Wednesday, June 30, 2010

S&P500 day trading course Bill Fleckstein on market

S&P500 day trading course watch as Bill Fleckstein debunks some of the market myths around the S&P500 and valuations.

S&P 500 day trading course

EURUSD Forex trading

.  Dealers pared exposure to higher-yielding currencies in reaction to renewed European sovereign credit woes and an outlook for weaker economic growth in the U.S. and China.  More economists and market-watchers are starting to suggest the U.S. economy could be headed into a "double dip" recession while others suggest the U.S. economy may simply be moderating to annualized growth of 1.5% or less.  Dealers are also reducing exposure to some U.S. assets as tropical storm Alex develops in the Gulf of Mexico.  The European Central Bank stoked concerns today when it announced the amount it has expended in purchasing covered bonds exceeds the initial €60 billion cap it implemented twelve months ago.  Also, the ECB failed to drain all of the liquidity in one of its regular operations to neutralize the impact of its EMU-16 government bond purchases.  The ECB sought to absorb €55 billion but only absorbed €31.9 billion.  ECB member Nowotny reported the low level of eurozone inflation has given the ECB "room for maneuver," a possible indication the central bank may expand its bond-buying program.  Traders reported Eurosystem central banks increased their purchases of Greek, Irish, and Portuguese securities today.  There is also pessimism ahead of 1 July as banks have to repay €442 billion, the ECB's first twelve-month loan.  Spanish finance minister Salgado said she hopes the "ECB is conscious of the needs of our financial system."  A draft European Union document notes stress tests on European banks need to incorporate sovereign debt risks.  Data released in the eurozone today saw the EMU-16 June business climate indicator remain steady at 0.37 while June industrial confidence and June consumer confidence were also unchanged.  June economic confidence and services confidence ticked marginally higher.  Also, French June consumer confidence ticked lower to -39.  In U.S. news, data released today saw CaseShiller home prices [...]

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Forex day trading Europe open

Forex day trading With no major news releases of note, there won't be much to trigger further selloffs, however the weakness should continue in the buildup to Europe's opening. The markets continue to be weak through the Asian trading session this morning following a dismal US trading session in which the Dow shed 265 pts during trading last night. The markets have failed to find any inspiration or support from relief buying after a day in which worldwide markets experienced sharp selloffs on signs the global economic recovery was running out of steam, triggered first by China's downward revised leading economic index and then couple with the largely uninspiring US consumer confidence number released last night, which came out at 52.96, much lower than analysts expected (62.5). Asian equity markets extended their weakness into trading this morning; the Nikkei 225 broke an important support level of 9350, posting a seven month low of 9347 whilst the Shanghai Composite crashed through 2400, a level not seen since mid 2009. Turning to the currency markets, the Yen continued to benefit and bask in its 'safe-haven' status and was trading firmly around 88.50 levels. AUDUSD was marginally higher this morning after breaking below 0.8490 levels last night. Data from Australia this morning showed that housing prices increased and bank lending continued to be higher for a sixth straight month. For a nation that was one of the flag bearers in increasing rates and tightening cycles (due to inflationary concerns largely inspired by a robust housing market) the figures represent that the housing market down under is holding up rather well despite dampening demand as a result of potential future rate hikes.

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Tuesday, June 29, 2010

S&P500 day trading course live room

S&P500 day trading course emini futures live trading room. [caption id="attachment_2351" align="alignleft" width="203" caption="S&P500 day trading course live room intraday"]S&P500 day trading course live room intraday[/caption] Point of Control for today is 1062 so the bears are clearly in control. 1035.25 is the extreme low we were looking for and is acting as support as seen in two previous swing lows in previous sessions. If we retrace to 1049.75 looking for this to be the short term point of control for the close. Asia set this off with numbers that were adjusted for China reflecting an economic slow down worldwide. Could see some volatility come on as Asia opens at 8:00 EST. Next major support in the 1012 area. Lots of weakness in to the previous swing low on the emini's.  Continuation of this downtrend could come later in the session. Watch out for Spain's banking concerns hitting the markets before the open tomorrow.

S&P 500 day trading course

Forex day trading Asian open

Forex day trading Asia Open. Asia awoke this morning in a rather bearish mood after the New York-based Conference Board said its China leading economic index rose only 0.3% in April, far lower than the 1.7% gain reported in June. With investor sentiment dampening on the news , Asian stocks went through a large selloff and are poised to close significantly lower, led by the Shanghai Composite which fell to a new year low (down 3.45%) followed by the Nikkei which was down 1.47% at the time of writing. Following the downward revision, fears that the growth prospects in a country what has been termed the engine room for the global recovery may falter have seen risk sentiment severely erode as investors flocked to the more traditional safe havens - the yen appreciated to a seven week high against the Greenback, hitting 88.61 while AUDUSD and NZDUSD both shed approximately 1% on the day. Gauging by Asia's harsh reaction to the news, the bearish mood should filter into the European trading session and should keep risk markets in check. Investor sentiment could take a further hit when the consumer confidence number reading for the Euro-Zone region releases at 9 am GMT today. Although expectations show a slight drop in the consumer confidence (a survey on Bloomberg shows the figure expected at 98.1) we will need to keep an eye out how far the number falls from the previous reading of 98.4. Earlier in the morning, data from Japan showed that industrial production and household spending slipped during the month of May. This was compounded with a slight uptick in the jobless rate in Japan (5.2% v 5.0% exp) and a lower YoY vehicle production figure (30.6% v 50.8% prev).

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Monday, June 28, 2010

S&P500 day trading course trading on the simulator.

How To use the simulator before I trade live. I would like to mention to you about the playing phase on the simulator and the business phase of using the simulator. The playing phase on the simulator is the first few days of getting used to the buttons and seeing interesting things on the simulator. Seeing something, "trying something" or just trading on a gut feeling.  During the germination phase of trading this is when we are experimenting with out a purpose.  My recommendation to you is to limit this period to 2 to maybe 3 days. The Business part of the simulator is when you decide that you are going to make the move to trade and stop playing around. Remember Trading is a high risk business, and being your own boss, set your standard for how you show up to work. If you have to, fire yourself. Take trades on the simulator as if you are trading cash. Other wise there is no meaning. "I would not do that if it was for cash" , is an irresponsible way to trade. Stop taking those types of trades immediately. Always practice with purpose, be intent on learning more and more from your trades about how you can make money. Trading on the simulator is for you to refine your entries, see more and more nuances to get the competency of Mastery. It is your choice but I recommend to you to play with something else, not the simulator. If you are looking for fun it might be better to get an x-box. I will mention to you again, do your business plans. Quantify your trading. Always manage your risk Save your trades to review. ASK for direction when you feel lost. Be patient with your self. Remember that this is a high risk business and your first steps are to train your self to take the money when you see it and survive to make more trades.

S&P 500 day trading course

Forex day trading news EURUSD, USDJPY

Forex day trading news EURUSD, USDJPY Earlier in the morning we had the MoM retail trade figure from Japan which was weaker at -2.0% versus an expected 0.1%. Large retailers' sales were also significantly weaker at -4.0% versus an expected -2.9%. With a very light economic calender for the day, investors focus will be towards the Euro-Zone M3 reading due after European equity markets open followed by Personal income and personal spending from the US. Asian markets opened this morning in the red as the recently concluded G20 meetings fell well short of investors' expectation that the global economic recovery was gaining momentum. The weakness in investor sentiment was more reflective in the Asian equity sector, with the Nikkei down half a percent at 9689.68 and the Shanghai composite down 0.53 percent at 2538.84 at the time of writing. Some highlights from the recently concluded meetings included initiatives for banks to have higher capital requirements as leaders pressed for banks to increase their respective common equity as a percentage of their Tier 1 capital to allow a cushion in case of another shock. Although plans were in place to maintain existing stimulus measures, the recovery was still termed 'uneven and fragile.' Perhaps the markets expected more from the recently concluded meetings, but the lack of inspiration was reflective in the currency markets which were largely flat at the time of writing; USDJPY was marginally higher at 89.41 and AUDUSD was trading at 0.8753.

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Wednesday, June 23, 2010

S&P500 day trading course intra day trading

S&P500 day trading course intra day trading 30 min before the close watching the test of the POC for direction.  The S&P 500 emini future has not been able to gain the commitment to take it to the new highs. [caption id="attachment_2337" align="alignleft" width="210" caption="S&P500 day trading course intraday chart "]S&P500 day trading course intraday chart [/caption] 1087.50 is the point of control for the direction today.  Watch for the break down into the close.  This could be the signal for a slight retrace in the after hours and then the move down on the open. Will be looking for a gap down in the after hours though. Bears are taking over in a very gradual  sell of all new highs, the commitment is in getting out of these positions. Will be watching the close to the daily as more and more bad economic news is pouring out.  Housing is a disaster and we are looking at a fed that will soon have to raise interest rates which will push more buyers away. Even the investors are staying away which is a rare occurrence in the market place.

S&P 500 day trading course

Forex day trading NY intraday EURUSD

The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2250 level and was capped around the $1.2355 level.  European sovereign debt concerns were back at the forefront today and these led to a weaker common currency.  European Union Economic and Monetary Affairs Commissioner Rehn reported "Contrary to what some people argue, Europe is not suffocating growth by this strategy of fiscal consolidation. What we are doing is putting our fiscal houses in order in a gradual, differentiated way: faster where the doubts about fiscal sustainability have been biggest, and slower elsewhere."  There is talk that the U.S. and Europe are at odds over a coordinated economic policy.  The former is said to favour higher levels of deficit spending to stimulate economic growth while the latter is said to support reduced fiscal spending and would be comfortable with reduced economic output.  The European Union is currently evaluating sanctions for "inadequate debt trajectory" and may consider a tax on bond issues by highly-indebted countries.  Eurogroup Chairman Juncker reported the economic recovery "remains fragile and loaded with risks."  The common currency's standing in many central banks' reserve portfolios is diminishing, a reflection of the currency's recent volatility and the eurozone's significant debt woes.  German Chancellor Merkel reiterested Germany wants a stable euro and an independent European Central Bank.  European Central Bank member Ordonez said Bank of Spain will publish banks' stress test results as soon as possible.  Data released in the eurozone today saw the EMU-16 April current account print at -€5.1 billion, down from the revised prior reading of +€1.5 billion, while EMU-16 June consumer confidence improved to -17.  German data saw the June Ifo business climate indicator improve to 101.8 while the expectations sub-index receded to 1 [...]

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Sunday, June 13, 2010

S&P500 day trading course Daily chart pre market

S&P500 day trading course Daily chart pre market. [caption id="attachment_2333" align="alignleft" width="197" caption="S&P500 day trading course Daily chart pre market"]S&P500 day trading course Daily chart pre market[/caption] 1080 was the Daily Point of Control for Friday and we closed above it.  It was a light volume day with a small bullish range. The world cup probably had a major effect as most of the trading houses were watching the game. 1087.75 is the 200 EMA which professional traders use as a basis for congestion between here and the 200MA which is coming close tot he 1100 Mark.  I am expecting a test up.  If we close above the 200 MA then looking for a futher move to the 1139.25  resistance.  It seems that we are completely missing a high volume rally and that most of the market makers are in short term positions probably hedging into all buys. Summer seems to be setting in, I hope we don't see a summer volume drop off.

S&P 500 day trading course

Thursday, June 10, 2010

S&P500 day trading course daily chart

S&P500 day trading course daily chart in live day trading room.  Support and resistance. [caption id="attachment_2326" align="alignleft" width="197" caption="S&P500 emini futures daily chart june 10 "]S&P500 emini futures daily chart june 10 intraday[/caption] We are still in a bearish channel with lower highs and decreasing volume on the rallies. Low volume today as we have a contract change to September Emini futures contract.  Our daily average volume is around the 2.58 million mark based on 13 days. The point of control for direction is 1080.50 on the weekly chart and it is transferred on to the daily chart showing us an area of resistance. Looking for it to retest the 1087-1097 area Friday from a low of 1068. Watch your self into the close on Friday, Europe's close could give some indication of direction. Looking at the 30 minute Chart on the S&P500 emini futures September contract: [caption id="attachment_2327" align="alignleft" width="197" caption="S&P500 day trading course 30 min chart 6-10"]S&P500 day trading course 30 min chart 6-10[/caption] Lots of price failure on the move to 1067.  Could expect this to be a bullish flag pattern with a 1080 ta [...]

S&P 500 day trading course

Wednesday, June 9, 2010

S&P500 day trading course intra day

S&P500 day trading course intra day trading chart coming into resistance. [caption id="attachment_2320" align="alignleft" width="221" caption="S&P500 day trading course intraday chart"]S&P500 day trading course intraday chart[/caption] open gaps  1156.25, 1112.75, and 1102.50, a gaps to the downside  at 972.25 and 902.00. We hit the major support at 1042. area and have been in a pretty tight up trend with lots of commitment. 1077.75 is holding a lot of resistance and we could bounce in this area until the end of day.  Next area of resistance is 1086.75 then 1099.75 and extreme high of 1106.75. For support we have the point of  control at 1067.50 then 1062.25.  Under here is a congestion zone which you can see on a daily chart with a test down to 1040 area. I have a sell off extreme low set for 1029.50.  Today we have an FOMC meeting at 2:00 so I expect us to consolidate into the meeting with some volatility coming in later.

S&P 500 day trading course

Tuesday, June 8, 2010

EURUSD Forex trading Asia open

Forex day trading pre Asia open levels of support and resistance. [caption id="attachment_898" align="alignleft" width="274" caption="eurusd forex trading Asia open june 9"]eurusd forex trading Asia open june 9[/caption] 1.2151 is the area of resistance for a maximum swing high.  If we get news that the Trillion dollars is delegated and the swiss are still buying euro, we could see the swing up. 1.2028-58 is a resistance zone where there will be fighting over direction.  Getting in before it enters here might save you the choppiness. Watch for 1.1985 area as this is where it will stall to either turn or break through the 1.2000 psychological resistance the ECB wants to get above.  This is a major hinging level for the next move down.  If we close above on an 8 hour chart support could hold, below we could be looking at next level down.  Extreme swing low of 1.1680.

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Monday, June 7, 2010

S&P500 day trading course daily chart targets

S&P500 day trading course daily chart targets during NY market. [caption id="attachment_2316" align="alignleft" width="226" caption="S&P500 day trading course inverted head and shoulders"]S&P500 day trading course inverted head and shoulders[/caption] We could be looking at an inverted Head and shoulders on S&P500 emini futures daily chart. If we close in a doji we could see another test up to the 1081 area.  This is key resistance and if we close above there, there is a good chance we close above the 1107 major resistance soon. Fundamentals are not showing this, just the pattern with an inverted head and shoulders.   Would be looking for a move back to 1175 if the neck line is broken and 1127 is breached with commitment. If the market stalls on the move up on the downside we are looking at support at 1035 and an extreme low of  1017.25. Light volume could keep feeding this markets mini rallies.  Euro is really effecting the direction here. If we get an over 5 million contract day will be looking for a break of 1000. We are going to be in Montreal June 19-21 for a three day trading seminar where we focus on price action, support and resistance and risk management.  Join us.

S&P 500 day trading course

Sunday, June 6, 2010

Twitter Weekly Updates for 2010-06-06

Thursday, June 3, 2010

Euro sell off again Forex day trading

The EURUSD rallied to 1.2281 from 1.2111 on June 1, the lowest level since April 2006 for a second day as rising stocks encouraged investors to unwind EUR shorts. The EURUSD level is in line with the EU's economic condition and European sovereign risk may have a limited impact on the global economy according to Takatoshi Kato adding that the current level of the EUR isn't largely apart from the economy's medium-term fundamentals. Finance ministers and central bankers from the G20 will meet this week in Busan, South Korea to discuss the effect of the European debt crisis on currencies. Japanese Finance Minister Kato said the EU's problems will unlikely have an extremely adverse impact on the global economy, partly because emerging economies such as China, India and Brazil are robust enough to cushion any impact. The JPY weakened against all major counterparts as political uncertainty in Japan and signs the US economy is gaining traction spurred demand for riskier assets. The USDJPY was at 92.20 after it touched 92.36, the strongest level since May 18 while the EURJPY was at 113.30 before data forecast to show a continuing recovery in the US labor market. The JPY slid on speculation Japan's next leader will seek a weaker currency after Hatoyama's resignation and on speculation he will be succeeded by Finance Minister Naoto Kan, who has called for the BOJ to do more to fight deflation. The MSCI Asia Pacific Index rose 2.4% and the Nikkei added 2.6%, extending a US rebound and triggering risk appetite as Japanese investors boosted net purchases of foreign bonds to the most since September. The AUDUSD rose 0.5% to 0.8462 and NZDUSD advanced 0.4% to 0.6843 for a second day as signs of strong economic data in the US and Australia revived demand for risk appetite. Australia's trade balance swung to a surplus in April as exports of iron ore jumped by 25%, coal shipments surged 40%, exports gained 11% to A$22.7 billion and imports were unchanged in April [...]

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S&P500 day trading course NY open

S&P500 day trading course NY open first move indicating that the direction could be up for the day as we hit resistance 1105.25 so we could bounce between 1100 and 1105 as we get strength to break through the top. [caption id="attachment_2312" align="alignleft" width="221" caption="S&P500 day trading course ny open"]S&P500 day trading course ny open[/caption] Point of control for the day is 1101.25.  Looking for direction from here. Resistance 1105.25, 1112.25 and an open gap at 1112.75. with a resistant trend line in a short term bullish trend at 1119.75. Support is coming in at 1098.75 with open gap at 1097.50.  next level of support 1095.75, 1089.25. Volume has been decreasing on these bullish days.  Low volume up days.  Showing market weakness.

S&P 500 day trading course

Tuesday, June 1, 2010

S&P500 day trading course live room

S&P500 day trading course live room levels of support and resistance. [caption id="attachment_2308" align="alignleft" width="226" caption="S&P500 day trading course chart 6-2"]S&P500 day trading course chart 6-2[/caption] We are watching the S&P500 emini future in the after hours sink below the Point of control at 1075.25. We shall see who remains in control.  Looking for a break of the 1067.25 support and a test to 1056.25 during intra day trading . with an extreme low around 1049.75 and a sell off low to 1019 as mentioned previously. If we fail to move through this area in the next 3-5 days I would be looking for an Inverse Head and Shoulders pattern on the daily with an upside target around 1140. I see resistance on the upside at 1079.50 and further resistance as price moves to the 200MA. I think most Market Makers are sidelined as the Interest rate results will be out this week. Watch out for more news with Greece as the British Economists are encouraging them to get out of the Euro Zone.

S&P 500 day trading course

Forex day trading Chinese PMI expands

Chinese PMI manufacturing expanded at a slower pace in May, falling to 53.9 (prev. 55.7, exp. 54.5), adding to signs that growth may moderate. A government crackdown on property speculation is cooling the economy by damping sales and construction, while Europe's sovereign-debt crisis could exacerbate a slowdown by cutting export demand. China may delay raising benchmark interest rates or letting the Yuan appreciate against the USD even after the economy grew 11.9% in Q1. The fall in the headline PMI might be an early sign of a slowdown, but China still faces overheating risks in many parts of the economy. Output fell to 58.2 (prev. 59.1), new orders slid to 54.8 (prev. 59.3) and input decreased to 58.9 (prev. 72.6). The HSBC China manufacturing index fell to 52.7 in May, the lowest since June 2009. Chinese policy makers are trimming stimulus this year after the $1.4 trillion lending that revived growth in 2009. Restraining inflation expectations and keeping housing affordable are two of the government's key goals after urban property prices jumped a record 12.8% in April from a year earlier. EURUSD fell to 1.2264 while EURJPY traded at 111.65 extending its longest monthly decline in 10 years on concerns Europe's efforts to reduce budget deficits will derail the region's economies as the credit crisis shakes the banking system. The EUR fell before a report forecast to show Italian unemployment increased to 8.9% (prev. 8.8%) and after an EU consumer sentiment index fell to 98.4 (prev. 100.6) yesterday. The ECB warned yesterday of more bank losses as the region's credit crisis spreads. The ECB said in its bi-annual Financial Stability Report yesterday that EU banks may see another 90 billion EUR in net write downs this year on loans and securities. The lenders will need to make provisions for losses of about 105 billion EUR next year, which may be even bigger amid "heightened sovereign risks and possible second-round effects of the fiscal consolidation, [...]

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