AppId is over the quota
Trading Setups / Chart in Focus:
GBPUSD – Sterling/dollar a potential sell from resistance
The GBPUSD seems to have found some support just above 1.6000 and could push higher back towards resistance. If that occurs we will watch the pin bar “event area” (an event area is a strategy discussed in our trading courses) that comes in from about 1.6250 – 1.6305 for a price action sell signal. What we are doing here is anticipating a potential scenario in this market based on the market’s current structure and recent price action, anticipating potential entry scenarios like this is an important aspect of trading and it’s something that will help you stay prepared and ahead of the herd of traders who trade mostly on impulse and feeling. We would also note that this anticipatory sell scenario would only be voided if price closes above the high of that long-tailed pin bar reversal from January 2nd.
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Forex Commentary:
In the currency markets today, the euro gained more ground on the U.S. dollar on the back expectations that the European Central Bank will not cut interest rates at this week’s meeting.
The Japanese yen recouped some of its lost ground against the other majors today as investors opted to book profits instead of run the uptrend against the yen higher.
The U.S. dollar lost ground to all the other major currencies today as well.
Other Markets:
In the U.S. markets today, stocks moved lower as investors anticipated corporate earnings might be lower than expected.
The Dow lost 50.92 points, or 0.38 percent, the S&P 500 lost 4.58 points, or 0.31 percent, and the Nasdaq dropped 2.84 points, or 0.09 percent.
Upcoming important economic announcements (New York time): 1/8/2013
7:30pm EST: Australia – Retail Sales m/m
9th-13th: China – Trade Balance
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