Profit Mongers Thursday Trading Signal 06-24-2010

Hey folks,

EUR/USD and Stocks are at very ambiguous points in their patterns, so I don't have a whole lot more meaningful to say about them other than what I've outlined in the last 2 signals:

http://www.forexrazor.com/Analysis/Main/articleType/ArticleView/articleId/125370/Profit-Mongers-Wenesday-Trading-Signal-06-23-2010.aspx

http://www.forexrazor.com/Analysis/Main/articleType/ArticleView/articleId/125071/Profit-Mongers-Extended-Tuesday-Trading-Signal-06-22-2010.aspx

In news Wednesday, for the first time in 2 years, at least one member of the BoE was revealed to have voted for a rate hike in the BoE minutes which led to a decent GBP/USD uptrend for the rest of the European session, and the latter half of the NY session as well.  We also saw CAD Retail Sales come out very low which led to a steady USD/CAD rally that peaked out at 120 pips above prerelease about 90 minutes afterwards.  As I highlighted in yesterday's signal, there was good potential for the initial price action to be a bit muffled (only 30 pips initially on a huge deviation), but then turn into a large pip surge, which is exactly what happened.  Lastly, we saw the FOMC Interest Rate Statement come out with no huge surprises, but it was a little dovish and caused some modest downside for USD/JPY.

While Wednesday was quite busy, there's no particularly key news due out Thursday.  Every now and then US Core Durable goods or NZ Trade balance can stir up some action, but usually it's more misleading than predictable.

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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