Forex Trading Signal 04/08/08

Forex Trading Signal 04/08/08 - Today, 05:38 AM
Hi my dear Trader

Let's first review last Friday and Monday.

On Friday we had Swiss CPI. It came out a little high but it was not tradable anyway.

The Canadian Employment came out as expected but the unemployment rate came out higher by 0.2%. Nevertheless, it was a no trade.

U.S. Non-Farm payroll came out very low but still not enough low to enter a trade. However, last two months were revised lower, and the unemployment rate came out higher from 4.8% to 5.1%. All three factors allowed me to give a few trades on the Diamonds room, and we made a nice money there. USD/JPY moved by around 80 pips in a first few minutes so it was a very nice drop. The retracement was amazing as well, allowing to reenter at a very good price. I hope you made a nice money on it.

Then we had Canadian Ivey PMI. It came out lower but not low enough to trade it.

On Monday we had Canadian Building Permits. It came out lower but not low enough to enter a trade. The price actually moved pretty well. I will look at this indicator even closer in the future. If the next time the price moves well on smaller deviations, I will consider tightening my triggers. For now, better safe than sorry.

Let's talk about Tuesday.

1. Tuesday, April 8th, 2008 (10:00 a.m. New York Time) USA
At 10:00 a.m. we will have U.S. Pending Home Sales m/m coming out. It is expected to come out at -0.8% but other sources say -1.0%. I would recommend to skip this report as it is not safe to trade it at all. If you are around and have nothing to do, you can try to use a huge trigger of ~3.0 or so, and only on the positive side. Therefore, if it comes out at 2.2% or higher, I would buy USD/JPY and expect a move of 30 pips or so. If it deviates negatively, it would be a no trade.

2. Tuesday, April 8th, 2008 (2:00 p.m. New York Time) USA
At 2:00 p.m. we will have U.S. FOMC Meeting. There is a lot of reading involved, and you have to judge really fast in order to enter a profitable trade. If you are new in Forex and/or you are not able to read critically and/or fast, skip this report. If you are interested in trading it, please watch the video. On that video you will find everything what you need to trade this event.

That's all for tomorrow.

Thank you and good luck with your trades.

To Our Success!