With the uncertainty that has been coming out of Europe the need to watch the markets overseas has increased dramatically. Participants in the market seem to be buying and selling stock based completely on the relationship between the Euro and the U.S. dollar. This has caused some volatile sessions in our market as currency markets are driven by many factors and order flow can change in minutes.
In todays trading we rallied about 200 points in the Dow to finish flat on the day. This move was completely driven by the currency market as the lows in the Dow coincided with the lows in the Euro/Dollar for the afternoon session. I have started to pay attention to the Euro very closely so as to keep track of where the money in this market is moving. I may not know why the market is changing direction but I will not get caught off guard.
During the day I have been using Freestockcharts to give me information on the currency markets. They are a very good charting service that is free and very easy to us. Best of luck with your trading and have a good night.
Kyle
Tagged: day trading, equities, equity prop firm, forex trading, intra day trading 
