Global Events Calendar [30-06-2008] - [04-07-2008]

*Time displayed is based on Singapore Time (+08:00GMT).

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Global Events Calendar [30-06-2008] - [04-07-2008]
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Monday [30-06-2008]
6:45am---NZD Building Consents m/m
7:01am---GBP Consumer Confidence
7:15am---JPY Manufacturing PMI
8:30am---AUD TDMI Inflation Gauge m/m
9:30am---AUD Private Sector Credit m/m
11:00am--NZD Business Confidence
1:00pm---JPY Housing Starts y/y
4:30pm---GBP Index of Services 3m/3m
4:30pm---GBP Mortgage Approvals
4:30pm---GBP Net Lending to Individuals m/m
5:00pm---EUR CPI Flash Estimate y/y
5:00pm---EUR Italian Prelim CPI m/m
8:30pm---CAD GDP m/m
9:45pm---USD Chicago PMI

Tuesday [01-07-2008]
7:30am--------------AUD Manufacturing PMI
7:50am--------------JPY Tankan Large Manufacturers Index
7:50am--------------JPY Tankan Large Non-Manufacturers Index
9:30am--------------JPY Average Cash Earnings y/y
12:30pm-------------AUD Cash Rate
12:30pm-------------AUD RBA Rate Statement
2:00pm--------------EUR German Retail Sales m/m
2:00pm--------------GBP Nationwide House Prices m/m
2:30pm--------------AUD Index of Commodity Prices y/y
3:30pm--------------CHF SVME PMI
3:55pm--------------EUR German Unemployment Change
4:00pm--------------EUR Manufacturing PMI (r)
4:30pm--------------GBP Manufacturing PMI
5:00pm--------------EUR Unemployment Rate
[Whole Day Event]---CAD Holiday: Canada Day
10:00pm-------------USD ISM Manufacturing Index
10:00pm-------------USD ISM Manufacturing Prices
10:00pm-------------USD Construction Spending m/m

Wednesday [02-07-2008]
[Time Unknown]---USD Domestic Vehicle Sales
7:50am-----------JPY Monetary Base y/y
9:30am-----------AUD Building Approvals m/m
9:30am-----------AUD Retail Sales m/m
3:15pm-----------EUR ECB President Trichet Speaks
4:30pm-----------GBP Construction PMI
4:30pm-----------GBP Housing Equity Withdrawal q/q
5:00pm-----------EUR PPI m/m
7:30pm-----------USD Challenger Job Cuts y/y
8:15pm-----------USD ADP Nonfarm Employment Change
10:00pm----------USD Factory Orders m/m
10:30pm----------USD Crude Oil Inventories
11:00pm----------USD Treasury Sec Paulson Speaks

Thursday [03-07-2008]
12:00am----------USD FOMC Member Mishkin Speaks
7:30am-----------AUD Services PMI
9:30am-----------AUD Trade Balance
11:00am----------NZD ANZ Commodity Price Index
1:45pm-----------CHF CPI m/m
[Time Unknown]---GBP Halifax HPI m/m
4:00pm-----------EUR Services PMI (p)
4:30pm-----------GBP Services PMI
4:30pm-----------GBP Credit Conditions Survey
5:00pm-----------CHF SNB Monetary Policy Report
5:00pm-----------EUR Retail Sales m/m
7:45pm-----------EUR Minimum Bid Rate
8:30pm-----------EUR ECB Press Conference
8:30pm-----------USD Nonfarm Employment Change
8:30pm-----------USD Unemployment Rate
8:30pm-----------USD Average Hourly Earnings m/m
8:30pm-----------USD Unemployment Claims
10:00pm----------USD ISM Non-Manufacturing Composite
10:30pm----------USD Natural Gas Storage

Friday [04-07-2008]
1:00pm--------------JPY Leading Economic Index
2:45pm--------------EUR French Government Budget Balance
6:00pm--------------EUR German Factory Orders m/m
[Whole Day Event]---USD Holiday: Independence Day

[Additional for the week]
Saturday [05-07-2008]
6:00pm---EUR ECB President Trichet Speaks
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My USD/CHF Trade (26-06-2008) --- Position Squared

*Click on the charts (Before, Update1 & After) for the enlarged version.

Hello everyone,

My trade on the USD/CHF on the [26-06-2007]. I initiated a short position on this pair at the price line of 1.0337 at 05:04pm (Singapore Time) | 09:04am (GMT).

What I saw was a simple analysis. Price action analysis. After a huge draw down from the day before, I was definitely looking for a lower high to enter the market. Waiting worth the wait when market started to create a lower high plus it broke my support which is the previous day low. 6ma is still below 23ma. In addition, my Stochs are pointing downwards.

Hence I waited for a better filled price and initiated a short position at the price line of 1.0337. My Stop Loss was at 1.0360 (23pips) and Target Profit at 1.0220 (117pips). Risk : Reward = 23 : 117 = 1 : 5.09.

Basically, after I initiated the trade, I left it alone and proceed to do my work :P Hahaha!!! The next day, [27-06-2008], I shifted my Stop Loss to Protective Stop at the price line of 1.0300 (37pips in the money) when I was around 90pips in the money around 09:55am (Singapore Time) | 01:55am (GMT).

During the same day, my Profit Target was hit at 03:40pm (Singapore Time) | 07:40pm (GMT).

117pips profit for this trade :)

Peace and trade safely everyone...

My EUR/USD Trade (24-06-2008) --- Position Squared

*Click on the charts (Before & After) for the enlarged version.

Hello everyone,

Yesterday, I initiated an buy position at the price line of 1.5546 while I was in the office at 04:57pm (Singapore Time) | 06:57am (GMT). As you will notice from my charts, I do not have my usual custom indicators on it and that is to show how flexible I am on reading charts and my basis of trading is not bias to indicators but purely on price action and candle studies with indicators as an advisors only.

Anyway, what I saw was that. My price action analysis. Market didn't have the power to go down lower or creating a lower low despite a huge draw down from the day before. It bounces at my 200ma and the 04:00pm (Singapore Time) | 06:00am (GMT) candle broke a minor resistance at 1.5525. 6ma is crossing above 23ma.

Hence, I initiated a long position at the price line of 1.5546 at 04:57pm (Singapore Time) | 06:57am (GMT).

My Stop Loss was at 1.5517 (29pips) and Target Profit at 1.5615 (69pips). Why my Target Profit is there? Price action resistance. Basically after I have placed my trade, I just ignored it till I got home. My Target Profit was hit yesterday (24-06-2008) at 10:15pm (Singapore Time) | 02:15pm (GMT).

69pips profit for this trade :)

Peace and trade safely everyone...

USD's Interest Rate (25-June-2008)...

Hello everyone,

Tonight's FOMC Interest Rate Statement release at 2:15am (Singapore Time) | 6:15pm (GMT). Forecast says that they are looking to hold their current rate at 2.00%. Expect market to be thin with most traders waiting for the release but as Commenciante Traders and Samurai Traders, we are not going to trade the news as we will wait for the outcome and then go in with the flow of the market. For me, I will lay off and just look at the market for my pleasure and if there is any built in set-up for me to enter then I will initiate a position but only if there is a very nice and strong built in set-up.

I have already attained my 69pips from EUR/USD from yesterday, will update my trade asap here.

Other than that, peace and trade safe everyone...

S&P/Case-Shiller Report Keeps US Housing Recession On Track

Source: Daily FX

Ongoing foreclosures, rising mortgage rates and fading consumer confidence is leading Americans to further lower the asking price on their homes in an attempt to attract an ever contracting pool of potential buyers. The lagging S&P/Case-Shiller Composite 20 index fell 15.3 percent in April from the same period a year ago. And, while this was a more mild than expected drop in home values than economist had expected with a 16 percent consensus, the decline was still the largest in the indicators seven year history. Looking at the more active month-over-month reading, there was at least one promising nuance. The 1.36 percent decline in the 20-city index over the month extended a trend of steady declines from January 2007, but this was also the smallest monthly contraction in over half a year. However, as the economy is warped and shaped by rising unemployment and consumer sentiment at multi-decade lows as well as rising inventories from foreclosures and stricter lending regulation. On the other hand, this is a lagging indicators compared to the government's and National Association of Realtors' data; and the market is therefore less responsive.

US Consumer Confidence Falls More Than Expected To Fresh 16-Year Low

Source: Daily FX

US consumer confidence, as measured by the Conference Board, fell to a fresh 16-year low of 50.4 in June from 58.1. The news was much worse than expected, as the index was forecasted to slump to 56.0. A breakdown of the report shows sentiment on the present situation, future, and labor markets turned increasingly pessimistic. In fact, the employment component indicated that 30.5 percent of respondents said jobs were hard to get, up from 28.3 percent, while 14.1 percent said jobs were plentiful, down from 16.1 percent. These indexes have shown a consistent deterioration since December, and with the US unemployment rate rising steadily and energy and good prices rocketing, consumer confidence is likely to slump further, boding ill for consumption growth in the US.

Euro Back To 1.5500 As IFO, PMI Plummet. Will ECB Really Hike Rates?

Source: Daily FX

The EURUSD dropped more than 100 points from its open in Asia today after a slew of economic data surprised to the downside confirming the bear's long held thesis that the region's economy is beginning to buckle under the dual weight of high exchange rates and high energy prices. EZ Manufacturing PMI slipped to below the 50 boom/bust line for the first time in more than 2 years dragged lower by the sharp decline in French readings. In addition, the IFO survey fell more than expected printing at 101.3 versus 102.5 and considerably worse than May's reading of 103.5.

The euro which rallied at the end of last week on uber-hawkish rhetoric from ECB officials indicating that a rate increase next month is a foregone conclusion, returned to the familiar 1.5500 level as doubts crept into trader's minds regarding the certainty of the rate hike. Although over the past two weeks nearly everyone at ECB from President Trichet on down has echoed the common refrain that inflation remains too high necessitating further tightening, economic reality may temper any immediate plans to raise rates.

With energy costs soaring and high exchange rates making price hikes a major challenge to most European businesses does ECB really want to take this opportunity to put a chokehold on credit? EZ businesses rely on bank financing much more that US companies. Therefore an increase in the central bank call rate, were it to go through, would likely exacerbate the damage to European economic growth in the second half of 2008.

The answer to this question most likely lies with the price of oil. If crude continues to trade above $130/bbl the ECB may feel compelled to act despite the damage to growth, fearing the impact of persistently elevated inflation expectations. If on the other hand, oil prices start to ease this week dropping to $120/bbl or lower, the monetary authorities in Frankfurt may chose to stand down for another month.

Meanwhile, the North American calendar is barren for the day and therefore the US session may be dominated by the reaction to the IFO news and the action in the NYMEX pits. By the middle of the week attention will turn to the FOMC meeting and its consequent statement, but for now the markets should continue to digest the latest economic news from Europe.

German Business Confidence Falls, As Euro-Zone Economy Contracts

Source: Daily FX

German business confidence fell more than expected and Europe's manufacturing and service sectors fell into contraction. The IFO institute survey of 7,000 executives showed that rising oil prices and the prospect of an ECB rate hike has greatly dimmed the outlook for German businesses. The survey declined to 101.3 from 103.5 in May as inflation has become more of a challenge, as it continues to weigh on consumer spending and increase input costs. Record oil prices which have risen to as high as $140 a barrel, have continued to squeeze company's margins. Meanwhile, Europe's manufacturing and service industries contracted sending the PMI composite reading down to 49.5 from 51.1 in May. The manufacturing index declined to 49.1 in June from 50.6 in May and the services index dropped to 49.5 from 50.6. The entire economic region is facing the same issues as German companies in rising inflation and the declining demand for exports due to a strong Euro. The ECB is expected to increase rates in the near-term as they stick to their mandate of price stability as inflation has risen to 3.7%- the highest in sixteen years. However, the slowing growth in the region may prevent the central bank from embarking on a series of rate hikes.

EUR/USD: Are European Businesses As Optimistic As Trichet? Probably Not

Source: Daily FX

Sentiment amongst German businesses is likely to turn more pessimistic in June, according to the IFO survey. The figure is scheduled to be released at 04:00 EDT, and this release tends to be a significant market-mover for the EUR/USD pair on a very short-term basis. Given the surge in oil, broad indications of mounting inflation pressures, slowing in the Euro-zoneʼs economies, and the European Central Bankʼs staunchly hawkish bias over the survey period, the IFO reading is likely to fall in line with - if not more than - expectations. Furthermore, we saw that last weekʼs ZEW survey of German financial analysts slipped more than anticipated, weighing the risks for the IFO survey further to the downside. However, at the same time, the preliminary reading of the Euro-zoneʼs purchasing managers index (PMI) for the services sector will be released. The index is expected to ease slightly lower to 50.5 from 50.6, but the key here will be to see if it is above or below 50, as the former will indicate expansion in the sector, while the latter will signal contraction. The Euro-zone service PMI has barely managed to hold above 50 since the beginning of the year, suggesting that weakness in the sector will likely weigh on expansion as a whole throughout the region. Nevertheless, the German IFO survey will likely have the greatest impact on the European markets on Monday morning, unless PMI services misses forecasts by a wide margin.

Euro Can't Hold 1.5500 As Currencies Look For Direction

Source: Daily FX

A very quiet meandering night in the currency markets with EURUSD continuing to consolidate around the 1.5500 level in a now very familiar fashion. With economic calendar for the day virtually empty, order flow and a smattering of central bank commentary were the primary factors driving trade.

ECB Member Jorgen Stark noted that the 3.7% inflation level was 'may be unacceptably high' stoking hopes of euro bulls that a rate hike may be coming in July. However, as we noted yesterday the inflationary numbers from all the G-11 nations are elevated strictly because of oil prices with core readings considerably more muted. If oil prices recede from their Olympian highs much of the impetus for the rate hikes may disappear.

In the meantime the ECB will meet a tremendous amount of institutional opposition from the EZ business sector which is already feeling the negative effects of tighter credit. Today's weak construction PMI numbers which showed a decline of -2.4% on a year over year basis is just the latest data point to suggest that growth in the 15 member union is decelerating rapidly.

In UK the release of the BoE minutes provided little surprise with members voting 8-1 to keep rates steady as the lone dove David Blanchflower opted for a 25bp cut. Cable found temporary strength in the following passage 'For some members, news had been sufficient to consider whether an immediate rise in Bank Rate was warranted. If there were a serious threat to medium-term inflation expectations then a pre-emptive rise in rates would be appropriate. Delay would only increase the eventual costs of bringing inflation back to target, ' but the rally soon fizzled as MPC members noted that there were also arguments against the hike. In short, the market concluded that the BoE will remain stationary for the time being with danger to the downside still the more likely outcome if economic conditions in UK deteriorated further.

In North America today, the data calendar only contains MBA mortgage approvals, leaving currencies at the mercy of macro factors such as stocks and oil and unless there is tremendous volatility in those markets, the listless trading of Asia and Europe should continue into the US open.

BoE Voted 8-1 To Keep Rates Unchanged, King And Darling To Speak Today

Source: Daily FX

The Bank of England voted 8-1 to keep rates on hold at 5.00% during its last monetary policy meeting. Perennial Dove David Blanchflower was the only member to call for a rate cut, stating that the growing risk of slowing growth outweighed inflation risks. However, the majority saw no case for a rate cut, due to the risk of rising wage demands as a secondary effect of rising prices. Inflation in the U.K. rose to 3.3% in May from 3.0% the month prior. It was the highest level since at least 1997 when records began. BoE Governor King was required to write a letter of explanation to Chancellor Darling as to why prices have surpassed the 2% target by more than 1% and what course of action will be undertaken to attempt to reverse its course. The only previous letter was written in April 1997. In his letter he wrote that he expects that inflation will rise above the 4% mark and that the path for interest rates to meet the 2% target was uncertain. The Chancellor and Governor will be speaking today at the Mansion to address the letter and further actions. Darling in an earlier radio interview recognized that the economy was slowing but it would be "disastrous" if the UK "allowed inflation to take hold".

US Current Account Deficit Grows To Biggest Shortfall Since Subprime Collapse

Source: DailyFX

A record low for the US dollar doesn't seem to be incentive enough to counter shaken global investor sentiment and rising fuel prices for curbing the economy's long-standing trade deficits. The current account balance, the broadest measure of trade for the US, reported a bigger than expected increase in the shortfall. A $176.4 billion net outflow from the US marks the biggest shortfall for trade activity since the second quarter of 2007 - just before market conditions changed with the collapse of the subprime market. Economists' estimates were calling for a negative $172.5 billion figure that would have represented a contraction to the originally calculated number for the fourth quarter, which happened to recieve a positive revision to a $167.2 billion deficit. Looking into the Commerce Department's statistics, the unfavorable ballooning of the deficit was encouraged by all three of the current account's main components: goods and services transactions, net income flows and unilateral transfers. The physical deficit was hit by a oppressively high prices for oil and other commodities which was made all the worse by a depreciating dollar. At the same time, the cheap dollar would not generate a considerable increase in exports. For investment trends, global confidence was still shaken by the subprime meltdown and credit crunch which saw the US at its epicenter. Though foreign investment in the US rose 8 percent to $411 billion, the balance of income dropped 18 perent to a $38.8 billion surplus. As this was expected to be one of the key benefactors of a cheap US dollar and perhaps a major source of positive growth going forward, expectations for an economic rebound will certainly be deferred by this number.

Housing Starts Hit A 15-Year Low, Still A Drag On Growth

Source: DailyFX

The struggle for the US economy to avoid a negative growth and perhaps even a recession this year is being made all the more difficult by the ongoing correction in the housing market. Construction activity cooled over through the month of May and plans for production going forward look equally bleak. According to the Commerce Department, housing starts dropped 3.3 percent last month to a 975,000-pace - the slowest rate of construction since March of 1991. What's more, building permits - a gauge of future activity - slowed 1.3 percent to a 969,000 annualized clip. The severely depressed sector continues to be plagued by falling property values and rising foreclosure rates. However, conditions continue to worsen as as mortgage rates have yet to sufficiently pass on the benifits of the Fed's aggressive monetary policy easing and consumer sentiment at multi-decade lows has curbed spending habits. Looking into the components of the housing data, ground breaking on both single and multi-family projects fell by 1.0 percent and 8.0 percent respectively. For permits, multi-family units actually rose by 4.0 percent while single-family units fell by an equal amount. Ultimately, a recovery in the housing market my be the difference between a soft landing and a hard landing for the world's largest economy.

German Confidence Falls To Lowest In 15 Years

Source: DailyFX

German investor confidence fell to minus 52.4, which was the lowest in more than fifteen years. The gauge fell from minus 41.4 in May and far below economists expectations of minus 42.5. Accelerating inflation has weighed on investor confidence and the outlook for the economy. Record oil and food prices continue to diminish consumerʼs purchasing power, and in turn domestic demand. In a separate report the European trade balance turned to a surplus of 2.2 billion from a deficit of 1.5 billion, as exports rose 6.2% in April. Demand from emerging markets China and Russia rose 16% and 21% respectively, and continues to offset declining U.S. orders. The strong trade report supports ECB President Trichetʼs contention that growth in the region is sustaining and that the focus for the central bank should remain on price stability. Therefore, expectations are that the MPC will raise the overnight interest rate at their next meeting as they try and curb the fastest rate of inflation in 16 years.

Dollar Continues To Strengthen As Traders Bet On Fed

Source: DailyFX

Despite much better than expected results from the Industrial Production report the euro continued to lose ground to the dollar for most of Asian and European sessions trading as low as 1.5390 before bargain hunting and strong economic data steadied the unit. Industrial Production in EZ rose to 0.9% from 0.0% expected with France and Italy posting surprisingly strong gains.

The news continues to show that the region's producers are able to overcome high exchange rates and high energy prices and grow their business. However, the report must be taken with a certain degree of skepticism as the data is two months old and does not reflect the massive increase in energy prices that have occurred since. Nevertheless, the IP numbers are an impressive testament to the productivity of the region's manufacturing sector that has managed to perform far better than expected in the face of tremendous obstacles.

The euro saw little help from the economic news however, as focus has turned to the considerably more hawkish tone of US monetary policy. With Fed Vice Chairman Kohn last night reiterating Chairman's' Bernanke's concerns regarding inflation expectations, the market is quickly coming to the conclusion that US monetary authorities will now shift their attention towards re-establishing piece stability even at the expense of some possible near term economic pain. The dollar therefore strengthened not only against the euro but against the yen as well as US rate expectations have been ratcheted higher.

One dollar that has not fared nearly as well as the greenback last night was the Aussie. Australian employment data shocked to the downside printing at -19.7K versus 13.5K projected. The report was the worst decline since 2005 and brought to an end a string of 18 successive positive employment reports. As we noted earlier in the week, a bet on Australia is a bet on China and with China's two biggest customers – EZ and US experiencing a serious slowdown in consumer demand Australia will face a difficult time as the summer progresses. Today's employment report has already followed a series of economic disappointments over the past several weeks and may be an indication that the great economic boom Down Under is coming to an end.

One reason that the buck is stronger tonight is due to speculation that US Retail Sales will show a better than expected result as tax refund checks make their way through the system. A strong print would provide even better support for the Fed's recent hawkish stance, as it will allow the policymakers to consider a rate hike without the risk of further aggravating the economic situation and may push USDJPY to 108.00 figure on rate hike expectations.

My USD/JPY Trade (11-06-2008) --- Update (Final)

*Click on the chart (After) for the enlarged version.

Hello everyone,

An update from my previous trade post, [My USD/JPY Trade (11-06-2008) --- Position Open].

My Protective Stop at the price line of 107.00 was hit at [12/06/2008], 12:16am (Singapore Time) | 04:16pm (GMT). 15pips profit for this trade.

Peace and trade safely everyone...

My USD/JPY Trade (11-06-2008) --- Position Open

*Click on the chart (Before) for the enlarged version.

Hello everyone,

Was looking at the charts the whole of today but there was nothing :P Came home and I initiated a short position on the USD/JPY at the price line of 107.15 at 09:24pm (Singapore Time) | 01:24pm (GMT).

What I saw was my price action movements. Price finally broke below the low of the morning and todays opening price. The MAs have crossed below. To support my trade idea, Fast [Ash C Wave] is still down, Slow [Ash C Wave] kissing and [Ash Cross Over] is long down. [Ash Down Up] is thick red bar. With using Fibo Retracement, I gauge my Target Profit.

My Stop Loss at 107.38 (23pips) and Target Profit at 106.42 (73pips). Risk : Reward = 23 : 73 = 1 : 3.18

My Target Profit is near to the 38.2% Fibo Retracement and it is a price action support.

Currently, 11:28pm (Singapore Time) | 03:28pm (GMT), I am around 40pips in the money. I have already shifted my Stop Loss to Protective Stop at 107.00 (15pips in the money).

Will update as this trade goes by :)

Peace and trade safely everyone...

My GBP/USD Trade (10-06-2008) --- Position Squared

*Click on the images (Before & After) for the enlarged version.

Hello everyone,

Today, I was looking at the GBP/USD for no apparent reason :P Hahaha! It was actually the nicest compared to the other 4 majors this morning. Anyway, it was nice while I was scouting the charts in the morning.

I initiated a short position at the price line of 1.9630 at 03:11pm (Singapore Time) | 07:11am (GMT). What I saw was a simple price action movement and price broke below my 200ma which happens to be around the [Ash Weekly Pivots], only found that out when I reached home from the bank.

To support what I was seeing, the MAs are down, Fast [Ash C Wave] is down and [Ash Cross Over] not yet crossing up. Hence, waiting for my entry price at 1.9630.

Stop Loss at 1.9655 (25pips) and Target Profit at 1.9540 (90pips). Risk : Reward = 25 : 90 = 1 : 3.6.

When I was still at the office at around 05:42pm (Singapore Time) | 09:42am (GMT), I shifted my Stop Loss to 1.9610 (20pips). When I left the office at around 07:00pm (Singapore Time) | 11:00am (GMT), I was around 50pips in the money.

I went out for dinner with my wife and reached home at around 10:00pm (Singapore Time) | 02:00pm (GMT), my Target Profit has been hit at 09:16pm (Singapore Time) | 01:16pm (GMT).

90pips profit for this trade :)

Peace and trade safely everyone...

My USD/JPY Trade (09-06-2008) --- Position Squared

*Click on the image for the enlarged version

Hello everyone,

Today, I was looking at the USD/JPY the whole day while I was at my desk at the bank. It had a very interesting opening with a gap and then after, market climbed back upwards.

I initiated a long position at the price line of 105.55 at 04:55pm (Singapore Time) | 08:55am (GMT). What I saw was my charts and candle pattern. First market climbed back upwards, after breaking my 200ma, it created a mini tweezer top but there was no strength for it to climb back down. After market bounced off my 200ma, refusing to come down and after the big up close created during the 03:00pm (Singapore Time) | 7:00am (GMT) candle, I got in at the price of 105.55.

My analysis was supported with MAs crossed upwards, Fast [Ash C Wave] already upwards and [Ash Cross Over] crossed upwards.

My Stop Loss at 105.33 (22pips) and Target Profit at 106.20 (65pips). Risk : Reward = 22 : 65 = 1 : 2.95

I reached home around 09:15pm (Singapore Time) | 01:15pm (GMT). My Target Profit was hit at 09:55pm (Singapore Time) | 01:55pm (GMT).

65pips profit for this trade :)

Peace and trade safely everyone...

Global Events Calendar [09-06-2008] - [13-06-2008]

*Time displayed is based on Singapore Time (GMT+08:00).

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Global Events Calendar [09-06-2008] - [13-06-2008]
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Monday [09-06-2008]
7:50am---JPY M2+CD Money Supply y/y
1:00pm---JPY Leading Index m/m
1:45pm---CHF Unemployment Rate
2:00pm---EUR German Trade Balance
3:00pm---JPY Economy Watchers Current Index
4:30pm---EUR Sentix Investor Confidence
4:30pm---GBP PPI Input m/m
4:30pm---GBP PPI Output m/m
8:15pm---CAD Housing Starts
10:00pm--CHF SNB Chairman Roth Speaks
10:00pm--USD Pending Home Sales m/m

Tuesday [10-06-2008]
12:15am--USD New York Fed President Geithner Speaks
12:30am--EUR ECB President Trichet Speaks
7:01am---GBP RICS House Price Balance
7:01am---GBP BRC Retail Sales Monitor y/y
7:50am---JPY Core Machinery Orders m/m
8:15am---USD Fed Chairman Bernanke Speaks
9:30am---AUD Home Loans m/m
9:30am---AUD NAB Business Confidence
2:00pm---EUR German WPI m/m
2:00pm---JPY Machine Tool Orders y/y
2:45pm---EUR French Industrial Production m/m
4:00pm---EUR Italian Industrial Production m/m
4:30pm---GBP Industrial Production m/m
4:30pm---GBP Manufacturing Production m/m
4:30pm---GBP DCLG House Price Index y/y
7:00pm---GBP BOE Governor King Speaks
8:00pm---USD Dallas Fed President Fisher Speaks
8:30pm---CAD Trade Balance
8:30pm---USD Trade Balance
9:00pm---CAD BOC Rate Statement
9:00pm---CAD Overnight Rate
10:00pm--USD IBD/TIPP Economic Optimism

Wednesday [11-06-2008]
6:45am---NZD Merchandise Terms of Trade q/q
7:01am---GBP NIESR GDP Estimate
7:50am---JPY Final GDP q/q
7:50am---JPY CGPI y/y
7:50am---JPY Current Account
7:50am---JPY Final GDP Price Index y/y
8:30am---AUD WMI Consumer Sentiment m/m
2:45pm---EUR French CPI m/m
4:30pm---GBP Claimant Count Change
4:30pm---GBP Average Earnings Index +Bonus q/y
4:30pm---GBP Trade Balance
4:30pm---GBP Unemployment Rate
8:30pm---CAD Industrial Capacity Utilization Rate
8:30pm---CAD New Housing Price Index m/m
10:35pm--USD Crude Oil Inventories
11:30pm--USD FOMC Member Kohn Speaks

Thursday [12-06-2008]
12:15am--USD Fed Governor Kroszner Speaks
2:00am---USD Beige Book
6:45am---NZD FPI m/m
8:00am---NZD Performance of Manufacturing Index
9:30am---AUD Employment Change
9:30am---AUD Unemployment Rate
2:45pm---EUR French Final Employment Change q/q
4:30pm---GBP BOE Inflation Attitudes
5:00pm---EUR ECB Bulletin
5:00pm---EUR Industrial Production m/m
6:00pm---CHF SNB Board Member Jordan Speaks
8:30pm---USD Core Retail Sales m/m
8:30pm---USD Retail Sales m/m
8:30pm---USD Import Price Index m/m
8:30pm---USD Unemployment Claims
10:00pm--USD Business Inventories m/m
10:35pm--USD Natural Gas Storage
11:30pm--USD Fed Chairman Bernanke Speaks

Friday [13-06-2008]
6:45am----------NZD Core Retail Sales m/m
6:45am----------NZD Retail Sales m/m
[Time Unknown]--JPY Overnight Call Rate
11:10am---------AUD RBA Governor Stevens Speaks
12:30pm---------JPY Industrial Production m/m (r)
1:00pm----------JPY Household Confidence
2:00pm----------EUR German CPI m/m (r)
2:00pm----------JPY BOJ Monthly Report
[Time Unknown]--JPY BOJ Press Conference
5:00pm----------EUR Labor Cost Index y/y
6:00pm----------EUR Employment Change q/q
8:30pm----------CAD Manufacturing Shipments m/m
8:30pm----------USD Core CPI m/m
8:30pm----------USD CPI m/m
9:55pm----------USD Prelim Michigan Sentiment
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My GBP/USD Trade (23-05-2008) --- Update (Final)

*Click on the chart for the enlarged version.

Hello everyone,

This is a final follow up my previous [My GBP/USD Trade (23-05-2008) --- Update (2)].

I was stopped out at my protective stop at 1.9760 with 70pips profit last Friday [30-05-2008] at 10:38pm (Singapore Time) | 02:38pm (GMT).

As of today [02-06-2008], market did went towards my price target at the price line of 1.9605.

70pips profit for this trade...

Peace and trade safely everyone...

Global Events Calendar [02-06-2008] - [06-06-2008]

*Time displayed is based on Singapore Time (GMT+08:00).

**A few things to take note of this week.

Thursday [05-06-2008]
-(1) GBP will be having their interest rate statement at 7:00pm. They are looking to hold.
-(2) EUR will be having their interest rate statement at 7:45pm. They are also looking to hold.

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Global Events Calendar [02-06-2008] - [06-06-2008]
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Monday [02-06-2008]
[Whole Day Event]---Day NZD Holiday: Queen's Birthday
7:30am---AUD Manufacturing PMI
8:30am---AUD TDMI Inflation Gauge m/m
9:30am---AUD Retail Sales m/m
9:30am---AUD Company Gross Operating Profits q/q
9:30am---JPY Average Cash Earnings y/y
1:45pm---CHF GDP q/q
2:30pm---AUD Index of Commodity Prices y/y
3:30pm---CHF SVME PMI
4:00pm---EUR Manufacturing PMI (r)
4:30pm---GBP Manufacturing PMI
4:30pm---GBP Mortgage Approvals
4:30pm---GBP Net Lending to Individuals m/m
9:30pm---EUR ECB President Trichet Speaks
10:00pm--USD ISM Manufacturing Index
10:00pm--USD ISM Manufacturing Prices
10:00pm--USD Construction Spending m/m

Tuesday [03-06-2008]
7:50am-----------JPY Monetary Base y/y
9:30am-----------AUD Building Approvals m/m
9:30am-----------AUD Current Account
12:30pm----------AUD RBA Rate Statement
12:30pm----------AUD Cash Rate
1:45pm-----------CHF CPI m/m
[Time Unknown]---GBP Halifax House Price Index m/m
4:30pm-----------GBP Construction PMI
5:00pm-----------EUR PPI m/m
5:00pm-----------EUR Revised GDP q/q
9:00pm-----------EUR ECB President Trichet Speaks
9:00pm-----------JPY BOJ Governor Shirakawa Speaks
9:00pm-----------USD Fed Chairman Bernanke Speaks
10:00pm----------USD Factory Orders m/m

Wednesday [04-06-2008]
[Time Unknown]---USD Domestic Vehicle Sales
7:01am-----------GBP Consumer Confidence Index
7:30am-----------AUD Services PMI
7:50am-----------JPY Capital Spending q/q
9:30am-----------AUD GDP q/q
11:00am----------NZD ANZ Commodity Price Index
3:30pm-----------EUR ECB President Trichet Speaks
4:00pm-----------EUR Services PMI (r)
4:30pm-----------GBP Services PMI
5:00pm-----------EUR Retail Sales m/m
5:30pm-----------GBP BRC Shop Price Index y/y
7:30pm-----------USD Challenger Job Cuts y/y
8:15pm-----------USD ADP Nonfarm Employment Change
8:30pm-----------USD Nonfarm Productivity q/q (r)
8:30pm-----------USD Unit Labor Costs q/q (r)
10:00pm----------USD ISM Non-Manufacturing Composite
10:30pm----------USD Crude Oil Inventories

Thursday [05-06-2008]
2:45am-----------USD Fed Chairman Bernanke Speaks
5:00am-----------NZD Monetary Policy Statement
5:00am-----------NZD Official Cash Rate
9:30am-----------AUD Trade Balance
6:00pm-----------EUR German Factory Orders m/m
[Time Unknown]---GBP MPC Rate Statement
7:00pm-----------GBP Official Bank Rate
7:45pm-----------EUR Minimum Bid Rate
8:30pm-----------CAD Building Permits m/m
8:30pm-----------EUR ECB Press Conference
8:30pm-----------USD Unemployment Claims
10:00pm----------CAD Ivey PMI
10:30pm----------USD Natural Gas Storage

Friday [06-06-2008]
12:00am--USD Philadelphia Fed President Plosser Speaks
7:30am---AUD Construction PMI
2:45pm---EUR French Government Budget Balance
2:45pm---EUR French Trade Balance
5:00pm---CHF SNB Board Member Jordan Speaks
6:00pm---EUR German Industrial Production m/m
7:00pm---CAD Employment Change
7:00pm---CAD Unemployment Rate
8:30pm---USD Nonfarm Employment Change
8:30pm---USD Unemployment Rate
8:30pm---USD Average Hourly Earnings m/m
8:45pm---USD Fed Governor Kroszner Speaks
10:00pm--USD Wholesale Inventories m/m

[After Friday's Midnight]
3:00am---USD Consumer Credit m/m
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