I’m off to Thailand for 6 weeks tomorrow so that means that there will be no more blog posts or email messages until September. I was going to try and organize some guest posts from other bloggers, but I never got round to doing it, so I’m sorry about that.
In the meantime you might want to check out my main 4 hour trading strategy by filling in the form to the right, if you haven’t already done so. Plus if you’re new to forex trading, you might wish to check out Bill Poulos’ very affordable forex course, which will teach you all the basics of forex trading, and will also provide you with a simple trading strategy that you can use to trade the markets.
Anyway that’s about it from me.
Read more…
Thursday August 5, 2010
Government bond prices advanced following weakness in initial claims data that leaves dealers in purgatory ahead of the official non-farms payroll data on Friday. The recent string of weak U.S. data was scotched on Wednesday by an unexpected surge in the key services sector.
Read more…
In today’s video we dissect the 2nd quarter GDP results and what it means for the US recovery. The economy grew a smaller than expected 2.4% annualized rate.
Read more…
August 1st, 2010 in
Forex News | tags:
Releases |
No Comments
Every Thursday, CNBC stands on ceremony to reveal the Department of Labor’s exciting weekly unemployment report. If you have witnessed the spectacle once, say a year ago, and you listened to today’s ceremony, you would not see, hear or feel much difference. After all, baloney is baloney.
The Labor Department, the Obama Administration, the Congress and the media go through the motions, but none of these groups possess the strength of character, the moral integrity or the conviction to do the right thing and address unemployment from top to bottom until it is fixed.
For one thing, the politicians are too busy making news and shaping a statistically attractive re-election profile to work on anything constructive, like employment reform. It is easier and safer to point fingers than sit down and work on solving the country’s biggest problem.
Even the eloquent and hopeful tones of President Barrack Obama have worn thin under the weight of 14.6 million unemployed workers. The President has become another media puppet, playing Main Street at every chance he gets to repeat his fading chorus for change, which is now spelled F-R-U-S-T-R-A-T-I-O-N.
If you did not have a job; if you were not sure your job would be there come Monday; if you had one or more persons counting on that job, you would find the Thursday media feeding, the President and the Congress of the United States obnoxious, insensitive and arrogant.
Realistically, how could the weekly jobs report improve?
The government cannot afford the employees it has, especially the ones in the high places. Businesses are afraid to spend money because they understand that next time, there will be no bailouts and because there are so many costly legislative acts on the table that nobody knows what a new employee might really cost. Besides, many businesses are profiting better than ever by trimming payrolls. New entrepreneurs have no access to credit and, at this time, investors are not prone to risk.
The people we have elected to solve these problems appear little more than a disjointed three-ring circus. The Congress cannot agree with the Senate. Nobody agrees with the President. All three circus rings lack leadership.
The audience sees plenty of smokescreens but no solutions. What this country nee
Read more…
July 29th, 2010 in
Forex News |
No Comments
GBP/USD (a daily chart of which is shown) as of Friday (7/30/2010) has consolidated above 1.5500, a prior resistance region that was broken to the upside earlier in the week. This occurs within the context of a strong accelerated uptrend extending originally from the 1.4230 area lows in May, and after price just hit a fresh 5-month high on Thursday. For more GBP/USD technical analysis, please click here.
James Chen, CTA, CMT
July 28th, 2010 in
Forex News |
No Comments
The dramatic drop in the aussie last night when the CPI was released at 9:30pm EST pushed prices lower in what I deemed a “too far-too fast” manner. In other words, regardless of the negativity of the move, it appears some moves are simply unsustainable. I realize this is a very subjective determination so I need to rely on my charts to justify and measure what the move means in terms of support and resistance. However, I think it is very important to understand that there is a vast difference between a negative market sentiment and a bearish trend; I believe the culmination of a negative market sentiment creates a bearish trend.
The 15, 30, and 60-minute time frames were all moving in a sideways neutral market cycle before the sharp sell-off. The
Read more…
July 27th, 2010 in
Forex News |
No Comments