Hi there
I hope you are having a great day, and getting ready to take some rest this weekend
Let’s first review what happened earlier today, and then talk about what’s going on tomorrow.
As you know, we had a lot of reports that we were watching today. We had the UK manufacturing PMI, we had the US PCE Core, we had the ISM Manufacturing, we had the Japanese CPI, and then we had Australian Retail Sales.
UK Manufacturing PMI came out, and hit my trigger, it was a very nice trade. Myself and the traders in forexdiamonds room got in long on GBP/JPY with 2 units. Closed half unit at +19 pips profit, closed another half at +26 pips profit, closed third half at +40 pips profit, and closed the final half at around +33 pips profit. Obviously the people that decided to trade other pair, or did their own exits got different results, but that’s what everyone should’ve gotten who followed the room program. There was plenty of time to enter, the price hesitated for about 30 seconds or longer, so whoever didn’t enter before the spike, had lots of opportunities to enter at the price they wanted. I honestly expected a bigger move than this, but I was generally satisfied with this trade, we squeezed out as much as we could out of this trade, and closed our final two halves pretty much at the very top.
Then we had US Core PCE coming out, which didn’t hit our trigger, but I still gave an after spike trade, which pretty much caused a small profit of only around +5 pips or so.
After Core PCE, we had ISM Manufacturing coming out, extremely high. It hit the trigger to go short on GBP/USD, but the move was minimal. Usually on such deviation, I would expect a move of around 70 pips, but not today…we barely got a move of around 20 pips. The move took a while to manifest, so whoever couldn’t enter on the spike, I gave them an entry at 1.9594. The price went down to around 1.9580, so were in some profit, but decided to hold on, because of bigger expectations, the price retraced, and we exited at break even.
Then we had Japan CPI coming out, that didn’t hit our trigger, and was a no trade, so not much to talk about there.
After that we had Australian retail sales. I gave you a trigger yesterday at 1.0%. It came out at 0.9%, so it didn’t hit the conservative trigger that I gave you. I still gave two entries on this trade. One for AUD/USD after spike, and one for EUR/AUD. AUD/USD made a profit of around +10 pips. EUR/AUD, some people with normal spreads made a profit, but I personally lost -10 pips on one unit and -9 pips on 2nd unit, because I had to pay very high spread. I expected a much bigger move on EUR/AUD on this, close to 70 pips, but we only saw a small move of only 20 pips. The last couple of days have been horrible for news. The market just doesn’t seem to care that much. I am not sure what that is, I think it’s just one of those times, where everybody is scared because of what’s happening with the US economy, and what’s happening with the Japanese yen. But I am sure this will soon pass. Even with such almost non-existent moves, we still end up breaking even, taking small profits, or small losses. So it’s no big deal. Not like we are losing a lot.
I suggest you watch live trading videos of these trades by going to this link:
http://www.forexdiamonds.com/performance.htmLet’s now talk about Rob Grespi from kingforexsignals.com He took a bunch of trades today, making a total of +308 pips total. Yes…in one day. Probably hard to believe, but absolutely true
http://www.kingforexsignals.com/tradedetails/0307Okay, let’s now talk about tomorrow. We only have one opportunity tomorrow, but it could be a good down.
1. Friday, March 2nd, 2007 (8:30 am New York Time) CANADA
We have Canadian GDP coming out for the month of December…I know very lagging. It’s expected to come out at 0.5%. If the number comes out at 0.9% or higher, it would be the highest increase since March of 2004, and I strongly believe that it would be good for the Canadian dollar, and USD/CAD may decrease by 50 to 70 pips or more within less than half an hour. If the number comes out at 0.1% or lower, it would be bad for the Canadian dollar, and USD/CAD may strengthen by 50 to 70 pips within 30 minutes or less. If you can’t catch the initial spike, and you can still enter within 20 pips, I would think that it would still be a good trade, but it’s up to you what you want to do. I may personally trade on less conservative triggers, but as you’ve seen before, sometimes I get punished by using less conservative triggers, so I don’t want to give those triggers in this email, since I want you to be on a safer side.That’s all
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-Felix Homogratus1617 Broadway St., Suite 1001
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USA