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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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