Forex Trading Signal 04/17/08

18.4.08    

Forex Trading Signal 04/17/08 - Yesterday, 01:53 AM

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Hi my dear Trader

Let's first review what happened earlier today.

At 4:30 a.m. we had UK Average Earnings Index + Bonus which came out a little higher but not high enough to enter a trade. It was a no trade.

At 8:30 a.m. we had U.S. CPI which came out exactly as expected so no trade here either. We also had U.S. Housing Starts which barely hit our sell signal on USD/JPY. This report moved USD/JPY by around 20 pips, then retraced completely, and then it moved down by about 30 pips. It was possible and easy to make a few scalps so I hope you made a few pips here.

At 9:15 a.m. we had U.S. Industrial Production which did not hit our trigger so it was a no trade. USD/JPY moved up by about 15 pips so it was not worthy to trade with 0.4 deviation. A no trade call was a good call here.

Let's talk about Thursday.

1. Thursday, April 17th, 2008 (7:00 a.m. New York Time) CANADA
At 7:00 a.m. we will have Canadian CPI. I will be trading Core CPI m/m. It is expected to come out at 0.3%. If it comes out at 0.5% or higher, I would sell USD/CAD; if it comes out at 0.1% or lower, I would buy USD/CAD. If the trigger is hit, I would look for 40 pips of a price action. Make sure there is an agreement with the y/y number, and also be aware of the headline numbers. If there is a conflict with the headline numbers, the core number should win although the price move might be very muted so I would look for an exit as soon as possible.

2. Thursday, April 17th, 2008 (10:00 a.m. New York Time) USA
At 10:00 a.m. we will have Philadelphia Fed Index coming out. I like this indicator more and more, and I would trade it with about 10 trigger. If it comes out at -25 or lower, I would short USD/JPY. If it comes out at -5 or higher, I would buy USD/JPY. If the trigger is hit, I would expect about 35 pips of a price action here. This indicator performed very well in the past so it is worthy to take a look this time.

That's all for tomorrow.

Thank you and good luck with your trades.

To Our Success!