We missed a fill yesterday for EURUSD, we’ll keep our offer working today at 1.2750 ish as the 8 day exponential moving average is moving down to this level. We’ll keep a close eye on the US Dollar index it needs to hold above its 50 day ema if EURUSD is going to continue its move lower. We’ll also be monitoring interest rate differentials.
In today’s free video I discuss a new position we are currently initiating in our members area, we are looking to short a retracement in EURUSD Forex cross. I share a effective “box play” strategy that offers us a clear profit target, while also incorporating fibonacci retracement levels. If you would like to see how we are manage this position register here for a 14 day guest pass to the GT members area
The bulls were encouraged this week as the S&P e minis rallied back up to 1098.5. This level proved to strong as the bears stepped in and the market sold off. The e minis are still in their bigger range from 1130 to 1060 and we see no edge in trading them in this range. Equity only PUT/CALL Ratio still shows a sell signal as does Market Breadth. If you would like to see how we are managing our positions register here for a 14 day guest pass to the GT members area.
Weak employment data in the US yesterday moved the S&P e minis lower, however they are still trading at the bottom of their recent range at 1066. I’m waiting to see if EURUSD will break 1.2750, if it does we will initiate a one unit short position. Have a good weekend everyone.
The POT deal hit the headlines and yes it is definitely time to take some profits and bump up our stop to below Tuesdays lows at 139.19. I should of answered all your email questions regarding this stock. S&P and e minis continue to inch higher, however they are still below the 8, 21 and 50 day exponential moving averages, a weekly close above 1100 would be mildly bullish.