4xSummit Blog

Another Week

2010-03-14T21:18:00.000-07:00

Traders,

Another week begins which gives hope for new opportunities in the forex. The FOMC does meet on Tuesday, but the expectation remains that they will keep rates the SAME?? If they do surprise, then expect a major sentiment shift across the board concerning the dollar. We see the gbp/usd trying to make its way up to the 1.5250 area. It couldn't do it on Friday so maybe this week? Good luck traders and let's make some pips!!

To the Summit,

4xSummit

Jobs, Jobs, and less Jobs!

2010-03-07T19:39:00.000-08:00

Traders,

The jobs numbers are getting better....at least they appear to be. If you consider better meaning that less are losing their jobs each month! The stimulus funds have not been able to create the jobs the government was hoping for....so now what? Greece is still in limbo, health care is back on the docket and the US keeps spending more and more money. The dollar is losing considerable ground after Friday's NFP report. A correction back north was inevitable, it was just a matter of time. We hope the market chop from last week will diminish and allow some great opportunities for the week ahead.

To the Summit,

4xSummit

Greece Debt Worries Causing Jitters

2010-02-15T00:40:00.000-08:00

Traders,

The concern surrounding Greece's debt fears are spreading to all lengths of the financial system. Rumors of the euro failing along with numerous lending institutions that have their name attached to the debt are causing widespread volatility in the equity markets and the FX markets. Does all this sound familiar? Remember when the gloom and doom regarding the U.S. dollar and the U.S. financial powerhouses were all going bankrupt and we would be switching to the euro for safety? We just have to realize that these are the times we live in...rumors, constant volatility, unrest, new regulation and last but not least craziness! Let's have a great week and make some pips!!

To the Summit

4xSummit

The RBA did WHAT??

2010-02-02T07:05:00.001-08:00

The Reserve Bank of Australia whom was forecasted to increase the Australian interest rate environment by .25 basis points left it unchanged. This surprised almost every economist on the face of this earth. Australia has experienced incredible growth, but having said that, may have had some second thoughts when it comes to tightening the economy. The aud/usd plummeted by over 100 pips in less than 10 minutes.

There are numerous FA's this week, but by far the most popular is Friday's Non-Farm Payrolls report. What will the numbers mean and how will it affect the FX market? Great question...guess we will wait till Friday and see what happens!! No use in getting ahead of ourselves.

To the Summit,

4xSummit

Beginning of the End

2010-01-24T14:54:00.000-08:00

Traders,

This week is the last trading week for the month for January. We anticipate the big banks and hedge funds to take profit after last week's extreme volatility session. The Dow Jones fell over 500 points in 4 days, gold followed suit bottoming around the 1082/oz area and the eur/usd finished down close to the psychological area of 1.4000. We look for continued dollar strength as the dollar index is showing signs that the greenback is indeed BACK! There is also talk of the US Fed raising interest rates as the US emerges from the recession faster than other countries like Japan. We want to allow the market to "cool its heels" and then look for areas to take a position. Good luck this week and we wish profitable trading to all!

To the Summit,

4xSummit

2010-01-13T08:17:00.000-08:00

Traders,

Since the end of last week through today most dollar pairs are stuck in a range. Non-farm payrolls was unable to break the mold so now we look to retail sales tomorrow to try and establish a new trend or breakout of the existing trend. Remember this retail sales figure will include numbers from the holiday shopping season which will give us a clue as to how that sector performed. As we blog, the dollar has gained considerable strength across the board...is this a reversal or just a retracement to fall back into the range pattern?

To the Summit,

4xSummit

1st NFP of 2010

2010-01-06T18:29:00.000-08:00

Traders,

This Friday is the 1st NFP report of the new year which has the potential to completely change the sentiment of the market. Economists are expecting no job losses with even the potential for job creation. Whichever way it goes, expect major fireworks on Friday. This has the markets rattled right now. If you are an equity follower you have noticed that the Dow and S&P have been flat all week. The calendar is full of FA's leaving the markets indecisive and not knowing how to treat that news when coupled with Friday's expectations. 4xSummit has been patient all week and will continue to be until the market makes a decision. Our advice is to be very careful right now and protect your account.

To the Summit,

4xSummit

Happy New Year!

2009-12-30T18:10:00.000-08:00

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

Merry Christmas

2009-12-23T12:24:00.000-08:00

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

Post-FOMC

2009-12-17T14:00:00.000-08:00

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

FOMC

2009-12-14T10:10:00.001-08:00

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

Is the Dollar Back?

2009-12-11T13:11:00.001-08:00

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

Decision Time

2009-12-10T14:05:00.000-08:00

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

Opportunities

2009-12-08T04:54:00.000-08:00

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

The Ripple

2009-12-05T15:51:00.001-08:00

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

GBP/JPY

2009-12-03T06:20:00.000-08:00

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

Mid Week

2009-12-02T06:40:00.000-08:00

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

Eur/Usd

2009-11-30T11:11:00.000-08:00

The eur/usd has hit a major fibonacci level signaling a possible downturn, but at the same time is building a bullish pattern on the 60min chart. 4xSummit is waiting for the market to give us more information before taking a position. Gold continues to provide erratic price action and has broken out of its channel that it started at the end of October. We could see an increase in dollar strength and a flight of safety to the dollar in lieu of some events occuring overseas.

To the Summit,

4xSummit

Busy Week Ahead

2009-11-28T19:04:00.000-08:00

Dear Traders,

This week presents many trading challenges as the last month of 2009 begins. Leading off with big news from last Friday is the overseas giant Dubai World which is seeking to delay approximately $60 billion in debt payments. This sent gold in a downward spiral in a matter of minutes (about $50 dollars/oz. to be exact). The dollar and yen both gained strength across the board but is this move just temporary in nature? If you have been following our service for any length of time, you know that the correlation among the currencies, gold and oil is very tight and major news can influence these partnerships. We will have to wait and see how the markets absorb this news beginning Sunday during the Asian session. Don't forget that Friday is non-farm payroll which can begin a tug of war with the bulls and bears trying to speculate its outcome. As always 4xSummit will be looking for high probability trade setups, but will use more caution this week because of all the major fundamental announcements.

To the Summit,

4xSummit

Day Before Thanksgiving

2009-11-25T08:25:00.001-08:00

Well just when you thought the market would be in consolidation mode, last night proved to be a great trading session. We pocketed over 90 pips on the gbp/jpy and 50 on the eur/usd. Not bad for the day before Thanksgiving....hope everyone took advantage of those trade calls. The 4xSummit team is taking the rest of the week off. Happy Thanksgiving and we look forward to next week!

To the summit,

4xSummit Team

Thanksgiving Trading Week

2009-11-24T17:13:00.001-08:00

Because of the Thanksgiving Holiday in the U.S. we are expecting low liquidity levels in the market which can lead to 'whipsaws' and sporadic price action. Our suggestion is to lay low, spend time with your family and get ready for next week.

To the Summit,

4xSummit Team