The some quick notes:

  1. We’ve changed the name of LEAP to STSP. We had to do so for the NFA to differentiate between the 2 programs that we’ll have in total, in the future. So, STSP will be for SMS to your cell and email. LEAP will be for accounts opened with FXDD and we’re given power of attorney to trade via a Multi-Terminal, with the latter not yet available but coming soon. We’re just waiting on NFA approval.
  2. It was a wild NY session with the NFP numbers coming weaker than expected. I use the Eur/Usd as a benchmark, and price moved approximately 100 pips north on the news. Then, as traders assessed the overall fundamentals of both the US and Eurozone (with the EZ having some neg news during the London) there then ensued a 100 pip retracement based on the facts that the US seems to be recovering a little quicker than the EZ. Next week we start all over again and the markets will tend to move in the favor of what nation or union in the case of the EZ maintains good economic fundamentals. So, fundamentals will drive prices long term. But, we trade the technicals within the fundamental framework. The trend is now down on the Euro against most pair. Take a look at the Eur/Cad and the Eur/Aud. Could the Eur/Usd start forming the same kind of long stair step down trend? Most of the old time currency traders think so. But, we first have to break out of the big range we’ve been in. Again, just being patient and waiting for a good setup.

From all of us at ProAct, have a wonderfully restful weekend with family and friends.