February 24, 2012
- in Uncategorized by schooloftrade
Day Trading Strategies for Dollar Index , Euro, Crude, Russell and Gold futures
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The James’ Report: Day Trading Strategies for Professional Traders
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Attitude is everything, and professional
traders understand this more than anyone.
Every day is a new opportunity to make changes in your trading career
that will positively affect your future, and it all starts with our
attitudes. Think today was a tough
day? Comparing to what many in this
world deal with on a daily basis our days are pretty great in comparison, and
when traders have a tough day it’s always a great opportunity to learn from the
markets and ourselves. When was the last
time you turned a tough day into a positive experience?
traders understand this more than anyone.
Every day is a new opportunity to make changes in your trading career
that will positively affect your future, and it all starts with our
attitudes. Think today was a tough
day? Comparing to what many in this
world deal with on a daily basis our days are pretty great in comparison, and
when traders have a tough day it’s always a great opportunity to learn from the
markets and ourselves. When was the last
time you turned a tough day into a positive experience?
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| Heat Map Futures Markets |
***Notes/Observations from around the
world***
world***
–
European shares climbed out of the three-day losses and were trading in
positive territory during Friday’s session as worries recede over Greece’s
second bailout. Positive corporate
earnings also helped boost the shares.
European shares climbed out of the three-day losses and were trading in
positive territory during Friday’s session as worries recede over Greece’s
second bailout. Positive corporate
earnings also helped boost the shares.
–
Moody’s: Japan’s slippage in meeting fiscal targets could have wider
implications
Moody’s: Japan’s slippage in meeting fiscal targets could have wider
implications
–
Fitch cuts Australian banking sector to AA- from AA
Fitch cuts Australian banking sector to AA- from AA
–
No surprises in Germany or UK Q4 final GDP readings
No surprises in Germany or UK Q4 final GDP readings
–
USD weakens ahead of G20
Finance Minister meeting in Mexico
USD weakens ahead of G20
Finance Minister meeting in Mexico
Speakers:
–
Italy PM Monti commented after his meeting with Ireland PM Kenny that the Irish
economy was evidence that firm approach to reforms would help with economic
growth. Monti noted that austerity measures would be harsh in the short-term
but would generate growth over the longer term. He shared his view with Irish
PM on the need for the European Union to develop pro-growth measures to flank
its planned new fiscal rules
Italy PM Monti commented after his meeting with Ireland PM Kenny that the Irish
economy was evidence that firm approach to reforms would help with economic
growth. Monti noted that austerity measures would be harsh in the short-term
but would generate growth over the longer term. He shared his view with Irish
PM on the need for the European Union to develop pro-growth measures to flank
its planned new fiscal rules
–
US Special Representative Davies commented from Beijing that recent discussions
with North Korea were useful and made progress but overall no dramatic change
in North Korea’s mood
US Special Representative Davies commented from Beijing that recent discussions
with North Korea were useful and made progress but overall no dramatic change
in North Korea’s mood
Currencies:
–
The USD typically weakens ahead of a G20 meeting and today seemed to be no
exception as the greenback hit multi-month lows against numerous pairs. The
EUR/USD tested above the 1.34 handle while USD/CHF tested below the 0.90 level.
The Greek formal PSI offer was expected to be made today and the market
appeared to be unconcerned of any implementation risk at this time.
The USD typically weakens ahead of a G20 meeting and today seemed to be no
exception as the greenback hit multi-month lows against numerous pairs. The
EUR/USD tested above the 1.34 handle while USD/CHF tested below the 0.90 level.
The Greek formal PSI offer was expected to be made today and the market
appeared to be unconcerned of any implementation risk at this time.
Political/
In the Papers:
In the Papers:
–
The European Central Bank was said to have reservations about Spain’s plan to
revise its 2012 deficit target. The Spanish press noted that the ECB is
concerned that moves to soften the deficit target could receive a negative market
reaction.
The European Central Bank was said to have reservations about Spain’s plan to
revise its 2012 deficit target. The Spanish press noted that the ECB is
concerned that moves to soften the deficit target could receive a negative market
reaction.
–
The Telegraph’s Ambrose Evans-Pritchard made comments on how ruling parties in
Germany are planning to introduce a parliamentary measure to block any further
increase in bailout costs. It was suggested that the move by the German
politicians could complicate Greece’s rescue package and could also cause
problems with the IMF. The IMF has hinted that it might cut its share of
Greece’s €130B rescue package.
The Telegraph’s Ambrose Evans-Pritchard made comments on how ruling parties in
Germany are planning to introduce a parliamentary measure to block any further
increase in bailout costs. It was suggested that the move by the German
politicians could complicate Greece’s rescue package and could also cause
problems with the IMF. The IMF has hinted that it might cut its share of
Greece’s €130B rescue package.
–
The FT reported EU creditors demanded Greece change 38 items in Greek tax,
spending and wage policies to be carried out by the end of February. There were
also additional reforms including the management of its government for two
years.
The FT reported EU creditors demanded Greece change 38 items in Greek tax,
spending and wage policies to be carried out by the end of February. There were
also additional reforms including the management of its government for two
years.
–
Former BoE member Sentence said he sees weak growth in the UK as the ‘new
normal’. At the annual Institute of Economic Affairs conference on Thursday,
the former BoE member argued that in 2007 the UK came to an end of its second
post-war period of ‘long expansion’, similar to what was experienced in the
1970s, is within nine-year period in which average yearly GDP will be less than
1%.
Former BoE member Sentence said he sees weak growth in the UK as the ‘new
normal’. At the annual Institute of Economic Affairs conference on Thursday,
the former BoE member argued that in 2007 the UK came to an end of its second
post-war period of ‘long expansion’, similar to what was experienced in the
1970s, is within nine-year period in which average yearly GDP will be less than
1%.
–
The Irish state think tank Economic and Social Research Institute lowered its
2012 GDP forecast to 0.9% from 2.0% (forecasted last year), adding that if
results are weaker than expected it may affect budgetary targets. ESRI also
forecasted 2013 government debt as a percentage of GDP to peak at 120%, and
2012 exports to grow by 3.4% (and 3.8% in 2013).
The Irish state think tank Economic and Social Research Institute lowered its
2012 GDP forecast to 0.9% from 2.0% (forecasted last year), adding that if
results are weaker than expected it may affect budgetary targets. ESRI also
forecasted 2013 government debt as a percentage of GDP to peak at 120%, and
2012 exports to grow by 3.4% (and 3.8% in 2013).
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Today’s Economic News:
Our
day trading
strategies today will depend on the news, and this morning is
a Friday without early morning news, however we do have Treasury Secretary Tim
Geithner on CNBC this morning at 830am EST which may get the markets moving on
his talking points, but wont expect to see much from it other than slowing it
all down while people listen.
day trading
strategies today will depend on the news, and this morning is
a Friday without early morning news, however we do have Treasury Secretary Tim
Geithner on CNBC this morning at 830am EST which may get the markets moving on
his talking points, but wont expect to see much from it other than slowing it
all down while people listen.
The
first news we get this morning is at 955am EST with Consumer Sentiment then
followed by new Home Sales at 1000am EST.
The consumer sentiment number will be most important and you can see
from the chart below that we have a long term down trend with a short term
spike back up and we’re testing ‘resistance’ from the trend line on the chart,
so today will be interesting to see if the technical’s will overpower the
fundamentals regarding consumer sentiment.
first news we get this morning is at 955am EST with Consumer Sentiment then
followed by new Home Sales at 1000am EST.
The consumer sentiment number will be most important and you can see
from the chart below that we have a long term down trend with a short term
spike back up and we’re testing ‘resistance’ from the trend line on the chart,
so today will be interesting to see if the technical’s will overpower the
fundamentals regarding consumer sentiment.
Trading
Fridays are always the same; get in
early, be patient for the best times and opportunities when market personality
is clear, and then watch the clock so we don’t get left trading too late in the
morning after 1100am EST. Like we always
say, a bird in the hand is worth two in the bush on a Friday morning so we need
to have a good reason to risk hard-earned capital after 1100am EST today.
Fridays are always the same; get in
early, be patient for the best times and opportunities when market personality
is clear, and then watch the clock so we don’t get left trading too late in the
morning after 1100am EST. Like we always
say, a bird in the hand is worth two in the bush on a Friday morning so we need
to have a good reason to risk hard-earned capital after 1100am EST today.
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The
markets I’m following this morning are:
markets I’m following this morning are:
The Dollar Index has tumbled this morning and we expect to see support begin to hold in the Trigger Zone on this 89-Range chart.
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| Dollar Index Trading Strategy |
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