Forex Trading Signal 04/01/08

Forex Trading Signal 04/01/08 - Today, 04:30 AM

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Hi my dear Trader

Let's first review what happened earlier today.

The Euro Zone CPI deviated well enough to enter a trade if, of course, the triggers were provided. Because I said to skip that report, it was a no trade. It was a good call because the price went the other way. We did not enter a losing trade, and it is a good thing.

Canadian GDP came out slightly higher than expected but not high enough to hit our triggers. It was a good no trade signal because after a minimal drop on USD/CAD the price went the other way.

The Chicago PMI did not deviate a lot but even if it did, it would be a no trade anyway.

The Australian Interest Rate statement came out as expected so a no trade here.

Let's talk about Tuesday.

1. Tuesday, April 1st, 2008 (4:30 a.m. New York Time) UK
At 4:30 a.m. we will have UK Manufacturing PMI. I will not be trading it myself; therefore, I don't recommend trading it. The Manufacturing PMI just did not perform well enough to take a risk and enter a trade. If you really want to trade it, use 1.5 trigger on it.

2. Tuesday, April 1st, 2008 (10:00 a.m. New York Time) USA
At 10:00 a.m. we will have U.S. ISM Manufacturing coming out. It is expected to come out at 47.5. I will use 1.5 trigger on this one. A trigger of 1.0 may move the market but it might be a bit risky. Therefore, if it comes out at 49 or higher, it would be a buy signal on USD/JPY; if it comes out at 46 or less, it would be a sell signal on USD/JPY. If either trigger is hit, look for 45~50 pips of a price action. If the signal agrees with the trend, the move might be even bigger.

That's all for tomorrow.

Thank you and good luck with your trades.

To Our Success!