|
This morning I took another 50pips on the break of that 1.5300 round number I mentioned yesterday, but that’s me done for the week and I shall be on holiday for all of next week. I hope the market gives generously to you.
It’s important to stand back from your charts sometimes and look at the patterns that are forming for different pairs, it helps a trader to understand at a deeper level the way certain pairs move, or what tendance they are showing at the moment. This knowledge allows us to take realistic decisions based on that observed near history market structure, and I am talking about looking at a few
Continue reading–>FOREX DAWN| Chart Watching
As I mentioned briefly yesterday I thought GBP/USD was going into a range which it seems to have done. The range is about 150pips so with some nice overnight Asian consolidation in the middle of that larger range the breakout set-up was ready this morning at the start of the European session. I took 50pips on this one today, it spiked a little bit more, but 50 was my target given the condition of the market. 5135 now being the support I’ll be watching for a possible break lower, alternatively the 1.5300 is the big resistance line to be crossed if Cable wants to move higher. It was a repeat scenario
Continue reading–>FOREX DAWN| Sterling Breaks Down Again
It’s been a rough week for the EUR/USD as anyone who’s remotely aware of the ongoing issues with Greece and the euro zone are well aware. The selling pressure that’s been a result of fundamental forces between the two countries’ economies. A German bank is rumored to have been a big seller on the recent push down below 1.3300. Also the move came as the yield gap between Greek and German government bonds continues to widen which I first mentioned in an earlier post. But the sell-off met the technical level of support that I’ve been predicting would temporarily boost the EUR/USD back up; the weekly S2. Price action met the weekly S2 to the pip before rallying back up
Continue reading–>Another Dreary Day for the EUR/USD
Here’s a look at this weeks recent activity and the trades I’ve taken and how you too can trade the EUR/USD using my system.
No trades yesterday and two Sterling pair trades this morning. There’s nothing like a General Election call to send Mr Cable running for the hills…….. I don’t think that was the reason but it sounds important, but quite frankly who cares. I’ve seen British goverments from left to right and back again and they were all full of promises they knew they would never keep…….. bullshit politicians I’ve had my fair share of thank you. Next!
So anyway looking at the strength indicator this morning in the European session we could clearly see the pound falling across the board. Moving across to the GBP charts I was then looking for potential entry
Continue reading–>FOREX DAWN| Sterling Lost Strength
The market has moved precisely as I said it would minus one prediction that had the EUR/USD finding support at the weekly S1. It actually blew through it at the open of the New York session and continues to give way to selling pressure. I have been told that there are lots of rumors in the market today of wealthy Greeks moving money offshore, perhaps into London and the U.S. I can believe it, especially with renewed concerns for Greece’s debt popping up as credit default swaps moved 65 basis points higher on the day through the 400 bp level. The higher the bp, the worse the outlook for the euro gets.
Continue reading–>EUR/USD Wrap Up for April 6
Here’s a quick visual summary of what’s happening in the U.S. and the Euro zone and my own predictions for the coming week.
Heading into the new week, let’s take a quick review of last Friday’s NFP report and what effect it could have on the dollar for this week. Nonfarm payroll employment increased by 162,000 in March. We also had February’s number revised to a much better –14K compared to the previously reported -36K. So what that comes down to is that the US economy added an average of 54K jobs a month in the first quarter, which will likely have the effect of boosting the dollar in the week to come. The manufacturing sector also has shown an increase of 17K jobs, 45K for the first quarter. Many analysts will also take into account that many of the jobs that were
Continue reading–>Selling Pressure Returns for the Euro
This should prove interesting as we have seen a lot of dollar selling this week, investors and traders looking like they are happy to take on a bit more risk. The precursor to the government figures is the ADP figures released last Wednesday, it has a rather shaky history in it’s predictive value but recently it has seemed to be getting nearer the mark. Here is a comparison of the two data sets:
ADP NFP
March -20K -36K
February -22K -20K
January -84K -85K
December -169K -11K
November -203K -190K
The last ADP figure came in at -23K, the expected NFP figure is 185K, this is a big positive number and the two don’t really
Continue reading–>FOREX DAWN| April NFP
|
Award Winning Forex Training
|
Most Popular Posts