October 17, 2012
- in Uncategorized by schooloftrade
Wacky Wednesday, Crude Oil Contract Rollover, Inventory News
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The James’ Report: Day Trading Strategies for Professional Traders
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WE ARE ONE: One of the most interesting aspects of learning to be a professional trader is the awareness that we are all connected through the markets, working in separate locations, with different objectives and resources, but all working together in a symphony without a conductor. If you weren’t inside the trading world you would never know this secret ‘club’ existed, but once you step into the life you quickly see that we are all in this together. Many traders agree that the only thing that really makes sense in this world is the price-action on a chart, as if you are able to peel away the lies and manipulation to see what’s really happening in this world we live in. Fibonacci, the grandfather of technical analysis saw this phenomenon, and so did Elliot when he discovered the 5-point wave patterns that govern everything we do. Technical Analysts know this is true because they believe in the ‘wisdom of crowds’, and the list goes on. Ask yourself today, as you watch the charts, if it is the candlesticks that lead reality, or is it the opposite way around. News from Europe & Asia for US Morning Session:
– On Tuesday there was chatter of Greek press report circulating that indicated talks between Troika and Greece had broken down
– Moody’s maintains Spain sovereign at Baa3, lowest level of investment grade with a negative outlook
– Spain PM Rajoy reportedly informs Germany’s Merkel that rumors of credit line plans are inaccurate
– BOE minutes: Differences of opinion on the need for more QE
– UK claimant count data comes in a touch better
– No decisions whatsoever expected at this week EU Leader Summit
– Spain PM Rajoy reportedly informs Germany’s Merkel that rumors of credit line plans are inaccurate
– BOE minutes: Differences of opinion on the need for more QE
– UK claimant count data comes in a touch better
– No decisions whatsoever expected at this week EU Leader Summit
– European equity indices are trading broadly higher, led by the Spanish IBEX-35, as Moody’s refrained from cutting Spain’s sovereign bond rating to junk. However, the upside in markets has been capped ahead of Thursday’s release of China’s Q3 GDP data and this week’s EU Summit. Additionally, the comments out of Moody’s have had a bigger impact on the credit markets, as Spain’s bond yields have declined by over 20bps on the session.
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