Knowledge is Power

I am logged in. I opened a demo account with ODL with $10000 balance. I already posted the report last week. I hope we will start our training soon.

There was a Low of 107.10 and a High of 107.54

Sunday night can be difficult to trade in this pair. It can move up and this with no news. I usually look for a pattern to develop. Check the news for information. Be patient and look for something to trade on. EUR/USD is at 1.5600 Bid and EUR/JPY is at 167.60 Bid

On the One Minute Chary USD/JPY is at the EMA now and on the 5 Minute the SAR is heading UP but Barely !

Stay Tuned !!!

Bruce

22:55 USD/JPY: Races Higher To Trigger Small Stops Sydney, June 23: The USD/JPY has motored higher from the 107.10/15 level with small stops above 107.35 and 107.50 getting triggered to a high of 107.53. Key resistance is found at the Ichimoku tenkan line that ascends to 107.55 and a break above that level targets Friday"s high and the 200-day moving average at 108.05. Traders say that standing buy orders from Japanese importers at 107.10 held the selling seen earlier today and helped to form solid support at that level. The USD/JPY trades 107.42/47. [email protected]

http://www.actionforex.com/technical...-200603205734/

Coming off it's High now Bid 107.37


Bruce

Bruce,

Regarding this...


Where does DowJones get this data? Is it available to us? Other than them shutteling it to us via news?

The trades of Wednesday, Thursday and Friday do not reflect there and there were substantial USD Sales...

I Doubt the FED raises ! The only doubt is their statement on the 25TH of June at 2:15 PM This meeting is a 2 day one so the Announcement is on June 25, 2008 Wednesday not the 24Th as I have previously posted.


Bruce

Monday June 23rd, 2008

Posted Sunday, June 22nd, 2008 by DC Bonta

Week In Advance
(See Comments)

One comment so far to “Monday June 23rd, 2008”

 

1. DC Bonta Says:
   June 22nd, 2008 at 8:00 pm Week In Advance Further Support Further Resistance Closest Support Closest Resistance Trend
   6/22/2008 EUR/USD 1.5428 1.5822-48 1.5539-53 1.5737-40 UP
   Comments: The closest support level is around 1.5539-53 which is the monthly main pivot, weekly main pivot and 50 EMA on the daily. Further support is down near 1.5428 which is the weekly S1 pivot. The closest resistance level can be found at 1.5737-40 which is the weekly R1 pivot and .50 fib level on the 240M chart from the lows of 4/3/08. Further resistance should be right at 1.5822-48 which is the monthly R1 pivot and weekly R2 pivot.
2. 
   6/22/2008 USD/CHF 1.0200-15 1.0473 1.0256 1.0388-0421 DOWN
   Comments: The closest resistance level can be found at 1.0388-0421 which is the weekly main pivot, main monthly pivot and double zero level. Further resistance is 1.0473 which is the weekly R1 pivot. The closest support level is around 1.0256 which is the weekly S1 pivot. Further support is down near 1.0200-15 which is the monthly S1 pivot and double zero level.
3. 
   6/22/2008 GBP/USD 1.9488-9500 2.0000-03 1.9670-9700 1.9850-84 DOWN
   Comments: The closest resistance level can be found at 1.9850-84 which are the previous swing highs, 200 EMA on the daily chart and weekly R1 pivot. Further resistance is 2.0000-03 which is a double zero level and weekly R2 pivot. The closest support level is around 1.9670-9700 which is the weekly main pivot, monthly main pivot, double zero level and 50 EMA on the daily. Further support is down near 1.9488-9500 which is the monthly S1 pivot and double zero level.
4. 
   6/22/2008 USD/JPY 106.00-20 107.87-108 106.66-81 107.65 DOWN
   Comments: The closest resistance level can be found at 107.65 which is the weekly main pivot. Further resistance is 107.87-108.00 which is the 200 EMA on the daily, monthly R2 pivot and double zero level. The closest support level is around 106.66-81 which is the monthly R1 pivot, weekly S1 pivot and .50 fib level on the daily from 10/15/07. Further support is down near 106.00-20 which is a double zero level and weekly S2 pivot.

http://www.actionforex.com/fundament...2008062050364/

.jwts_tabber{display:none;}The Weekly Bottom Line http://www.actionforex.com/images/M_...rintButton.png http://www.actionforex.com/images/M_...mailButton.png Weekly Forex Fundamentals | Written by TD Bank Financial Group | Jun 20 08 19:48 GMT | The Weekly Bottom Line

HIGHLIGHTS

1. Insights into last week's interest rate decision by the BoC
2. Wholesale and retail trade holding up

With food and energy prices on the rise worldwide, it was only a matter of time before Canada would join the chorus of central banks seriously fretting about inflation, which is what they are paid to do anyhow. CPI inflation rates around the globe, most notably in the U.S. (4.2% in May), the Eurozone (3.7% in May) and the OECD (3.4% in April) are elevated and much higher than Canada's (2.2% in May).
Will Canada simply catch up to these much higher inflation figures? The short answer is: yes. But only to some extent, and over the next 2-3 quarters. Canada had been in a disinflationary episode until March, when headline CPI inflation hit a low 1.4% and core inflation fell to 1.3%. Most of the factors behind this disinflation have unfortunately waned since. Higher-than-expected pass-through to lower prices from a high Canadian dollar had helped shield Canadians from higher inflation. But the currency has moved mostly sideways since the beginning of this year and the pressure to lower prices with a dollar around parity has been limited to a few goods. Gasoline prices are still significantly higher so far in June ($1.35/litre) than a year ago ($1.06/litre). Status-quo crude oil prices and refining activity would show gasoline prices contributing significantly to overall inflation well into 2009. Canadian food prices are also accelerating, something the rest of the world has already been experiencing for some time. All of which means that Canadian headline inflation will likely venture outside the 1-3% target band to peak around 3.5% later this year.
More importantly, however, will this higher inflation be persistent? Left alone, it could. But central bankers and policymakers in general seem to have heeded the lessons of the 1970s stagflation episode and are taking appropriate steps to ensure the elevated inflation will not persist. Canada already has the policy framework - an inflation-targeting independent central bank and floating exchange rate - to keep inflation in check. Businesses, governments, and consumers must believe the higher inflation will be temporary and that it will eventually return to target. Given the past success of monetary policy, they have little reason not to believe this, and central bankers will be earning their keep in the process of reaffirming credibility in the coming months.
Shoot first, answer questions later
The European Central Bank (ECB) and U.S. Federal Reserve (Fed) had already upped the ante in a series of speeches and remarks which highlighted their concerns over inflation. So much so that they had to backtrack this week to help counter expectations that they were soon to embark on an aggressive hike cycle. While the ECB will almost surely raise its key interest rate by a quarter point to 4.25% in July, officials have been quoted saying that should be enough to bring inflation back below the 2% target within 18-24 months. Meanwhile, Fed officials tempered expectations of a near-term policy reversal, suggesting they are most likely leave the Fed Funds rate unchanged at 2.00% next week.
Last week's decision by the Bank of Canada (BoC) to hold the line on interest rates, rather than deliver a quarter point cut as markets expected in the face of a significant economic slowdown, was the first salvo in Canada aimed at anchoring down inflation expectations. But it came with no prior warning and the communiqué accompanying the decision provided little in the way of explaining the shift. However, Governor Carney provided detailed insights into the decision in a speech in Calgary on Thursday night. The rationale provided is that "commodity prices, as measured by the BCPI, rose 10 per cent over the period between decisions, and the futures curve for oil moved sharply higher. This will support domestic demand. Other considerations included stronger global growth than previously expected and higher global inflation, which increases the risk of higher-than-projected costs for Canadian imports. In addition, many of the downside risks to inflation have eased." The BoC also clarified its current stance as neutral, stating that "going forward, there remain important downside and upside risks to inflation, but these risks are now judged to be evenly balanced", which firms up our view that neither hikes nor cuts are likely this year.
Carney also spoke directly to the question of persistence, reminding us that "our experience has been that commodity-price inflation has been one of the least persistent forms of inflation". The worry that headline inflation might stay systematically higher than core inflation - thereby opening up a consistent gap that would diminish the effectiveness of the core measure - was downplayed, and we agree with Carney's assessment on this issue. The current gap (or ratio) between headline inflation and core inflation (see accompanying chart) is not out of line with historical experience and there is not much to suggest otherwise going forward.
Parting ways on oil - A line in the (tar) sand
Speaking of gaps, the normally conjoint U.S. and Canadian stock markets have parted ways since May. The historical long-term correlation between the S&P500 and the S&P/TSX is about +0.95, which is reflective of the strong economic interdependence between the two countries. Since January, that correlation has dropped to +0.45, and in fact has turned negative since May at -0.26. It is no secret that crude oil and other commodities prices are in large part responsible for this divergence. Our own commodity price index (TDCI) is also up 10% since the April 24 MPR, reflecting mostly a 20% surge in natural gas, a 13% pop in crude oil and 23% jump in coal. By itself, the impact of oil prices is fairly neutral to the Canadian economy as whole. A more generalized boom in commodity prices, such that we are experiencing, helps to support national domestic demand and is a net positive to Canada's economy. It certainly has been a boon to provinces west of Ontario, as well as some in the Atlantic region and even the mining industries of Ontario and Québec. Canadian investors with any significant holdings in the commodity-heavy S&P/TSX have also benefited with equity gains. While the S&P500 is down 10% year-to-date, the S&P/TSX has managed a gain of 8%.
That near-term divergence does not translate, however, into a decoupling of economic cycles between the U.S. and Canada. At the margin, this week's economic data releases do make it less likely that Canadian real GDP will contract for a second consecutive quarter. April wholesale and retail trade data suggest these sectors of the economy are holding up fairly well so far, even slightly better than expected. But expectations are themselves quite modest. Furthermore, the first quarter real GDP contraction (-0.3% annualized) will certainly not be hard to beat in the second quarter. A mediocre real GDP growth rate near our forecast 0.4% would be no cause for cheer. The list is still long of downside risks to growth that could materialize, not many of which can be easily dismissed. For a more detailed discussion, turn to our latest Quarterly Economic Forecast.

http://www.actionforex.com/fundament...0080620w11.gif
http://www.actionforex.com/fundament...0080620w12.gif

UPCOMING KEY ECONOMIC RELEASES

U.S. FOMC Interest Rate Decision

Release Date: June 25/08
Current Rate: 2.00%
TD Forecast: 2.00%
Consensus: 2.00%
Much has changed since the last FOMC meeting in late April, when the Fed lowered the federal funds rate by 25 bps, bringing the policy rate to 2%. Since then, the incoming economic data have become less negative, on account of the substantial monetary and fiscal policy stimuli that have been administered to the economy over the course of the past year. However, despite the modest improvement in the economic outlook, the U.S. economy remains weak. Yet, the up tick in inflation expectations (and to a lesser extent headline inflation) will likely cause the Fed to shift its attention away from the downside risks to growth to its price stability objective.
To this end, it is now clear that the Fed will likely keep the fed funds rate steady at 2% when they meet on June 24-25, with an accompanying statement that reiterates its growing discomfort about the rising inflationary pressures, and its desire to monitor the evolution in inflation and inflation expectation in the coming months.

http://www.actionforex.com/fundament...0080620w13.gif

U.S. Personal Income and Spending - May

Release Date: June 27/08
April Result: income +0.2%, spending +0.2%; core PCE deflator +0.1% M/M, 2.1% Y/Y
TD Forecast: income +0.5%; spending +0.9%; core PCE deflator +0.2% M/M, 2.1% Y/Y
Consensus: income +0.4%; spending +0.7%; core PCE deflator +0.2% M/M, 2.1% Y/Y
After a relatively sluggish start to the year, U.S. consumer income is expected to see a significant 0.5% M/M boost in May (following the modest 0.2% M/M gain in April), on account of the U.S. federal tax rebate cheques which began arriving in early May. The increase in personal income will likely spur consumer spending, which we expect to rise by a robust 0.9% M/M, which will be the biggest gain in this indicator in almost two years. Indeed, the tax rebates coming from the federal fiscal stimulus package should temporarily offset the negative impact of the deteriorating labour market conditions and continued reduction in housing wealth, thereby providing a significant boost to both personal income and consumption expenditures in May. During the month, the core PCE deflator is expected to rise by a modest 0.2% M/M, leaving the annual core PCE inflation rate at 2.1% Y/Y. This will come as some comfort to the Fed, as a moderate 2.1% Y/Y print will suggest that the underlying consumer inflation pressures continue to remain relatively contained.



Bruce

At 1:15 AM EST. here is what happened so far.

04:21 GMT June 23rd USD/JPY and JPY crosses traded higher from early lows on the back of the almost ever present importer bid as well as some demand from Japanese investors. USD/JPY rose from an early low of 107.11 to 107.55. Light stops were tripped above 107.35 and 107.50 on the way up, mostly weak shorts covering up. It eased off later towards the early low later on more stock market weakness but buyers returned as the Nikkei pared early losses. Solid bids remain below ahead of 107.00 but some stops are noted on a break below. More bids trail down well into the 106-handle however, notable especially ahead of 106.80. Some stops are eyed below here as well. Topside, offering interest remains on 108.00 though some stops are eyed above 107.60 and 108.00, again from weak shorts.

EUR/JPY traded up from 167.35 to 168.80 before easing off. Topside stops are eyed above 168.15 and large above 169.00. Bids are eyed towards 167.00. GBP/JPY traded a 211.73-212.20 range, consolidating recent gains. AUD/JPY and NZD/JPY saw light demand out of Tokyo, buoyant between 102.31-69 and 81.61-92, respectively, on on-going summer carry demand. [email protected]

I have a question it’s very useful for beginners to know:
Lets assume that you started the day as of the chart attached below, and you are planning to enter a trade the very first bar you see is turning bearish and its just few minutes old the bearish force on the candle is slow, this is a daily Chart. . . my question is what would an ideal trader do in such situation, will he waits till the candle goes further down 20 pips more lets say to be confident enough that the trend will be down and place a Selling order or do something else? Beside checking for the trend flows and R/S (resistance and Support) etc,
I wish if I could get a brief detailed explaination to this so that we as junior and beginners could understand how to go about placing order carefully without committing errors and mistakes at least.

Since I am not as qualified on the technical side as I am on the fundamental side your question on trendlines and support and resistance while important to understand in my learned experience is what causes many Fx traders both new ones and experienced ones to lose.

A perfect example is overnight. Before I went to bed the EUR/USD was trading around 156.20 or in that area. What did the chart say it would do around that time ? I am not sure since I did not look at it. Why not ? There was weak data released overnight about the eurozone and while I was aware of the news being released, I was not sure if the data would be good or bad. When the PMI data turned out to be worse than expected it sent the EUR/USD down substantially. EUR/USD now trades at 1.5527 and the low was 1.5498

When EUR/USD goes down it sends USD/JPY up and USD/JPY reached a high of 107.80 overnight.

What is the point of my comments ? Fundamentals DRIVE the markets and Technicals time the Market while PERCEPTION changes the Market.

If you want to discuss this further please post your comments or questions.

From WWW.SAXOBANK.COM

Here is an excellent summary to start the week off and to be aware of coming events that surely will drive the markets.

Copy and Paste:

Published: Jun. 23 2008, 07:46 GMT
German IFO out shortly as EURUSD falls through initial support. Focus of the week is Wednesday's FOMC announcement.

Key US confidence and housing data also on tap for this week.




MAJOR HEADLINES – PREVIOUS SESSION

 

1. UK Rightmove House Prices fell -1.2% MoM vs. +1.2% in May and rose 0.1% YoY vs. +2.2% in May
2. Japan Q2 BSI All Industry Business Conditions survey out at -15.2 vs. -9.3 in Q1
3. France Jun. Preliminary PMI Manufacturing out at 49.2 vs. 51.0 expected
4. France Jun. Preliminary PMI Services out at 49.2 vs. 50.89 expected
5. Germany Jun. Preliminary PMI Manufacturing out at 52.3 vs. 53.2 expected
6. Germany Jun. Preliminary PMI Services out at 53.3 vs. 53.1 expected

THEMES TO WATCH – UPCOMING SESSION


Key Risk Events (All times in GMT)

1. Germany Jun. IFO (0800)

Market Comments
The USD finished last week on a weakish note after failing to hold the highs posted on the previous Friday. To review, the most significant disappointment for the USD was the commentary from the major financial newspapers citing sources close to Bernanke. These sources indicated that the Fed chairman was uncomfortable with the degree to which the market was projecting imminent tightening from the Fed. This makes this Wednesday's FOMC rate announcement and accompanying monetary policy statement the obvious highlight of the week. The policy statement is likely to ratchet up the inflation rhetoric, but keeping Bernanke's indirect communications to the market in mind, it is apparent that growth worries are still so prominent that the Fed will likely indicate that it wants to wait as long as possible before taking any action.
Other US data this week will likely confirm the still moribund state of the housing market, with the CaseShiller Home Price data for April tomorrow, New Home Sales on Wednesday and Existing Home Sales on Thursday. We'll also see the Conference Board Consumer Confidence number tomorrow as well as the weekly ABC Confidence number and the final Michigan Confidence reading for June on Friday. The weekly confidence numbers have eased from their lows recently. One wonders what could be driving confidence higher. It certainly wouldn't appear to be gasoline prices or the employment situation. One reason for an uptick in confidence could be the end of the drawn out Democratic presidential nomination primaries. In fact, there may be a strong psychological effect of the presidential cycle kicking in soon, as the prospect for a change of the nation's leader inevitably has large consequences, especially when the outgoing leader is the least popular president in the history of the country. Looking at the history of the performance of the incumbent party when the economy is weak (we think especially of Jimmy Carter but also George Bush Sr.), it looks like this election is Obama's to lose.
The Euro is losing some steam this morning after the preliminary PMI data for France is registering contracting levels below 50 vs. expectations just above 50. The equivalent German data was still above the 50 mark and largely in line with expectations. Coming hot on the heels of this data will the important German IFO survey out shortly, which the market reacted strongly to in April and May. It's tough to imagine it coming out stronger than expected. But how much will EURUSD move around ahead of the Wednesday Fed announcement....
The BOE's Sentance is out this morning with negative views on UK growth and saying that it will help offset inflation pressure and saying that CPI hasn't fed into pay demands "noticeably". Is it time to sell GBPUSD again soon?
Canada April Retail Sales released Friday were far stronger than expected, but CAD failed to get much of a boost of this data, one of the reasons probably being that this is one of the tardiest releases of any major economic data release - we already had May Retail data from the US almost two weeks ago, for example. USDCAD seems to be trying to make a stand in the 1.0120 area, which now likely guards the gates for a test of parity.
Again, we think that JPY crosses are mispriced on the inflation hysteria and think that they need to move more in alignment with equity markets - i.e., south. Could Wednesday's FOMC announcement act as an important pivot point for these crosses as well? It feels like this will be an action-packed week.

Comments from Bruce:

Fundamentals clearly move the market while Technicals which no one should be unaware of is the psychology in the market at that exact instance. It is made up of the present PERCEPTION of the majority which does not mean the REALITY. The moment a NEW Fundamental fact comes out that is substantially different from the PERCEPTION, the Markets and the Charts change again. It is as simple as that. Learn and accept that and for sure your profits will increase.

I welcome any comments or questions. We can agree or disagree but the Market is always right. Just know when changes are about to perhaps take place and then trade accordingly using risk management and money management along with other learned strategies. Some traders can make money using the technicals at times but the true mark of a professional FX trader is to use it all. As I have said in other posts. Using FTP gives you a better chance than most to be a consistent and successful FX trader.

FTP is Fundamentals + Technicals + Perception !

Good Trading Week For All !!!


Bruce

08:35 USD/JPY: Likely Tied By Option Expiries London, June 23. As we reported earlier - good size 107.50 expiries should limit today"s potential range, as should the impending mid week US FOMC rate decision. The market is getting a small lift through the 107.11-107.55 Asian range peak recently however, with the broader based USD demand seen behind the rise. Stops at 107.65 were just tripped, although follow through limited to 107.72 since. Offers into and just above 108.00 are the next focus, with Japanese importer demand likely to limit any setbacks to the lower 107"s (ever present in Asia overnight - Alongside some investor demand). EUR/JPY: removed its 167.80-35 Asian range base on the initial EUR/USD setback - extending lows to 166.90, where it ran in to mild support. Dow Futures are well in the black despite the negative Nikkei close and this should work to underpin USD/JPY and the cross. [email protected] /PS

Time to set the Goalposts now in order to see where we moved to later in the Session !!!

Oil up .93 Cents at $136.29 Gold Up .60 Cents at $904.30

Dow Futures Up 52 and All of Europe is up slightly. The FTSE, DAX and CAC !

The Euro and the Pound are down overnight on new weak data and the High for USD/JPY is still 107.80

I shorted a pair at 107.72 awhile ago !

The 2 Year US Bonds are Yielding 2.90%

The Nikkei was down overnight and there is no more major news scheduled for today.

The Dow could bounce early after the down day of 220 Points on Friday !

Let Us See Where The Dow Is Trading At 10:00 AM EST

USD/JPY Bid at 107.72

STRONG RESISTANCE Above 108.00 BUT First it needs to show it can go over 108.00 and stay above.

Watch how the USD/JPY reacts to the opening of the Dow and what happens as the Dow moves Up or Down !

Have a Reason to make a Trade. If you are trading Intraday Use 5 Minute and One Minute Charts !

Are We Ready To Rock and Roll ? Please Sign In so I know someone is actually here ready to improve their FX trading ! Be back after as Breakfast calls !!!


Bruce

Very nice Warren !
Tks for your posts.

Marcelo

http://news.goldseek.com/Internation...1214164153.php


Snippet:


By: Bob Chapman, The International Forecaster


-- Posted Sunday, 22 June 2008 |Source: GoldSeek.com

The following are some snippets from the most recent issue of the International Forecaster.


The dollar has once again collapsed. Get ready for the next dollar debacle and the coming rally in gold and silver which have just broken out. The elitists have lost all credibility. The would-be lords of the universe have told so many pathological lies that no one "in the know" believes anything emanating from the forked tongues of Buck-Busting, Bear-Bashing, Big-Ben Bernanke and Hanky Panky Paulson. If our Fed Head and Treasury Secretary had been characters in the Walt Disney movie entitled "Pinocchio," their noses would have quickly grown to lengths that could have been wrapped around the earth's equator several times. God would have had to reverse the earth's rotation to extricate them.


Wall Street tells us the odds favor two quarter percent rate hikes to the Fed funds rate by the end of the year. We ask whether that would be before or after the economy collapses? If before, the Fed's rate hikes will destroy what is left of our economy, and the dollar will collapse, thereby erasing any benefits from the rate hikes. If after, you will see rate cuts instead of rate hikes as the Fed attempts to save the fraudsters on Wall Street who are not even remotely close to recovering from the credit-crunch despite what the elitists might tell you to the contrary. We ask who the morons are that make up these odds, and what planet they come from. They give aliens a bad name. These index predictions are just another form of jaw-boning and disinformation.


As if to accentuate the collapse of the dollar, open interest on the USDX plummeted on Wednesday by a gargantuan 20,461 contracts, from 46,665 to 26,204. This also means that since last week Tuesday, when open interest was boosted by the PPT by a huge 14,393 contracts to a total of 52,520 contracts to boost the dollar and to make it look as though Big Ben really meant business about the buck, the open interest has been cut by half, with a total of 26,316 contracts having been liquidated over the course of the past week.

10:50 GMT June 23rd USD/JPY traded higher from 107.11-107.55 in Asia, on the back of the almost ever present importer bid as well as some demand from Japanese investors. Good size 107.50 expiries are expected to limit today"s potential range, as should the impending mid week US FOMC rate decision. EUR/USD post data slide from high 1.55"s to test the figure level gave USD/JPY an early boost from 107.50 tripping stops at 107.65 to reach the 107.80 level, with the market consolidating just below for most of the London morning session. Offers into and just above 108.00 are the next focus, with the aforementioned Japanese importer demand likely to limit any setbacks to the lower 107"s. EUR/JPY: removed its 167.80-35 Asian range base on the initial EUR/USD setback - extending lows to 166.90, where it ran in to mild support and has since recovered the lower 167"s. Dow Futures are well in the black despite the negative Nikkei close and this should work to underpin USD/JPY and the cross. Of note is talk that a UK clearer plans to sell Samurai bonds totaling JPY 120bln tomorrow, which could provide and element of support to the JPY. RP /PS

Bruce:

We are on a Run over 107.80 ! Watch what it does ! I just shorted another position of USD/JPY here of 100K

Dow Futures are UP only 21 now and Oil is Up more now at $137.05 US

As I have said here before as the NY Traders get to their trading posts before 8:00 AM there is usually a Spike Up in this Currency Pair.

You can see the Dow Futures reversing from earlier as Oil continues UP so there is NO Reason for USD/JPY to go up so I shorted it.

Goldman Sachs Just Downgraded the Whole Financial Sector. A NEW Fundamental Fact !!!

Dow Futures Are Up Only 11 Now ! Oil is Up $1.84 to $137.20 and Gold is UP more than it was on my earlier Report before Breakfast !!!

The 2 Year US Bonds now Yield 2.91% as Bonds are Sold and money goes into Gold and Oil.

As Long As The Dow heads down then USD/JPY will reverse. I will Short and Cover at the Top and Bottom of the 1 minute and 5 minute Bollinger Bands.

Do You Understand What Is Happening ?


Bruce

P.S. I shorted another position and I am now short 8 positions of USD/JPY ... I added Three this AM

Ltd breach of Fri"s low o/n helped set the stage for the today"s rebound to just back above the 10-day MA at 107.75. Hourlies are mildly overbought, but a break beyond 107.80-85 prior hourly support could put the 200-day MA at 108.10 into play. Bulls need a daily close beyond there to gain traction after ltd intraday breaches last week. Stop adjusted slightly. (RD) 11:56 GMT

be careful... dow could make a rally today...
dollar is strong today. I'm not going to short UJ today

That is my job. Trade with knowledge. No fear. Look for opportunities. Look at all the factors. Watch the changing data. That is MY way and Good for me. My results are there. Good Trading to You and stick to your decision to stay out of USD/JPY today.

I just made a quick 8% or 8 PIPS !

Bruce