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thalestrader

Reading Charts in Real Time

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EURUSD - been waiting around a bit.....but this has formed an interesting compression for what i consider low risk trade.

The chart is not too good - so the explanation is

The current 1.2800 level is where it broke from before, its has now rallied back to it....an area of interest.

The compression has occured in the price, and it has tried and failed to break up, Or decsively fall again.

The green line is an alert line, and I am long at 1.2801, stop and reverse a close below 1.2794

(the red line)

(I went a little early on the entry - in fact i missed my real earlier entry by 3-4 pips)

 

No real profit targets except to let it run. (The upside I am more worried about it stopping near the upper trend line crudely drawn.

 

Point is its taken a long time to get here, and now I figure it is worth a trade.

 

http://www.traderslaboratory.com/forums/attachment.php?attachmentid=32985&stc=1&d=1353407075

compression.thumb.jpg.b1bcbdd7d75c59682dacc5bc5d4b1ab8.jpg

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Update -

stop moved to BE, and i have halved the position......

why? - because I thought after waiting this long it should have broken, accelerated and kept going.

It has not, pausing at 1.2820, pulling back to 1.2805 as a low.

Keeping some on in case it goes through the original thought and kicks on.

Otherwise - its a trade that did not do what it should have in the original "if this then that..."

Wait until the next opp.

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Hi Chaps,

 

I still lurk here from time to time. Good to see you are still keeping at it Cory, absolutely anyone can make it in trading if they persist. I strongly believe that.

 

I've had the worst year since 2008 this year. The quick summary is my city was pretty much destroyed by 2 major earthquakes in Sept 2010 and Feb 2011. The ongoing aftershocks has kept me on edge and frequently knocking out power and water services. Dealing with the government bureaucracies to get my insurance covered has been highly stressful. In the end I got sick of it all and moved 3/4ths of the way across the country. The insurance still has not been resolved over 2 years later. I sold the house with cracks in walls you could fit your fingers through. Not much fun living in a house like that when you are getting snow outside - heating was an absolute waste. When I moved the aftershock count was over 12,300 and still rising nearly every day. Anyhow, enough of that....I've now moved to a near sub-tropical climate and am hoping to get back to more normal things again.

 

We should get back to posting content in this thread.....

 

All my best guys and take care. Hope to see some posts here - I'll play too!

 

With kind regards,

MK

 

Hi there MidK,

 

I knew you had been impacted by the earthquakes but I had no idea to such a degree! I am happy to hear that you were able, quite literally, to move on. But I do feel sorry for your suffering. There is no way that I could endure half as much distress and continue to trade soundly. Moving on and putting such circumstances behind you as best you can is likely the best strategy for you.

 

I wish you and your family well, and I hope the earth shakes as far from you as possible.

 

Best Wishes,

 

Thales

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Kind of a random note, but here it is anyway...

 

I was reading an interview in Jack Schwager's new fourth Market Wizards book, "Hedge Fund Market Wizards," and the manager was answering a question about controlling risk...basically what he does is adjusts his position size based on the volatility in the market (in his case, using an EMA of the daily dollar range per contract) in an effort to keep his volatility relatively constant, regardless of the volatility of the market.

 

I started thinking...we've also indirectly done that here, in a way, with position sizing and R-multiples...adjusting position size to the volatility of the market (or the size of the swings), resulting in a relatively constant volatility of our equity curve. Different paths to the same destination.

 

I just thought it was interesting to think about so I thought I'd share.

 

Here's the excerpt, for anyone interested:

 

How do you control risk?

 

The core of the risk management is evaluating the risk of each market based on an exponentially weighted moving average of the daily dollar range per contract. This risk management metric has kept our volatiltity relatively stable near the target level, even through periods of wide gyrations in the markets. One of the things I'm particularly proud of in terms of risk management is that through the chaos of 2008 and 2009 our volatility remained very near our target level of 12 percent annualized.

 

I assume then that you were trading a much smaller number of contracts in each market per million dollars in 2008 than you normally do?

 

Absolutely. As volatility increased, the number of contracts we were trading dropped precipitously.

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I've been a lurker here for sometime but haven't visited in a while..

 

Is thales still updating this section?

 

This thread has been talked about around other parts of the forum and made me wanna come to see if any updates have been made..

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He lurks, but it's not likely he'll be back. Do a search of thales' posts from February.

 

 

Oh, I see what you mean now...I never realized the changes here on the forums took such an impact on the participants.

 

That's a shame...

 

Is there anything we can do? I'm willing to contribute with help and assistance.

 

This forum has been the best education (not to mention free!) then any of the thousands of dollars in books and course I bought...

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Watched the 6th episode of Cosmos: A Spacetime Odyssey with Neil deGrasse Tyson on Hulu yesterday evening...was excited to see Thales (briefly) featured! (Come to find out, it was Thales of Miletus, not Traders Laboratory.)

 

I'd always pronounced it wrong...I always pronounced it like "tails" but with the "th" sound from "three."

 

It's pronounced like "thay-leez," with the "th" sound from "three" (as opposed to the "th" sound from "the").

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Watched the 6th episode of Cosmos: A Spacetime Odyssey with Neil deGrasse Tyson on Hulu yesterday evening...was excited to see Thales (briefly) featured! (Come to find out, it was Thales of Miletus, not Traders Laboratory.)

 

I'd always pronounced it wrong...I always pronounced it like "tails" but with the "th" sound from "three."

 

It's pronounced like "thay-leez," with the "th" sound from "three" (as opposed to the "th" sound from "the").

 

I always thought it was a speech impediment issue and it was meant to be - Sales trader

:doh:

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Hi all,

 

I have read Thales since the beginning of this thread. I feel a bit down right now that after all these years i'm still not consistently trading. I am up slightly this year (first year ever) due to a nice swing trade. I am curious if anyone here have reached consistency using the 123 trading method. Midknight? Cory? Niko?

 

Your sincere comments will be appreciated.

 

Best,

 

J

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Hi all,

 

I have read Thales since the beginning of this thread. I feel a bit down right now that after all these years i'm still not consistently trading. I am up slightly this year (first year ever) due to a nice swing trade. I am curious if anyone here have reached consistency using the 123 trading method. Midknight? Cory? Niko?

 

Your sincere comments will be appreciated.

 

Best,

 

J

 

This thread is nearly six years old. The nut of this approach is to enter the first higher high long or the first lower low short at a significant support or resistance level. If you are not seeing success, two areas of concern might be as follows:

 

1) You are taking entries all over the place, and not at price levels that have had prior and obvious significance. As price travels from significant support to significant resistance, it will make any number of "lower lows" along the way higher as normal pullbacks and consolidations take place. If you are going to trade in the middle of nowhere, trade for continuations rather than reversals. Ideally, you refrain from trading in the middle of nowhere completely. "Obvious" means even a nine year old looking at the chart can point to the last "Big High" or the last "Big Low."

 

2) You are cutting profits short. Most who try this approach have no problem with the corollary of cutting one's losses short, especially as the stop level is "built into" the "set-up." However, most also succumb to the too great temptation to cut profits short by moving the stop to breakeven before the re-test of the entry or a HH or LL in favor of the trade direction.

 

The cure for (1) is to pick a sufficiently liquid market, do your homework before the market opens, identify those areas where you will be looking for a trade, and then only trade if and when price reaches one of those levels and only if price exhibits the behavior defined by the set-up. Trade one market until you get it. After you get it, most should probably still just stick with one instrument.

 

The cure for (2), assuming you have entered based on the set-up conditions at an obvious S/R level of prior importance, is to set your stop loss, set a profit limit of at least 1 if not 2 times your risk, set an alert via text, email, sound, or what have you that will alert you to the trade being closed, leave the room, and do not come back until you've been stopped for a loss or limited out with your profit.

 

Best Wishes,

 

Thales

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There are a lot of things I could say here before getting to the point of this post, but I won't.

 

The one thing I would like to do before starting here is to simply say thank you to Thalestrader and the other traders who have contributed to this thread over the years – for their willingness to share and their patience in helping others.

 

Now to the point:

 

By the time I had gotten to the "Please, folks, do not make this more difficult than it is" post in this thread, I knew that I needed to go back to the "Try it for one week" post, follow Thales's suggestion, and start building a foundation.

 

So I've committed to follow the exercise for this entire week (doesn't sound like a long time until you actually begin).

 

Over the weekend I devised a plan for implementing it. Within 30 minutes of trading it this morning I realized that I had taken on more markets than I should have. In other words, "Trade one market until you get it. After you get it, most should probably still just stick with one instrument."

 

I quickly revised my plan for one market. I'm using fixed stops/targets because this week-long exercise is not about profitability, but about taking the time to learn how to "read charts in real time."

 

In the next post I'll outline my simplistic "training plan."

 

I'm sure I'll make mistakes, look stupid, and probably unintentionally violate the rules I've outlined for myself, but hopefully they will be few.

 

I know that this thread is over 5 years old, but I'm hoping that I'll be able to get some feedback from others here who still follow this thread and have more experience looking at price this way than I do. Regardless, I'll post here each day for the duration of this exercise.

 

To be clear:

I AM TRADING THIS IN A LIVE DEMO ACCOUNT. THESE ARE NOT "REAL-MONEY" TRADES.

 

I'm new to posting to this forum, so if I haven't explained myself fully, my charts/images aren't clear, or if anyone has suggestions for improvement, just let me know.

 

"Training Plan" forthcoming...

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I want to reiterate that although I will be keeping records/stats as I take trades, this plan is NOT about profitability. It is about taking the time, and doing the work, to learn to "read charts in real time."

 

This is the "training plan" I have outlined for this exercise using a live DEMO account – NOT real money:

 

Execution

 

  1. I will follow this training plan starting Sunday night, 1/25/2015, through Friday afternoon, 1/30/2015. I'm using my live demo account to take and manage the trades in real time.
  2. I will watch one product: ES. I'm not going to worry about the dollar value of the ticks for now. I'm only interested in the marking of my charts as price moves, and the execution of my plan. I'll keep track by simply counting ticks made/lost.
  3. I will mark each H, L, HL, LH, etc. as described in Thales's post.
  4. I will trade 1 contract using a fixed 12-tick target, and a fixed 8-tick stop loss.
  5. I won't move the initial stop unless:
    • A new "natural" stop (swing point) is created prior to the target being reached.
    • There is a new setup in the opposite direction (stop & reverse).
    • Price touches my target but doesn't fill - stop moves to BE+1.

[*]If I am not currently in a position, I will take a new position at successive breaks in the direction of the current trend.

  • If I am currently in a position, I will not take new successive breaks.

[*]I will mark S/R, as I see it, on a separate chart, but I will not use it for entry/exit decisions – only as practice marking S/R.

[*]I don't plan to take any trades after 14:30CT.

[*]I will normally cancel any open orders 10 minutes before important reports.

ES Chart

 

I take entries only from a 5M ETH HiLo chart. I can use larger time frames to see the bigger picture, but all entries will be based on the 5M chart according to my plan.

 

Edit: I also have a 5M RTH HiLo chart where I will be marking S/R levels/areas for practice. It includes the previous day H/L/C and a measurement of the 5M OR. I'll post it over the course of this week as well.

 

Marking Charts

 

I will use an approach that will hopefully be consistent with this thread for marking entries, stops, targets, and S/R on my charts:

  • Trade entry levels are marked with blue lines.
  • Trade stop-loss levels are marked with red lines.
  • Trade profit-target levels are marked with green lines.
  • Yellow "up" triangles indicate long entries.
  • Yellow "down" triangles indicate short entries.
  • Yellow circles indicate trade exits.
  • S/R levels are marked with grey lines.
  • General S/R areas are marked with grey boxes.

I'm probably leaving something out but that will do for now. If I, or someone else, discover(s) something, I'll try to edit it before time expires to do that.

 

Edit: I did leave out that I intend to use only the two charts described above, without modification of any kind for this exercise/week - no other markets, no other indicators, no other bar-types - no modifications.

 

I'll post a brief summary with a chart at the end of the session for each day of this exercise.

Edited by Atti2dTrader
Forgot a few things...

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Because of the boxy way ES tends to move, there were a couple of areas where I was uncertain what to "call it." When I was unsure, I didn't label it, and I didn't take action, even though it looked like a possible "setup."

 

I'm not going to overanalyze today's work but rather just consider it a day of experience. I do however think my first trade today may not have been really appropriate as price was making LH's and HL's and not really creating a real H/L/LH or L/H/HL situation. Also, the rule I made about not taking trades after 14:30CT kept me out of a winner. I'll just have to see how it works over time.

 

I took 1 trade last night (Sunday night) just after the markets opened and I've attached a chart of it too.

20150126-ES-Summary-Chart.JPG.06d367613252e5aa302bc287465c71b6.JPG

20150125-1818-ES.JPG.a61441bf43623ada26bfe78614b2fa1d.JPG

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I've been getting up earlier than usual for me (03:30CT this morning) in order to give this exercise as much effort and screen time as I can – I was in my first trade this morning at 04:40 in the Globex session.

 

As with yesterday, there were areas today where price "formation" wasn't clear, and therefore I just didn't mark it or act on it. Some of those areas "looked like" H-L-LH or L-H-HL type situations, and they likely were, on smaller time frames, but I'm only looking for clear patterns on the 5M right now - no smaller/other time frames.

 

And like yesterday, ES was very accommodating to my trading/training plan.

 

I did make a couple of errors today:

 

  1. For this exercise I plan to cancel any existing entry orders 10 minutes prior to a major report and I hesitated to do that this morning (see chart annotation).
  2. Toward the end of my day I missed an entry (short marked on the chart) that I should have taken – I missed it because I was preparing this post and it happened fairly quickly.

Once again, every trade marked here was taken in my live DEMO account. And to repeat, this exercise is about marking H's, L's, and their variations, in an attempt to learn to read price action in real time – it is not about P/L. However, as I said before, I'm recording every trade into my log/spreadsheet and will have a final tally at the end of this exercise.

 

I've attached today's marked chart as well as my "S/R practice" chart.

20150127-ES-Summary-Chart.JPG.209316cee2910eb2e6da5e9cbc2bfc99.JPG

20150127-ES-Sup-Res.JPG.0f90c0e11b7b6c89129352cc8fccd7df.JPG

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So I've committed to follow the exercise for this entire week (doesn't sound like a long time until you actually begin).

 

I'm looking forward to hearing your thoughts on the exercise! It's just one of many things I learned from this thread.

 

I don't know if it will help you or not, but a couple times a day I actually reach out with a finger and trace the swings on my monitor. My brain lies to me all day, but my fingers are usually honest.

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I'm looking forward to hearing your thoughts on the exercise! It's just one of many things I learned from this thread.

 

I've done exercises similar to this before, and I will usually (not always!) get a little spark of new understanding. I'll definitely let you know.

 

I don't know if it will help you or not, but a couple times a day I actually reach out with a finger and trace the swings on my monitor. My brain lies to me all day, but my fingers are usually honest.

 

Can I borrow one? ;)

 

Thanks for that. As Thales might say "Just use your eyes, not your brain."

 

A friend and I have recently been joking about "dumbing down" in order to be more successful traders - and I mean that in the most respectful way. In other words, getting away from all the things we tend to do to complicate this, and just doing the simple, straightforward things like you (and of course Thales) suggest.

 

Thanks for replying, and I'll look forward to any other input/suggestions you may have.

 

-AT

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As is often the case, the pre-FOMC price action was a bit choppy, and as such, wasn't very conducive to the plan today. Regardless, I stayed true to it and let things play out.

 

I have to make note here that although I'm not trading for P/L, from a psychological standpoint I was not enjoying the losing trades I took today (most of which were in a string from ~06:50-09:00 – four in a row). I found myself contemplating taking profits early on some trades just to "book it," as well as having my mind wander to alternative approaches and markets – the typical (for me) fear-based reactions.

 

That being said, it's interesting (to me anyway) to note that despite how "poorly" my plan did, one would still have ended the day with a net profit (albeit small) – even paying $5/RT. That's better than a lot of days I've had using my brain and being "smart."

 

I also want to make note that I've already discovered something about myself in this process:

  1. Watching price dance up and down on my DOM creates a lot of anxiety within me. I realized this early on Monday and since then I've been placing my orders and then minimizing the DOM. From there I can keep track of my open orders in one of the platform windows.
  2. Using HiLo bars (with one color for both up and down) has also reduced the anxiety I've felt previously because price isn't displayed, in each bar, in a way that shows "going up" or "going down" the way that OHLC, candles, and similar bars do. That's not to say that OHLC or candles are "bad," just that right now it's a relief to not try to make judgement calls based on them.

Charts are attached. I intentionally cut the last 30 minutes or so, of the RTH session, off of the marked chart. I did this because the generous post-FOMC move skewed the scale of the chart making it even more difficult to see the annotations in the 08:00-09:00 area. The full RTH session is visible on my S/R practice chart.

 

And speaking of my S/R chart – it may look a little busy, but there are really only three things going on:

  1. My idea of S/R in the form of the shaded rectangles.
  2. The prior session(s) H/L/C displayed as green/red/gold lines respectively.
  3. A Fib measurement of the 5M Opening Range.

All of the rectangles and lines are drawn before the RTH session, with the exception of the OR measurement which is drawn at the end of the first 5 minutes of the session. So I find it more than just interesting to see price often reacting at/around those levels for the rest of the day (and even during the pre-market/Globex session). I don't have a way to really use that yet, but I thought I'd point it out.

 

Please note: Because I'm new here my posts are still being moderated and are taking upwards of 12 hours to be reviewed and then released for posting - I apologize for the delays.

20150128-ES-Summary-Chart.JPG.8c5727ae592cb8f0d2f9364197a15cee.JPG

20150128-ES-Sup-Res.JPG.c3ee9440e0b99eb1092e1ed094023c3d.JPG

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Today I came across this post, and while Thales does talk about the "one market, take every H-L-LH and L-H-HL sequence" exercise that I'm doing here, he also talks pretty emphatically about not trading at all and just watching, which is something that I know DbPhoenix strongly suggests as well.

 

Obviously I'm not following that advice. As I've committed to this exercise for the week, I'm not going to stop the demo trading aspect until I've finished what I set out to do.

 

However, in the meantime, I am going to make a point to do more watching of price action while I'm trading it.

 

I created a chart with the exact same settings and proportions as the chart I'm trading from, but I'm simply marking the swings/waves (in pink) as they happen and drawing a "break" line (in blue) as I see it (maybe I'll call it my "crayon chart"). I don't have any specific rules for this. I'm simply doing it as a way to "watch price" as it progresses from swing to swing, wave to wave. The chart is attached, along with my usual trade chart and my S/R practice chart.

 

Tomorrow I'm going to be leaving my office shortly after the ES RTH open to take care of some other business, so I'll only be able to mark/demo-trade in the Globex and early RTH session. I'll post my charts in the evening when I get back to my office.

20150129-ES-Summary-Chart.JPG.c80fa147a138150f1ff52063d7974543.JPG

20150129-ES-Sup-Res.JPG.91f50c60bbf656c70483b4e8c49cccb7.JPG

20150129-ES-Crayon-Chart.JPG.f16219e5fe977abc365d82f5af5efabd.JPG

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    • Date : 3rd December 2021. Market Update – December 3 – Pre-Omicron peak NFP? In the foreign exchange market, the US Dollar Index remained range-bound, but was subsequently boosted by Yellen and Bostic’s speeches and closed at 95.97. In addition, the 10-year US Treasury yield rebounded 4 basis points to 1.44%. In terms of non-US currencies, the Euro hovered around 1.13 against the US Dollar; the British Pound closed up 0.16% to 1.3297 against the US Dollar; the US Dollar ended a 4-day losing streak against the Yen to close at 113.16; the New Zealand Dollar and the Australian Dollar have been hovering at low levels throughout the year and closed at 0.6813 and 0.7091 respectively; the US Dollar and Canadian Dollar remained stable at a high level of 1.28; the US Dollar and Swiss franc continued to test the previous low level of 0.92. In the precious metals market, spot gold fell below the 1770 level to $1769 per ounce; spot silver held steady above the 8-week low at $22.33 per ounce. In the oil market, OPEC+ decided to keep the output increase of 400,000 barrels per day unchanged in January next year. US crude oil fell to a minimum of 62.20 US dollars, and then rebounded more than 7% to 67.01 US dollars/barrel. Key recent events: The labor market has grown moderately, and the Dollar has regained support and rebounded. Yesterday, the number of layoffs at challenger companies in the United States in November fell further by 7,947 to 14,875, a record low since May 1993. In addition, as of the week of November 27, the number of initial claims for unemployment benefits recorded an increase of 222,000, which was lower than the market’s expectation of 240,000. After the data was released, its previous value was also revised down to an increase of 194,000 (previously an increase of 199,000). Judging from the four-week average, the number of people applying for unemployment benefits was 238,750, which was lower than the previous value of 251,000 (pre-revision: 252,250). Overall, these data reflect the continued moderate growth of the US labor market, and may benefit the non-agricultural data that will be released later today. The market predicts that after the November seasonal adjustment, the non-agricultural employment population will record an increase of 555,000, slightly higher than the previous value of an increase of 531,000, the unemployment rate will record a five-month consecutive decline to 4.5%, and the employment participation rate will rebound by 0.1% to 61.7%, the average weekly working hours remained at 5.0%, and the average hourly wage rate and monthly rate increased by 5.0% and 0.4%, respectively. In addition, the market will continue to track news about the Omicron virus strain. According to foreign media reports, cases of infection with the mutant strain have been found in the states of Minnesota and Colorado. However, despite the fact that Omicron has been pointed out as having a very high transmission capacity and leading to the risk of a further surge in infections, President Biden gave the market a shot in the latest speech and said that the government will not re-impose the lockdown measures. Judging from the known clues, the current Omicron variant is not likely to cause fatal symptoms to most patients (especially those who have been fully vaccinated), but because this new variant is still relatively new, uncertainty remains for now. In addition, Treasury Secretary Yellen and Atlanta Fed President Bostic were hawkish. The former stated that it would be “prepared to abandon inflation temporarily” and that the strong US economy will prompt interest rate hikes; the latter stated that if inflation stays near 4% next year, the Fed may raise interest rates more than once. The US Dollar Index rebounded on the eve of the non-agricultural report and ended at 96.07. Today – EZ, UK, US Markit Services PMIs, EZ Retail Sales, US and Canadian Labour Market Reports, US ISM Services, US Factory Orders, ECB’s Lagarde, Lane, BoE’s Saunders, Fed’s Bullard Biggest FX Mover @ (06:30 GMT) EURNZD (+0.32%) From a high @ 1.6680 & slide to 1.6570 yesterday, back to resistance today at 1.6650. Currently MAs aligned higher, MACD signal line & histogram struggle with 0 line, RSI 56 & cooling. H1 ATR 0.0020, Daily 0.0131. 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. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Date : 2nd December 2021. Market Update – December 2- Sentiment swings on Omicron news. Powell reiterates Hawkishness, First case of Omicron confirmed in US – Stocks tank again under key technical levels, Yields slip again, USD mixed. Erdogan sacks Fin Min – TRY new all-time lows, Apple iPhone 13 demand weakens, GSK anti-viral drug remains active vs. Omicron   USD (USDIndex 96.08) rotates through 96.00 due to lack of firm data regarding Omicron, markets reamin on edge. Stocks fell significantly with USA100 down over -1.83% USA500 -1.18% (-54pts) 4513 (opened the day +1.1%) and broke 50-day MA first time since October 14 & USA30 off 461 pts and under 200-day MA first time since July 13 2020. US Yields 10-year rates were down over 7 bps to 1.40% before recovering to 1.434% now. Asian Markets – Asian markets have traded mixed. Topix and Nikkei are down -0.5% and -0.7% respectively. The ASX lost -0.1%, but Hang Seng and CSI 300 are up 0.2% and 0.3%. Shenzen and Shanghai Comp are slightly lower though as officials seem eager to close a loophole used by tech firms to list abroad. USOil – continues under pressure, down to $64.50 yesterday – recovered to test $66.35 today – awaiting OPEC+ meeting later. Gold Up day yesterday but remains pressured testing $1775 now FX markets – Yen rallied USDJPY dipped to 112.70, back to 113.31 now, EURUSD now 1.1312 & Cable pressured 1.3192 low yesterday – 1.3275 now. European Open – The 10-year Bund future is up 30 ticks, outperforming versus Treasuries, which remain pressured by the hawkish turn at the Fed. The 10-year Treasury yield has lifted 3.0 bp overnight, but at 1.43% remains far below the levels seen ahead of the Omicron scare, which the WHO seemed to try and play down somewhat. DAX and FTSE 100 down -1.1% and -0.9% respectively in catch up trade with the slide on Wall Street yesterday, while US futures have found a footing and are posting gains of around 0.6-0.8%. Today – EZ Unemployment Rate, US Weekly Claims, Fed’s Bostic, Quarles, Daly, ECB’s Panetta, JMMC/OPEC+ meetings. Biggest FX Mover @ (07:30 GMT) CADJPY (+0.77%) Risk-sensitive currencies remain volatile, from a slide to 87.85 yesterday, today a rally to 88.60. Currently MAs aligned higher, MACD signal line & histogram under 0 but rising, RSI 56 & rising, OB. H1 ATR 0.188, Daily 0.98. 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. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • You should never give in to the rumors as it could lead you to bankruptcy if it isn't true.
    • Yeah, and you should never stop learning. If you wish to survive in the Forex Market, the only way to do it is by learning all the time.
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