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UK Guide to US Options Trading

This is guide to US options trading from the UK, because I've seen countless requests of people browsing in /ukinvesting, /options, /wallstreetbets etc. about this.
First thing's first - no part of this post is to be taken as financial advice. It is a guide on how to start options trading from the UK. Options/CFD trading is a high-risk activity and most retail traders lose money.

1. CFDs vs. Options

So getting started, options and contracts for difference (CFDs) are both financial derivatives - they derive their values from an underlying security e.g. stock, indices, currency, commodities. Long story short, CFDs do not have an expiration and options do; and at the option expiration date, options give the opportunity to buy/sell the underlying (e.g. stock) at the agreed strike price. CFDs are highly directional (delta) trades where positions require ongoing financing fees by a broker, whereas options strategies allow the trader to trade time decay (theta) as well as market volatility (vega). Options provide greater flexibility in trading strategies (time/volatility trading as well as direction); however, due to this, the more complex strategies can be difficult to understand.
Spread betting allows a literal directional bet of an underlying by a certain date. It is most similar naked options - i.e. if your position moves against you enough, your broker may forcibly close your position unfavourably and/or margin call you for extra cash ("you can lose more than your initial deposit"). With options/CFDs, you can define risk by specifying a profitability range (spreads) instead to avoid this scenario. Due to spread betting being so close to gambling, it is treated as such in the UK in terms of taxation - gains are tax free. I will also add here that CFDs/options can also be used in this manner (gambling, with subsequent margin calls etc.), and that CFD brokers tend to understate the risks of these strategies, whilst almost all options brokers require elevated permissions to seek out this level of risk - this is because blowing through margin presents a risk to the broker and they would rather have commissions without the risks of the brokerage going bust. The lowest level of permissions still allows you to buy extremely highly leveraged OTM options without margin, as your max loss is limited to the amount you paid for those options.

2. Brokers

Given that options effectively open up two additional aspects of trading (time/volatility) and require additional regulatory oversight compared to CFDs/spreadbetting, there is basically no options market in the UK - the only brokers at this time are IG/Saxo, and they only do vanilla options on Forex/Indices/Commodities. Everyone else only does CFDs and/or stock (T212, Freetrade, IG, Plus500 etc.). To engage in true stock options trading, the only choice is to open an international/US brokerage account.
The two that are accessible to UK investors are Interactive Brokers (IB) and TastyWorks. Both are reputable brokers and have strong insurances for cash & securities held with them.

3. Opening an account

I will walk through some of the aspects of funding and operating a TastyWorks account from the UK, as this is my recommendation if you're here looking for a cheap way to get started.
Opening a free account on TastyWorks is easy as they are used to foreign traders (form filling within 20-60 mins - you will need a photo of proof of ID and address). It typically takes 1 day for cash accounts and 2-3 days for margin accounts to be ready for funding. My referral link if you feel this guide deserves the effort is: https://start.tastyworks.com/#/login?referralCode=GD9EGGNZYZ. (mods, happy to remove this is this guide is deemed low effort)
The account types are:

4. Funding the Account

Since trading US options is done in USD, the account must be funded in USD. As international traders, deposits must be "By Wire", assuming you do not have a US bank account - full instructions for the "By Wire" method will show up when you are approved to fund your account. With TastyWorks, UK traders have 3 options at time of writing, going from highest to lowest fee:
1) Starling Bank: ~1% commission (+flat fee TBC?)
2) CurrencyFair: typical ~0.75% commission +$20 flat fee
3) TransferWise/Revolut + UK USD Account: ~0.5% commission +$20 flat fee
TastyWorks does not accept third party transfers (accounts not in your name), so services such as Revolut and TransferWise (inc. borderless) do not work directly
4.1 Starling Bank
With Starling Bank, you can do an international wire from a GBP account directly. Easy online bank setup and probably fastest way to get started, especially if you already bank with them. Note: Starling Bank is rejecting transfers to TastyWorks 'as it sits out of our international payment provider's risk appetite' (as of 11th May) - waiting for updates
Note that other routes include a $20 flat fee charged by intermediate banks before the transfer reaches TastyWorks. Haven't got confirmation that this route is charged or if Starling includes it within their higher fee.
4.2 CurrencyFair
TastyWorks have approved transfers via CurrencyFair with a guide at: https://support.tastyworks.com/support/solutions/articles/43000435321-can-i-use-currencyfair-to-fund-my-account-
Easy to get started, but a couple hoops to jump through to confirm your transaction to TastyWorks via email.
Note that the $20 flat fee is for an intermediary bank to take their cut between CF and TastyWorks, but that is not mentioned on the CurrencyFair website.
4.3 USD account + TransferWise/Revolut
The cheapest option is to set up a USD currency account and transfer through that.
The account of choice is the Barclays USD Foreign Currency account - you need a current account with them to be able to open the USD account. HSBC also have an offering, but not had this route confirmed.
Once the USD account is open, you can transfer into it using Revolut/TransferWise (cheap) and then international (wire) transfer from Barclays account to TastyWorks (free!). Note that the Barclays USD account is still a UK bank account, so you'll need to use a SWIFT transfer from Revolut/TransferWise to turn your GBP into USD.
Note that the $20 flat fee is for an intermediary bank to take their cut between Barclays and TastyWorks, but that is not mentioned on the Barclays website.
4.4 Withdrawals
To withdraw funds, do the opposite for a deposit, noting that $45 will be charged by TastyWorks per withdrawal.

5. Getting Started

I highly, highly recommend TastyWork's education centre and their TastyTrade videos, especially if you are new to this.
Otherwise, once funded, it's as simple as downloading the app on mobile, using the browser trading screen, or downloading their full desktop platform.
That's it for the guide - happy trading, and if there are any questions, feel free to get in touch and I'll edit the answers in here. I want this to be a resource because I've helped many people get started, and it would be good to have it all in one place!
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GBPUSD SUSTAINS ABOVE 1.32 LEVEL, INVESTOR EYES ON BAILEY'S SPEECH

GBPUSD SUSTAINS ABOVE 1.32 LEVEL, INVESTOR EYES ON BAILEY'S SPEECH


After reversing from eight months high of 1.3284 in the previous trading session, GBPUSD is flashing green on Friday, moving in tandem with equity market. Besides, investors are also vigilant ahead of speech by BOE governor, Andrew Bailey's at Jackson Hole Economic Symposium where he is expected to provide cues about future monetary policy for the UK. As of now, the cable is trading 0.43% higher at 1.3242
Talking about the previous trading session, the pair gained positive traction and climbed to the highest level since December 2019 following the decline in the demand for the dollar after the Federal Reserve Chairman Powell’s speech. Fed announced another aggressive strategy to keep the interest rates at lower levels for supporting the American economy amidst coronavirus pandemic. Further, the investors’ sentiment tampered after the American Unemployment Claims increased to 1006K, missing the market expectation of 1 million.
However, the pair failed to hold on to the intraday gains and came under intensive selling pressure due to the broad-based strength in the greenback after the US monthly Pending Home sales statistics came at 5.9% vs market anticipation of 2.5%. Subsequently, the pair ended the trading session at 1.3199, with a marginal depreciation of 0.09%.
Going forward, investors will wait for US monthly Core PCE Price Index, Personal Spending, and Revised UoM Consumer Sentiment data for intraday trading opportunities.
Risk Disclaimer: The vast majority of retail client accounts lose money when trading in CFDs.
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USDCAD HITS 1.31 HANDLE AMID BROAD BASED WEAKNESS IN THE GREENBACK

USDCAD HITS 1.31 HANDLE AMID BROAD BASED WEAKNESS IN THE GREENBACK


USDCAD extends its negative movement for fourth straight session in the Asian trading hours on Friday amid broad based weakness in the greenback. The Federal Reserve’s new strategy to lift employment and support higher inflation has weighed on the greenback. As of now, the currency pair is trading lower by 0.18% at 1.3104 level ahead of monthly Canadian GDP data scheduled in the later hours today.
Talking about the last trading session, the currency pair hits fresh seven months low at 1.3101 level after new policy framework was announced by Federal Reserve at Jackson Hole Symposium on Thursday. The central bank adopted a new average inflation target and signalled to keep interest rates lower to strengthen the economy. In addition to this, more than expected Unemployment claims data and less than anticipated Prelim GDP Price Index data from American economy exerted additional pressure on the greenback against its Canadian Counterpart. Thereby, the currency pair closed the session lower by 0.12% at 1.3126 level.
Going forward, market participants will remain watchful over monthly Canadian GDP data, monthly US Core PCE Price Index and Personal Spending data, US Chicago PMI data, US Consumer Sentiments data and Jackson Hole Symposium- scheduled for today to frame their investment decisions.
Risk Disclaimer: The vast majority of retail client accounts lose money when trading in CFDs.
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CRUDE OIL TRADES FLAT AS HURRICANE SHOCK UNLIKELY TO HOLD SUSTAINED IMPACT

CRUDE OIL TRADES FLAT AS HURRICANE SHOCK UNLIKELY TO HOLD SUSTAINED IMPACT


Crude oil is trading flat with negative bias as the short-term impact of Hurricane in the Gulf of Mexico seems to weaken after the market is expecting quick recovery in oil refineries that were shuttered earlier. The big refineries are now planning to resume their commercial shipping and refinery operations, which will again infuse nearly 1.56 million bpd of output in market. Moreover, the black gold continues to face COVID-19 related challenges across the globe amid reduced business activity and lockdowns. A recent IATA report suggested that the airline companies might have to wait till 2024 for international travel to reach pre-coronavirus level. As of now, crude oil is trading flat at $43.10 level, while Brent crude is trading up by 0.20% at $45.67 level.
Talking about the previous session, crude oil ended lower by 0.85% at $43.04 level as FED raised concerns over the speed of economic recovery in America. In addition, one-of the worst Hurricane that hit the US oil industry in nearly half-a century failed to create much impact on total supplies and thus dragged the oil prices lower. Moreover, on late Thursday, the Port of Houston, the major US crude export hub reopened its commercial shipping for nearly 600,000 bpd exports, indicating of a quick rebound from Hurricane-led destruction.
Up ahead, investors will remain watchful over coronavirus headlines to ascertain the market direction.
Risk Disclaimer: The vast majority of retail client accounts lose money when trading in CFDs.
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EURUSD NUDGES HIGHER POST FED CHAIR POWELL’S COMMENTS

EURUSD NUDGES HIGHER POST FED CHAIR POWELL’S COMMENTS


The single currency edged higher versus its US counterpart in the early Asian hours on Friday, post FED Chair Powell’s comments. The underlying sentiments were supported after US Federal Reserve hinted that interest rates will remain close to zero in the foreseeable future despite surge in the pace of inflation.
As of now, the currency pair is trading at 1.1866, representing gains of 0.38%.
Coming onto the previous session, the currency pair witnessed a two way price action and finally settle the day in red territory at 1.1821, with slight loss of 0.07%. Initially, the currency pair surged to the intraday high of 1.1902 level as a kneejerk reaction to the speech of US FED Chairman Jerome Powell at the Jackson Hole Symposium as he indicated towards a shift in the average target inflation to run beyond the set 2%. Powell further reiterated that the pace of US economic recovery would be gradual amid ongoing coronavirus pandemic. However, the pair quickly lost steam as lingering US-China trade concerns and coronavirus worries overshadowed the highly aggressive growth strategy by the Federal Reserve.
Moving ahead, investors can take cues from the US Core PCE Price Index data, Chicago PMI and Personal Spending reports as it could lead to volatility in the pair.
Risk Disclaimer: The vast majority of retail client accounts lose money when trading in CFDs.
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USDCAD TICKS HIGHER, INVESTORS EYE JACKSON HOLE SYMPOSIUM FOR FURTHER SIGNALS

USDCAD TICKS HIGHER, INVESTORS EYE JACKSON HOLE SYMPOSIUM FOR FURTHER SIGNALS


After touching multi month low level of 1.31319 in yesterday’s session, USDCAD is flashing green in the Asian trading hours on Thursday ahead of Jackson Hole Symposium that is scheduled to begin later in the day. The Federal Reserve Chairman Powell is expected to discuss about the monetary policy in two days of meeting and investors will keep an eye on the discussion to gauge the health of the American economy to frame their investment decisions. As of now, the currency pair is trading marginally higher at 0.03% at 1.3146 level.
Talking about the last trading session, the currency pair witnessed decline of approximately 30 pips amid the broad based selling in the greenback. Initially, the pair surged and touched intraday high level of 1.3205 following the upbeat Durable Goods Orders data. However, the safe haven identity of greenback was dented after media reports stated that Moderna’s vaccine has showed positive result in treatment of infection in early stage of trials which bolstered the risk on sentiments on Wednesday. Thereby, the currency pair closed the session at 1.31429 level, down by 0.21%.
Going forward, market participants will remain watchful over quarterly US Prelim GDP, Unemployment Claims data along with speech by FOMC Chairman Powell and BOC Governor Macklem- scheduled to be held later today for intraday trading opportunities.
Risk Disclaimer: The vast majority of retail client accounts lose money when trading in CFDs.
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EURUSD TRADES FLAT, EYES ON US FEDERAL RESERVE CHAIRMAN JEROME POWELL’S SPEECH

EURUSD TRADES FLAT, EYES ON US FEDERAL RESERVE CHAIRMAN JEROME POWELL’S SPEECH


EURUSD ekes out mild gains while heading towards the London open as investors await the speech of US FED Chairman Jerome Powell at the Jackson Hole Symposium for further cues. He is anticipated to outline a policy framework regarding interest rates and inflation.
As of now, the currency pair is trading flat to positive at 1.1832, up by 0.03%.
Coming onto the previous session, the single currency dipped to the level of 1.1772 following the release of upbeat data from the American Economy which showed that Durable goods data came at 11.2%, surpassing its market expectation of 4.4%. Although, the pair quickly recovered afterward as the dollar was unable to withhold gains on hopes of coronavirus vaccine. Moderna announced that its small trials on elderly patients showed positive results and the vaccine was successful in producing neutralizing antibodies. Consequently, the pair settled the day at 1.1829, slightly down by 0.04%.
For the day ahead, investors will keep a close eye on the Eurozone M3 Money Supply data, US Prelim GDP, Unemployment Claims reports, and await the speech of US FED Chairman Jerome Powell at the Jackson Hole Symposium for further trading impetus.
Risk Disclaimer: The vast majority of retail client accounts lose money when trading in CFDs.
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AUSSIE TICKS HIGHER AMID POSITIVE DEVELOPMENTS SURROUNDING US-CHINA TRADE WAR

AUSSIE TICKS HIGHER AMID POSITIVE DEVELOPMENTS SURROUNDING US-CHINA TRADE WAR


Australian Dollar which is regarded as a proxy for China because of their close trade relations appreciates against its US counterpart on Tuesday as market focus on developments over Sino-US trade negotiations. Earlier today, the two behemoths held a telephone call to discuss the implementation of Phase -1 trade deal agreed in January. Currently, the currency pair is trading at 0.7173, up by 0.18%.
Talking About yesterday, initially, the pair climbed to 0.7203 level in European trading hours as market participant’s cheered optimism surrounding COVID-19 treatment. The USFDA approved the usage of blood plasma from recovered COVID-19 patients as a treatment option. However, the pair trimmed majority of its gains in American trading session as traders booked profit near the psychological level of 0.72 coupled with a bounce in the greenback. Subsequently, the pair concluded the session with a marginal gain of 0.01% at 0.7161 level.
Going forward, investors must keep a tab on the US CB Consumer Confidence and New Homes Sales data for intraday trading opportunities.
Risk Disclaimer: The vast majority of retail client accounts lose money when trading in CFDs.
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GOLD DRAWS IN SAFE HAVEN BIDS AFTER POWELL POINTS AT GRADUAL ECONOMIC RECOVERY

GOLD DRAWS IN SAFE HAVEN BIDS AFTER POWELL POINTS AT GRADUAL ECONOMIC RECOVERY


Gold is flashing green in the early Asian Trading hours amid broad-based weakness in the U.S dollar after Powell indicated that the U.S economic recovery would be a gradual process. He further didn't keep his usual stance of fed continuing asset purchase and hinted that the interest rate to remain low near zero.
As of now, gold is trading at 1943.53, up by 0.72%.
Talking about the previous session, the precious metal went for a roller coaster ride after the Fed Chairman's speech. Initially, reacting to Powell's comments, the bullion soared to its intraday high of 1976.65 level on doubts over the pace of the V-shaped U.S economic recovery. Later, the treasury yields rose after the Fed mentioned its aim to keep the inflation at an average of 2% over time. Consequently, the non-yielding bullion lost its appeal and ended the session in the red territory at 1929.20 with a loss of 1.30%.
Moving forward, investors will keep a close eye on the U.S Core PCE Price Index, Personal Spending, Chicago PMI, Revised UoM Consumer Sentiment, and second day of Jackson Hole Symposium for short term trading impetus.
Risk Disclaimer: The vast majority of retail client accounts lose money when trading in CFDs.
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CRUDE OIL TRADES FLAT AFTER TESTING 5-MONTH HIGH LEVEL

CRUDE OIL TRADES FLAT AFTER TESTING 5-MONTH HIGH LEVEL


After gaining more than 2% in the previous session, crude oil is trading flat with positive bias in the Asian trading hours. Crude prices touched new highs since early March after US producers suspended most of their Gulf coast operations ahead of Hurricane. Apart from this, investors’ sentiment remains buoyed by the drawdown in US crude inventories data that further stalled the oversupply concerns among investors. The industry-backed API data reported a drop in US inventories by 4.52 million barrels for the week that ended on August 23. The data came much better than the market expectations for a drop of 2.7 million barrels. As of this moment, US WTI is trading flat to positive at $43.43 per barrel, while Brent crude is trading up by 0.22% at $46.41 per barrel.
Talking about the previous session, crude oil climbed to new highs and ended up by 2.19% at $43.39 per barrel level. This was after Hurricane assaulted a key stretch of the U.S. Gulf Coast that is home to region’s biggest refining capacities. The storms had disrupted nearly 82% of Gulf’s production, and have led to supply cuts of nearly 1.5 million bpd. Also, investors gained optimism from signs of easing tensions between US-China. This was after Chinese authorities’ reaffirmed their commitment towards Phase 1 trade deal reached earlier this year.
Up ahead, investors will remain watchful over EIA inventories data scheduled later in the day to ascertain the market direction.
Risk Disclaimer: The vast majority of retail client accounts lose money when trading in CFDs.
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Best trading platform - 1Minute options

The Financial Productsoffered by the company include contracts for Different ('CFDs') and other complex financial products. Trading CFDs carries a high level of risk since leverage can work both to your advantage and disadvantage. As a result, CFDs may not be suitable for all investors because it is possible to lose all of your invested capital.
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USDCAD TICKS HIGHER AHEAD OF SPEECH BY BOC GOV COUNCIL MEMBER WILKINS

USDCAD TICKS HIGHER AHEAD OF SPEECH BY BOC GOV COUNCIL MEMBER WILKINS


USDCAD is flashing green in the Asian trading hours on Wednesday ahead of the speech by Bank of Canada’s Governor Council member Wilkins scheduled for later in the day. Investors will remain vigil over clues regarding the future monetary policy as council members play a vital role in sketching the nation’s key interest rates. As of now, the currency pair is trading slightly higher by 0.04% at 1.3176 level.
Talking about the last trading session, the currency pair witnessed a decline of approximately 50 pips following the weakness in the US dollar. The safe haven appeal of greenback suffered amidst sign of improvement in the US-China trade talks after both sides remained committed regarding implementation of Phase-1 trade deal. In addition to this, the US CB Consumer Confidence data that came out at 84.8 much less than anticipated exerting additional pressure on greenback. Besides, the surge in the prices of black gold by 2.19% following massive production cuts in the Gulf coast and US producers closing their offshore output in Gulf of Mexico after Tropical Storm Laura expected to turn into hurricane provided strength to the commodity sensitive loonie on Tuesday. Thereby, the currency pair closed the session down by 0.34% at 1.31712 level.
Going forward, market participants will remain watchful over monthly US Core Durable Goods Order and Durable Goods Order along with speech by BOC Gov Council Member Wilkins - scheduled to be held later today for intraday trading opportunities.
Risk Disclaimer: The vast majority of retail client accounts lose money when trading in CFDs.
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AUSSIE TRADES ABOVE 0.72 HANDLE AHEAD OF FED CHAIRPERSON POWELL’S SPEECH

AUSSIE TRADES ABOVE 0.72 HANDLE AHEAD OF FED CHAIRPERSON POWELL’S SPEECH


Aussie trades positive for fourth consecutive session as traders refrain from placing aggressive bets in USD ahead of Fed Chairperson Powell’s speech scheduled for today. The central bank official is likely to provide some cues regarding the future monetary policy for the country. Currently, the currency pair is trading near weekly high at 0.7235, up by 0.06%.
Earlier today, market participants cheered the release of better than expected Australia’s quarterly Private Capital Expenditure data.
Talking About yesterday, the risk- sensitive Aussie surged above the psychological level of 0.7200 handle in American trading hours tracking cues from the equities which scaled to its all-time high level. The demand for riskier assets appreciated against the greenback as markets remained hopeful for further monetary easing in US to combat the economic damage caused by the pandemic. Subsequently, the pair concluded the session at 0.7232, up by 0.54%.
For the day ahead, investors will focus on Powell’s speech, US GDP and Initial Jobless Claims data for ascertaining further direction in the pair.
Risk Disclaimer: The vast majority of retail client accounts lose money when trading in CFDs.
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GOLD TURNS RED AMID GAINS IN US EQUITIES AHEAD OF POWELL’S SPEECH.

GOLD TURNS RED AMID GAINS IN US EQUITIES AHEAD OF POWELL’S SPEECH.


Gold is flashing red in the early Asian trading hours as investors turn towards the riskier assets as U.S equities trade at their all-time high ahead of Jerome Powell's speech. The markets are expecting the Fed Chairman to sound dovish as the pandemic continues to damage the U.S economy.
As of now, gold is trading at 1942.71, down by 0.61%.
Talking about the previous session, the bullion kicked off the day with a negative bias owing to the broad-based strength in the U.S dollar which led the precious metal to touch its 9 days low of 1902.91 level. Later, the U.S dollar lost its ground even though the U.S Core Durable Goods Orders data showed better than the expected results. Consequently, the precious metal recovered from its intraday low and ended the day in the green territory at 1954.63 level with a gain of 1.27%.
Moving forward, apart from the Fed Chairman's speech, investors will take cues from the U.S Prelim GDP, Unemployment Claims, and Pending Home Sales data to determine the direction of gold.
Risk Disclaimer: The vast majority of retail client accounts lose money when trading in CFDs.
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AUSSIE HOVERS NEAR A PSYCHOLOGICAL 0.72 HANDLE AS TRADERS AWAIT FED CHAIRPERSON SPEECH

AUSSIE HOVERS NEAR A PSYCHOLOGICAL 0.72 HANDLE AS TRADERS AWAIT FED CHAIRPERSON SPEECH


The Aussie bulls remain shy of the psychological level of 0.72 from last four days amid the ongoing pandemic situation which clouds the global economic outlook. As of today, the pair remains largely unchanged in Asian trading hours as traders refrain from placing aggressive bets ahead of Fed Chairperson Powell’s speech on Thursday. The central bank official is likely to provide some cues regarding the future monetary policy in the country. Currently, the currency pair is trading flat to positive at 0.7195.
Meanwhile, Australia reported a decline in quarterly Construction Work Done data in early trading hours which placed a lid over the gains in the pair.
AUD which is considered a proxy for China because of their close trade relations gained ground on Tuesday following the positive developments over Sino-US trade negotiations. The two economic giants held a telephone call to discuss the implementation of Phase -1 trade deal agreed in January. In addition to this, disappointing US Consumer Confidence published later in the day weighed on the demand for the greenback. The data came at 84.8, defying the expectations of 93. Consequently, the pair concluded the session at 0.7195, up by 0.46%.
Going forward, investors must keep a tab on the US Durable Goods Orders data for intraday trading opportunities.
Risk Disclaimer: The vast majority of retail client accounts lose money when trading in CFDs.
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EURUSD WILTS AMIDST LINGERING CORONAVIRUS CONCERNS

EURUSD WILTS AMIDST LINGERING CORONAVIRUS CONCERNS


EURUSD ticks lower in early Asian hours on Wednesday as greenback recovers ground amid fears of the second wave of coronavirus that diminishes the prospects of quick economic recovery. Several European nations are rattled again with the surge in coronavirus cases especially, Germany and France despite the implementation of social distancing norms.
As of this moment, EURUSD is trading at 1.1815, down by 0.18%.
Coming onto the previous session, the currency pair peaked to the level of 1.1843 amid the signs of progress in the Sino-US trade talks after top US officials stated that both the nations were witnessing progress over the Phase 1 deal and are fully committed to ensuring its successful implementation. In addition to this, the German Final GDP data came at -9.7% much better than the consensus of -10.1%. On the other hand, US published CB Consumer Confidence data which failed to meet market expectations. Consequently, the currency pair settled the session at 1.1834 level, up by 0.40%.
Moving ahead, investors can take cues from the US Durable Goods Order data for short term trading impetus.
Risk disclaimer: The vast majority of retail client accounts lose money when trading in CFDs.
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OIL TRADES FLAT DESPITE MASSIVE PRODUCTION CUTS IN GULF OF MEXICO

OIL TRADES FLAT DESPITE MASSIVE PRODUCTION CUTS IN GULF OF MEXICO


Crude oil is trading flat despite a major Hurricane shock in US crude fields that forced oil refineries and rigs to shut down in the Gulf of Mexico. However, it does not impact much on total crude supplies as demand remains subdued amid pandemic. The fuel consumption is still struggling to reach its pre-coronavirus levels as large number of public transport services are still shut due to re-imposition of lockdown in many regions. In addition, the rising COVID-19 cases in Europe and Asia weigh on investors’ sentiment and kept gains in crude prices limited. As of now, crude oil is trading flat at $43.46 per barrel, while Brent crude is trading up by 0.24% at $46.23 per barrel.
Talking about the previous session, crude oil ended unchanged at $43.41 level as crude stock-piles remain high in spite of a larger-than expected drawdown in US crude inventories. According to EIA, domestic crude inventories decreased by 4.7 million bpd in the week that ended on August 21. Although, it didn’t made huge difference in the existing crude built that stood near all-time highs of 507.8 million barrel. In addition to this, EIA data showed that fuel demand is still 14% down from a year earlier due to pandemic.
Up ahead, investors will remain watchful over coronavirus headlines and the FED speech to ascertain the market direction.
Risk Disclaimer: The vast majority of retail client accounts lose money when trading in CFDs.
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AUSSIE SCALES 18 MONTHS PEAK NEAR 0.7300 HANDLE AFTER FED’S REMARKS

AUSSIE SCALES 18 MONTHS PEAK NEAR 0.7300 HANDLE AFTER FED’S REMARKS


AUDUSD is on track to register the maximum weekly gain since June amid broad-based weakness in the greenback which has supported the demand for riskier assets throughout the week. Currently, the pair is trading near its 18 months high at 0.7291, up by 0.44% amid follow through buying in AUD after Powell’s comments in the previous session raised concern over the US economic growth.
Talking about the previous session, AUD appreciated against its US counterpart after the Fed Chairperson Powell signalled to keep the interest rate at lower level as long as required to cushion the economic blow caused by the pandemic. Additionally, the central bank official cited that economic recovery would be long and slow. The comments were in contrast to RBA meeting minutes published in the previous week which stated that COVID-19 led economic downturn in Australia is not severe as expected. As a reaction, the pair climbed to 0.7290 level. However, a better than expected US GDP and Pending Home Sales data erased some of the gains in Aussie. Consequently, the pair concluded the session at 0.7260, up by 0.36%.
For the day ahead, investors will focus on US Core PCE Price Index, Chicago PMI, Revised UoM Consumer Sentiment and Personal Spending data for ascertaining further direction in the pair.
Risk Disclaimer: The vast majority of retail client accounts lose money when trading in CFDs.
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USDCAD SUSTAINS ABOVE 1.32 HANDLE AHEAD OF THE US CONSUMER CONFIDENCE PRINTS

USDCAD SUSTAINS ABOVE 1.32 HANDLE AHEAD OF THE US CONSUMER CONFIDENCE PRINTS


USDCAD extends its positive movement for second straight session in the Asian trading hours on Tuesday, amid investors wait for US August Consumer Confidence prints scheduled later in the day. As of now, the currency pair is trading marginally higher by 0.07% at 1.3226 level.
Talking about the last trading session, initially the pair edged down to its intraday low level of 1.3132 after Plasma therapy was allowed to treat coronavirus patients in US which dented the safe haven identity of greenback. However, the pair witnessed a strong bounce in the American session and closed the session at 1.3216 level, up by 0.36% on Monday.
Going forward, market participants will remain watchful over Canadian quarterly Corporate Profits data, US CB Consumer Confidence, New Home Sales and Richmond Manufacturing Index data and speech by Canadian Gov Council Member Schembri- scheduled to be held later today for intraday trading opportunities.
Risk Disclaimer: The vast majority of retail client accounts lose money when trading in CFDs.
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EURUSD TRADES ABOVE 1.18 HANDLE AMID SIGNS OF PROGRESS IN SINO-US TRADE TALKS

EURUSD TRADES ABOVE 1.18 HANDLE AMID SIGNS OF PROGRESS IN SINO-US TRADE TALKS


The single currency stepped up versus its American counterpart on Tuesday as the better market mood is exerting pressure on the perceived safe-haven US dollar. The cheerful news on the Covid-19 front after approval of plasma treatment and signs of progress in the Sino-US trade talks is adding to the bid tone surrounding the single currency. The top US officials stated that the US and China are witnessing progress over the Phase 1 deal and are fully committed to ensure its successful implementation.
As of this moment, the currency pair is trading at 1.1811, representing gains of 0.21%.
Coming on to the previous session, initially, the currency pair surged to the level of 1.1849 following news that the US Food and Drug Administrations (FDA) has allowed the use of plasma for treating coronavirus patients. However, during the American session, EURUSD returned to the 1.18 handle as the new coronavirus cases have started to fall in the US while it regressed across Europe thus, undermining the demand for the common currency. Consequently, EURUSD settled the day at 1.1787, mildly lower by 0.06%.
For the day ahead, traders can monitor the German IFO Business Climate reports for further trading impetus. Apart from Eurozone data, the US will publish CB Consumer Confidence data and the New Home Sales report.
Risk Disclaimer: The vast majority of retail client accounts lose money when trading in CFDs.
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GOLD DOWN FOR THE FOURTH DAY ON BROAD-BASED USD STRENGTH

GOLD DOWN FOR THE FOURTH DAY ON BROAD-BASED USD STRENGTH


Gold is down for the fourth consecutive day, trading at 1925.57, down by 0.26% on broad-based strength in the U.S dollar in the Asian trading hours. Meanwhile, the investor's main focus for the week remains on Jerome Powell's speech on Thursday. The markets are expecting the Fed Chief to sound dovish as the pandemic looms over the U.S economy.
Talking about the previous session, the bullion witnessed a two-way price action to finally settle the day in the red territory. Initially, gold touched its intraday high of 1937.52 level in the Asian trading hours as investors remain worried over the rising global coronavirus cases. Later, the bullion took a U-turn and touched its intraday low of 1914.47 level after investor's focus shifted towards the positive talks between the U.S and China over the first phase of the trade deal that was agreed in January. Both sides agreed to take significant steps to ensure the successful implementation of the phase one deal.
As a result, XAUUSD settled the day at 1927.10 level with a loss of 0.09%.
Moving forward, investors will take cues from the U.S Core Durable Goods Orders data to determine the direction of gold.
Risk Disclaimer: The vast majority of retail client accounts lose money when trading in CFDs.
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CRUDE OIL TRADES POSITIVE AMID DOUBLE-TROUBLE IN GULF OFFSHORE

CRUDE OIL TRADES POSITIVE AMID DOUBLE-TROUBLE IN GULF OFFSHORE


On the first trading session of new week, black gold is trading higher in response to the double-trouble in Atlantic region, after storms in Gulf of Mexico disrupted more than half the region's oil production. The storms had shut 58% of Gulf’s production, which nearly accounts 10% of the US oil production. However, the upside remains limited as concerns of rapid surge in coronavirus cases continues to weigh on investors’ sentiment. Till now, global death toll has surpassed 807,000 level, with rising fatalities in US, Brazil and India. As of now, crude oil is trading up by 0.32% at $42.32 per barrel, while Brent crude is trading flat at $45.44 per barrel.
Talking about the previous session, crude oil slipped by nearly 1% as investors remain concerned over economic recovery due to renewed fears of the pandemic-led lockdowns that can weigh on crude demand. The signs of which were clearly visible in lower India's crude oil imports data that fell to its lowest level since March 2010. While, U.S. motorists drove 13% lesser miles in June than a year earlier, as reported by the U.S. Department of Transportation. Consequently, crude oil ended 1.15% lower at $42.21 level.
Up ahead, investors will remain watchful over coronavirus headlines to ascertain the market direction.
Risk Disclaimer: The vast majority of retail client accounts lose money when trading in CFDs.
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HOW TO READ LEVEL 2 ON TD AMERITRADE TOS - YouTube How To Use LEVEL 2 To Trade Stocks (BEGINNERS) - YouTube Level 2 : Helping You Trade Before the Crowd Level 2 Basics Day Trading  How To Read Level 2 Quotes - YouTube

In this respect, Level 2 data provides an indication of supply and demand as it happens, so CFD traders can see how many ‘buy’ and ‘sell’ orders are active on a stock in real time. So if more investors are buying a certain stock it may be assumed that demand is rising and there is not a sufficient supply of the stock to meet the demand The alternative to using Level 2 is a quote driven system. This is basically as it says a pure quote without any details about market depth as you get with Level 2. All brokerages will operate some form of quote driven system based on the underlying market quote derived from what is happening on the Level 2 system. Level II data is generally more expensive than Level I data on stock and futures trading platforms. It is regularly free on many forex brokers. For an example of the difference between Level I and Level II data, let’s say you’re trading a stock with a market price of $25.00; the bid is $24.98 and the ask is $25.02. A trading system (or trading strategy) exhibiting a win/loss ratio of 40% may still generate returns if risk/reward achieves at least a 1:2 ratio. At a 1:3 risk/reward ratio, you’re in a particularly favourable position with the ability to produce returns even if the trading system wins only 30% of the time. For large enough orders of illiquid shares, sometimes even level 2 is insufficient and orders will need to be filled at prices corresponding to levels 3 and/or below. Understanding Level 2 trading helps avoid the problem of insufficient liquidity and being filled at worse buy/sell levels that the investor originally wanted.

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HOW TO READ LEVEL 2 ON TD AMERITRADE TOS - YouTube

Video goes in to great detail about how to use level 2 when trading stocks. This video will give you a very easy and basic understanding of level 2. Hey Guys... How to use Level 2 - Day Trading for $9,000 in 20 Minutes - Duration: 14:05. Meir Barak - Tradenet Day Trading Academy 23,272 views. 14:05. How to Use Level 2 While Trading Stocks - Duration: 7:39. Day Trading Level 2 YOU NEED TO READ IT! - Duration: 6:53. Patrick Wieland 65,643 views. 6:53. How I used Level 2 to predict the KRTX Breakout - Duration: 27:31. Warrior Trading 103,521 views. 🎁Get my FREE Trading Journal + Weekly Stock Picks: https://bit.ly/2WIm5rJ 🔽Time stamps: 1:34 What is Level 2 Market Depth 5:13 What is Time and Sales (tape) ... Day Trading Level 2 Explained in the most simplest way. Taking a look at the Level 2 Order book and how you can use it to DayTrade in this video. Remember Level 2 can be very deceiving some times ...

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