Day Trading Course Europe is Collapsing US is Consolidating and we are looking for some type of relief here at the bottom of the bearish Channel.

Support is in and the markets are looking for buyers.

1170 is the major area of resistance on this move up.  Day traders have held resistance here and if we consolidate and close into this level there is a good chance tomorrow we could see a reversal and retest to the supporting trend line on the bearish channel.

The buyers are in Control in to the close with 1160 the point of control.  Tomorrow we are looking at a point of control around 1168 for the move up to 1180.  There is some resistance here and we could see a fight to push through the 1200 mark.  If we get price failure in this area watch for a sell off.

Price is the key factor in the Day Trading course offered in Edmonton and Calgary this next two weekends.

Are biggest consideration is how price moves and where it finds support and resistance.  We are not concerned about a bull or bear market.  We watch price to see the potential moves available to the trader.  If you don’t see the direction, there is no reason to trade.  If you don’t have a target for your trade, you are just throwing money into the market. As a trader you know this is high risk and if you manage your risk first, understand an executable entry, and have clearly defined targets you can make money in the markets.

Most traders trade with out well defined entries or an understanding of price action.  Relying on indicators blinds most traders of the price action and puts them in too late or with too much risk.  Trading is simple but it is not easy.  We write this information so that you can see where direction could go.  We ask you to do your own work.

You will know you are a day trader when you take full responsibility for your trades.  You hear the news, the pundits and the hacks on the internet and laugh knowing that your skills as a trader make you money.  Do your best, forget the rest.

Europe is on the verge of collapsing with Hail Mary funding being thrown in every direction.  Risk appetite has managed to stabilize overnight after a report in the FT suggested that China may start purchasing Italian debt.  The Greeks are wondering why they are being looked past.

Sovereign debt markets have been in turmoil for a number of weeks now as the uncertainty about Greece’s ability to avoid default (BANKRUPTCY) sparks contagion fears within the Eurozone. This China news, if true, would be a welcome balm to soothe frayed consumer sentiment and slow the mass sell-off that has defined the past few weeks’ trading.  So the Euro will last another Quarter.

According to EXTO In turn, equity markets have managed to halt the rout that plagued yesterday’s trading, with the Nikkei +0.95% on the day. The Shanghai Composite is -1.10% at the time of writing, but this is unsurprising as the index is having to play catch-up after missing yesterday’s sell-off due to the Chinese Mid-Autumn Festival holiday. Today the Hang Seng exchange is closed for a public holiday of its own.

In the FX space, EURUSD has managed to recover well off yesterday’s 1.3495 lows and is currently trading just below 1.3700 levels. This is despite fresh calls from German Chancellor Angela Merkel for Greece to meet its troika obligations with more DEBT.  Dollar index is soaring.

US Dollar index is in line for longer term target.
Looking ahead, the data calendar includes the latest UK CPI figures where markets are expecting 0.6% MoM, 4.5% YoY increases to the headline measure, after last month’s 0.0%, 4.4% reading. We doubt that an upwards deviation will compel many people to start buying GBP particularly aggressively, as the BoE are clearly leaning towards the more dovish end of the spectrum given the current climate, and over 18 months of high inflation has failed to budge their stance on rates thus far. Perennial dove on the MPC, Adam Posen, is scheduled to speak later this afternoon but we doubt there will be anything new or surprising in his speech. Instead look for continued emphasis on the weak growth and heightened uncertainty arguments for UK monetary policy, and no doubt another plug for QE which he has been voting for in every BoE monetary policy meeting in recent memory.