Profit Mongers @ 12:29 AM, Monday May 24 2010
Hey folks,
Surprisingly, not a thing has changed for my forecasts on the EUR/USD, USD/JPY and stocks since I shifted stances on Friday. With no really significant moves Friday, I'm still looking for the same buy on a further dip on the Euro, and a sell if we pop above 1000 on stocks (the S&P 500). For more detail, please reread Friday's signal:
http://www.forexrazor.com/Analysis/Main/articleType/ArticleView/articleId/118066/Profit-Mongers-Friday-Trading-Signal-05-21-2010.aspx
In news on Friday, we did get Canadian Retail Sales coming in much better than expected, but instead of USD/CAD selling off, we got another textbook example of news price action failure. It looks like we need to add small to medium Canada reports to the list of reports that are going to be more profitable to trade AGAINST during this phase of risk aversion (UK, smaller US reports, Germany). I'm thinking Canada Employment is the only one big enough to count now, so we'll make just as much money going against the surprise on their other reports just as we have the last couple of weeks with UK reports. On Monday:
1000 US Exisiting Home Sales m/m (5.65M expected) - Housing numbers in the US have really faded into the background and have been trading poorly on currencies awhile now, so let's try to cash in on that trend.
--If it comes out 0.10M or more above expectations, look to sell into any 5-20 pip rally on USD/JPY in the first 1-2 minutes looking for 10-20 pips profit.
--If it comes out 0.10M or more below expectations, look to buy into any 5-20 pip dip on USD/JPY in the first 1-2 minutes looking for 10-20 pips profit.
That's all for today's update. If you'd like to learn more about trading or trade along with myself and my collegues, come join us at Profit Mongers. Our subscription is very reasonable at $179 per month, and right now you can sign up for a 2 week trial to get started for only $29. This offer is for new customers only. Feel free to email me with any questions at sirpipsalot@profitmongers.com
To our success!
Sir Pipsalot
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