BuyForexSignals.com

Hi there

I hope you are having a great day today I am currently stressed and tired after the BOJ interest rate decision, that’s why I am writing late, I just finished trading that. I was watching it for almost 3 hours, waiting for the official announcement. At approximately 10:50 pm New York Time, Fukui, the governor of Bank of Japan (BOJ), has suggested an interest rate hike. I gave a short signal on two units on GBP/JPY at approximately 235.10, and exit at approximately 234.20. Unfortunately Oanda was playing games with everyone, shutting down every 5 minutes and then restarting, because they were afraid that traders will take a trade like that and make money. So some people with Oanda got filled and others didn’t get filled. Most other people that took the trade on other brokers made a bunch of pips, some over 100 pips. I personally had a limit order set at 234.90, but got slipped and got filled at 234.50 or so, I still made well over 20 pips per unit, so 40 total, but it could’ve been more. Then since the yen strengthened so much based on this Fukui statement, I have suggested not to go short if the rate is officially hiked, because it’s already priced in, but wait for a vote, and comments. The vote came out 8-1, which was very bullish for the yen, so I gave a short on one unit at 234.93, with a stop/loss at 235.10. After comments came out of Japan, saying that they will keep the rates “low”, the GBP/JPY started strengthening, because it was bearish for the yen. I just told people to close their short positions, and told them that GBP/JPY will probably strengthen, but personally decided to stay out of that move. Some people took that long and made a bunch of pips, others stayed out with me, and didn’t lose any So that’s the story of the day, it was mostly a very positive overall trade.

We also had Canadian CPI coming out earlier today, but that was a no trade, because it came out exactly as expected. If you want to learn a lot, I suggest going to this link to watch live trading videos:
http://www.forexdiamonds.com/performance.htm

Rob Grespi from kingforexsignals.com took quite a few trades yesterday, with some small losers and some big winners, for a total pip count of +72 pips, which brought his performance up to +979 pips for the month of February so far. I strongly recommend going to this link and watching his live trading videos: http://www.kingforexsignals.com/tradedetails/0207

Let’s now briefly talk about on what’s going on tomorrow, Wednesday.

1. Wednesday, February 21st, 2007 (4:30 am New York Time) UK
We have UK BOE minutes coming out from previous interest rate announcement, where UK government kept rates unchanged. The most important thing in this report will be the vote on the decision. Just to be safe, if you will be trading this report on your own, and the vote is at 6:3 or 5:4, you can possibly go long on GBP/USD, and expect a move of around 30 to 50 pips. That’s the only suggestion I have for this one. You could try to go short on GBP/USD in case the vote is 9:0, but it maybe a slightly riskier trade that may recover back a lot quicker.

2. Wednesday, February 21st, 2007 (8:30 am New York Time) USA
Then we have CPI coming out of the US. I am planning to focus on CPI Ex Food and Energy (MoM), which is expected at around 0.2%. If the number reads at 0.4% or higher, it would signify extremely strong inflation, and you can possibly go short on GBP/USD. If the reading is at 0.0% or lower, it would signify no growth from previous month in inflation, and may possibly be bad for the dollar, so you can possibly go long on GBP/USD. These triggers are relatively safe triggers that may create a move beyond initial spike. If my triggers are hit, I would possibly expect a move of at least 50 to 70 pips or more.

3. Wednesday, February 21st, 2007 (2:00 pm New York Time) USA
Then we have FOMC meeting minutes coming out of the US. This will be a bit too difficult to explain on how to trade on your own, and price action from CPI will play a role also. So unless you know what you are doing, I suggest staying out of the market at this time.

That’s all for tomorrow If you are interested to try to get into kingforexsignals.com at a special scholarship special price, please make sure that you are on the waiting list, which you can join here: http://www.kingforexsignals.com/join+us, and wait for an email tomorrow, Wednesday, at 11:00 pm New York Time sharp.

To Our Success!
-Felix Homogratus

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

This entry was posted on Wednesday, February 21st, 2007 at 7:42 am and is filed under BuyForexSignals. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.