GBP/USD was in a very definable price trap during today's pre-London market. We had a series of Higher lows without any higher high's. We were approaching an inevitable apex of the small 15m triangle right as the London market was opening. A breakout or break/trap plan was a very acceptable plan to at least the 4 hr 21ema, with a possible overall target with overlapping pivots etc. around 179.15. After the breakout this video walks you through how we step by step 'loaded the boat' at each Fibonacci pullback for a nice 70-100 pip trade (not including the reloads compounding effect). This was a very technical trade that could still reach it's ultimate goal today if Britain does not cut rates today. Another day another set of pips! Have a great...

FxBootcamp.com

Central bank rate decisions and the results of a survey of purchasing managers at US service firms are the key news events on tomorrow's calendar. Although the Bank of England and the European Central Bank are expected to keep their respective rates on hold, clues to the ECB's current monetary policy bias might surface from president Jean-Claude Trichet's statement to the press. The ISM services report will provide the first read of the health of the services sector of the US economy in August.

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FxBootcamp.com

View more charts at http://www.ablesys.com/fxcm

AbleSys

Analyst picks for: 2008/09/04
Full Article

The Canadian dollar looks to have found technical barriers across the board; but will these levels hold with sizable event risk scheduled for tomorrow? See what our DailyFX Analysts think about direction below:

Jamie Saettle

My picks: Long AUDCAD, against .8810, target .8960
Expertise: Technical
Average Time Frame of Trades: 1 month (this one should take a day)

John Kicklighter

My picks: Pending EURCAD
Expertise: Combining Money Management with Fundamental and Technical Analysis
Average Time Frame of Trades: 3 days - 1 week

Terri Belkas

My picks: Short USD/CAD
Expertise: Fundamentals Combined

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DailyFX Analyst Picks

By Bill Luby, greenfaucet.com

On Wednesday, September 3 after-hours, Hovnanian Enterprises (HOV) reported a Q3 ’08 loss of $2.67 per share or $202.5 million on $716.5 million in revenue vs. a loss of $1.27 per share or $80.5 million on $1.1 billion in revenue a year ago. Excluding pre-tax land charges of $11.7 million, the loss would amount to $87.7 million. Analysts were expecting a loss of $1.57 per share on $703 million in revenue. Shares were down $0.65 or 8.4% to $7.10 in after-hours trading and should gap down today.

Home deliveries declined 31% to 2,185 homes vs. 3,179 a year ago. The number of net contracts declined 38% to 1,584 homes. The cancellation rate declined to 32% vs. 35% a year ago. Contract backlogs...

greenfaucet.com