Thursday, Feb 09, 12:43 GMT
U.S. Trading Newsletter
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To Get Started
- WEBINAR RECORDING: The Hidden Divergence by Gonçalo Moreira
- FOREX VISIONARIES: 'It is still premature for China to become the first power' - Lan Yee Chan
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Forex Blogs
EUR/USD on higher ground after greek progress, before Draghi by Yohay Elam
Euro dollar broke another minor resistance line and reached new 2012 highs as Greek leaders managed to agree almost on everything, in the hide of the night.
XAU/USD 9 Feb 2012 by Ian Ngonda
EU 30 mins update by Tahir Khan
Webinars Schedule
US Session Open − Free Access Day
Expert: Ed Ponsi
Start: Thu, Feb 9, 14:30 GMT
Type of Session: Webinar
Range Bar Trading: Trading The Price Not Time − Free Access Day
Expert: Alex Ong
Start: Thu, Feb 9, 15:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Thu, Feb 9, 13:00 GMT | US Pre−Market Open − Free Access Day | Ed Ponsi | WBN |  |
| Thu, Feb 9, 14:30 GMT | US Session Open − Free Access Day | Ed Ponsi | WBN | |
| Thu, Feb 9, 15:00 GMT | Range Bar Trading: Trading The Price Not Time − Free Access Day | Alex Ong | WBN | |
| Thu, Feb 9, 21:00 GMT | Pairs Correlations & Stop Hunting − Free Access Day | Dale Pinkert | WBN | |
| Fri, Feb 10, 08:00 GMT | London FX Open Breakfast | Kathleen Brooks | WBN | |
Current Session: Europe
GBP/USD fell during the Wednesday
GBP/USD fell during the Wednesday session as the Dollar got a bit of relief from the massive selling it has seen over the last several days. The Europeans still haven't come together...
Maintains positive near−term tone
Maintains near−term positive tone, breaking briefly above 1.3300 barrier, after yesterday's 1.3287/14 consolidation. The price approaches 90 day SMA...
The cross remains one of the key measures of sentiment towards global prospects. The dynamic is clearly set. Better European news sees money flow out of the JPY...
Charting the Market Movers
EUR USD, Hourly
Event of the Day
EMU ECB INTEREST RATE DECISION
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Feb 9 | 12:45 | ECB Interest Rate Decision | - | 1% | 1% |
Odds of an ECB cut slightly better than 50/50 (Forex Live)
[ Full Story ]- European markets mixed on ECB, BoE and Greece (FXstreet.com)
- Forex: EUR/USD at session highs; very busy day ahead (FXstreet.com)
- BoE might expand QE in February; ECB accomodative – Ilian Yotov (FXstreet.com)
Event of the Week
Australia RBA INTEREST RATE DECISION
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Feb 7 | 03:30 | RBA Interest Rate Decision | 4.25% | 4.00% | 4.25% |
Daily Forex News - Forex − RBA Holds Rates at 4.25% by Swissquote Bank SA
[ Full Story ]- Read the Rate data at RBA
- Forex Flash: AUD/USD rallies on RBA decision − UBS (FXstreet.com)
- Asian markets drop, Australia leaves rate at 4.25% (FXstreet.com)
- Forex Flash: AUD/USD short term bias remains to head higher − Westpac (FXstreet.com)
European Market Update - Australia's RBA unexpectedly left its Key Rate unchanged by TradeTheNews.com
FX Market Wrap Up - AUDUSD Readies for RBA, EURUSD Realigns with Risk Trends by DailyFX
Market Session Snap−Shot - RBA Opts To Keep Rates On Hold, Sending AUDUSD Higher by Swissquote Bank SA
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Feb 9 | 09:30 | UK | Industrial Production (MoM) (Dec) | 0.5% | 0.2% | -0.6% |
| 09:30 | UK | Trade Balance; non−EU (Dec) | £-3.748B | -£4.950 | -£5.037B |
|
| 12:00 | UK | BoE Asset Purchase Facility (Feb) | £325B | £325B | £275B | |
| 12:00 | UK | BoE Interest Rate Decision (Feb 9) | 0.5% | 0.5% | 0.5% | |
| 12:45 | EMU | ECB Interest Rate Decision (Feb 9) | 1% | 1% | ||
| 13:30 | US | Continuing Jobless Claims (Jan 28) | 3.505M | 3.437M | ||
| 13:30 | EMU | ECB President Draghi's Speech | ||||
| 13:30 | US | Initial Jobless Claims (Feb 4) | 371K | 367K | ||
| 13:30 | CA | New Housing Price Index (MoM) (Dec) | 0.2% | 0.3% | ||
| 15:00 | US | Wholesale Inventories (Dec) | 0.4% | 0.1% | ||
International Traders Conference − Updates
Richard Olsen's speech: "How to trade: insights from high frequency finance"
Richard Olsen is an economic researcher in high frequency finance. He is co−founder of OANDA, a market maker and information source for currency and chief executive of Olsen Ltd, an investment manager.
Check the website of the International Traders Conference Barcelona for more details!
Educational Resources
Sam Seiden − One thing I have paid close attention to in my many years of writing articles is making sure I did not spend much time writing about concepts and strategies that everyone else writes and talks about. If I did, there would be no point in reading the article. What I have found over the years is that simply questioning anything conventional often exposes a flaw and most importantly, opens the door of opportunity you never would have found had you not questioned the conventional thought or idea.
Read other Lessons From The Pro's reports:
What Did I Miss? Did I Do Something Wrong? by Rick Wright
Develop a Positive Trader Trance by Dr. Woody Johnson
Back to the Future Redo? by Brandon Wendell
Forex Glossary
Exchange Traded NotesAn Exchange Traded Note is a contractual obligation made by an issuer to pay the holder a return which is often used to track exotica like future contracts, volatility indices, currencies the performance of one or more shares, an index, or a commodity. ETNs are related to ETFs in that they track an underlying index and are traded on the stock exchange, and offer returns based on the performance of a market index upon maturity, minus applicable fees, no period coupon payments are distributed and no principal protections exists. ETNs are often said to be unsecured debt, although many of them are backed by collateral (without collateral you’re 100% exposed to counter-party risk).
Animal Spirits
One of John Maynard Keynes's most famous term. In the book titled The General Theory of Employment, Interest and Money: "Even apart from instability due to speculation, there is the instability due to the characteristic of human nature that a large proportion of our positive activities depend on spontaneous optimism rather than a mathematical expectation, whether moral or hedonistic or economic. Most, probably, of our decisions to do something positive, the full consequences of which will be drawn out over many days to come, can only be taken as a result of animal spirits- of a spontaneous urge to action rather than inaction, and not as the outcome of a weighted average of quantitative benefits multiplied by quantitative probabilities."
METATRADER
The RSI Peak and Bottom indicator shows recent tops and bottoms in RSI oscillator. When RSI passed the top/bottom value it indicated a buy/sell signal. Red arrow is peak and Yellow arrow is bottom.
This indicator allows to generate charts in the desired timeframe, beyond the predefined timeframes in Metatrader. Suppose you want the H6 chart. Then you would attach the indicator to a H1 chart and set the period to 6; after that you can open your required chart from File −> Open offline menu.