Well we made it through an intense year. Some of the things the world went through will never be forgotten. We have chosen not to enter any trades this week. We are not comfortable putting our clients' funds at risk on a low volume week. We will wait for 2010 before entering another trade. We wanted to thank all of our clients for their support this year and wish all a prosperous New Year.
To the Summit,
4xSummit
Wednesday, December 30, 2009
Wednesday, December 23, 2009
Merry Christmas
Traders,
This week presented many obstacles to clear cut trading. The most obvious being the Christmas holidays when major hedge funds and bank traders are taking time off. This leads to low liquidity levels in the market or thinning as we like to call it. Because of this, you can get whipsaws and price action that is very erratic. We took one trade this week on the eur/jpy for 56 pips profit bringing our total for the month up to 372. We have not had 1 losing trade this month and we did not want to expose our clients to any unnecessary risks. We are taking the remainder of the week to spend time with our families...we suggest you do the same! Merry Christmas.
To the Summit,
4xSummit
This week presented many obstacles to clear cut trading. The most obvious being the Christmas holidays when major hedge funds and bank traders are taking time off. This leads to low liquidity levels in the market or thinning as we like to call it. Because of this, you can get whipsaws and price action that is very erratic. We took one trade this week on the eur/jpy for 56 pips profit bringing our total for the month up to 372. We have not had 1 losing trade this month and we did not want to expose our clients to any unnecessary risks. We are taking the remainder of the week to spend time with our families...we suggest you do the same! Merry Christmas.
To the Summit,
4xSummit
Thursday, December 17, 2009
Post-FOMC
Traders,
The FOMC decided to leave rates unchanged and did not modify their rhetoric towards the future. This led to a continued decline in gold while the dollar gained much needed strength. 4xSummit capitalized on this fundamental news and netted 95 pips on the eur/usd last night during the Asian session. Congrats to all our subscribers who held on for 100 pips and more! The market has been moving in quick pulses which can be difficult to find an entry without retracements. This is probably going to continue through year end. As always, 4xSummit will adapt to the market environment and use whatever it gives us.
To the Summit,
4xSummit
The FOMC decided to leave rates unchanged and did not modify their rhetoric towards the future. This led to a continued decline in gold while the dollar gained much needed strength. 4xSummit capitalized on this fundamental news and netted 95 pips on the eur/usd last night during the Asian session. Congrats to all our subscribers who held on for 100 pips and more! The market has been moving in quick pulses which can be difficult to find an entry without retracements. This is probably going to continue through year end. As always, 4xSummit will adapt to the market environment and use whatever it gives us.
To the Summit,
4xSummit
Monday, December 14, 2009
FOMC
Traders,
Wednesday there is a FOMC meeting. Nobody is expecting the fed to change the interest rate policy, but traders are looking for language that might give them an idea as to what they are thinking. Remember, retail sales was good news, there are fewer job losses and overall the sentiment for dollar strength is coming back. So the FOMC might actually drop a hint or two about when they would raise interest rates. This meeting, being the last one of the year, is very important and has the market flat waiting for the announcement. We did make a trade today on the nzd/usd and netted 32 pips...not bad considering the hesitation of the market to move. Going forward, we look for Tuesday and Wednesday to be potentially slow trading days.
To the Summit,
4xSummit
Wednesday there is a FOMC meeting. Nobody is expecting the fed to change the interest rate policy, but traders are looking for language that might give them an idea as to what they are thinking. Remember, retail sales was good news, there are fewer job losses and overall the sentiment for dollar strength is coming back. So the FOMC might actually drop a hint or two about when they would raise interest rates. This meeting, being the last one of the year, is very important and has the market flat waiting for the announcement. We did make a trade today on the nzd/usd and netted 32 pips...not bad considering the hesitation of the market to move. Going forward, we look for Tuesday and Wednesday to be potentially slow trading days.
To the Summit,
4xSummit
Friday, December 11, 2009
Is the Dollar Back?
After today's retail sales report the markets showed us something we haven't seen in quite some time...the dollar gained strength, gold continued its plummet back to 1,000/oz and the equities market continued to rise. Sound too good to be true?? Well maybe yes, maybe no. There is only so much bad publicity that the dollar could handle. Just when everyone thought the dollar was going to be replaced, now the talk is shifting back to the greenback for safety. Just as there is winter, spring, fall and summer so is the season's of change for the free market system. We as traders must adapt to the changing environment.
To the Summit,
4xSummit
To the Summit,
4xSummit
Thursday, December 10, 2009
Decision Time
Traders,
It's almost the end of another trading week and it's decision time for a number of currency pairs. Many pairs are consolidating waiting for some type of news to bust them free. Remember traders, just because the market is open does not mean you have to enter a trade. Patience is an important aspect of trading and could be the difference between big profits and big losses. The 4xSummit team is waiting patiently before taking a position.
To the Summit,
4xSummit
It's almost the end of another trading week and it's decision time for a number of currency pairs. Many pairs are consolidating waiting for some type of news to bust them free. Remember traders, just because the market is open does not mean you have to enter a trade. Patience is an important aspect of trading and could be the difference between big profits and big losses. The 4xSummit team is waiting patiently before taking a position.
To the Summit,
4xSummit
Tuesday, December 8, 2009
Opportunities
Traders,
It appears that many of the dollar pairs are taking time to square up and the yen pairs have made a nice move down. We talked about the ripple effect of non farm payrolls and are waiting to see if that matures. 4xSummit is patiently sitting on the bench looking for the right time to get into the game. Pardon the analogy, but we love sports! We will keep you updated through SMS and email.
To the Summit,
4xSummit
It appears that many of the dollar pairs are taking time to square up and the yen pairs have made a nice move down. We talked about the ripple effect of non farm payrolls and are waiting to see if that matures. 4xSummit is patiently sitting on the bench looking for the right time to get into the game. Pardon the analogy, but we love sports! We will keep you updated through SMS and email.
To the Summit,
4xSummit
Saturday, December 5, 2009
The Ripple
Traders,
Non farm payroll proved once again to open doors for the fed to think about what to do next. Unemployment dropped to 10% asking the question if the turnaround is indeed in full effect? The dollar gained incredible strength on this news while gold plummeted more than $60/oz on Friday. 4xSummit looks for pullbacks and then carry through or the ripple effect on most currency pairs next week. As we enter the 2nd week of the last month of 2009, we expect big money to continue to pour into the market giving us the probability of an excellent trading week.
To the Summit,
4xSummit
Non farm payroll proved once again to open doors for the fed to think about what to do next. Unemployment dropped to 10% asking the question if the turnaround is indeed in full effect? The dollar gained incredible strength on this news while gold plummeted more than $60/oz on Friday. 4xSummit looks for pullbacks and then carry through or the ripple effect on most currency pairs next week. As we enter the 2nd week of the last month of 2009, we expect big money to continue to pour into the market giving us the probability of an excellent trading week.
To the Summit,
4xSummit
Thursday, December 3, 2009
GBP/JPY
We wanted to update everyone on our gbp/jpy position which hit our profit target of 146.25 last night during the Asian session. As we mentioned on the blog yesterday the gbp/jpy formed a bull flag pattern and then continued to our targets. We pocketed 213 pips and from the feedback we received, so did a lot of our followers!! We consider anytime you can take advantage of a run like that during the week of non farm a complete success. 4xSummit will remain very cautious today and tomorrow as we get very close to Friday's big fundamental announcement day.
To the Summit,
4xSummit
To the Summit,
4xSummit
Wednesday, December 2, 2009
Mid Week
Traders,
4xSummit is still holding our gbp/jpy position from yesterday. At the time of this post we are up 119 pips. Gbp/Jpy is building a nice bull flag pattern and if equities can stay either flat or positive we should see more upside to this pair. Adp non farm numbers came out worse than expected today, but not by much. Could this be a warning of things to come friday?? Remember traders, this week has numerous fundamental announcements so trade with caution.
To the Summit,
4xSummit
4xSummit is still holding our gbp/jpy position from yesterday. At the time of this post we are up 119 pips. Gbp/Jpy is building a nice bull flag pattern and if equities can stay either flat or positive we should see more upside to this pair. Adp non farm numbers came out worse than expected today, but not by much. Could this be a warning of things to come friday?? Remember traders, this week has numerous fundamental announcements so trade with caution.
To the Summit,
4xSummit
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