Webring - Forex
Today Friday the 18th is Quadruple witching day, this means that markets will be pretty volatile in the lead up to expiry. It is also the Jewish New Year eve today, which means that many traders in NYC will be leaving early and closing positions. The London session has bee pretty jumpy with the Dollar gaining some and some sharp moves in scalping-the-dax-and-now-scalping-the-euro/”rel=”external”title=”Scalping the Euro” >EURO and GBP. On the one hand it is a tempting market to jump in as moves are fast and furious, and on the other hand it is easy to get caught on the wrong side of the trade. Unless you are a quick and sharp scalper I recommend staying out unless you see some strong support or resistence coming up, remember though that on a day like this this points can be breached, so watch out.
If you are feeling in top form and are up for some sharp moves, this may be the market for you, if not, stay out, trading opportunities abound and the market will be here on Monday.
Some sharp fall occurred overnight during the Asian session and although I am long term bearish the USD, I think that some profit taking is due, particularly with regard to the Euro and the Swissie. The GBP has been on the backfoot since the BOE announced the deposit rate drop, so pretty much following fundamentals. I believe that a weak dollar is in the US interest for several reasons, mainly debt reduction and exports, however, I am basically a technical trader and at that an intraday trader, but always good to stay aware of fundamentals.
So, bottom line, may be a good day to watch very patiently and only pounce of you see a perfect setup.
Have a good day and weekend.
Happy New Year to all Jewish traders.
Happy Independence day to all Chilean Traders.
Cheers,
Mark
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Quadruple Witching Day – watch outLeave a Reply |
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