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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.

S&P 500 day trading course

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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