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Hello I am interested in starting day trading, I have been trading the last year in long term investing but lately I have been getting really interested in day trading. I am from Canada and would like some pointers on where to start and what softwares, screeners, platforms etc to use here in Canada. Thanks in advance!
EURUSD: The pair looks to weaken further as it holds on to its downside pressure. On the upside, resistance comes in at 1.1600 level with a cut through here opening the door for more upside towards the 1.1650 level. Further up, resistance lies at the 1.1700 level where a break will expose the 1.1750 level. Conversely, support lies at the 1.1500 level where a violation will aim at the 1.1450 level. A break of here will aim at the 1.1400 level. Below here will open the door for more weakness towards the 1.1350. All in all, EURUSD faces further downside pressure
Does anyone know of any indicators, indices, or market internals that function well during the overnight session for the US index futures, bond futures, oil, gold, type of 24 hr trading during non US hours?
USDCHF Faces Further Weakness On Close Lower
USDCHF faces further weakness on close lower following its past week losses. Resistance comes in at the 1.0050 level. A break of here will clear the way for more gain towards the 1.0100 level. Above here, resistance lies at the 1.0150 level and then the 1.0250 level. On the downside, support is seen at the 0.9950 level. A turn below there will set the stage for more decline towards the 0.9900 level. And then the 0.9850 level. Its daily risk is bearish and pointing lower suggesting further weakness. All in all, USDCHF faces further downside pressure on price pullback threats.
While at the gym today, I remembered that I passed on 2 trades this morning that both turned out to be high runners. I literally had the thought "this one is no good" as if I would know the future. It's easy to overlook it but this is where the awareness and probabilistic mindset comes into play. I realize I have been trying to filter out losers instead of taking the setups. Next week, I will focus on taking all trades instead of filtering.
I traded alot today. 9 trades, 8 losers and BEs, 1 runner that paid for them all. Gotta keep swinging! totaled 240 bps before commission. The first winner on W, I did not count - it was a mistake that led to profit. I felt like a machine, kept pulling the trigger, watch the 1min chart, see it doesn't go anywhere, take my small loss... over and over... then one takes off... Let it run... the whole time I was thinking I hope that the one winner will pay for all the losers. I was tempted to close out the winner early. I had no idea that the payoff distribution for this strategy would be so extreme - 8 tiny losses before hitting a big win. Pays to keep the losses tiny and keep swinging.
FX News Today
Both Topix and Nikkei, declined during the Asian session, with -0.25% and -0.18% respectively.
Overall, stock markets in Asia struggled through most of the session as subdued inflation data rekindled concerns about a lack of demand and flagging growth and after Wall Street closed in the red.
News that US President Trump will meet with China’s top trade negotiator today in Washington seems to have helped Chinese markets to stage a late rally and CSI 300 and Shanghai Comp are up 1.76% and 1.51% respectively and the Hang Seng also managed to claw back losses and is up 0.11%.
US stock futures are posting marginal gains and the April WTI future is trading at just over USD 57 per barrel.
USDCAD rallied over 1.32 to 1.3225, as Oil inventories rose, with the US at record production levels. Oil price is now back around the $57 mark.
Japanese CPI data same as forecasts, pushing the Yen higher.
Charts of the Day
Main Macro Events Today
EU CPI Inflation – Core inflation is expected to be confirmed at 1.1% y/y while the overall inflation rate is expected to have stood at 1.4% in January.
Canadian Retail Sales – Retail Sales are expected to have declined by 0.3% m/m in December, an improvement from the 0.6% declined observed in November.
Mario Draghi Speech – The ECB President is due to speak to the University of Bologna where he will accept an honourary degree.
Support and Resistance
Always trade with strict risk management. Your capital is the single most important aspect of your trading business.
Please note that times displayed based on local time zone and are from time of writing this report.
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Dr Nektarios Michail
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