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Thursday, April 29, 2010

Forex day trading wrap up Asia

The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3245 level and was supported around the $1.3140 level.   As expected, the Federal Open Market Committee decided to keep interest rates unchanged.  The FOMC reported "Information received since the Federal Open Market Committee met in March suggests that economic activity has continued to strengthen and that the labor market is beginning to improve. Growth in household spending has picked up recently but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software has risen significantly; however, investment in nonresidential structures is declining and employers remain reluctant to add to payrolls. Housing starts have edged up but remain at a depressed level. While bank lending continues to contract, financial market conditions remain supportive of economic growth. Although the pace of economic recovery is likely to be moderate for a time, the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability.  With substantial resource slack continuing to restrain cost pressures and longer-term inflation expectations stable, inflation is likely to be subdued for some time.  The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period. The Committee will continue to monitor the economic outlook and financial developments and will employ its policy tools as necessary to promote economic recovery and price stability.  In light of improved functioning of financial markets, the Federal Reserve has closed all but one of the spec [...]

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Wednesday, April 28, 2010

Forex managed trading monthly support line

Forex day trading, Spain is down graded.  Greece needs more and more, 120 billion euro package to flow there at the end of next month. [caption id="attachment_839" align="alignleft" width="263" caption="Forex managed funds monthly eurusd"]Forex managed funds monthly eurusd[/caption] 8 year trend line tested at 1.3102 with a further supporting TL at 1.2745 on the EURUSD monthly chart. 1.40 falls into a 50% retracement here but with all the EU countries asking for money there is no end in site. 1.21 by summer and Par by the year on the USD. All asset classes came under heavy selling pressure after the S&P rating agency downgraded both Greece and Portugal's sovereign debt yesterday. In the wake of the downgrade: Greek 2-year debt skyrocketed to 22.00%, 1 year credit-default swaps stand at 1290, the EURUSD fell through the 1.3200 level for the 1st time since April '09 as equity markets sold off globally. Overall, we remain bearish on the EURUSD. The EU/IMF rescue package may provide some temporary reprieve for the EURUSD, but there are still considerable financial obstacles before the Eurozone is in the clear. On the US side, we do not expect any significant shift in language nor policy from the FOMC today and maintain that asset sales are a distant prospect.
08:30 [...]

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Tuesday, April 27, 2010

Forex day trading system eurusd new lows

Forex day trading new lows on for the EURUSD EURJPY weakened 0.2% to 125.51 as the JPY rose against all of its major counterparts and Asian stocks declined as concern about Greece's bailout plan and the effect of tightening measures in China drove investors away from higher-yielding assets and after reports that BOJ may upgrade its 2011 CPI forecast on April 30. Investor sentiment turned bearish after German Chancellor Angela Merkel said she won't release funds for Greece until the nation has a "sustainable" plan to reduce its deficit. The USDJPY traded near its strongest level in almost three weeks to 93.81, the most since April 6 on speculation the Fed is moving closer to withdrawing stimulus as the US economic recovery gathers momentum. After the market closed, US Senate Republicans blocked Democrats from advancing their plan to overhaul Wall Street regulation, saying they want to force changes before beginning full debate. The NZDJPY fell to 67.53 after trading 68.31, the highest since Jan. 14 and AUDJPY fell to 86.76 after touching 87.77 yesterday, the strongest since Sept. 29, 2008 on concerns the EU aid package for Greece won't keep the deficit crisis from spreading, damping demand for higher-yielding currencies. The AUDJPY also retreated from an 18 month high as Asian stocks dropped. The NZDUSD dropped to 0.7201 after it reached 0.7256, the most since Jan. 20 while AUDUSD traded 0.9251 after German Chancellor Angela Merkel yesterday said she won't release Greek rescue funds until the country shows it's got a "sustainable, credible" plan to cut its budget deficit. Australia's producer prices index gained 1% in Q1 (prev. -0.4%) as cost of petroleum refining advanced 8.1%, building construction prices gained 0.6% while utilities rose 3.3%. The EURUSD may weaken to less than 1.3000 this year should the Fed start raising interest rates before the ECB, according to market estimates. If the Fed does hike before the ECB, BOJ and BOE, th [...]

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Monday, April 26, 2010

Forex day trading room

Forex day trading room, The JPY fell against higher- yielding currencies as signs that a worldwide economic recovery is gaining momentum boosted demand for riskier assets and after a report showed UK house prices rose for a ninth straight month and before data forecast to show the US housing market is stabilizing. The EURJPY increased to 126.11 while AUDJPY increased to 87.61, the highest since September 2008. The USDJPY advanced to its strongest in almost three weeks to 94.31 on speculation the Fed will move closer to withdrawing stimulus measures at its April 27-28 meeting amid signs the US economic recovery is intact. Fed policy makers this week will try to decide how and when to sell mortgage-backed securities and reduce its balance sheet. The US economy probably expanded 3.4% in Q1. The S&P/Case-Shiller home-price index in the US probably increased 1.3%, the first increase since December 2006 according to data to be released tomorrow. In other Asian news, a Bank of Korea report tomorrow will show the economy expanded 7.5% from a year earlier in Q1, the most since 2002 while exports probably increased 32% in April according to a report due on May 1. South Korea's won strengthened to a 19-month high as global funds pumped more money into the nation's shares to profit from accelerating economic growth. USDKRW declined 0.5% to 1,103.63, the weakest since September 2008. The EURUSD fell to 1.3371 and EURJPY was at 125.65 on concern Greece's request for a $60 billion bailout led by the EU will fail to ease investor concerns about the nation's ability to end its fiscal crisis. The currency also slid as investors demand Greece pay almost triple what they charge Germany for its 10-year bonds. Greek Finance Minister George Papaconstantinou told investors they will "lose their shirts" if they bet the cash-strapped nation will default, as his government moved toward securing emergency aid before debt payments come due in mid-May also adding that mone [...]

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Sunday, April 25, 2010

Twitter Weekly Updates for 2010-04-25

Thursday, April 22, 2010

S&P500 day trading course double top

S&P500 day trading course double top [caption id="attachment_2205" align="alignleft" width="258" caption="S&P 500 day trading course april 22 30 min"]S&P 500 day trading course april 22 30 min[/caption] Looks like we have a double top on the daily with a test down. open gap at 1202.50 Point of control for direction 1197.50 with major support on the 1194.25 for direction on the day. next support at 1188.25 and extreme low at 1179.25 Join us for a course in May. S&P500 day trading course.

S&P 500 day trading course

Tuesday, April 20, 2010

S&P500 day trading course 60 min chart

S&P500 day trading course 60 min chart open gap 1203.25 [caption id="attachment_2202" align="alignleft" width="262" caption="S&P500 day trading course 60 min chart"]S&P500 day trading course 60 min chart[/caption] POC point of control for Direction 1206.25 Extreme high is 1219.25 Watch for the retest of 1210.50 and if it breaks through resistance a move to 1219.25 If price fails to move through 1217 area and sells off then looking for a close of the Gap. April 22 pre market news will probably give us some volatility. Don't know if it will carry through to the market session. We are going to have another group of courses this summer in Calgary, Toronto and Los Angeles, Ca.

S&P 500 day trading course

S&P500 day trading course am chart

S&P500 day trading course AM Chart - seems like a bull flag before the open. [caption id="attachment_2198" align="alignleft" width="255" caption="S&P500 day trading course april 20 am 15min"]S&P500 day trading course april 20 am 15min[/caption] a Break of 1201 to the ups ide with 1210 as extreme high target. Looks like the 3 week pivot held. Expect some resistance on previous swing high to 1205, if we can get enough buyer commitment then we could see previous daily high.

S&P 500 day trading course

Monday, April 19, 2010

S&P500 day trading course chart

S&P500 day trading course.  Support and resistance for April 20 with the Gap. [caption id="attachment_2193" align="alignleft" width="300" caption="S&P500 day trading course trading chart"]S&P500 day trading course  15 min chart[/caption] GAP is 1190.75 POC is 1197.50 for the direction 13 point range during trading hours Gap up. News of financials being indicted could take this down. Watch for news breaking around 11:30, 1:30 as well as normal market settings. Manage your risk on these trades and lock in profit. Nice sell shadow on lower time frames leading into the 10:30 setting.  Continuation trade also nicely triggered with minimal risk exposure on short term entry. [caption id="attachment_2194" align="alignleft" width="275" caption="S&P500 day trading course april 20 daily chart"]S&P500 day trading course april 20 daily chart[/caption] Daily chart is showing some support on the small retracement from Goldman Sachs fraud charges. Price retreated to 1196 giving a bout 50% move up.  if we go back to 1210-1212 area then I would be looking for the continuation to 1230. If we fail or consolidate in this area, then one more test of the 1205 Zone and roll over to a possi [...]

S&P 500 day trading course

EURUSD risk appetite US close

Forex day trading EurUsd Risk appetite has continued to struggle since the Goldman inspired equity market slump on Friday, and EURUSD has also been weighed by the ash-triggered paralysis of European travel networks and the possibility of Greece activating the EU/IMF bailout mechanism appearing ever closer. We are now approaching a critical juncture for the pair, with 1.3370-1.3400 representing the last major cushion of support before 1.3268 levels not seen since 25 March. We see the 3-week uptrend support level coming in around 1.3400, backed up by a former pivot level at 1.3385 –but the crucial line to watch from here is the back side of the former 4-month downtrend at 1.3370. As such, we like the idea of a small long trade on any dip towards 1.3520, with a stop just below those major supports, but remain flexible to reversing this bias should the former downtrend line fail. Levels on the topside are now 1.3568 (50-day moving average), followed by 1.3590, then last Monday's opening highs of 1.3692.

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Forex day trading London close

Risky currencies were sold in Asian session, as the SEC's allegations of fraud and conflict of interest by a US investment bank weighted on investor's sentiment. The EURUSD sank to 1.3437, while the USDJPY fell to 91.60. While the charges we very specific, there was significant position trimming across asset classes. Asian regional indexes and commodities, lead by a fall in Gold, were lower across the board. While in the short term participants will remain skittish, we believe the fear of contagion will fade quickly. After reading the SEC report, it seems like the accusations are very specific and the possibility that regulators and investors could use this as a spring board for broader actions against the financial sector looks unlikely. Given our view on the SEC case and that fact that general macro fundamentals remain supportive, we suspect this is more of a short term correction in high beta assets than a game changing reversal in sentiment. Interestingly lost in Friday's hysteria, was the US housing starts and building permits, which both rose giving the USD fundamental reasons for gaining strength. The IMF, EU and Greek emergency meeting that was expected to start today in Athens was postponed due to ash clouds spilling over European skies. This was potentially positive for policy makers, as Greek protestors were expected to come out in droves. A strong ground swell of Greek resistance would surely highlight investors concern that much is riding on the public's support of the fiscal austerity programs. Within Greece there is legitimate concern that the IMF will demand additional wage cut and tax increase for their portion of the rescue program. Should public support widely turn against the Governments pledge to stick to the austerity program, investors and potentially the IMF and EU neighbors might quickly loser their desire to assist.

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Sunday, April 18, 2010

Twitter Weekly Updates for 2010-04-18

Forex day tading room Friday close

Forex day trading room The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3470 level and was capped around the $1.3585 level.  The common currency failed to sustain early gains this week and was pushed lower on Friday after U.S. equities tumbled.  The U.S. Securities and Exchange Commission filed fraud charges against Goldman Sachs for its involvement in the sub-prime mortgage crisis that rocked the financial world.  Shares in Goldman Sachs finished the week down more than US$ 18 and today's news is likely to accelerate the Obama administration's calls for greater regulatory reform, particularly over derivatives.  The U.S. financial sector was doing decently following some initial first quarter earnings reports from the likes of Bank of America and JPMorgan Chase.  Kansas City Fed President Hoenig said the Fed should exit monetary policy as "delibertely as possible" and called on the Fed to "eventually" reduce its balance sheet below US$ 1 trillion.  San Francisco Fed President Yellen warned the Fed has "stepped on the gas as much as it can."  Data released in the U.S. today saw March housing starts gain 1.6% m/m and building permits climbed 7.5% m/m.  Also, mid-April University of Michigan consumer sentiment fell back to 69.5 from the prior reding of 73.6.  In eurozone news, traders are closely monitoring the situation involving the Icelandic volcano that erupted this week for the first time in nearly two centuries.  The volcano has prompted the cancellation of a significant number of flights across Europe and is having a negative impact on cross-border business. Eurozone finance ministers are said to have ordered Greece to prepare to tap its credit facility with the European Union and the International Monetary Fund.  European Central Bank member Stark said he is skeptical about IMF loans to Greece and str [...]

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S&P500 day trading course weekly set up

S&P500 day trading course weekly set up. We are looking at a 240 min S&P500 emini futures day trading chart with levels of support and resistance. [caption id="attachment_2187" align="alignleft" width="171" caption="S&P500 day trading course "]S&P500 day trading course[/caption] We are looking at resistance at 1211-3 mark.  Goldman Sachs news hit and executed on what was a very low volume Head and shoulders on the hourly chart. We have completed the move down and now am looking for a retracement to 50 or 61% for an ambush on the next leg down. We have touched the supporting trend line at 1182.50 on the four hour chart, in order to keep this upward trend in tact we will have to break above the 1198.75 resistance. If this resistance holds we could be looking at a Head and Shoulder pattern on the 4 hour chart with the formation of the right shoulder off of 1197-99. Look for a downside target in the 1169-72 area. If we settle above the 1198 area and gain some commitment, with buyers buying, we could be looking at a test back up to the neckline of the previous Head and shoulders and  some consolidation in this area. [caption id="attachment_2188" align="alignleft" width="171" caption="S&P500 day trading course 240 short Head and shoulders"][...]

S&P 500 day trading course

Friday, April 16, 2010

Forex day trading room Europe

Forex day trading room. The ash cloud spreading over northern Europe is a clear reminder that one EU nations problems will eventually plague the rest. We are steering clear of extrapolating the effect on the GDP, since extreme weather related effect are generally exaggerated. However, the rumor mill has been swirling that Greece's schedule meeting with EU and IMF officials over the next few days will lead to the deployment of aid. In early European trading, the EUR has picked up a slightly bullish tone after being sold in Asia. Traders will be keeping one eye on developments surrounding Greece and the other on German elections. It's important to point out that Greece has capital to cover this month's bond redemptions and is moving ahead with its US road show (which suggest pre-marketing was successful). So, the concern is longer term funding issue. The current markets rate for Greece paper is unsustainable for continued borrowing, despite the recent pullback in yields, which means that Greece will have to turn to subsidized lending from the EU / IMF. Given the logistical issues before any capital can be distributed, including legal challenges and the fact that many countries just don't have the cash on hand, there will be a significant lag from requesting to distribution. Greece has a choice whether they can wait till all issues have been cleared or request the bailout now giving EU nations time to prepare. Since the IMF will be in Athens on Monday, Greek officials will be able to sort out issues such as lending rates and how harsh austerity might be and, in our opinion, highly increasing the probability that the EU / IMF bailout is called in. The knee-jerk reaction should be EUR positive as the short term sentiment relief should put pressure on the markets extreme short positioning. The sterling came under selling pressure as yesterday's first ever televised election debate between the three hopeful leaders re-introduced the promise of a "hung" Pa [...]

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Thursday, April 15, 2010

Forex trading room eurusd

Forex day trading room  EurUsd There has not been a great deal of volatility for EURUSD in the last few sessions which makes saying something new about the pair a somewhat tricky task. However, yesterday evening's dip down to 1.3546 has since been followed by a strong bound back above 1.3600 levels, and we still remain resolutely bullish until we get a compelling technical argument to abandon this bias. Looking at the daily chart, the double bottom formation we have been monitoring still seems valid, and measuring from the 25 March lows to the neckline (at 1.3590) the target can be expected to be around 1.3920. Resistance levels on the topside are Monday's highs 1.3692, then 1.3800 (50.0% fibonacci retracement level of 1.2457-1.5145), and 1.3850 pivot levels not seen since 4 February. First supports on the downside are 1.3579 (50-day moving average), then yesterday's lows of 1.3546; the back side of the former downtrend should also be a strong area of bids, coming in today at 1.3435.As a quick treat in addition to the daily chart on the previous page, here's a look at the hourly chart as I currently have it –and the potential bullish flag pattern that might come into play in the coming days. The downward sloping consolidation range currently has an upper bound at 1.3665, and lower bound of 1.3540; should the pair manage to break above the upper edge, we can expect targets for the flag around 1.4070 (but the precise target would depend on where the break out comes). GbpUsd After the fantastically successful symmetrical triangle pattern we followed last week in GBPUSD, we now seem to be fortunate enough to be getting another one forming on the hourly chart. Too good to be true? Perhaps, but given the big profits banked on the last one it seems worth a punt, and since the break of the major downtrend back on 29 March, we have not been given any reason to doubt the bullish momentum. The width of this symmetrical triangle [...]

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Wednesday, April 14, 2010

Forex Day Trading Room

EUR/USD [caption id="attachment_810" align="alignnone" width="300" caption="FXDMG"]FXDMG[/caption] Here is a 15 min chart for the last day. We were able to take a nice long ride down yesterday and the retrace back up was around 100 pips. I persoonally did not ride the market up as yesterday was a busy day on the phone. This week looks like it can't find direction, and that is OK as long as we get a good consolidation range like yesterday as it is money in the bank with little stress, just follow the 1, 5, 15 min charts. I will be in Hong Kong this weekend but will be back in time for the opening of the market next week. I will post what I see but there is little other than standard Pivot Points (Which I will post 00:00 GMT) each day and our regular EMA's, BB, and MACD. Taking scalps and riding the wave. FXDMG

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Tuesday, April 13, 2010

Forex Day Trading Room

[caption id="attachment_806" align="alignnone" width="300" caption="FXDMG"][/caption] Good Morning Traders... Here are today's Pivot Points . LSE opening in a few minutes FXDMG

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Forex Day Trading Room

EUR/USD [caption id="attachment_800" align="alignnone" width="300" caption="FXDMG"]FXDMG[/caption] Above is a 4 hour chart of the past month. The white line and the dashed line are almost on top of each other and represent the price action and the Pivot Point for the 4 hour chart. A little over an hour from the New York opening and not a lot of activity right now but we had a few good kicks at the can. The Market stayed nicely between the BB and was easly caught on the 1, 5, & 15 min charts. There are 5 news items coming out at 12:30 GMT (16 min from now) and I think we will stand aside until after. FXDMG

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Forex Day Trading Room

EUR/USD PIVOT LEVELS for April 14, 00:00 GMT Pivot Woodie Fibonacci R3     1.3790         1.3776             1.3741 R2     1.3741          1.3734             1.3693 R1      1.3664         1.3650             1.3663 P        1.3615          1.3608             1.3615 S1       1.3538        1.3524              1.3567 S2      1.3489        1.3482              1.3537 S3      1.3412         1.3398              1.3489 Good Morning Traders... Today I thought I would put in Resistance and Support levels and Pivot point. We are currently at 1.3599 and price action is basically at the pivot point. Today we are riding above the 34 & 89 EMA but it is too soon to tell if we have any direction in the market. A light news day but you may want to check with your favorite news service to see if there is anything that you would want to be out of the market before its release. FXDMG

Forex trading - live day trading course and currency trade room.

Monday, April 12, 2010

S&P 500 Emini Day Trading Gap Tuesday April 13, 2010

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2184" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Tuesday April 13, 2010"][/caption] S&P Emini 500 Futures traded in an extremely narrow 5 point trading range today.  Volume  was light at 1.25 million contracts.  Direction is still up, but shows a great deal of weakness with the lack of volume.  The index may still test 1200, but expect strong resistance at that level.  The daily averages are moving in a bullish sweep on the daily chart with volatility constricting.  It still looks to correct to the downside sharply after a test of the 1200 level.

S&P 500 day trading course

Forex Day Trading Room

EUR/USD [caption id="attachment_791" align="alignnone" width="300" caption="FXDMG"]FXDMG[/caption] Good Afternoon / Morning / Evening or what ever your time zone... I thought I would show you a 4 hour chart with pivot points on it. It has just updated from the last bar and you can see that it can be very helpful if you are looking for Support & Resistance levels. There are many web sites that offer a free calculator for these levels, and the one that I use is at http://www.dukascopy.com/swiss/english/marketwatch/pivot/ They show the Pivot, Woodie and Fibonacci on the same window. Hope this is helpful. P.S. Nice retrace since opening. $$$$$ in the bank. FXDMG

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Sunday, April 11, 2010

Twitter Weekly Updates for 2010-04-11

Forex Day Trading Room

EUR/USD Top of the Morning and Top of the Week Traders... If you haven't look at your charts yet... expect a big surprise. EUR/USD rose to over 1.3650 over the weekend. We are still tracking down what forced the jump BUT it is my opinion that the spike we saw at the opening of NY on Friday was a prelude to what was being planed. Currently the pair is at 1.3625 after my charts geared up for the weeks trading and I will be very interested in hearing what the pundits have to say as to the reason. So far it has been attributed to Greece  being guaranteed a bunch of money but there is something more I am sure. Well... as they say, let the games begin. Good trading this week everyone and keep your eyes open during news this week as you may want to stand aside while anything major is being released. I will try to advise when I see anything. P.S. The 4 hour chart clearly shows a double bottom at 1.33 the figure, that started last Thursday. FXDMG

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S&P 500 Emini Day Trading Gap Monday April 12, 2010

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2180" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Monday April 12, 2010"][/caption] S&P Emini 500 Futures continued it's inexorable march to the 1200 level on Friday.  The low volume up trend is beginning to worry analysts.  A local newspaper article from a national source quoted a well known market analyst who is wary of the lofty highs the market is attaining, since volume is low.  Friday scored a new high on well under average volume.  The emini's may continue to the 1200 level, but it certainly is time to insure the downside of any longer term portfolio.   Day traders, however, will continue to do our thing, trade the signals, and be in cash every evening.

S&P 500 day trading course

Friday, April 9, 2010

Forex Day Trading Room

EUR/USD OK everyone... If you don't believe in market manipulation then you wern't here for the past 1/2 hour. I personally am outraged at what just happened. Personally I was in a hedge but it still took 30 pips from my days trading. I was fortunate to get back in and then a sudden drop and I got 10/15 back but not by good management but by luck. I don't trade luck, I would rather stand aside and wait for a good signal which I thought I did and then wham-o a sudden drop. I was in the right direction but this isn't trading this is a crap shoot and I will stand aside until some reasonable trading happens. [caption id="attachment_781" align="alignnone" width="300" caption="FXDMG"]FXDMG[/caption] Above chart is a 30 min chart. I am standing aside until I see the market being traded. By the way... the excuse for the spike was positive news on Greece. Male Bovine if you ask me. Still ticked off. FXDMG

Forex trading - live day trading course and currency trade room.

Forex Day Trading Room

EUR/USD [caption id="attachment_774" align="alignnone" width="300" caption="FXDMG"]FXDMG[/caption] Greetings Traders... I thought I would show you a different way of looking at our 5 minute chart. On the left you see the chart that I normally post and on the left you see the same 5 minute chart with Heikin Ashi candles instead of regular candle sticks. New York open in less than a hour. We'll see how the weekend will shape up. If we see a slow finish to the week, we should see a good start to next week, and vise verse. Hope you got in early today as the market had legs, and a nice retrace. Keep your eye on the 5 minute chart. FXDMG

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Thursday, April 8, 2010

S&P 500 Emini Day Trading Gap Friday April 9, 2010

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2176" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Friday April 9, 2010"][/caption]

S&P 500 day trading course

Forex Day Trading Room

EUR/USD [caption id="attachment_769" align="alignnone" width="300" caption="FXDMG"]FXDMG[/caption] Here is a 15 min chart of the EUR/USD just before the NYSE open at 13:15 GMT. We have had a few good opportunities to scalp so small and not so small profit. We'll what the rest of the day brings. FXDMG

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Forex Day Trading Room

EUR/USD Nothing new from the news. We have seen 10/15 pip moves and the 1 min is catching most of it. BUT we are hanging just above and just below 1.33 the figure. The 89 EMA on the 5 min seems to be strong resistance for now but we are just looking for scalping opportunities. Quick in and quick out. Never go broke taking a p0rofit. NYSE opens in less than an hour. FXDMG

Forex trading - live day trading course and currency trade room.

Forex Day Trading Room

EUR/USD WOW... did you feel the ground shake????? Neither did I. The ECB Interest rate announcement wasn't a earth mover was it. Well... At 12:30 GMT we have the US Initial Jobless Claims. Didn't we just have one???? It seem like we get one of these every other day. Just remember Safety first and always protect your account. Perhaps we will see some more movement yet today. FXDMG

Forex trading - live day trading course and currency trade room.

Forex Day Trading Room

EUR/USD A nice run down from 1.3330 to a double bottom at 1.3285/90. and now we are back above the figure and making our way through the 5 min 89EMA. Several nice trades so far today and looking for a decisive break above or range between 1.3315 and the figure (1.3300). On the news front we are just over a hour away to the ECB Announces Interest Rates and we will want to keep out eye on the clock if we get into a trade. The ECB announcement may be a non-event BUT there are writers that think otherwise. For safety Keep you eye on the clock at 11:45 GMT FXDMG

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Wednesday, April 7, 2010

Forex Day Trading Room

EUR/USD Greeting Traders... Today we see several news releases that have regional implications BUT one stands out that everyone should be aware of and it is ECB Announces Interest Rates at 11:45 GMT. FXDMG

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S&P 500 Emini Day Trading Gap Thursday April 8, 2010

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2173" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Thursday April 8, 2010"][/caption]

S&P 500 day trading course

Forex managed funds

EURUSD has experienced another set-back today as Eurozone Q4 GDP was unexpectedly revised down to 0.0% QoQ from its already subdued 0.1% previous reading, and adding to the disappointment, February PPI figures also undershot forecasts at 0.1% MoM, -0.5% YoY compared to expectations of 0.2% MoM, -0.4% YoY. If anything, it is remarkable that the sell-off for EURUSD has not been more severe; as the bearish momentum could only push us back down as far as 1.3326 before suspected profit-taking pared back some of those losses to 1.3355 levels by the time of the US equity market open. As some solace, the morning's PMI data was better than expected with the Services component hitting 54.1 (53.7 expected, 53.7 prior), and the Composite reading coming out at 55.9 (55.5 expected, 55.5 prior). In the broader picture, these data points are unlikely to have a significant impact on tomorrow's ECB meeting where analysts are in unanimous agreement that the ECB will keep interest rates at 1.00% this month. Furthermore, officials are likely to repeat verbatim the language of previous statements that current monetary policy remains "appropriate". Trichet has already primed the market that he will reveal new lending rules this time around – a necessary step to ensure Greek debt does not fall outside the ECB's accepted collateral list, however with the political situation still somewhat fragile, it is likely Trichet will avoid wading into any controversial statements about the Greece bailout plans. Across the channel, UK PMI Services was a little below expectations at 56.5 (58.0 expected, 58.4 prior), a catalyst for GBPUSD also trading heavily during the morning session to lows of 1.5139. Like the Eurozone, there is also an interest rate decision due tomorrow as the MPC convenes for its last monetary policy meeting before the UK general election. It is not expected that any changes will be made to either the level of interest rates (which currently stand at ultra low 0.50% [...]

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Tuesday, April 6, 2010

S&P 500 Emini Day Trading Gap Wednesday April 7, 2010

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2169" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Wednesday April 7, 2010"][/caption] S&P Emini 500 Futures opened down 3.25 points Tuesday morning.  The days trading not only filled the morning gap, but yielded another new high for the year.  The Emini Futures seemed to be heading to the 1200 level, but doing so on light volume.  A below average 1.4 million contracts traded today.  Continual new highs on light volume portend a correction to the downside.  Today's Fed meeting minutes provided a little volatility.  The pre-announcement resistance at 1184.50 became support in the afternoon session.  With 9 unfilled gaps lying underneath the current trading level, and with new highs occurring on light volume, look out below.  The overbought condition still exists,  with 1170 looking to provide some short term support.  Any news driven uncertainty could provide the catalyst for a drop.

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forex day trading course Australia interest rate hike

Forex day trading room and managed accounts. The Reserve Bank of Australia this morning increased its benchmark interest rate to 4.25%, the fifth increase in as many as six meetings. AUDUSD was trading higher after the news and posted an intraday high of 92.30 at the time of writing. RBA Governor Glenn Stevens didn't dismiss against future increases in a signal that the RBA is keeping a close eye on inflation levels and surges in housing prices down under. Turning to Asia, risk appetite sentiment dominated much of the Asian market trading as well as late US session yesterday over concerns of Greece inability to repay its debt. The USD strengthened across the board along with the JPY even after yesterday's US service sector data showed positive economic outlook for the US economy. Greece is looking to raise $5 billion to $10 billion from investors in the US to help cover its May borrowing requirement of about 10 billion EUR. NZDUSD traded at 0.7033 and NZDJPY at 66.24 after a report showed business confidence fell showing that a net 22% of companies expect the economy will improve over the next six months, down from 31% in the last three months of 2009 as slowing consumer demand curbed profits, investment and hiring. The USDJPY traded at 94.05 after the JPY gained for a second day against the USD on speculation exporters took advantage of the currency's slide to bring back overseas earnings. The BOJ may raise its economic assessment and keep policy unchanged tomorrow after its Tankan business survey showed the export-driven recovery is gaining momentum leaving the benchmark interest rate at 0.1%. Looking forward to today's releases, investors would be eyeing the discount rate decision by the Fed after yesterday's meeting which could see the rate increased by 25 basis points to 1% giving rise to speculation that the Fed will unwind stimulus measures before other counterparts. Any such move is likely to be seen as another step along the road to p [...]

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Forex Day Trading Room

EUR/USD

The Easiest Job to Make Hard & The Hardest Job To Make Easy.

If anyone tell you that we don't earn our money, then they just haven't spent the hundreds and thousands of hours sitting in front of the screens. I have likened it to watching paint dry. BUT Every now and then, something unexpected happens which adds a little spice to our life. That happened today for me and watching an unexpected 50 pip run keeps me watching with anticipation for more set ups. The money is great too. It doesn't matter if you are trading a small account or large numbers, at least for me, there is joy in mud ville when we hit one out of the park. I hope that you get as much joy from these events as I do. FXDMG

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Forex Day Trading Room

EUR/USD [caption id="attachment_746" align="alignnone" width="300" caption="FXDMG"]FXDMG[/caption] Good Job Traders... A nice unexpected 50 pip run. Looking for another set up. FXDMG

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Forex Day Trading Room

EUR/USD Congratulations to those of you who were scalping the 1min / 5min charts. You should have shorted at 1.3415 or there a bouts and you are now in pip heaven. keep your eye on the 3/5 EMA on the 5 min chart as this is either the point of continuation or reversal. I personally don't like to give back too much profit on a retrace so I would advise keeping a tight stop and look for a new entry in either direction. FXDMG

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Forex Day Trading Room

EUR/USD [caption id="attachment_739" align="alignnone" width="300" caption="FXDMG"]FXDMG[/caption] Here is a section of my 5 min chart that shows the range we are in. Notice that there are several opportunities to get a 5 / 10 / 15 pip trade. If you use the 1 min for entry level, you have a high probability of getting a few pips in profit. ALSO use the 1 min chart for exit as well. You may be premature in getting out but remember, you'll never go broke taking a profit. FXDMG

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Forex Day Trading Room

EUR/USD We has seen four failed attempts to approach or pierce 1.3400 the figure. IF the price action does drop below 1.3400 be careful as this is a favorite trick to engage new sell orders and then quickly retrace, pivot and head back to higher 1.3400 numbers. This is only a caution as it may very well be that the market is going further down BUT wait for a good signal before committing. FXDMG

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Forex Day Trading Room

EUR/USD [caption id="attachment_733" align="alignnone" width="300" caption="FXDMG"]FXDMG[/caption] Here is the same 5 min EUR/USD chart (On the left) and the GBP/USD 1 min chart (Upper right) and the USD/CHF 1 min chart (Bottom right). I use the two right hand charts to confirm that the currencies are tracking properly. This tells me that the EUR/USD is being traded, not manipulated. FXDMG

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Forex Day Trading Room

[caption id="attachment_729" align="alignnone" width="300" caption="FXDMG"]FXDMG[/caption] We have been bottom feeding since the London open and we seem to be range bound for now. REMEMBER the FOMC is out at 18:00 GMT and the market might be soft until then. We may take a few 5/10 pip trades that we will not post as they happen too fast for me to post. If I see anything that may have legs I will post it as well give you what we see in the trading room. FXDMG

Forex trading - live day trading course and currency trade room.

Forex Day Trading Room

EUR/USD Just a quick not to say hi and let you know that there is a way of handling a boring/monotonous/routine like sitting in front of the screens hour after hour when the market is flat. The problem is that our minds want to wonder BUT can you imagine what it must be like to be a truck driver who must be alert mile after mile????? Thank goodness they have worked it out or we would all be in trouble. Setting goals is a good way of breaking up your day. I personally divide up my hour into four parts and give myself tasks to complete each 15 minute cycle. Look at the daily chart, 4 hour chart, 15 min, 5 min & 1min chart. Check how the 34 interacts with he 89 EMA and see how the 5 interacts with the 3 min EMA. NEVER LET YOUR MIND WONDER AWAY FROM YOUR TRADING !!! OTHERWISE YOU SHOULD TAKE A BREAK AND GO HAVE COFFEE WITH YOUR WIFE/HUSBAND. TO BE HALF TRADING WILL COST YOU MONEY AND EFFICIENCY. I know that this is trading 101, but still good advice. FXDMG

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Forex Day Trading Room

EUR/USD Good Morning Everyone... London opened at 7 AM GMT (7 + 1 = 8 AM London time) and the market is looking for a direction. Today we are looking for small trades as we wait for FOMC out at 18:00 GMT. 1.3400 the figure seems to be support right now. We will spend more time watching the 1 min and 5 min for quick in-&-out trades. FXDMG

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Monday, April 5, 2010

Forex day trading room dollar strengthens

The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3485 level and was capped around the $1.3590 level.  The common currency came off despite light liquidity on account of the Easter Monday holiday and Bank holiday in some trading jurisdictions.  Traders will pay close attention to a few key events this week.  First, former Federal Reserve Chairman and former U.S. Treasury Secretary Rubin will testify in Congress this week about the economic crisis.  Greenspan was on the tape yesterday saying the U.S. economic recovery has a "way to go" and said the build-up in inventories will expand.  Second, traders will pay close attention to the Fed's meeting today in which policymakers will be discussing requests from Fed district banks to increase the discount rate.  The Fed has raised the discount rate a couple of times over the past months and while another increase would not likely have a significant impact on liquidity, it would again signal the Fed is determined to normalize monetary policy without having to raise the headline federal funds target rate.  Third, Fed officials including Chairman Bernanke, Kocherlakota, Dudley, and Hoenig will speak this week and will offer some of their latest views concerning policy.  Fourth, major central banks will be releasing their interest rate decisions this week including Bank of Japan, the European Central Bank, Bank of England, and the Reserve Bank of Australia.  The central banks' decisions are an interesting study of the varied points the central banks are at in their interest rate cycles with RBA clearly the most hawkish and BoJ the most dovish.  Fifth, traders will closely monitor economic data to see if the decent gains reported on Friday regarding U.S. March non-farm payrolls are sustainable and evidence traction in the beleaguered labour market.  Data released in the U.S. today saw the March ISM non-manufactur [...]

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S&P 500 Emini Day Trading Gap Tuesday April 6, 2010

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2165" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Tuesday April 6, 2010"][/caption] S&P Emini 500 Futures gapped up 4.75 points at the open, and the gap remained open at the end of the day.  Today's action created a new market high since the March 2008 lows.  The high came on very light trading.  Volume was just little over a million contracts which is about half of the 50 day average.  Highs marked on light volume are suspect.  It will take a high volume follow through by the markets in the next 2-3 days to validate the upward market direction.  All of the time frames show an overbought condition, so be alert for a downward correction.  Expect to see support at the 1170 level before a retest of the current highs.

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Sunday, April 4, 2010

Twitter Weekly Updates for 2010-04-04

  • $eurusd $fx #currency managed funds Twitter Weekly Updates for 2010-03-28 #
  • S&P 500 Emini Day Trading Gap Tuesday March 30, 2010: S&P 500 Emini Futures Day Trading THE GAP S&P 500 Emini Day ... http://bit.ly/afPBrs #
  • Train is departed, #eurusd $$ some intermediate support at 1.34 looking for small bounce to 1.3410 and continue $eurusd #forex #fx #dollar #
  • #eurusd $$ showing engulfing bearish pattern, looking at the 4 hour #chart looking for support 1.3385 then 1.3280 for a retest $eurusd #fx #
  • RT @zerohedge: New post: Google Now Essentially Shut Down In China http://tinyurl.com/ycz2tx9 #fx #google #
  • #[...]

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S&P 500 Emini Day Trading Gap Monday April 5, 2010

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2162" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Monday April 5, 2010"][/caption]

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Thursday, April 1, 2010

S&P 500 Emini Day Trading Gap Thursday April 1, 2010

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2159" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Thursday April 1, 2010"]S&P 500 Emini Day Trading Gap Thursday April 1, 2010[/caption] S&P 500 Emini Futures had an average volume day with a 9 point trading range.  Average range is 11points, so less than average for the day's trading range.  Look for light trading and volatility on this first day of the second quarter of 2010.  The markets are closed tomorrow, so expect very light afternoon trading volume.  Next week should give traders some indication of direction for the longer term.

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