Here is the latest update on my test GalleonFX account. I was all happy and cheery that at one point (a few days ago) my test account was at $1500 AGAIN (grrr!!)…
Winning Solution System Signal – 07 January 2008
By: Winning Solution System V.9.4.3 Final Version
(Time Frame 30M)
Use 5-10% margin only! no more!
Valid Time 00.00 – 17.00 London Time
GBP/USD
[CLICK ON IMAGE TO ENLARGE]
Buy : @1.9772 | TP @1.9858 | SL @1.9742
Sell : @1.9732 | TP @1.9637 | SL @1.9762
GBP/JPY
[CLICK ON IMAGE TO ENLARGE]
Buy : @215.07 | TP @216.83 | SL @214.77
Sell : @214.67 | TP @212.57 | SL @214.97
EUR/JPY
[CLICK ON IMAGE TO ENLARGE]
Buy : @160.66 | TP @161.48 | SL @160.36
Sell : @160.26 | TP @159.20 | SL @160.56
Happy Trading ^_^
Disclaimer:
Trade the signals at your own risk.
Interested to Join Winning Solution System?
Click on the image below to get more information :
Click on the image below to get more information :
Daily Market Comment – 07 January 2008
| 1.4753. It looks more likely that it would rise to 1.482 from 1.4724 or 1.4691. After which a downside move is expected. | |
| 1.1065. Current fall is near an end of wave around 1.1002 – 1.1012 zone, a rally should then procede to above 1.1114 or 1.1145. Fall below 1.0940 would cancel this scenario. | |
| 108.45. Current fall is near an end of wave around 107.66 – 107.85 zone, a rally should then procede to above 109.02 or 109.39. Fall below 106.97 would cancel this scenario. | |
| 1.9717. While below 1.9696 – 1.9747 it might drop to 1.9644 or below 1.9571 zone. | |
| 1.6327. Support at 1.6327 or 1.6270 should hold the downside for a correction to above 1.6384 zone. | |
| 160.01. It might hold above 159.89 or around 159.78 for a rise towards above 161.11. Stop loss below 159.35 zone. | |
| 0.7482. Market looks set for gains towards 0.7508 or above in extension. Dips should find support at 0.7466 – 0.7454 zone. | |
| 0.8703. Market should meet resistance at 0.8746. We expect then an extended move down to 0.8679 -0.8573 area. | |
| 1.0014. It should trade higher to 1.0085 while 0.9964 or 0.9928 offers support. Stop loss below 0.9892 zone. |
Forex Calendar – 07 January 2008
Forex Calendar
(GMT -5) Eastern Time (US & Canada)
Mon Jan 7 | 1:45am | CHF |  | Unemployment Rate | 2.6% | 2.6% | ||
| 4:30am | EUR | | Sentix Investor Confidence | 10.5 | 11.9 | |||
| 5:00am | EUR | | PPI m/m | 0.7% | 0.6% | |||
| 5:00am | EUR | | Consumer Confidence | -8 | -8 | |||
| 5:00am | EUR | | Unemployment Rate | 7.2% | 7.2% | |||
| 2:00pm | USD | | Treasury Secretary Paulson Speaks | |||||
| 5:30pm | AUD | | Construction PMI | 53.2 | ||||
| 7:30pm | AUD |  | Building Approvals m/m | 0.0% | -2.8% |
From: ForexFactory
| High Impact |
 | Medium Impact |
| Low Impact |
Forex Fundamental Analysis – 04 January 2008
Friday, January 4th, 2008 (1:45 a.m. New York Time) SWITZERLAND
First, at 1:45 a.m. we will have Swiss CPI coming out. I recommend you to trade y/y number with 0.2 triggers. If the Swiss CPI comes out at 2.00% or higher, then it would be strengthening the Swiss Frank, and I would short either USD/CHF for 30 pips price action, or GBP/CHF for 40 to 50 pips price action. If it comes out at 1.6% or lower, that would be weakening the Swiss Frank, and I would go long on USD/CHF or GBP/CHF, looking for 30 and 40 to 50 pips, respectively. You can make more pips on GBP/CHF but sometimes the spread is too big to take a risk. Choose a pair wisely based on your broker.
First, at 1:45 a.m. we will have Swiss CPI coming out. I recommend you to trade y/y number with 0.2 triggers. If the Swiss CPI comes out at 2.00% or higher, then it would be strengthening the Swiss Frank, and I would short either USD/CHF for 30 pips price action, or GBP/CHF for 40 to 50 pips price action. If it comes out at 1.6% or lower, that would be weakening the Swiss Frank, and I would go long on USD/CHF or GBP/CHF, looking for 30 and 40 to 50 pips, respectively. You can make more pips on GBP/CHF but sometimes the spread is too big to take a risk. Choose a pair wisely based on your broker.
Friday, January 4th, 2008 (4:30 a.m. New York Time) UK
At 4:30 a.m. New York time we will have UK Services PMI. It is expected to come out at 51.5. I would trade it with 1.0 trigger so if it comes out at 50.5 or lower, I would short GBP/USD, looking for 30 pips price action. On the other hand, if it comes out at 52.5 or higher, then it would be strengthening the pound, and we should see 30 pips or more move up.
Friday, January 4th, 2008 (5:00 a.m. New York Time) EURO ZONE
At 5:00 a.m. New York time we will have the ECB Estimate CPI y/y. It is expected to come out at 3.1%. If it comes out at 3.3% or higher, that would be strengthening the Euro so you can go long EUR/USD, looking for 25-30 pips price action, or more. On the other hand, if it comes out at 2.9% or lower, that would be weakening the Euro, and I would go short on EUR/USD.
Friday, January 4th, 2008 (8:30 a.m. New York Time) USA
At 8:30 a.m. we will have U.S. Non-Farm Payroll and Unemployment Change. It is expected to come out at 70K. This indicator can give a great opportunity but is very risky as well. I would trade this with 50 trigger so 120K or higher would be a strengthening the U.S. dollar and you can go long on USD/JPY or short on GBP/USD – it would depend on the technicals right before the report. GBP/USD should be OK, and I would look for 50 pips price action. If it comes out 20K or lower, that would be weakening the U.S. dollar, and you can go short on USD/JPY or long on GBP/USD. What makes this report risky is the revision to the prior month. If the revision’s deviation is greater than the actual deviation and goes the other direction, it can move the price the other way. For example: if the Non-Farm Payroll comes out at 170K it would be a big potential buy signal on USD/JPY, but if at the same time the prior month was revised down by 120K, then you actually are getting a net negative surprise because you are up 100K this month and down 120K last month, and this could actually be dollar weakening. Be careful with this indicator, then.
Friday, January 4th, 2008 (8:30 a.m. New York Time) USA
At 8:30 a.m. there is also the Unemployment Change number. Usually it is not a big deal but if it deviates by 0.1 and especially by 0.2, it can take over the move, especially if the deviation on Non-Farm Payroll is small or none. If it comes out at 5.0%, it would be bad for the dollar and you may want to sell USD/JPY, and if it comes out at 4.6% or lower, you may want to buy USD/JPY.
Friday, January 4th, 2008 (10:00 a.m. New York Time) USA
At 10:00 a.m. we will have the U.S. ISM Non-Manufacturing. It is not that great indicator, and you would be lucky to grab 20 to 25 pips of it. I would say USD/JPY is the best one to trade it; however, if the USD/JPY looks weird, you can shift to EUR/USD or GBP/USD. I would use 2.5 trigger so if it comes out at 51 or lower, that would be bad for the U.S. dollar, and you may want to sell USD/JPY, looking for 20-25 pips. If it comes out at 56.0 or higher, it would be good for the dollar, and you may want to buy USD/JPY, looking for 20-25 pips price action.
Friday, January 4th, 2008 (10:00 a.m. New York Time) CANADA
Canadian Ivey PMI comes out at the same time but is usually late by 5 seconds – that’s what I noticed from my own experience. It is expected to come out at 51.0 would trade 3.5 trigger on this one. If you get a signal on both report, USD/CAD may move very well. If it comes out at 54.5 or higher, that would be strengthening for the Canadian dollar, and I would sell the USD/CAD or EUR/CAD, looking for 20 pips and 30 pips, respectively. If it comes out at 47.5 or lower, it would be wakening the Canadian dollar, and you may want to buy USD/CAD or EUR/CAD, and look for 20 and 30 pips, respectively.
Daily Market Comment – 03 January 2008
| 1.4751. One move lower to 1.4698 or 1.4646 is anticipated while below 1.4766 – 1.4792 area. Stop loss above 1.4834 zone. | |
| 1.1109. It may meet resistance in 1.1109 – 1.1139 zone for a drift down to 1.1019 zone, after which bounce to 1.1156 is anticipated. | |
| 109.32. It should test higher than 109.97. Entry point are at 108.78 and 108.45. A break of 107.59 is bearish. | |
| 1.9710. Overall structure is bearish. Decelerating momentum could attract it towards supports at 1.9666 or 1.9664. Major support is clustered around 1.9586 limit. | |
| 1.6385. It should register further gains to 1.6450 while 1.6351 caps downside attempts. Stop loss below 1.6316 zone. | |
| 161.26. Market should hold major support at 158.99 before rising towards 162.04 or even 162.83 limit. | |
| 0.7483. Currently uptrend should end around 0.7544 – 0.7506 area. A correction down to below 0.7438 is expected. A rise above 0.7529 will abort the expected correction. | |
| 0.8802. There are initial signs of a good corrective recovery towards 0.8825 or even 0.8838. Supports at 0.8795 and 0.8777 zone. | |
| 0.9896. There is bearish potential for a fall to 0.9857 or 0.9819 while 0.9931 – 0.995 resist. After this fall a recovery up to 0.9931 or 0.9950 is expected. |
Forex Calendar – 04 January 2008
Forex Calendar
(GMT -5) Eastern Time (US & Canada)
Fri Jan 4 | 1:45am | CHF | | CPI m/m | 0.1% | 0.5% | ||
| 3:55am | EUR | | German Services PMI | 52.5 | 53.1 | |||
| 4:00am | EUR | | Services PMI (r) | 53.2 | 53.2 | |||
| 4:30am | GBP | | Services PMI | 51.6 | 51.9 | |||
| 4:30am | GBP | | Net Lending to Individuals m/m | 8.2B | 8.7B | |||
| 4:30am | GBP | | Mortgage Approvals | 84K | 88K | |||
| 5:00am | EUR | | CPI y/y (p) | 3.1% | 3.1% | |||
| 5:00am | EUR | | Italian CPI m/m | 0.3% | 0.4% | |||
| 8:30am | USD | | Nonfarm Employment Change | 70K | 94K | |||
| 8:30am | USD | | Unemployment Rate | 4.8% | 4.7% | |||
| 8:30am | USD | | Average Hourly Earnings m/m | 0.3% | 0.5% | |||
| 8:30am | CAD | | IPPI m/m | 0.3% | -1.1% | |||
| 8:30am | CAD | | RMPI m/m | 0.8% | 0.3% | |||
| 10:00am | USD | | ISM Non-Manufacturing Index | 53.5 | 54.1 | |||
| 10:00am | USD | | ISM Non-Manufacturing Prices | 73.5 | 76.5 | |||
| 10:00am | CAD | | Ivey PMI | 51.5 | 58.7 | |||
| 11:15am | USD | | Fed Governor Kohn Speaks |
From: ForexFactory
| High Impact |
| Medium Impact |
| Low Impact |
Forex Fundamental Analysis – 03 January 2008
Thursday, January 3rd, 2008 (8:15 a.m. New York Time) USA
At 8:15 a.m. New York time we will have U.S. ADP Employment Change. That is expected to come out at 47.5 K, and I see 33K expected from another source so that numbers may change as we are approaching to the report. Last month it came out at 189K, and it was a great trade. To be safe, a reading of -20K or more negative would be weakening the U.S. dollar in general. A reading of 100K or higher would be strengthening the U.S. dollar. I would trade this on USD/JPY. I would look to buy USD/JPY on reading of 100K or higher, and sell USD/JPY on a reading of -20K or more negative.
At 8:15 a.m. New York time we will have U.S. ADP Employment Change. That is expected to come out at 47.5 K, and I see 33K expected from another source so that numbers may change as we are approaching to the report. Last month it came out at 189K, and it was a great trade. To be safe, a reading of -20K or more negative would be weakening the U.S. dollar in general. A reading of 100K or higher would be strengthening the U.S. dollar. I would trade this on USD/JPY. I would look to buy USD/JPY on reading of 100K or higher, and sell USD/JPY on a reading of -20K or more negative.
Thursday, January 3rd, 2008 (8:30 a.m. New York Time) USA
Then at 8:30 a.m. New York time we will have U.S. Unemployment Claims which is expected to come out at 345K. It is a weekly indicator and recently more people are focused on it. If it comes out at 360K or higher, that should be weakening for the dollar, and it would constitute a sell signal on USD/JPY, good for 15 to 40 pips. If it comes out at 330K or lower, it would be strengthening the U.S. dollar, and it would be a buy signal on USD/JPY, good for 15 to 40 pips.