30 October Wednesday View

The upside momentum seems to be fading as the price pretty much tested the 32890 (USD 1364) level twice but failed. The level is the 61.8 % fib retracement from 34552 (USD 1433) to 30164 (USD 1251), and importantly the falling trend line holding since October 2012, which I mentioned yesterday's post. Price is now pushed back to 50 % retracement of the same levels at 32358 (USD 1342) which if failed to support, we may see further decline.

Tonight the market is waiting for key economic data from the U.S. economy ; ADP Non-Farm Employment Change, Core CPI m/m, CPI m/m, FOMC Statement (which is expected to provide some clue on the QE tapering, price may go for a ride of roller coaster on this one), and Federal Funds Rate. All these data collectively may cause some volatility in the price.

Detail on daily economic calendar can be found at the bottom of this page as well.

Here are couple of reminders, I remind these every now and then to myself and hopefully will be helpful to you too, so,

- Temptations to open a position, particularly watching sudden price movements in short term charts are most of the time Account Killers;

- Ignore Trading Rule/ Discipline once and you'll have to pay a price for that, there is no other way to make that up.

Trade Happy, Trade Safe :)