, February 8th, 2007 (8:30 am New York Time) E-12
Then we have Trichet speaking.  Generally his speeches are very mixed and very dangerous…they tend to create whipsaw moves in EUR/USD, so I am not planning to trade this speech.  However, you should definitely be aware of this speech, so that you don’t have a surprise stop/loss triggered if you are leaving your trades on.
 
That’s all for tomorrow.  Tomorrow, I will be taking few more people to my forexdiamonds.com room at the discounted scholarship special.  If you wanted to get the invitiation, please make sure you are on the waiting list, which can be joined on this link: http://forexdiamonds.com/join.htm  The sign up link will come out tomorrow, Thursday, at 11:00 pm New York Time, sharp. 
 
To Our Success!
-Felix Homogratus

1617 Broadway St., Suite 1001
New York, NY 10002
USA