First of all, keep your money far away from fxsol, they are on the same track of rejecting orders at news times. FPA had a fight yesterday with the management at fxsol and we will be making our best they get into hard times int he days to come, stay tuned.
Back to signals..
Let’s review what happened earlier today.
Norway CPI came out slightly lower and we saw 400 pips move. It seems it was a hit&miss.
At 4:30 a.m. we had UK Industrial Production which came out 0.2 versus 0 expected, not enough to enter a trade. There was not any real move.
We did not have any significant moves on U.S. and Canadian trade balances.
There was a huge surprise on Canadian Interest rate statement. It was expected they will cut the rates but they did not. USD/CAD moved about 80 pip the first minute and then another 40 pips in next 15 minutes. Canadian dollar should still strengthen a bit more so it still might be a good price to enter a short trade on USD/CAD or EUR/CAD.
We also had Japanese GDP, and the price moved by 10 to 15 pips so it was not tradable.
Let’s talk about Wednesday.
1. Wednesday, June 11th, 2008 (4:30 a.m. New York Time) UK
At 4:30 a.m. we will have UK Claimant Count Change and Average Earnings +Bonus. It seems that the Claimant Count Change might be more in focus. Keep in mind that higher number is bad for the GBP. Last month with 7.2 deviation we had over 40 pips price action. If it comes out at 3K or lower, I would buy GBP/USD and expect 40 pips price action. If it comes out at 13K or higher, I would sell GBP/USD and expect 40 pips move as well. Watch the video for more details.
2. Wednesday, June 11th, 2008 (2:00 p.m. New York Time) USA
At 2:00 p.m. we will have Monthly Budget. I don’t have any specific suggestions how to trade it. If you are new in Forex, definitely skip this report.
3. Wednesday, June 11th, 2008 (9:30 p.m. New York Time) AUSTRALIA
At 9:30 p.m. we will have Australian Employment Change. It is expected to come out at 13.5K. If it comes out at 0 or negative, I would sell AUD/USD and expect 30 to 40 pips move. If it comes out at 25K or higher, I would buy AUD/USD and expect 40 pips move as well. Watch out for unemployment change. 0.2 deviation on the unemployment is good enough to change the direction.
One more thing: Sir Pips is taking vacation soon so we will not have videos for next 2 weeks or so. We will still send signals in the text format.
That’s all for now. don’t forget to vote against fxsol at our forum, let the rest of the members know your story with this broker.