Wednesday, March 24, 2010

Forex Day Trading Room

EUR/USD Greetings Traders... We are about 1 1/2 hours until London opening and looking at the news for today it look like a hodge podge of events. We will check them closly as they come into focus and if we see anything we will report. EUR/USD broke early yesterday and was giving mixed signals all day. We are holding just above 1.3300 the figure right now with downside bias but not much momentum. This could change OR we could see some consolidation ??? just not sure right now. We will keep an eye on direction and keep our trades tight behind the boat. Watch the timing of your trades and keep an eye on the signal to square your acount as this may be a day for scalping the 10/15 pip trades. Again we'll see. If light volume in the market does a whip saw price action keep your eye on the 1 min / 5 min charts. FXDMG

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Forex mange funds london closing

[caption id="attachment_614" align="alignleft" width="241" caption="forex managed fund day trading london close"]forex managed fund day trading london close[/caption] Forex managed fund levels Eurusd support and congestion zone in the Blue box. Watching for the retrace to the 1.3375 area then a continuation. Long term targets: 1.3220, 1.2885 EURUSD took a significant step lower today as Fitch's downgrade of Portugal and concerns about the possible impact of IMF involvement in Europe overshadowed an unexpected uptick in Eurozone data. After trading extremely heavily in the Asian session, EURUSD clattered down through its critical 1.3425 support and went on to skim 1.3332 lows during the afternoon session. The collapse in EURUSD came in spite of better than expected improvement across all components of the latest Eurozone PMI surveys; the Manufacturing reading posted an impressive 56.3 (54.0 expected, 54.2 prior), Services came in at 53.7 (52.0 expected, 51.8 prior), meaning the Composite reading surged to 55.5 (53.8 expected, 53.7 prior). Germany's IFO survey also smashed expectations with Business Climate jumping to 94.4 from 89.8 last month (consensus had been for a more modest 91.0), and the Expectations reading also impressed at 101.9 (100.9 expected, 100.9 prior). Nevertheless, these small tokens of improvement did little to pacify market sentiment once Fitch announced it was downgrading Portugal to AA- from AA, and outlook negative. A raft of contrasting ECB and EU official rhetoric about the likely fate of Greece and possible IMF in [...]

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Forex day trading Managed fund news.

The EURUSD continued to tumble as a unnamed source, said that German Chancellor Merkel stated there will be no decision on a bailout package for Greece by the end of the EU's two day summit in Brussels. The EURUSD traded below the 1.3425 key support (low May 2008) down to 1.3406, while the GBPUSD traded down to 1.4957 (at the time of writing). The public rift between Germany and EU officials on the Greek situation seems to be increasing daily, dimming markets optimism and weighting heavily on the EUR. There are growing rumors of short term bets against the EUR ahead of what many feel (including us) will be a disappointing close to Brussels. However, there are still EU officials actively searching for a solution, including the President of the EU Council Von Rompuy who was reported trying to actively arrange a pre-summit meeting on Greece to help pave the way for an aid package to be released in Brussels . And the FT reported on a potential bailout package "mechanism" for Greece, which IMF had made a "substantial contribution". However, we remain highly skeptical of the EU tact and remain bearish on the EUR as long as sovereign risk concerns worries. In Switzerland yesterday, SNB Chairman Hildebrand provided a slightly mixed message. On one hand, he repeated that the SNB would fight excessive CHF appreciation and sounded battle ready when he said that they could buy very large quantities of foreign currency if required. And the other reiterated newly-appointed SNB Board Member Danthine comments, that consumers and corporations must get ready for market determined FX prices and higher rates. After the initial EURCHF knee-jerk reaction higher, the pair depreciated down to 1.4232 record low. A wealth of economic releases and events will keep traders busy today. The Norges Bank will release its policy decision today and expectations are mixed. The official Bloomberg expectations are for a hold, but we are leaning towards a 25bp hike. The central bank is stil [...]

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S&P 500 Emini Day Trading Gap Wednesday March 24, 2010

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2139" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Wednesday March 24, 2010"][/caption]

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