Article Summary:

We provide investors with valuable alternatives in the Forex marketplace. These include innovative educational opportunities, comprehensive research, superior analytical tools and state-of-the-art electronic trading capabilities.DJIA flirting with a 10th day of gainsThe last nine days we have seen gains in the DJIA. The FTSE closed with 10 days in a row and now the Dow is trying to do the same thing. It will be interesting if it can’t get there and close above yesterday’s close. I see 9004 as definite support


Article Content:
DJIA flirting with a 10th day of gains
The last nine days we have seen gains in the DJIA. The FTSE closed with 10 days in a row and now the Dow is trying to do the same thing. It will be interesting if it can’t get there and close above yesterday’s close. I see 9004 as definite support going forward. I thought it might even hit today but it hasn’t yet. Keep one eye on equities; they are likely to help tell a significant part of the story in the next few weeks.

AUDUSD Trade closed with profit
The trade I detailed this morning, has closed within 2 hours of opening holding 17.9 points in profit. I give this trade to the equity market weakness, pricing in the poor GDP numbers released last night. Though it was a smaller trade, I’ll take them when they come.

USDCAD Ready to spill over
It appears that nothing the BoC says is going to stop the market from buying more CAD. If there is a close or significant push below the 1.0800 mark today, parity may be seen fairly soon. Oil is up for the day and most equity indexes are starting to push towards breakeven levels on the day. A faint hearted attempt at this level may bring up the 1.1159 area next week. At current levels, next week’s pivot point will be around 1.0925, a great target should the pair not be seen as taking on lower prices yet. After all 9 of the last 10 days have been negative days, even a small reprieve will open up better prices to test lower waters.

Downside target SHOULD the EURUSD fail on the top again
Should the pair fail on the top side test of 1.4300 again, I see the first target point at 1.4052. I am actually surprised that the pair hasn’t done much better that it has over the last 8 hours. The FTSE is up for the tenth day straight. It may be that currency concerns are reading more into the poor GDP reading than the stock market is. A GBP QoQ GDP of -.8% does not look good going forward.  The US market just opened and all indexes are negative at the open. Good for my AUDUSD trade.

New Trade on the AUDUSD
I entered a new trade on the AUDUSD this morning. I still have the last trade open looking for a return to .8023 This new trade will cover almost 23% of the draw down from the first trade should it close profitably. Much will be decided on the US stock market open in a few minutes.

EURJPY riding the line
This pair is just above the resistance line I have talked about for the last few days. The break back above it last night signaled that I may be looking for long positions. I detailed the options I saw in yesterdays post last thing. It’s important to note that the 100 period moving average is flat at this point on the 6 hr chart telling me that the pair right now is completely in a neutral state. That’s fairly obvious with the last five days splitting almost equally between up days and down days.

Closed EURGBP Trade for 49.5 Points
The trade I detailed in yesterday’s blog for this pair has closed for a total profit of 49.5 points. (Past results are not indicative of future results) I opened the position when the black candle closed yesterday at 4:00PM I set my target price and closed the trading platform so I wouldn’t be tempted to fiddle with the trade. This a case where I really liked the trade because it was also initiated right at a support line that I felt was important.