Monday Morning Traders Staying Patient without major news

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The James’ Report:  Day Trading Strategies for Professional Traders

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Professional traders understand that you need many different ‘vantage points’ to understand the markets in the long term.  Just like looking at a single chart timeframe is almost useless, successful traders also much find ways to look at the market from different angles, different points of reference so they can understand why the markets move higher or lower during certain times of the day.  It’s crucial that every trader tries to place himself/herself in the shoes of other traders, in not only technical patterns, but in human psychology, fear and greed.  Take some time to find a different point of view this morning, your PNL will thank you!

  

***Notes/Observations from around the world***

– European equity indices opened the session lower and most indices have continued to trade lower by more than 1%. In Spain, the IBEX-35 has once again hit fresh 3-yr lows, with some dealers eying the 6,702 area. Banks are trading lower across the board, amid the rise in peripheral bond yields. Factors weighing on the indices include, PMI data out of China and Germany, political concerns related to France and the Netherlands and higher peripheral yields. Additionally, there have been some concerns that the IMF could face delays in deploying its newly expanded resources.

– China HSBC Apr Flash PMI rises to 49.1 but remains below the key 50 level for the 6th straight month
– Netherlands budget talks collapse putting its AAA sovereign rating at risk
-France presidential candidate Hollande wins 1st round over Sarkozy (as expected). Run-off set for May 6th. Far Right party (led by Le Pen) posts strong 3rd place
– Lots of central bank meetings during the week with FOMC decision on Wed and BOJ on Friday
– ECB says it was not pressured at IMF meeting to lower interest rates
– Major European Advanced PMI data disappoint
– German PMI data at odds with recent IFO and ZEW readings

Prepare for your trading
with these charts today:

Crude Oil
Futures

Gold
futures

E-Mini-Russell
Futures

Euro
Currency Futures

Day
trading strategies

read the complete morning
prep here