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Support & Resistance Levels

This Blog provides futures market outlook for different commodities and futures trading markets, mostly stock index futures, as well as support and resistance levels for Crude Oil futures, Gold futures, Euro currency and others. At times the daily trading blog will include educational information about different aspects of commodity and futures trading.

Hello Traders,

For 2014 I would like to wish all of you discipline and patience in your trading!

British Pound waiting for the Scottish Vote for clues on next move

On Thursday, after a 307-year-old union with England and Wales, Scottish voters age sixteen and over will decide in a referendum that will ask the question: Should Scotland be an independent country?

Most opinion polls show more Scots want to remain in the U.K. than leave it, but enough voters are undecided to swing it either way.

The “Better Together” campaign says Scotland should remain part of a larger country that has a greater say in the world and can better withstand financial shocks. Voting “no” to secession would also ensure it keeps the British pound after the U.K. government ruled out sharing the currency with an independent Scotland.

From the technical perspective I did get a possible buy signal ( see the blue diamond in the chart below). My diamond indicators are an output of an extreme overbought/ oversold along with price action that suggests a good counter trend move. In this case we saw an extreme sell off starting July 15th , falling over 11 points, I think if the market can take the 162.65 level , the door is open for a move up to 164.81 and 166.14!

 

BP6 - British Pound (Globex), Equalized Active Daily Continuation : Heikin Ashi

BP6 – British Pound (Globex), Equalized Active Daily Continuation : Heikin Ashi

 

One thing for sure, volatility may be QUITE HIGH and it’s really hard to tell the immediate affect. Make sure you have a solid money management/ risk plan in tact!!

Read the rest of the analysis at:

http://experts.forexmagnates.com/british-pound-waiting-scottish-vote-clues-next-move/

GOOD TRADING !

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. Past performance is not indicative to future results.

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Futures Trading Levels

Economic Reports

source: http://www.forexfactory.com/calendar.php

All times are Eastern time Zone (EST)

 

Date 4:18pm Currency Impact Detail Actual Forecast Previous Graph
FriSep 19  2:00am EUR German PPI m/m -0.1% -0.1%
4:00am EUR Current Account 14.3B 13.1B
10:00am USD CB Leading Index m/m 0.4% 0.9%
Day 1 ALL G20 Meetings

This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading.

 

Tags: > > Posted in: Commodity Brokers   | Currency Futures  

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