May 1, 2012 – Forex Trading Strategy
ISM or Institute for Supply Management is releasing its PMI (Purchasing Manager
Index) today. As a leading indicator, traders generally pay attention to this
report for hints of economic trend.
Here´s the forecast:
10:00am NY Time US ISM Manufacturing PMI Forecast 53.0 Previous 53.4
ACTION: 55.5 SELL EURUSD/ 50.0 SELL USDJPY
Here´s the forecast:
10:00am NY Time US ISM Manufacturing PMI Forecast 53.0 Previous 53.4
ACTION: 55.5 SELL EURUSD/ 50.0 SELL USDJPY
DEFINITION:The Institute of Supply Management (ISM)
Manufacturing Index measures the activity level of purchasing managers in the
services sector, with a reading above 50 indicating expansion. A rising trend
has a positive effect on the nation´s currency. To produce the index, purchasing
managers are surveyed on a number of subjects including employment, production,
new orders, supplier deliveries, and inventories.
Trade PlanWe´ll be looking for around 2.5 ~ 3.0 points of deviation for this trade. If a 55.5 or better number is released, we could see some USD strength, thererefore SELL EURUSD. If the opposite is true, or 50.0 figure is released, expect to see weaker USD in the short term, therefore we should SELL USDJPY.
If our tradable releases are reached, there is a good expectation of 50 pips of market movement within the next 60 minutes on EURUSD.
BOOKS FOREX
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex (Little Books. Big Profits) - Kathy Lien - EUR 12,47
Currency Trading and Intermarket Analysis: How to Profit from the Shifting Currents in Global Markets (Wiley Trading Series) - Ashraf Laïdi --EUR 43,95
Trade PlanWe´ll be looking for around 2.5 ~ 3.0 points of deviation for this trade. If a 55.5 or better number is released, we could see some USD strength, thererefore SELL EURUSD. If the opposite is true, or 50.0 figure is released, expect to see weaker USD in the short term, therefore we should SELL USDJPY.
If our tradable releases are reached, there is a good expectation of 50 pips of market movement within the next 60 minutes on EURUSD.
BOOKS FOREX
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex (Little Books. Big Profits) - Kathy Lien - EUR 12,47
Currency Trading and Intermarket Analysis: How to Profit from the Shifting Currents in Global Markets (Wiley Trading Series) - Ashraf Laïdi --EUR 43,95
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