Eur/Usd

The eur/usd has hit a major fibonacci level signaling a possible downturn, but at the same time is building a bullish pattern on the 60min chart. 4xSummit is waiting for the market to give us more information before taking a position. Gold continues to provide erratic price action and has broken out of its channel that it started at the end of October. We could see an increase in dollar strength and a flight of safety to the dollar in lieu of some events occuring overseas.

To the Summit,

4xSummit

Busy Week Ahead

Dear Traders,

This week presents many trading challenges as the last month of 2009 begins. Leading off with big news from last Friday is the overseas giant Dubai World which is seeking to delay approximately $60 billion in debt payments. This sent gold in a downward spiral in a matter of minutes (about $50 dollars/oz. to be exact). The dollar and yen both gained strength across the board but is this move just temporary in nature? If you have been following our service for any length of time, you know that the correlation among the currencies, gold and oil is very tight and major news can influence these partnerships. We will have to wait and see how the markets absorb this news beginning Sunday during the Asian session. Don't forget that Friday is non-farm payroll which can begin a tug of war with the bulls and bears trying to speculate its outcome. As always 4xSummit will be looking for high probability trade setups, but will use more caution this week because of all the major fundamental announcements.

To the Summit,

4xSummit

Day Before Thanksgiving

Well just when you thought the market would be in consolidation mode, last night proved to be a great trading session. We pocketed over 90 pips on the gbp/jpy and 50 on the eur/usd. Not bad for the day before Thanksgiving....hope everyone took advantage of those trade calls. The 4xSummit team is taking the rest of the week off. Happy Thanksgiving and we look forward to next week!

To the summit,

4xSummit Team

Thanksgiving Trading Week

Because of the Thanksgiving Holiday in the U.S. we are expecting low liquidity levels in the market which can lead to 'whipsaws' and sporadic price action. Our suggestion is to lay low, spend time with your family and get ready for next week.

To the Summit,

4xSummit Team