Forex Trade Review - 11/15/06

Short trade triggered:

Lot 1: +20 pips
Lot 2: +00 pips
Total: +20 pips

Forex Trade Signal – 12:39 am EST 11/15/06

• Long GBP/USD at 1.8990, stop at 1.8970, pt1 at 1.9010, pt2 at 1.9050
• Short GBP/USD at 1.8930, stop at 1.8950, pt1 at 1.8910, pt2 at 1.8880

Also, I noticed my "Pick of the Day" hasn't been posted yet, so here it is:

With constant data out of the US showing a slowing economy, and speculation of a possible Japanese rate hike, I am looking for a short in USD/JPY. Japan did release their Tertiary Industry Index number earlier at -1.3%, which was lower than expected, so we may see the Yen weaken during the Asian trading session. If the pair hits the 118.00 area, this would be a nice time to jump in to short and play the upcoming US reports of the Empire Manufacturing Index at 8:30 am EST and the FOMC Meeting Minutes at 2:00 pm EST. The markets may be quiet before these reports, but we may see USD/JPY drift lower as it prices in the data, which is expected to disappoint.

Depending on price action during the Euro session, I may adjust the entry orders in the morning if our trade is not triggered. So, check out my blog in the morning (around 8:00 am EST) for any adjustments.

Short USD/JPY at 118.10 , stop at 118.30, pt1 at 117.90, pt2 at 117.70

Good luck and good trading!