"These "rules" mainly reflect two lessons that experience has taught me - that getting the facts of a situation before acting is of crusial importance, and that getting these facts is a continuous job which requires eternal vigilance".
More US inflation? A rate hike next month? The most important US data next week are the PCE (personal consumptation expenditure) Index. Published THURSDAY 12.30 GMT. A surprising number will move the markets 100 or 200 pips. Just ask Alan Greenspan. He use it as his "preferred gauge of inflation". In March PCE Index rose 0.4% - the most since November 2001. Consensus is now "only" 0.2%. --- Another important number: Personal Income and Personal Spending Published FRIDAY 12.30 GMT Consensus is 02% - half of the 0.4% in March.
In Euro-Zone I think the German IFO confidence TUESDAY 10.00 GMT will be the most important. I think the number will be a little bit lower because of the oil, China and higher rates. WEDNESDAY 10,30 GMT we will get more detailed BNP numbers from UK. Look out for inflation. Also watch out for all comments about a new rate hike from BOE board members etc. Very important for the pound.
--- Well, here is my scalping trading system, which works OK in an trading range. I had nearly forgot it...
I use an adaptive moving average on the tick chart. I need to do more tinkering though mostly for exits. Chinook
Do you usually have open positions during such important eco releases? Too much whipsaw for me! Chinook
I just follow the flow - with a tight stop. But I think it's nice to know why the market moves - it's more easy to keep your position when you know what's happening and why.