Forex Trading Signal 08/27/08 - Today

Let's talk about Wednesday.

1. Wednesday, August 27th, 2008 (8:30 a.m. New York Time) USA
At 8:30 a.m. we will have U.S. Durable Goods. Last month we had a pretty good price action on USD/JPY but nothing impressive on EUR/USD or GDP/USD so I still don't trust this report enough to put any real money on it. Even with that great deviation we had last month, usually half of the time it works great and the other half of the time not so great. If the price is just about to go one or the other way and this report deviates same way, market can use it as an excuse to jump into a trade. This, however, would require you to do some analysis right before the report because as of right now I am not able to tell you which way the price wants to go. The London session may and probably will move currencies one or the other way so most likely the price will be at the other level right before the report. If you are new, skip it. Remember, you don't have to follow what we write here so if you want to trade it, go ahead. I will not be trading it.

That would be all for Wednesday.