Baruch's Forex System Journal

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Consumer confidence falls back: - 3%. Job worries rebound 21 points above recent high. Outlook for personal finances and living standard erodes markedly. Unemployment: 2.7 million.

Not very bullish for EUR.
 
still long cable.....prev stops moved up from 8290 to 8340 earlier this morning....an (add in) entry was initiated earlier this a.m at 8410, stopped out on the p/b thru the round number......new long entry waiting above the morning high at 8425.

target on this run up from the 7845/7900 move is 8500, which is a fib point on the 9140 - 7485 decline.
 
Not very good EU numbers. Inflation is coming back. Which way to trade? EUR hesitated. Then I did the same as yesterday: looked at the bonds - they lead the way. This time German Euro-bund. They went south. So did I with a short.
P.S. Also watching UK Long Gilt.
 
just stopped out of all cable long positions on this run at 8340........that's it for this week, back to the intraday strat on Monday & start again! :)
 
Quote from Buk:

just stopped out of all cable long positions on this run at 8340........that's it for this week, back to the intraday strat on Monday & start again! :)
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Buk - OK, so you don't want to trade the US numbers later today? Could make some big moves. But have a nice weekend. See you next week.
 
Quote from Baruch:

9.00 GMT EUR: Personal Income, Economic Sentiment and Flash CPI.

Important numbers for the euro. Are their any growth in Europe?

12.30 GMT US: Personal Income and Spending.

13.45 GMT US: Michigan Confidence.

14.00 GMT US: Chicago Purchasing Managers.

The important US number is confidence. Consensus is 95.0 - a bit more than the last number: 94.2. But what about Iraq, terror and high energy prices? A nasty surprise here could send the dollar more down before the weekend.
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Jimmy Young's call today:

Michigan:

Below 92: Buy EUR/USD
Above 95: Sell EUR/USD

Chicago PMI:

Below 59: Buy EUR/USD
Above 64: Sell EUR/USD

Well, let's see if Jimmy's strategy makes pips.
 
:) I'm quite satisfied with this weeks 'play' Baruch, so will call it a day & enjoy the long holiday weekend. I don't trade news, if I'm already positioned then I'll tweak stops & manage the trade(s) etc...but if I'm flat/waiting for an entry, I wait till the spikes/hullabaloo have settled down & step in after the event....but, each to their own. I'm sure there are many who scalp good clips off the news releases!

have a good weekend yourself, catch you next week.
 
Quote from Buk:

:) I'm quite satisfied with this weeks 'play' Baruch, so will call it a day & enjoy the long holiday weekend.
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I'd call +/- 500 pips on multiple contracts a pretty satisfactory week indeed!! Thanks, Buk, it's been instructive following your run this week.
 
thank you FX Cowboy! I wish all weeks resembled this one, but unfortunately we live in the real world lol..........

was good chatting in the FX room recently, maybe catch you in there again next week!....good luck in your trades today :cool:
 
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