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Across many pairs you will all-too-consistently find trends that accelerated. This opens up the possibility of more aggressive entries on shallower corrections.
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All eyes are on the Sept 17 FOMC meeting and nowhere has it been more apparent than the Australian dollar.
Surprised? The U.S. dollar has already continued it's ascent towards 2012 and 2013 highs and that will be the major test for the greenback.
ES gapped down this morning and is off to a rough start so far. Unless there is a reversal and a close higher today, it will mark the 2nd day in a row that the market has gapped down and failed to reverse and close positive on the day. I examined overnight returns following all other instances in which ES did this immediately after closing at a 100-day high.
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Too often we traders become slaves to the economic calendar. The Non-Farm Payroll release was only useful in-so-far as a EUR/USD correction. After Draghi accelerated the downtrend, shorts were obviously thrilled. Traders waiting for that next shot at the short sell remain frustrated.
The stock market has been loving the Employment Report over the last couple of years. The Employment Report is released at 8:30 AM Eastern (normally the 1st Friday of the month) and it is often followed by a quick move in the futures. This will typically mean increased overnight activity and a more volatile open. In recent times, that volatile open has been to the benefit of the bulls. This can be seen in the study below.
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