May 30, 2012
- in Uncategorized by schooloftrade
Traders Prep; staying patient ahead of news
Reading the tape allows professional traders to put a finger on the pulse of the market they are trading, and when used correctly this skill will lead to much improved entries and exits. Watching for the size, color, and disposition of each order that comes onto the ‘tape’ a professional trader will also use speed to then interpret what their tape reading is telling them. The live market is an excellent teacher of reading tape, and market replay is a very useful tool for anyone who may not be able to sit in front of a computer for the live market. Find a way to watch live price action, even if you record it, and learn from what the tape is telling you today. —————————————————————————————
The James’ Report: Day Trading Strategies for Professional Traders
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What happened Overnight:
– Dollar index rising, pushes everything lower, heat map says
– Gold futures contract rollover to 08-12
– ECB refutes claim it rejected Spain govt plan to indirectly tap into its cash in order to recapitalize Bankia;Would advise on such development of plans
– EU might extend deadline for Spain to each 3% GDP Deficit to 2014
– Spain sovereign downgrade adds to cautious market mood
– Bank of Spain gov announces early retirement
– Idea of European Redemption Pact gaining momentum
– Italian 5-year and 10-year bond auction labeled ‘soggy’; yields climb
– EU might extend deadline for Spain to each 3% GDP Deficit to 2014
– Spain sovereign downgrade adds to cautious market mood
– Bank of Spain gov announces early retirement
– Idea of European Redemption Pact gaining momentum
– Italian 5-year and 10-year bond auction labeled ‘soggy’; yields climb
– European equity indices opened the session lower, on losses in banks and resource-related companies. Spain’s IBEX-35 has continued to underperform, as Bankia has moved lower by over 10%, amid the lack of clarity related to how Spain will fund the firm’s recapitalization plan. In Greece, the Athens Stock Exchange (ASE) has declined by 2%, amid weakness in banking sector.
