Once again, the plethora of news reports kept me away from the market again today. Although the Euro did make a nice move down, I didn't see any signals after all the news reports and therefore decided not to go short. I've received many emails asking me what my rules are when it comes to trading around news reports. The answer is that I don't trade 30 minutes before the report and usually wait 20-30 minutes after a report before entering trades. Another question people are asking is what news events I consider "major". I generally go by forex factory's news calendar. They color code each news report depending on the importance. I usually don't trade around reports that are orange or red. Hopefully this answers all your questions. See you all tomorrow! ~Big Pippin
8:00 am - Analysis
Good Morning! ECB came out with it's rate decision this morning at approximately 7:45 am EST, and as expected they raised the rate from 2.00% to 2.25%. If you don't know anything about anything in forex, know that raising and lowering interest rates has the most significant impact on a country's currency. Now the question of the day wasn't going to be if the ECB is going to raise the interest rate, that was almost guaranteed...the question of the day was, "is this a one time hike or is it going to be a series of hikes from the ECB?" As of this writing I haven't got the full news report, but by the market reaction it looks like a one time deal...for now. Later today, US ISM manufacturing index is expected to fall once again to 57.5 in Nov from previous reading of 59.1. Core personal consumption expenditure (PCE) index in Oct is expected to increase by 2%. If you want to learn more about ISM, click here. As always, we recommend discrection on news days or even staying out. Remember the rules, stay focused and disciplined, good luck, and good trading!! ~ PipCrawler
EU Session High: 1.1789
EU Session Low: 1.1741
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