There is a confluence of supports here at this moment for the Cable. Besides a throwback to the previous resistance trendline, there is an addition of 55ma on the 4-hour chart as well as monthly and weekly pivot M2. If the 1.9600 to 2.0024 move were to qualify as a bullish wave1, the current down (potential wave2) [...]
Posted on April 22nd, 2008 by Soh Tiong Hum
Filed under: Technical Picture | No Comments »
The current low of USDJPY has made an extended move of 161.8% of wave 1. It waits to be seen now whether we have a reversal or a revision of the wave count.
Posted on April 21st, 2008 by Soh Tiong Hum
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To handle the volatility and ranging behaviour of many pairs in the forex market, the trader should be prepared to enter at a point of strength or have a very wide stop.
Most day traders would probably not be prepared to have stops of 50 pips or more. Having a nice small stop would prevent excessive [...]
Posted on April 17th, 2008 by Soh Tiong Hum
Filed under: Lessons & Events, Technical Picture | No Comments »
Interest rate decisions affect currencies in a big way. The Bank of England or BOE is the central bank of the United Kingdom. Its interest rates decisions naturally reflect the Sterling. On April 10, 2008, the BOE reduced the official Bank Rate to 5.0% from 5.25%.
According to the Bank of England, “The Bank sets interest [...]
Posted on April 12th, 2008 by Soh Tiong Hum
Filed under: Economic Indicator | No Comments »
This is a BIG economic indicator to watch out for. Firstly its content is very timely (preceding month) and secondly it is full of details about the job market and household earnings.
Last night we saw the:
unemployment rate
average hourly earnings
average weekly hours
non-farm payrolls (NFP)
Employment situation is generally announced at 8.30am ET on the first Friday of each month. Revisions [...]
Posted on April 5th, 2008 by Soh Tiong Hum
Filed under: Economic Indicator | No Comments »
