MARKET UPDATE 2 11:00 A.M.

Well, since I woke up at 4 am est this morning I have not been impressed by price action at all. As far as the 1 hr chart, we got a 30 minute quick pop off the gbp news and it's been slow motion since.

Banks are the market makers than move currencies. Most of them are off today ( eurozone ). That's the trade off with market makers. They are needed because without them there is no liquidity in the market and we get markets caught in a tight range that's un-tradeable because of no sustained direction.  The flip side is that they set up retail traders who don't understand the game.

The hardest thing for any trader is not to trade for a whole day. But I think most traders know when to trade but, very few know when not to.

The u.s. data has not put any real energy into the markets. Markets are ticking like a slow clock. Squeezing blood.  Why look to force a trade.  I could but I just don't see it on a risk reward basis.

Gives me a chance to get some work done for students though.

Cheers, Jerry

jerry@forextradingmajic.com

jerryjstew@yahoo.com