Another excellent futures trading session across the markets from the indices, to commodities and currency futures with plenty of strong moves. And as with the UK forex session this morning, politics continues to dominate the price action. For the afternoon session it was the continued war of words between the US and China. In brief the Chinese agreed they would manage their currency in return for a favourable deal and not devalue their currency. A currency pact in other words, and which sent the indices higher as a result, and following sharp falls overnight. All of this was also reflected in the yen pairs with the 6J JPY/USD future falling, the yen falling on the yen index, and the currency itself falling on the currency strength indicator. All great signals.
The emini index in focus was the YM starting with the monthly chart which smooths out the volatility of the last two years, and putting this into context. What is clear from this analysis, is the markets are nor ready to reverse just yet! Intraday we had some great trading on the YM emini with an excellent trend higher developing on the NinjaTrader platform once we moved away from the volume point of control on the fast timeframes with the trend monitor helping to keep us in for a solid return.
Finally it was back to the MT5 platform and spot forex to explain the concepts of using multiple timeframes and the importance of sticking to a window of opportunity, and to understand the difference between primary and secondary trends.