Profit Mongers Friday Trading Signal 06-18-2010

Hey folks,

EUR/USD managed to hold on despite looking a bit iffy yesterday and worked to new highs now up over 1.2400.  With the rally maturing, I'd consider a short around 1.2450 that will be a solid short term trade, but could work on longer timeframes depending on the setup.  Friday could be setting up to be a retracement high day on both EUR/USD and Stocks.

The stock rally seems to be maturing, but a final thrust up is still quite likely.  I'd short S&P futures between 1125-1135 with a 25-50 point SL.  Hopefully we'll see enough of a rally Friday to fill limit orders there and set up for a potential selloff next week.

In news Thursday, we saw UK Retail Sales come out only a bit higher than expected, but the exaggerated market focus on UK news lately kept the GBP/USD in rally mode for most of the session thereafter.  Back and forth rumors and counter-rumors about Spain and Portugal has provided EUR/USD with enough focused price action to keep the rally going.  US CPI came out as expected.  Unfortunately, there's no key news scheduled for Friday, so we'll have to focus a bit more on positioning for the coming retracement high here on several pairs and markets and see if that outlook pans out into next week.  Good luck!

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

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Sir Pipsalot

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