Andrei Pehar, Sr. Currency Strategist, fxKnight.com
Known as the "Black Knight" in trading circles, Andrei is a private fund manager, consultant to management, and a sought-after speaker, trainer, and coach for professional traders and individual investors alike. He played in professional chess tournaments at a young age, earning a rating in the U.S. Chess Federation, and went on to further hone his strategic skills by studying Japanese martial arts, bringing with him a unique perspective to the financial markets.
His client list includes prestigious names such as UBS, Tower Asset Management (named by Bloomberg as top asset manager), Clifford Associates (investment counselors since 1915, officially acknowledged as the oldest in the United States), and several other high profile firms specializing in investment and wealth management for musical artists, sports celebrities, and other ultra high net worth individuals and trusts. He is currently working on a book which will, for the first time, introduce retail traders to institutional trading strategies and techniques.
Click Here to view videos by fxKnight
Known as the "Black Knight" in trading circles, Andrei is a private fund manager, consultant to management, and a sought-after speaker, trainer, and coach for professional traders and individual investors alike. He played in professional chess tournaments at a young age, earning a rating in the U.S. Chess Federation, and went on to further hone his strategic skills by studying Japanese martial arts, bringing with him a unique perspective to the financial markets.
His client list includes prestigious names such as UBS, Tower Asset Management (named by Bloomberg as top asset manager), Clifford Associates (investment counselors since 1915, officially acknowledged as the oldest in the United States), and several other high profile firms specializing in investment and wealth management for musical artists, sports celebrities, and other ultra high net worth individuals and trusts. He is currently working on a book which will, for the first time, introduce retail traders to institutional trading strategies and techniques.
Click Here to view videos by fxKnight
Negative US News Causes Further Carry Unwind
Posted 09-05-2008 at 02:24 AM by fxKnight.com
Several negative reports out of the US today triggered another sell-off in the GBP/JPY pair. Unemployment claims rose by 15,000 to 444,000, and the ADP non-farm employment change fell by 33,000. Crude oil inventories in the US fell by 1.9 million barrels.
This combination of news caused a 344.65 point sell-off in the Dow, pushing it below a key support level at 11363. The NASDAQ saw a loss of 74.69 points, and the S&P saw a 38.15 point drop, the largest since January. The GBP/JPY pair fell 721 pips, breaking a key support at 192.57, and also falling below its monthly 200 moving average.
All eyes now turn to the non-farm payroll numbers, which analysts expect to come in at -73,000, a decrease of 22,000 from the prior month. If the news fails to push us back above 192.57, which is now acting as resistance, then the door opens to further drops, which could potentially take us as low as 170.22, with support in the way at 182.04 and 176.77
by Andrei Pehar - fxKnight.com
This combination of news caused a 344.65 point sell-off in the Dow, pushing it below a key support level at 11363. The NASDAQ saw a loss of 74.69 points, and the S&P saw a 38.15 point drop, the largest since January. The GBP/JPY pair fell 721 pips, breaking a key support at 192.57, and also falling below its monthly 200 moving average.
All eyes now turn to the non-farm payroll numbers, which analysts expect to come in at -73,000, a decrease of 22,000 from the prior month. If the news fails to push us back above 192.57, which is now acting as resistance, then the door opens to further drops, which could potentially take us as low as 170.22, with support in the way at 182.04 and 176.77
by Andrei Pehar - fxKnight.com
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