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Monday, May 31, 2010

EURUSD Forex day trading live room.

The EURUSD was at 1.2270 while EURJPY traded at 112.63, poised for a sixth monthly loss amid concerns Europe's efforts to reduce fiscal deficits and stem a sovereign-debt crisis will undermine the region's recovery. The EURJPY fell for a second day ahead of a report today forecast to show European confidence in the economic outlook was unchanged in May, snapping two months of advances. An index of executive and consumer sentiment is expected to be at 100.6. EUR has slumped 7.9% this year amid concern swelling budget deficits will lead to government defaults and an eventual breakup of the EU. Fitch on Friday stripped Spain of its AAA credit grade, saying the nation's debt burden is likely to weigh on economic growth. The EURUSD's 14-day stochastic oscillator stayed for a sixth day below the 20 level that signals that an asset has fallen too quickly and is poised to rise. USDJPY climbed to 91.38 while EURJPY rose to 112.63 as the JPY weakened against its major counterparts amid speculation political turmoil will dent the currency's safe-haven appeal after Japan's Social Democratic Party left a three-way coalition government. The JPY also fell after a poll showed that more than half of the nation's voters want Prime Minister Hatoyama to resign. Japan's industrial production increased 1.3% (prev. 1.2%, exp. 2.5%) less than economists forecast in April, the latest sign that the economic recovery may be losing momentum. RBA will probably leave the overnight cash rate target at 4.5% tomorrow unchanged after the most aggressive round of increases restrained retail sales and slashed mortgage lending by a quarter. Loans provided by banks and other finance companies gained 0.2%, the smallest gain since November, lending to home buyers rose 0.5% (prev. 0.7%), dwelling price growth slumped to 0.3%. That follows reports this month showing home-loan approvals dropped 25% to the lowest level in nine years. Investors boosted bets this month that Governor Glenn [...]

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Sunday, May 30, 2010

Twitter Weekly Updates for 2010-05-30

Friday, May 28, 2010

Forex day trading London close

The EURUSD dropped to 1.2321 and has fallen 7.3% this month curbing yesterday's 1.5% rally amid expectations stricter financial regulation in the wake of Europe's debt crisis will curtail the region's growth. The EURJPY was at 112.37, having dropped 0.7% this week heading for a fifth weekly loss as Japan's Finance Minister Naoto Kan today said the G20 summit next week may address the crisis' impact on currencies and financial regulations. The EUR headed for a monthly drop after US Treasury Secretary Geithner yesterday said the US and Europe are in "broad agreement" on the need for tighter market regulation. USDJPY rose to a one- week high of 91.37 before a report forecast to show US consumer spending gained 0.3% and incomes climbed 0.4%, adding to signs the nation's economic recovery remains on track. The JPY fell against the AUD and NZD as Asian stocks rose and before a report forecast to show on May 31 Japan's industrial production advanced 3% (prev. 1.2%). Japan's unemployment rate unexpectedly rose to 5.1% (prev. 5%), losing a net 280,000 jobs, Retail sales rose 4.9%, household spending dropped 0.7% (exp. 2.5%) and deflation deepened, signaling domestic demand is restraining the nation's recovery from its worst postwar recession. Consumer prices excluding fresh food slid 1.5% (prev. 1.2%) after government figures showed an extended rebound in exports, driven by demand from Asia's emerging economies, and highlight Japan's reliance on trade to sustain growth. Finance Minister Naoto Kan said he will try to spur employment that's "crucial" to overcoming price declines. The drop in consumer prices was exacerbated by the government's introduction of a waiver on high school tuition fees to assist households. The BOJ has estimated the step will lower core prices by about 0.5%. The BOJ has faced pressure to fight deflation from the government, whose ability to spur the economy is constrained by record public debt. Kan has been urging [...]

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Wednesday, May 26, 2010

S&P500 day trading course NY open charts

S&P500 day trading course live day trading room and charts levels of support and resistance. [caption id="attachment_2300" align="alignleft" width="215" caption="S&P500 day trading course trading chart"]S&P500 day trading course trading chart[/caption] 1089-90 is resistance today as we are seeing if the bulls can muster enough of a commitment to get us to 1100.  It could be a bit exhausting for them and we could see a sell off if it doesn't close above these levels today. 1089.50 first resistance 1096.25 next area of resistance Extreme high of 1105.25 Point of control will be 1075 on the day, I don't see the bears snatching this away until the close. 1069.50 1st support 1061.25 2nd support with 1051.25 at an extreeme low.  If there is a selll off, would be looking for  the previous swing low a 1036.25 Spain has added some volatility to the Euro and expecting a Spanish down grade soon.  Watch the lunch hour as London closes.

S&P 500 day trading course

Tuesday, May 25, 2010

S&P500 day trading course NY open

S&P500 day trading course NY open  Tensions over N. Korea could add momentum to this direction. [caption id="attachment_2297" align="alignleft" width="203" caption="S&P500 day trading course 30 min chart"]S&P500 day trading course 30 min chart[/caption] First resistance on 1051.25, 1061.25 with some congestion around 1057.25- 1059 Looking for a retest of yesterdays previous low 1036.25 1st Support at 1029.50 Next Support is 11019.75 Extreme Low of 1019.75, below here we can fall far.  News will move this market, manage your risk at all times. Market will more than likely retrace and make a move after London closes. Open Gaps 1072.25 , 1112 and 1156.

S&P 500 day trading course

Forex day trading EURO falling Korean tension

The USDJPY traded at 90.01 as the MSCI Asia Pacific Index shares dropped 1.7% boosting demand for JPY as a refuge. Increasing concerns about a slowdown in economic growth weigh on stocks and when stocks fall, investors rush to sell cross currencies against the JPY as a knee-jerk reaction. The USDKRW rose 3.2% to 1,264.35 after North Korea ordered military bodies to prepare for battles and US and South Korea will practice anti-submarine maneuvers and interdicting vessels as a result. The AUDUSD fell to 0.8214 and AUDJPY declined 0.8% to 74.07 for a second day as investors sold higher-yielding assets on concern Europe's debt crisis will worsen and amid reports of escalating tensions between North and South Korea. The AUD slid after North Korea ordered the country's military to get ready for combat and as iron-ore prices dropped before steelmakers in China and South Korea meet today in Beijing to discuss raw material prices. NZDUSD was at 0.6684 and NZDJPY weakened to 60.26 as Fonterra forecast its milk price payout will rise 8.2% in 2011. The EURJPY fell 0.5% to 111.12 while EURUSD dropped to 1.2315 for a second day as signs the EU's debt crisis is spreading revived concern the recovery will slow. The EUR dropped against 13 of its 16 major counterparts as the IMF urged Spain to do more to overhaul its ailing banks, adding to speculation financial institutions in the area face more losses. The IMF backed Spain's plans to rein in its budget deficit with the deepest spending cuts in three decades. IMF said that the banking industry remains under pressure and the Bank of Spain should be prepared to intervene promptly if pockets of weakness remain. Four Spanish banks plan to combine to form the nation's fifth-largest financial group with more than 135 billion EUR in assets, as regulators push ailing lenders to merge with stronger partners. The EURGBP declined 1.1% to 0.8569, the most in almost two weeks; GBPJPY climbed 0.1% to 129.32 and GBPUSD decrease [...]

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Monday, May 24, 2010

Forex day trading room

The USD and JPY rose against higher-yielding currencies with USDJPY trading at 90.14 as political tension on the Korean peninsula boosted demand for safer assets. The USDKRW advanced 1.3% to 1,210.65 from 1,194.40 on May 20, after earlier reaching 1,220.75, the strongest since Sept. 15 to an eight-month high after South Korea said it will halt trade with the North and seek UNSC action over the sinking of a warship in March. Yuan forwards gained on speculation Chinese officials will indicate their intention to allow the currency to strengthen during talks with US in the coming two days. Geithner who is in China for the two-day Strategic and Economic Dialogue will say that Europe's crisis should have only a small effect on the broader global recovery and later meet with EU officials and reinforce his call for coordinated efforts to fight off the crisis and rein in government spending. The USD will probably become a "growth currency" during the next decade, shedding its haven status of the past decade, as the US economy outperforms Europe and Japan according to UBS. The likelihood that the USD performs strongly when investors are risk-seeking will signify a major change in the currency markets. The AUDUSD fell 1.4% to 0.8206 from 0.8318 last week, when it completed a 6.1% drop after touching 0.8073 on Friday, the least since July 2009 and AUDJPY slid 1.6% to 73.75 and NZDUSD weakened 1.1% to 0.6709 and NZDJPY was at 60.29 for the sixth time in seven days on concern Europe's debt crisis will spread. The AUDUSD extended last week's biggest weekly decline since October 2008 as slumping Asian equities spurred investors to dump higher-yielding assets. The currency also fell after Rio Tinto said the proposed mining profit tax acted as a "wet blanket" on its investment plans in the nation. The AUD fell as Rio said it will be shifting resources away from Australia after the government proposed a resources "super profits" tax. Traders cut bets for a fifth [...]

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Sunday, May 23, 2010

Twitter Weekly Updates for 2010-05-23

Forex trading course London pre open.

The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.2365 level and was supported around the $1.2140 level.  One catalyst for the move higher was a rumour – later denied by the Greek government – that Greece was considering leaving the European Union and the eurozone.  Even though Greece only accounts for 2% to 3% of economic output in the European Union, its bailout package represents a considerably higher and disproportionate share of the total financial assistance package that has been announced by the European Union and the International Monetary Fund.  Most traders believe the expulsion or removal of a eurozone country would precipitate a run on the euro as confidence and sentiment would be badly damaged.  Many dealers are struggling to reconcile why the euro moved higher in the face of the Greek rumour but technicians note that the common currency is significantly oversold and with sentiment so poor, the slightest positive news or data can engender a move higher by the common currency.  Another reason being cited for the euro's rise is a market rumour that the European Central Bank may intervene and purchase euro whereas some traders are indicating Swiss National Bank sold francs for euro today.   Also, the common currency gained ground on a plea from ECB member and Bundesbank President Weber that Germany's parliament approve Germany's contribution to the European Union rescue fund.  ECB member Bini-Smaghi said EMU-16 inflation expectations remain well-anchored and added the ECB will "not bail out states." IMF official Lipsky reported the euro is "near equilibrium" and its level is not a problem.  Data released in the eurozone today saw EMU-16 March construction output up 7.6% m/m and off 5.2% y/y.  In U.S. news, U.S. Treasury Secretary Geithner was on the tape yesterday and reported the U.S.'s economic recovery is " [...]

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Thursday, May 20, 2010

S&P500 day trading course pre market

S&P500 day trading course pre market areas of support and resistance. [caption id="attachment_2293" align="alignleft" width="211" caption="S&P500 day trading course 15 min chart"]S&P500 day trading course 15 min chart[/caption] After hours drifting up as Euro is getting pushed up more and more. Love that Bernanke see the possibility of US economy slowing because of the Euro. Point of control 1072.25 for direction. 1061.25 the previous swing low is our first intraday support for tomorrow.  Look for a test to 1047.25 if we break this low. We have resistance at 1089.25 with some consolidation occurring around 1078.25-to 1079. Extreme high of 1118.  Don't see how it will rally that far unless there is a low volume close. 1097 area we are hitting our 200MA so expecting to see resistance there too.

S&P 500 day trading course

Wednesday, May 19, 2010

Forex day trading SCB steps in

Forex day trading looking what happens when the Swiss Central Bank steps in to prop up the EURO. EURCHF 4 hour chart running into support and runs to resistance, nice .03 move. [caption id="attachment_870" align="alignleft" width="300" caption="Euro gets a swiss boost."]Euro gets a swiss boost.[/caption] Euro gets a swiss boot to the bank.

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

S&P500 day trading course daily chart

S&P500 day trading course daily chart for May 19 2010 with support and resistance. [caption id="attachment_2287" align="alignleft" width="220" caption="S&P500 day trading course daily chart"]S&P500 day trading course daily chart[/caption] Our daily downside target is 1093.25 Point of control for today is 1112.50 and the Bears are in control at this point. 1089 is nextsupport and the n 1078.75 Watch for continued selling in this market and more of a break out this afternoon. If we consolidate on the lower ranges, we could get another low volume rally into the close. Europe is still effecting our market heavily. Trade what you see and remember trend is your friend.

S&P 500 day trading course

Tuesday, May 18, 2010

S&P500 day trading course

S&P500 day trading course live trading room.  As volume increases look for a turn in direction.  Volume increases and market goes down.  Volume decreases and market moves up. [caption id="attachment_2282" align="alignleft" width="285" caption="S&P500 day trading course 15 min"]S&P500 day trading course 15 min[/caption] POC 1140.25 for direction. 1147.25 for first resistance, 1154.25 is next level of resistance. Support on the 200MA, 1133.25 and 1st level support at 1129.75 then 1119.25. We have two open gaps on both sides of the markets range.  1156.25 and 1109.75. I would look for this to test to the 1155.25 area and the closing of the upper gap.  If this occurs today at closing I would look for a move down in after hours, consolidation through the week and the next move down by Friday. If we return to 1175 area, I would look for consolidation. Unless of course if we have more upheaval in the euro zone.  Iran is also coming to the forefront and with Obama's impotence in this area it leaves only military action available to Israel.  This could be dangerous for the markets and the world.  If the UN sanctions are weak, I am looking for the markets to consolidate.

S&P 500 day trading course

Sunday, May 16, 2010

Twitter Weekly Updates for 2010-05-16

Friday, May 14, 2010

Forex day trading EURUSD new lows

[caption id="attachment_864" align="alignleft" width="300" caption="forex day trading eurusd weekly chart"]forex day trading eurusd[/caption] EURUSD hit new lows at 1.2360 confirming last years swing low March 6,2009. Looking for 1.2324 as previous swing low in late October 2008.  If we break through this 1.1860 is next major support and 1.13 area for an equal move down. The EURUSD headed for a fourth weekly decline trading at 1.2545 as the currency rebounded after touching 1.2516, the lowest level since March 5, 2009, breaking through the 14-month low reached last week, on concern European nations' debt-cutting measures will undermine economic growth. The EURJPY was at 116.45 after earlier reaching 115.88, the lowest since May 7 before Greece submits a progress report tomorrow to the EU on the implementation of a deficit-reduction plan. Investors are still concerned widespread fiscal tightening could derail the already weak European economic recovery which could lead the EURUSD to decline to 2008 low of 1.2330. The BOE will raise its target rate next year after previous forecast for increases in Q3 according to market estimates. BOE Governor Mervyn King endorsed yesterday Cameron's plan to reduce spending after Greece's debt crisis threatened to spread. The BOE also said in a report there were "greater downside risks" to its forecast that growth will reach a 3.5% annual pace by 2012 and that inflation will stay below its 2% target while not ruling out any further asset purchases. USDJPY climbed to 92.89 snapping two weeks of declines before US reports that may show retai [...]

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Forex day trading Tokyo close

The euro depreciated versus the U.S. dollar today as the single currency tested bids around the US$ 1.2560 level and was capped around the $1.2685 level.  The common currency is close to testing multi-month lows that could see the pair test March 2009 lows.  Deepening eurozone credit concerns are impacting the common currency negatively, as are output concerns that suggest U.S. economic growth will continue to outpace EMU-16 economic growth.  European Central Bank President Trichet today defended the ECB's decision this week to buy eurozone debt in the secondary market and said the ECB will sterilize its purchases through time deposits.  ECB member Quaden called on banks today to maintain more and stronger capital.  Many traders believe the ECB will keep its main interest rate target unchanged until late next year.  In U.S. news, data released today saw the April import price index climb 0.9% m/m and 11.1% y/y.  Also, weekly initial jobless claims fell to 444,000 from 448,000 and continuing jobless claims rose to 4.627 million.  Fed Vice Chairman Kohn and Minneapolis Fed President Kocherlakota defended the Fed's pledge to keep interest rates low for an "extended period."  Regional Fed Presidents including Dallas's Fisher, St. Louis's Bullard, and Philadelphia's Plosser have recently suggested the pledge may inhibit the Fed's ability to manage medium-term inflation expectations.  Fed Chairman Bernanke said a Senate proposal to divest swaps trading desks from commercial banks would result in less financial stability.  Euro bids are cited around the US$ 1.2585 level. ¥/ CNY The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥92.60 level and was capped around the ¥93.65 level.  Traders jumped back into yen today on renewed sovereign credit concerns.  Many data were released in Japan overnight. First, the March current accou [...]

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Thursday, May 13, 2010

S&P500 day trading course pre open

S&P500 day trading course pre open support and resistance. [caption id="attachment_2278" align="alignleft" width="204" caption="S&P500 day trading course 15 min chart"]S&P500 day trading course 15 min chart[/caption] Point of control is 1157.75 support at 1154.25 if we break below that then we are looking for 1142.25 and an Extreme low of 1119.50 If it is a low volume Friday watch out for the close and lunch when the London market closes, we could see some volatility. on the upsdie 1161.75  is first resistance, 1168.75, then 1171.25.  Again if it is low volume watch for a run up to even 1179.50 . I don't see any volume commitment at these levels to put up much of a fight, yet there is a number of players that will pull their bids if there is a sell off.  Would not be surpirsed to see large moves if there is a sell off. Watch yourself and always use your stops.

S&P 500 day trading course

S&P500 day trading course London close

S&P500 day trading course London close and the direction for the day. [caption id="attachment_2266" align="alignleft" width="204" caption="S&P500 day trading course 15 min chart"]S&P500 day trading course 15 min chart[/caption] The major trend lines in this bearish channel give our direction for the day.  I see no volume commitment that will enable us to break through the support at 1142.50.  Check the daily chart below to see the areas of support. Looking for a bounce to 1168.50 and if buyers are firmly in control a move to 1170 area. If we get a volume increase I would look for some selling into the close with 1161.75 as the low. Coming on the 200Ma furthering support at 1160-61 . Tomorrow could be some fireworks as we are heading into the weekend.  Expecting to see another push up on the EURUSD that might bring our markets a touch higher. S&P500 day trading course daily chart. [caption id="attachment_2267" align="alignleft" width="219" caption="S&P500 day trading course daily chart"]S&P500 day trading course daily chart[/caption] Resistance at 1175.  This is the level I put up three days ago. The area between 1161.25 adn 1175 is where I am looking for this market to consol [...]

S&P 500 day trading course

Wednesday, May 12, 2010

Forex day trading course EURUSD

Last weekend's announcement of the massive EU/IMF bailout has yet to achieve the effects sought by its architects. Yield spreads in Greece, Spain and Portugal have not yet returned to normal levels. In FX, the EURUSD continues to erode at an alarm rate – trading down to 1.2606 as Europe opened this morning. Given the extreme short positioning on the EURUSD, a short squeeze could easily gain downward momentum. One of the core drivers for this move is low liquidity, as many market participants are sidelining their cash in traditional wait-and-see fashion. [caption id="attachment_857" align="alignleft" width="233" caption="Forex day trading daily chart 5-12 eurusd"]Forex day trading daily chart 5-12 eurusd[/caption] USDKRW declined0.3% to 1,138.60 after North Korea was reported to have made headway in its quest to become a nuclear power. The Bank of Korea (BOK) kept its benchmark interest rate unchanged at 2% for a 15th month as Europe's debt crisis adds to concern that the nation's recovery isn't yet strong enough to withstand higher borrowing costs. BOK Governor Kim is facing pressure to join India & China in withdrawing monetary stimulus as South Korea grows faster than expected on surging exports and stronger consumer spending with the GDP growing at 1.8% and unemployment rate falling to 3.7%. The recovery will likely lose steam in coming months as the global economy slows amid the European debt crisis according to analysts. China may relax the Yuan's peg to USD this month to head off criticism of its currency policy during May 24-25 talks with the US and he [...]

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S&P500 day trading course open gap and targets

S&P500 day trading course, we are looking at open gaps and a possible break out to new levels on the daily chart. [caption id="attachment_2262" align="alignleft" width="219" caption="S&P500 day trading course daily chart"]S&P500 day trading course daily chart[/caption] Open Gaps  1154, 1109 Point of Control for today 1160 Upside targets (resistance) 1168, 1175, 1182.25 Downside targets 1160, 1159.25, 1149.50 Still looking for the lower high pattern to form with some doming as we have price failure on the move up.  Would be a good sign for a continuation down if we close around 1157 today. We are moving up with decreasing volume again.  Buyer commitment in supporting this market is weak.  If we have a small ranging body in this pattern, we could see a break of the 1142.50 support this week. 200MA is around 1094 for the extreme low resistance.

S&P 500 day trading course

Tuesday, May 11, 2010

S&P500 day trading course

S&P500 day trading course levels of support and resistance. [caption id="attachment_2255" align="alignleft" width="219" caption="S&P500 day trading course daily chart "]S&P500 day trading course daily chart [/caption] As you can see we retraced back to  the yellow resistance line at 1160 that I have drawn in from the initial break down on 6th of May with our 200 MA as the target. I am expecting this to consolidate in this area with 2-3 days of indecision in a tight range. Support at 1142.25 then again at 1119.50 Open gap at 1109.75 to the down side. On the upside we could see the test of previous highs at 1158.75-1161.75 S&P500 day trading course mid term trading charts 30 min. [caption id="attachment_2256" align="alignleft" width="204" caption="S&P500 day trading course 30 min "]S&P500 day trading course 30 min[/caption]

S&P 500 day trading course

Sunday, May 9, 2010

Twitter Weekly Updates for 2010-05-09

Saturday, May 8, 2010

S&P500 day trading course May 10 trading levels

S&P500 day trading course day trading levels on the S&P500 emini futures. [caption id="attachment_2252" align="alignleft" width="219" caption="S&P500 day trading course daily"]S&P500 day trading course daily[/caption] ON the daily we can see the areas of support and resistance.  Would not be suprised to see this test up to complete a pattern that would continue down on Tuesday or Wednesday.

S&P 500 day trading course

Friday, May 7, 2010

S&P500 day trading course price action

S&P500 day trading course price action on the emini futures contract. [caption id="attachment_2228" align="alignleft" width="279" caption="S&P500 day trading course price action"]S&P500 day trading course price action[/caption] On  yesterday's sell off on the S&P500 emini future we are looking at support at 1089.50 and an extreme low support of 1069.50. Our Point of control for direction is 119.25.  I am looking for a test to the 55ema to 11:30. If there is not enough commitment in the market and it stalls here, we could consolidate into the close.  Price failure into 1130 area would not uphold the move and we might see a break of the previous swing low at 1090 area of support. Question is:  Who wants to hold into the weekend? Investors clearly are frightened of this kind of market.

S&P 500 day trading course

Thursday, May 6, 2010

Forex day trading euro falling

The NZDUSD gained 1% to 0.7244 after it touched 0.7144, the least since April 28 while NZDJPY traded at 68.01 as RBNZ Governor Alan Bollard said the economy is "less fragile" and the jobless rate dropped to 6% (prev. 7.1%, exp. 7.3%), the most since 1986, signaling interest-rate increases may follow. AUDNZD declined 1% to 1.2502, the lowest since Feb. 3 on prospects Bollard will raise borrowing costs at a faster pace than RBA. RBNZ suggests they are more or less validating market pricing a hike has been fully priced for June and 25bp of hikes at every meeting from then onward. Employment rose 1% (exp. 0.2%) or about 22,000 jobs in Q1 where the increase in employment was unusual given that the end of temporary work during the Christmas and summer holiday period usually sees unemployment increase in Q1. GDP will probably increase 3.2% this year after contracting 1.6% in 2009 according to forecasts. Finance Minister Bill English said the economy has come through the recession in "reasonable shape" and the jobless rate appeared to be approaching a peak while also adding the government will use its May 20 budget to build on the recovery through tax reform and achieving better value for money spent on public services. The AUDUSD fell to 0.9052 after it dropped as low as 0.9021 the least since March 26 and AUDJPY traded at 85.04 after retail sales rose less than estimated by 0.3% in March (exp. 0.7%, prev. -1.2%), a sign the RBA's interest-rate increases are cooling domestic demand. AUDUSD traded near its lowest in almost six weeks after prices of commodities fell a second day yesterday on concern the Greek debt crisis will spread and undermine EU economies. Consumer confidence remains robust boosted by lower unemployment rate as employers have added almost 200,000 jobs since August, the biggest six-month surge in more than three years, cutting the jobless rate to 5.3%. Japanese stocks tumbled the most this year after a three-day holiday during which concern [...]

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

S&P500 day trading course

S&P500 day trading course loving the volatility.  S&P500 daily chart following with support lines and targets.  Looking for a retrace also. [caption id="attachment_2221" align="alignleft" width="219" caption="S&P500 day trading course"]S&P500 day trading course[/caption] Looking at support for 1142.25 with a possible retracement to 1155.50 Quite a bit of momentum behind this move with no let up from the Greek debacle. Dollar strength is also contributing to this. This move down is also going to get increased selling to move into treasuries.  Watch out if you are a dip buyer, this looks like it could be the turn. Probably get a retrace when the Eurozone calms a bit.

S&P 500 day trading course

Forex day trading weekly chart support EURUSD

Forex day trading weekly chart support on EURUSD. [caption id="attachment_850" align="alignleft" width="233" caption="Forex day trading weekly eurusd support"]Forex day trading weekly eurusd support[/caption] First level of support on weekly from here is 1.2467 Next level 1.2324 third level 1.1968 Extreme Low for support 1.1649 The euro depreciated sharply vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2805 level and was capped around the $1.2995 level.  The common currency reached its lowest level since March 2009 as sovereign credit concerns worsened in the eurozone and the threat of contagion to other major industrialized countries worsened.  Germany and France are offering the most financial assistance to Greece as part of a multilateral bailout plan that includes the eurozone and the International Monetary Fund.  The European Central Bank this week decided to allow Greek debt for repo-eligible collateral despite the fact that it has been downgraded to junk status.  The ECB will announce its interest rate decision and is expected to keep all options open but not reduce its headline main refinancing rate target.  ECB member Weber highlighted the risk of "contagion effects" from the Greek crisis.  The risk of contagion has certainly heightened as Moody's reported it placed Portugal's Aa2 government bond rating on review for a possible downgrade, a move that would likely happen in the next three months.  Data released in the eurozone today saw EMU-16 April PMI services improve to 55.6 fr [...]

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Monday, May 3, 2010

S&P500 day trading course 30 min chart

S&P500 day trading course 30 min chart [caption id="attachment_2216" align="alignleft" width="204" caption="S&P500 day trading course 30 min"]S&P500 day trading course 30 min[/caption] as mentioned yesterday looking for the close around the 1198 to 1200. May 4 S&P500 day trading could be support around the 1188.25 area.  Resistance into 1202.50 to 1208 area. 1208.75 is where price can break free for a move up.  Most likely will stay consolidated if it breaks through 1202.50. Point of Control is 1197.50 for Tuesday.  Expecting the S&P500 to close at yesterdays opening levels to maybe signal the second part of the move down. Problem again of low volume and the market floats up on low volume.  If we get some selling pressure we could see 1179.75 showing some cracks in the support for possible future sell off.

S&P 500 day trading course

S&P500 day trading course and live trade room

S&P500 day trading course [caption id="attachment_2210" align="alignleft" width="219" caption="S&P500 day trading course"]S&P500 day trading course[/caption] Looking for a retrace to 1198-1200 and then a doji on the close either today or tomorrow. This is a low volume day which we mostly close positive (green bar).  Next two days will be key if we test to 1170 area.  This will be major support. then 1119.50. On the upside, if we continue having low volume trading days look for another push up to previous highs and longer term consolidation in this range 1202-1216

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Forex day trading china tightens

Forex day trading course USDKRW fell 0.7% to 1,115.45 for the first time in three days, leading other Asian currencies lower after China raised bank reserve ratios for a third time this year, fuelling concern the nation's central bank will try to limit the currency's gains, after it climbed 4.4% this year. China's monetary tightening yesterday will absorb 300 billion Yuan ($44 billion) from the financial system and may push back an interest-rate increase until early June. China's third increase of bank reserve ratios this year left benchmark interest rates and the Yuan's peg to the USD unchanged, risking the need for more concerted effort to contain property prices and inflation in coming months. The current level is 16.5% for the biggest banks and 14.5% for smaller ones. A $22.5 billion jump in foreign-exchange reserves, the biggest gain in four months, suggested investors could be showing a renewed appetite for bets on the currency. Exports and company profits are rebounding and the economy expanded 11.9% in Q1. Reserve-ratio increases and the targeting of a 22% reduction in new loans this year are among efforts to wind back stimulus that has driven the nation's recovery from the financial crisis with measures to cool the real-estate market have included a ban on loans for third-home purchases and raising mortgage rates and down-payment requirements for second-home purchases. South Korea's inflation rose 2.6% (prev. 2.3%, exp. 2.4%) and exports advanced for a sixth consecutive month in April, boosting the case for the central bank to raise interest rates. GDP expanded a faster-than-expected 1.8% last quarter and Credit Suisse last week raised its 2010 growth forecast to 6.2% from 5.2%. Japanese financial markets were shut for a holiday. Australian house prices rose 4.8% in Q1 (prev. 5.2%) the most since at least 2003, increasing the likelihood of the RBA boosting borrowing costs tomorrow. Surging property prices are a key reason that Governor [...]

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