Pipcrawler

Okay, some of you may think I’m crazy, but I’m going to look for a short in GBP/USD. In the current US Dollar bearish environment, it’s probably wise to continue to short the Greenback, but GBP/USD has moved up almost 400 pips from the last retracement and it may be in overbought territory at the moment. We’ve seen US data show reasons why the US economy is slowing all last week, but I think traders are looking for some positive US data or any reason to close their Greenback shorts to take some profits.

At 8:30 am EST, we saw the US Dollar begin its sell off against the Loonie as Canada released their GDP at 0.3% – higher than expected. The Greenback steadily dropped all the way to the release of the US Consumer Confidence report at 10:00 am EST. The number came out worse than expected at 105.4 versus 108 expected. We saw a sharp move further down, and our short trade entry was triggered.

Good evening! Well, it’s last “Pick” of the month, so let’s make it a good one! We’ve got quite a few economic reports in the upcoming US trading session being released – most notably Canadian GDP and US Consumer Confidence at 8:30 am EST. The Loonie took a beating from the Greenback yesterday, but I see it as an opportunity to jump in the pair short and continue to ride the trend. The pair failed to break above the 1.1260 which was a previous high. I see the pair going down, especially after the Canadian GDP, in which the market is expecting better numbers as the Canadian economy’s growth accelerates. Also, the market is expecting a pretty good US Consumer Confidence number, but many may ignore that as US economic data has been weak as of late. So, I’m looking to go short on USD/CAD.

It was all about the GDP reports on Friday as we saw little movement before the report. As expected, GDP numbers came out lower and the US Dollar sold off quickly. Our long trade was triggered, and within an hour after entering the position we hit full profitability. What a great way to end the week!

We watched the Greenback take a beating all last week as US data has been showing that the US economy is not as strong as we all thought, and that further weakness is expected. We pretty much rode USD down the whole week, and with the exception of our Wednesday trade, hit profitability every day.

Apparently, the negative US economic news today wasn’t enough to strengthen the loonie against the US Dollar. With consumer price inflation dropping, we may be seeing a slowdown in growth for Canada. Is this a sign of what’s to come from the great run the Loonie has had against the Greenback? Only time will tell, …

Tomorrow morning at 4:30 am EST, we have the Bank of England Meeting Minutes being released. The housing sector in the UK looks to still be on a rise, in which will play heavily in to future rate decisions from the Bank of England. So, what will the language and tone sound like in tomorrow’s …

We saw the euro sell off across the board at the beginning of the Euro trading session, and the sell off only accelerated as the Eurozone CPI report came out as expected at 0.2% and the Trade Balance was reported at 1.5B, lower than expected. So, our short trade triggered and hit both profit targets …

Monday: -5 pips Tuesday: -40 pips Wednesday: No Trade Thursday: +80 pips Total: +35 pips Like last week, we started off slow, but managed to get a win or two and positive pips for the week. This upcoming week looks exciting as we have oil and gold prices currently declining, and major economic reports for …

What a boring day in USD/JPY!! While we saw some action in the majors, nothing too major about this pair as it stayed in a 40 pip range. It was pretty much expected with the major events coming up this weekend, but I thought it would at least continue to drift lower. Well, I am …