EURUSD

Buy  1.1150  SL  1.1132  TP1  1.1164  TP2  1.1175

Sell  1.1122  SL  1.1140  TP1  1.1108  TP2  1.1097

EURJPY

Buy  113.78  SL  113.46  TP1  114.03  TP2  114.22

Sell  113.28  SL  113.60  TP1  113.04  TP2  112.84

USDJPY

Buy  102.20  SL  101.87  TP1  102.46  TP2  102.66

Sell  101.68  SL  102.01  TP1  101.43  TP2  101.22

GBPUSD

Buy  1.2976  SL  1.2947  TP1  1.2999  TP2  1.3017

Sell  1.2930  SL  1.2959  TP1  1.2907  TP2  1.2889

CADJPY

Buy  78.60  SL  78.40  TP1  78.78  TP2  78.89

Sell  78.28  SL  78.48  TP1  78.10  TP2  77.99

NEWS OVER THE NEXT 24 HOURS

Thu Aug 11

6:30pm NZD Business NZ Manufacturing Index    57.7 

6:45pm NZD Retail Sales q/q   1.0% 0.8% 

               NZD Core Retail Sales q/q   1.1% 1.0% 

10:00pm CNY Industrial Production y/y   6.2% 6.2% 

                 CNY Fixed Asset Investment ytd/y   8.9% 9.0% 

                 CNY Retail Sales y/y   10.5% 10.6% 

Fri Aug 12

2:00am EUR German Prelim GDP q/q   0.3% 0.7% 

               EUR German Final CPI m/m   0.3% 0.3% 

               EUR German WPI m/m   0.3% 0.6% 

2:45am EUR French Prelim Non-Farm Payrolls q/q   0.2% 0.3% 

4:00am EUR Italian Prelim GDP q/q   0.2% 0.3% 

4:30am GBP Construction Output m/m   0.9% -2.1% 

5:00am EUR Flash GDP q/q   0.3% 0.3% 

               EUR Industrial Production m/m   0.6% -1.2% 

8:30am USD Core Retail Sales m/m   0.2% 0.7% 

               USD PPI m/m   0.1% 0.5% 

               USD Retail Sales m/m   0.4% 0.6% 

               USD Core PPI m/m   0.2% 0.4% 

9:30am GBP CB Leading Index m/m    -0.2% 

10:00am USD Prelim UoM Consumer Sentiment   91.5 90.0 

                 USD Business Inventories m/m   0.1% 0.2% 

                 USD Prelim UoM Inflation Expectations    2.7% 

13th-15th CNY Foreign Direct Investment ytd/y    5.1%

DAILY RECAP

USDJPY                 Buy        -32                          Sell         NT         

EURUSD               Buy        -12                          Sell         +17 (+10 TP1)

EURJPY                 Buy        -22                          Sell         b/e (+16 TP1)

GBPUSD               Buy        NT                          Sell         b/e (+19 TP1)

CADJPY                 Buy        -14                          Sell         -14

One win (17) = + 17, minus five losses (32 + 12 + 22 + 14 + 14) = - 94, for a net loss of - 77 pips.  TP1 picked up three wins (10 + 16 + 19) = + 45, for a net loss of - 49 pips.

Day: -77 pips

Week: +141 pips

Month: +123 pips

So the longest trade since we ever started finally managed to break through TP1 and get us to b/e on the trade, but that was as far as it went and we stopped out at b/e earlier today (+22 TP1).

As for the rest of the trades, the session was about as bad as I imagined it would be, but the overall damage wasn’t that bad, courtesy of some pretty small stops.

So we go into this last session of the month with a Friday trading session, in August (when most traders are gone on vacation), with a mediocre (at best) news lineup of reports that for the most part have not been helpful in the past, with a balance of +123 pips.  Given the big moves we saw near the end of today’s session, our targets will undoubtedly be larger tonight, which means another 5 loser session could and probably will wipe out our profits on the month.

I’ve gone through the news pretty closely, looking for reasons to put up any of the five pairs tonight and can’t find a single one.  Nor can I find a reason to not put up the pairs either.  Since fortune favors the bold, or however that quote reads, I am going to put up all five pairs and hope we see some more price action like we saw over the last few hours.

Since we are going into another Friday session, please remember to pull off all trades, executed, pending or open, prior to the close of the markets for the weekend.

See you back here Sunday afternoon with the new signals.