FX Trading Strategy for Nov 17
Here is what's going on today. Only one possibility of a trade.
1. November 17th, 2006 (8:30 am New York Time) USA
We have housing starts coming out of the U.S. Expected number is at around 1680K, versus 1772K last month. If the number comes out at 1775K or higher, I may possibly go short on GBP/USD, since it'll be good for the dollar, and will show no decline since previous month. If that happens, a drop of 50 pips is very possible...but it will depend on the price level before the report. If on another hand, the number comes out at 1570 or below, that would signify a significant drop of 100K since last month, and we might see some temporary spike up against the trend by probably about 20 to 50 pips, depending on where the price is at before the report. So a long position would definitely be more risky, however could still be profitable.
1. November 17th, 2006 (8:30 am New York Time) USA
We have housing starts coming out of the U.S. Expected number is at around 1680K, versus 1772K last month. If the number comes out at 1775K or higher, I may possibly go short on GBP/USD, since it'll be good for the dollar, and will show no decline since previous month. If that happens, a drop of 50 pips is very possible...but it will depend on the price level before the report. If on another hand, the number comes out at 1570 or below, that would signify a significant drop of 100K since last month, and we might see some temporary spike up against the trend by probably about 20 to 50 pips, depending on where the price is at before the report. So a long position would definitely be more risky, however could still be profitable.
posted by Naveen Pantera at 2:38 PM
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