Today was a momentum buy day for the EuroFX-the bottom panel of the chart shows momentum; the decline under the zero line was the buy signal. It held yesterday’s low overnight, and found a bid after the US payroll numbers.
Daily Chart of the EuroFX
Posts Tagged ‘daytrade’
Daytrade Setup in EuroFX Futures
Friday, February 6th, 2009
Thanks for coming back. 
Today’s Yen Trade
Wednesday, November 12th, 2008Although the Veteran’s Day holiday yesterday made me cautious about narrow range, doji bar yesterday, it gave a “trade” day, breakout setup today. See the Trade or Fade report below-it was a doji, the narrowest bar of the previous four days, and was nearly half the size of Monday’s.
Given the Yen’s positive correlation with equity markets (see yesterday’s post, The Forex Tell?), the Yen has been a good proxy trade for equities. Below is a 5 minute intraday chart for December Yen futures, with the Trade or Fade levels shown. After spending a quiet night last night, the Yen saw a rapid advance this morning as stocks sank. The long entry trigger was at 8:00 AM at 10331, the first profit target was at 10412, hit at 9:30. R-3, the final profit target was hit at 10:05, for a profit of $2362.50.
Look Out Below!
Thursday, November 6th, 2008Stocks are extending yesterday’s selloff as the optimism of the past weeks gives way to more bleak economic news. Cisco’s earnings report was a mjor catalyst, as they forecast a hefty decline in revenues for this quarter. The strength in the US Dollar and move in the Yen/Euro cross, while coming largely from European rate hikes, highlight the mood of deleveraging and risk aversion. In addition, traders are casting a wary eye toward tomorrow’s NFP numbers. with a “whisper number” of a loss of 250K floating around today.
Breakout Day!
Tuesday, November 4th, 2008Lots of markets had breakout setups today-let’s take a look at one of them to see how to trade them. Below is the Trade or fade report for December Comex Gold. I’m not showing the daily bar chart, but yesterday was an inside day, with the narrowest range of the past couple of weeks. It was also a doji bar, and Monday’s range was 70% of Friday’s. This meant that today I was looking for a breakout, directional move in Gold. Specifically, I was looking to buy a break over first resistance at R-1, or sell a break under first support at S-1.
Is the Canadian Dollar Ready to Rally?
Friday, December 14th, 2007The Loonie has been selling off for the past months as economic growth has slowed , and recent broke to new lows on ideas that US interest rate policy may not be as loose as traders had been pricing in. For the past weeks the March Futures have been finding support around the 9800 level, and it might be time to start looking at the long side.
S+P Breakout Setup
Monday, December 10th, 2007S+Ps had a breakout setup today-a narrow range and a doji bar on Friday. Today I am looking for a directional move out of that setup. This is a bit of an anomaly ahead of tomorrow’s FOMC meeting, as you might expect traders to be trading cautiously ahead of such an important event, but the fact that the market is rallying in spite of this (and in spite of the $10 bln. writeoff announced by UBS) is telling for the Santa Claus rally. Fed Funds futures are currently pricing in a 76% chance of a 25 bp cut tomorrow, the remainder on a 50 bp cut.
Crude Oil-Is the Bull Back?
Wednesday, October 31st, 2007Crude Oil saw a dramatic selloff yesterday based on three major factors:
- A report in the WSJ that the Fed might not be as accommodative as the markets have been expecting.
- A report from Goldman Sachs giving a sell signal in Crude Oil,citing poor refinery margins. However, they did say a correction could be temporary. Goldman has been very a prominent (and prescient) bull, so their opinions carry weight.
- The resumption of production in the Gulf of Mexico by Pemex.
- A forecast for a gain in both Crude Oil and product inventories in this week’s data.
Today’s Short Sell in Coffee Futures
Thursday, October 25th, 2007December Coffee futures have spent the past week trading between old resistance/support at 122.00 and the 50 day moving average on the top (the green line on the chart below). Taking a short sale when it finally broke under 122 support was a successful trade today.
Trouble for the S+P Futures?
Wednesday, October 24th, 2007S+Ps have seen a two day rally, as Monday’s upside reversal saw upside follow through yesterday ahead of Amazon’s earnings. After the disappointment from Amazon and a decidedly downbeat report from financial sector bellwether Merrill Lynch, stocks got a real shove after a shocking energy inventory report. (more…)
Futures Breakout Setups for October 24
Wednesday, October 24th, 2007Interest Rate Complex-A bull flag before another runup for IR futures? Gaming the FOMC meeting next week.
Gold-Consolidation following Monday’s big selloff could lead to another directional move today.
Copper-Doji yesterday, resistance at the 40 day moving average.
Cocoa- Pausing above trendline support.
Petroleum Complex-Quiet session ahead of weekly inventory numbers due out at 9.30 Chicago time.
Soybeans, Soymeal-Jan. Beans have formed a channel over the past two weeks, what will be the catalyst to break out?