Monday, April 19, 2010

S&P500 day trading course chart

S&P500 day trading course.  Support and resistance for April 20 with the Gap. [caption id="attachment_2193" align="alignleft" width="300" caption="S&P500 day trading course trading chart"]S&P500 day trading course  15 min chart[/caption] GAP is 1190.75 POC is 1197.50 for the direction 13 point range during trading hours Gap up. News of financials being indicted could take this down. Watch for news breaking around 11:30, 1:30 as well as normal market settings. Manage your risk on these trades and lock in profit. Nice sell shadow on lower time frames leading into the 10:30 setting.  Continuation trade also nicely triggered with minimal risk exposure on short term entry. [caption id="attachment_2194" align="alignleft" width="275" caption="S&P500 day trading course april 20 daily chart"]S&P500 day trading course april 20 daily chart[/caption] Daily chart is showing some support on the small retracement from Goldman Sachs fraud charges. Price retreated to 1196 giving a bout 50% move up.  if we go back to 1210-1212 area then I would be looking for the continuation to 1230. If we fail or consolidate in this area, then one more test of the 1205 Zone and roll over to a possi [...]

S&P 500 day trading course

EURUSD risk appetite US close

Forex day trading EurUsd Risk appetite has continued to struggle since the Goldman inspired equity market slump on Friday, and EURUSD has also been weighed by the ash-triggered paralysis of European travel networks and the possibility of Greece activating the EU/IMF bailout mechanism appearing ever closer. We are now approaching a critical juncture for the pair, with 1.3370-1.3400 representing the last major cushion of support before 1.3268 levels not seen since 25 March. We see the 3-week uptrend support level coming in around 1.3400, backed up by a former pivot level at 1.3385 –but the crucial line to watch from here is the back side of the former 4-month downtrend at 1.3370. As such, we like the idea of a small long trade on any dip towards 1.3520, with a stop just below those major supports, but remain flexible to reversing this bias should the former downtrend line fail. Levels on the topside are now 1.3568 (50-day moving average), followed by 1.3590, then last Monday's opening highs of 1.3692.

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Forex day trading London close

Risky currencies were sold in Asian session, as the SEC's allegations of fraud and conflict of interest by a US investment bank weighted on investor's sentiment. The EURUSD sank to 1.3437, while the USDJPY fell to 91.60. While the charges we very specific, there was significant position trimming across asset classes. Asian regional indexes and commodities, lead by a fall in Gold, were lower across the board. While in the short term participants will remain skittish, we believe the fear of contagion will fade quickly. After reading the SEC report, it seems like the accusations are very specific and the possibility that regulators and investors could use this as a spring board for broader actions against the financial sector looks unlikely. Given our view on the SEC case and that fact that general macro fundamentals remain supportive, we suspect this is more of a short term correction in high beta assets than a game changing reversal in sentiment. Interestingly lost in Friday's hysteria, was the US housing starts and building permits, which both rose giving the USD fundamental reasons for gaining strength. The IMF, EU and Greek emergency meeting that was expected to start today in Athens was postponed due to ash clouds spilling over European skies. This was potentially positive for policy makers, as Greek protestors were expected to come out in droves. A strong ground swell of Greek resistance would surely highlight investors concern that much is riding on the public's support of the fiscal austerity programs. Within Greece there is legitimate concern that the IMF will demand additional wage cut and tax increase for their portion of the rescue program. Should public support widely turn against the Governments pledge to stick to the austerity program, investors and potentially the IMF and EU neighbors might quickly loser their desire to assist.

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