Today’s ForexAM video is – as far as I’m concerned – the first one of the year since the volume/bank holidays really didn’t make for an interesting or fully participated Monday session. The dollar did break lower and stay below the 34EMA on the daily chart and this has brought about a transition in the daily directional bias to a more neutral or sideways direction. I’m watching the support just above the 79.00 level which has also formed a triple bottom along this major psychological level.
I also discuss the change in the ICE (Intercontinential Exchange) policy to offer the U.S. Dollar Index feed free…which as of the 1st of the year is no longer the case. In order to get this data real-time, intraday it will not cost $70/mo – which does get the full compliment of ICE products – but if you’re a forex trader, the other products may be of little or no interest. If you are a futures trader as well, cocoa, cotton, and sugar are three of my favorite contracts to trade.
I also take some time to talk about stop-loss placement via the mindset of a “point of validity” and how that has helped me keep to my risk management plan. I use the USD/CAD to discuss this point and the parity level that I had been buying into until the recent break below 0.9978.
I also include trade set-ups in the EUR/USD, USD/CHF, and USD/JPY.