This morning at 10:00 a.m EST in Washington DC, Janet Yellen, Federal Reserve Chairperson-Designate, testified on monetary policy before the Senate Banking Committee. Unexpectedly, text of the testimony was released 17 hours earlier than the scheduled speaking time. Today’s testimony had a positive effect on currency. The testimony is normally given in two parts. First, the prepared statement is read and a text version is made available on the Fed’s website. The second part is a Q&A session, where the questions are not known beforehand. The questions, being unscripted, can lead to some moments of heavy market volatility, as traders try to predict the effect on the bank’s monetary policy.
The E-mini S&P opened today at (1756.50). The day’s low price was hit within the first five minutes of opening at (1755.25). At 4:40 p.m. US/Eastern time the day’s high was reached at (1781.50). Each month, the U.S. Treasury releases a monthly report of the surplus or deficit of the federal government. Investors pay attention to changes in the budget balance of the annual fiscal year, as an indicator of budgetary trends. The deficit reduction continues into the first month of the government’s new fiscal year, with a $91.6 billion vs a deficit of $120.0 billion in October last year. That is a a 24 percent improvement. About $8 billion of the improvement is tied to calendar timing, meaning the actual year-on-year improvement is 17 percent. A gain in corporate income taxes are led by an 8 percent increase in receipts. The temporary government shutdown is perhaps to blame for outlays being down five percent. The year-on-year spending on defence is down 8 percent, with net interest expense down 18 percent.
The opening price on the E-mini S&P today was (1769). About five minutes after the opening around 9:35 a.m. US/Eastern time, the day’s high was reached at (1770.50). The day’s low of (1751.75) was hit at 2:30 p.m. Eastern time. There was a big improvement in the deficit announced with the Treasury’s post of a $75.1 billion surplus in the month of September. In the fiscal year of 2013, the deficit fell 37 percent to $680 billion. Individual taxes led the 13.3 percent rise of receipts. Defense spending is down 6.3 percent, bringing The total decline of 2.3 percent.
Day Trade to Win’s John Paul privately teaches his students the art of price action trading. Since many of these lessons occur during peak trading hours (from 9:30 a.m. to 12:00 p.m. US/Eastern time), John occasionally takes a live trade while teaching. Why ignore these opportunities that have a high profit probability? Showing how the method works live helps each student much more than simulated trading. Additionally, students become more confident with each price action method learned.
This video shows John teaching one of his students the Atlas Line software. John enters the trade Long as price has two closings above the plotted line (pink dashes). This entry is marked by the green signal produced when price is at 1266.75. Don’t panic when you see that large stop in place – John uses NinjaTrader’s Chart Trader to drag the stop to a more reasonable position. The three stop strategies (Catastropic, Time-based and Prove-it) are explained in the live training that’s included with purchase. Profit targets are always based on what current market conditions can substantiate, so you’ll also see this gap reduced to a more reasonable level. You can be certain that the rules are always clear and objective – no gray areas like in other day trading systems that keep traders guessing.
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There’s a new day trading course available to traders of all markets, including Forex, Currencies, Futures, Commodites and all the rest – Power Price Action. This course, created by price action guru John Paul from DayTradetoWin.com, teaches traders the single most effective price action trading strategy to date. During six hours of DVD-based trading, students are taught from the ground up on the following topics:
- Basic day trading software operations and trading terminology
- Understanding price action
- Understanding the markets and how they work
- The Power Price Action method
- Applying the Power Price Action method in the markets
In addition, live instruction is included with the course – 8 weeks total! So after you watch the videos, you can attend the lessons free of charge in a trading-room setting. John Paul teaches these live lessons directly, so you can be sure you’re receiving the best price action trading advice possible.
Very few day trading sites will actually post their results. That’s not the case with PowerPriceAction.com. You can see how well the strategy performed on a regular basis in nearly every market.
The course is very affordable as well. There are two pricing plans: single payment (offering the best value) or split payment, stretching the payment over two consecutive months.