Forex Trading Signal 07/07/08

Forex Trading Signal 07/07/08 - Today, 03:37 AM
Hi there my Forex friend

Let's first review what happened on Friday.

At 6:00 a.m. we had German Factory Orders which deviated pretty well but there was no market reaction at all.

At 10:00 a.m. we had Canadian Ivey PMI coming out which came out 69.6 versus 62.25 expected. There was very little price action but if you trade it, you should be able to get out at BE.

Let's talk about Monday.

1. Monday, July 7th, 2008 (4:30 a.m. New York Time) UK
At 4:30 a.m. we will have UK Industrial Production m/m coming out which is expected to come out at -0.1%. I would recommend to use at least 0.3 trigger either direction. Last time we had +0.2 deviation GBP/USD spiked up by 15 pips and then it went the other direction. If it comes out at +0.2% or higher, I would buy GBP/USD and look for 30 pips price action. If it comes out at -0.4% or more negative, I would sell GBP/USD and look for 30 pips move as well.

2. Monday, July 7th, 2008 (6:00 a.m. New York Time) GERMANY
At 6:00 a.m. we will have German Industrial Production. It is not tradable at this moment.

3. Monday, July 7th, 2008 (8:30 a.m. New York Time) CANADA
At 8:30 a.m. we will have Canadian Building Permits m/m coming out. Last month with a big trigger it failed to move at all. I would consider skipping it but if you really want to trade it, I would sell USD/CAD if it comes out at 0 or positive. If it comes out at -11 or more negative, this might be quite a good signal and I would buy USD/CAD and expect 25 pips move. But again, I am not sure if it is going to work well.

That's all for Monday.

Thank you and good luck with your trades.

To Our Success!