Thursday, May 23, 11:28 GMT
U.S. Trading Newsletter
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To Get Started
- WEBINAR RECORDING: How to Trade the EUR by Kathy Lien
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Trader's eye on majors - short term
Valeria Bednarik - Dollar corrects lower after yesterday’s gains. No time to call for bottoms/tops just yet.
GBP/USD: corrects higher, far from reversing by FXstreet.com
EURUSD Spot by Amplify Trading
Dollar Dives as Correction Sets In by BK Asset Management
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Latest from the Forex Social Network
genxtrader commented a photo 1 minute ago 2013-05-21_gbpusd 1hr
The crazy sister.
Brian Twomey commented a blog post 17 minutes ago Inside the Currency Market: Signal, Noise and Range Prices
Last Max, Allow the academics to teach you not the market people that seek to profit monetarily or gain influence from other's ignorance. Boris Schlos...
Brian Twomey commented a blog post 32 minutes ago Inside the Currency Market: Signal, Noise and Range Prices
Hi Max, Peter's strategy using Regression lines is a reversion to the mean strategy, the mean is the actual average at whatever time period. It works...
JohniFx commented a photo 48 minutes ago Chart of the Day - EUR/JPY Finally the Top?
nice chart :)
Webinars Schedule
Hunting Your Stops Is In My Best Interest
Expert: Navin Prithyani
Start: Thu, May 23, 13:00 GMT
Type of Session: Webinar
The Proper Way to Use Technical Indicators
Expert: Brandon Wendell, CMT
Start: Thu, May 23, 14:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Thu, May 23, 11:00 GMT | Charting the Course | Curt Wehrley | WBN |  |
| Thu, May 23, 12:00 GMT | Trading Clinic: USD/JPY  | Steve Ruffley | WBN | |
| Thu, May 23, 13:00 GMT | Hunting Your Stops Is In My Best Interest | Navin Prithyani | WBN | |
| Thu, May 23, 14:00 GMT | The Proper Way to Use Technical Indicators | Brandon Wendell, CMT | WBN | |
| Thu, May 23, 15:00 GMT | Live Trading Room | Mark De La Paz | WBN | |
Current Session: Europe
GBP/USD: corrects higher, far from reversing
The GBP/USD corrects higher this Thursday, after reaching 1.5013 with the European opening. Risk aversion extended to Asian session, with the Nikkei losing over 7% after some initial gains, favoring the fall.
EUR/USD: Intraday bearish reversal
USD/JPY: A top has been set at 103.72
Charting the Market Movers
EUR USD, Hourly
Event of the Day
UK GROSS DOMESTIC PRODUCT
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 23 | 08:30 | Gross Domestic Product (QoQ) | 0.3% | 0.3% | -0.3% |
UK: Annual GDP expands 0.6% in Q1, as expected (FXstreet.com)
[ Full Story ]- Read the official report at National Statistics
- EUR/GBP continues to trade positively at 0.8555/56 after UK GDP (FXstreet.com)
- GBP/USD holds at 1.5066/68 after UK GDP (FXstreet.com)
- United Kingdom Gross Domestic Product (QoQ) increase to 0.3% in 1Q; 0.6% (YoY) (FXstreet.com)
Event of the Week
US FED'S BERNANKE TESTIFIES
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 22 | 14:00 | Fed's Bernanke testifies | - | - | - |
Bernanke warns ‘premature' Fed tightening could stifle US economic recovery (FXstreet.com)
[ Full Story ]- Read the official report at Federal Reserve
- Bernanke warns against early tightening, looking for sustained improvement (Forex Live)
- Lots of wiggle room on taper for Bernanke (FXBriefs.com)
- Bernanke declines to comment when asked if he would accept another term (FXBriefs.com)
Morning Report - US existing home sales grew 0.6% by Westpac Institutional Bank
Flash Comment - FOMC: QE tapering is drawing closer by Danske Bank A/S
Asia Market Open - USD stays well bid after Bernanke testimony by FXWW
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| May 23 | 08:30 | UK | Gross Domestic Product (QoQ) (1Q) | 0.3% | 0.3% | -0.3% |
| 08:30 | UK | Gross Domestic Product (YoY) (1Q) | 0.6% | 0.6% | 0.2% | |
| 08:30 | UK | Total Business Investment (QoQ) (1Q)  | -0.4% | 1.7% | -0.8% | |
| 10:05 | US | Fed's Bullard speech | ||||
| 12:30 | US | Continuing Jobless Claims (May 11) | 3.000M | 3.009M | ||
| 12:30 | US | Initial Jobless Claims (May 17) | 345K | 360K | ||
| 12:58 | US | Markit Manufacturing PMI (May) | 51.8 | 52.1 | ||
| 13:00 | US | Housing Price Index (MoM) (Apr) | 0.8% | 0.7% | ||
| 14:00 | US | American Petroleum Institute Monthly Report (Apr) | ||||
| 14:00 | US | New Home Sales Change (MoM) (Apr) | 1.9% | 1.5% | ||
Educational Resources
Targeting entries with inside price bars
FuturesMag.com − Observe any world−class sprinter in training. He will speed down a track in obsessive pursuit of a faster time but occasionally will break and rest before resuming his charge. Often, its during these pauses that the athlete recovers his physical stamina for a perfectly timed surge designed to deliver a superior finish.
Also check:
Types of Entries: Short the Breakdown & Short the Rallies by Steve Misic
Capturing breakouts with precise entries by Billy Williams
Forex Glossary
Spread OrderA simultaneous long and short position order attempts to profit via the price differential or "spread" between two prices. This type of order can be established between different months of the same commodity, between related commodities or between the same or related commodities traded on two different exchanges.
Fill or Kill
A FOK order is used by traders wishing an immediate fill, but at a specified price. The dealer will bid or offer the order three times and if he can get the limit price or better, there and then the order will be placed (filled); if it is not possible to get the desired limit price it will be immediately cancelled (killed).