The Death of One of the Most Eclectic Traders

16 October 2021 | Updated: 16 October 2021

MASTER TRADER JOE ROSS PASSES ON

Dear Traders,

We are sad to inform you of the passing of Master Trader Joe Ross on the morning of Tuesday, September 7, 2021 at the age of 87. He went peacefully doing what he loved, by taking care of Loretta, his wife of 62 years of marriage and teaching his students from every continent how to trade. Joe has always been a free spirit and loved the trading world being his own boss. He quickly learned that teaching others was his true passion. The joy of educating those about a system in which he had true confidence and to see others come into their own. That was his greatest pleasure. He was proud to be a devoted Christian and combined spirituality with trading.
Our condolences to our traders and students for the loss of a mentor and close friend, some would even go as far as saying a “father-figure” and he wore that title proudly.

Master Trader Joe Ross’ passing came upon us unexpectedly and suddenly. Again, we would like to send our condolences to those who lost a mentor and a friend.

Joe, you will forever be in our hearts.

Who is Joe Ross?
Joe Ross is the creator of the Ross hook™, and has set new standards for low-risk trading with his concepts of “The Law of Charts™” and the “Traders Trick Entry™.” Joe was a private trader and investor for much of his life, but a serious health situation in the late 80’s caused him to shift his focus, and that is when he decided to share his knowledge. After his recovery, he founded Trading Educators in 1988, to teach aspiring traders how to make profits using his trading approach.
Joe Ross has written twelve major books and countless articles and essays about trading. All his books have become classics, and have been translated into many different languages. His students from around the world number in the thousands. His file of letters containing thanks and appreciation from students on every continent is huge: As one student, a successful trader, wrote: “Your mastery of teaching is even greater than my mastery of trading.”

Joe Ross holds a Bachelor of Science degree in Business Administration from the University of California at Los Angeles. He did his Masters work in Computer Sciences at the George Washington University extension in Norfolk, Virginia. He is listed in “Who’s Who in America.” After 5 decades of trading and investing, Joe Ross still tutors, teaches, writes, and trades regularly. Joe is an active and integral part of Trading Educators. He is the founder and contributor of the company’s newsletter Chart Scan™.

“Master Traders Joe Ross was one of the most eclectic traders in the world. And he remains one of the few best mentors I have, alongside, Dr. Van. K. Tharp (may he live long), and one or two others. His teachings and insights into the markets have contributed to making me who I am today. He also talks about the spiritual side of trading, concluding that trading is no sin.” – Azeez M.
“The trading world has lost a unique and passionate trader. He explained to me that his material will never go out of date, only the technology. Recently, we updated several of his hardback books into eBooks and he was right. From making trades over the phone to the “pit” then to opening an online account, my how things have changed. But he is correct about his methods, they will continue to apply to the markets regardless of how technolgy advances.” – Martha Ross-Edmunds (Joe’s daughter)

Joe Ross’ Trading Philosophy:
“Teach our students the truth in trading — teach them how to trade,” and “Give them a way to earn while they learn — realizing that it takes time to develop a successful trader.”

IN MEMORIAM: Joe Ross (RIP)

 

 

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GBP Rises As Yen Falls, Dollar Shakes Off Retail Sales

16 October 2021 | Updated: 16 October 2021

Today, GBP takes the show, smashing through major resistance levels versus the Japanese Yen as well as a near-term low against the Euro. On solid retail sales, the dollar is attempting to strengthen against the Euro and Swiss Franc, but the movement is sluggish elsewhere. The selloff in the yen hasn’t changed, but it has accelerated. The Aussie and Kiwi are holding their ground and are on track to finish the week as the biggest winners.

The dollar index is hanging around 94.00 today after two days of losses; however, due to a weakening Japanese yen, the dollar/yen is headed quickly up towards a new three-year high around 114.20. Retail sales in the United States surprisingly increased by 0.7 percent in September, compared to an upwardly revised 0.9 percent the previous month. The Bank of Japan’s dovish stance and widening 2-year US-Japan rate differentials remain crucial considerations. Following good earnings reports, US futures are predicting another bullish day.

As it tries to gain traction above $1.1600, the single currency has remained heavy. GBP continues to outperform as the BoE lift-off date approaches, and a clean break over $1.3750 sets the ground for a challenge of the 200-day simple moving average (SMA) at $1.3545. Near 157.30, the pound/yen is flirting with a 44-month high. The US dollar is likely to have a correction within the longer-term upswing, given the Fed’s willingness to begin tapering soon.

The September consumer inflation data were worrisome. Although the PPI figures were lower than predicted, this does not indicate that inflation is no longer a problem. The Fed is not presently panicking like the Bank of England, but it is continuing slowly in eliminating accommodation in the hope of achieving eventual rate lift-off in the second half of 2022. Bullard and Williams will make public appearances today to discuss a variety of topics.

GBP Surge Accelerates, Putting Pressure on the US Dollar

The British pound climbed above 1.3750 on Friday, reaching 1.3775 for the first time since mid-September. The pair has gained approximately 0.65% in the greatest daily performance in the recent few weeks, and it is expected to conclude the week with a significant gain after gaining about 2.5 percent in October.

The GBP has risen for the second week in a row, boosted by a greater appetite for risk, which is harming the safe-haven dollar. The major stock indices are ending the week on a high note, bolstered by better-than-expected quarterly earnings in the financial sector, which have allayed concerns about rising prices and supply chain disruptions.

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Cryptocurrency Community in Frenzy Following Possible Indication of BTC ETF Approval by SEC

15 October 2021 | Updated: 15 October 2021

The US SEC triggered a frenzied reaction in the Bitcoin and cryptocurrency community yesterday, following a tweet by its official handle about investing in funds that hold Bitcoin futures contracts. The account (@SEC_Investor_Ed) tweeted that: “Before investing in a fund that holds bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits.”

The tweet cited an investor bulletin published in June by the SEC’s Office of Investor Education and Advocacy and the Commodity Futures Trading Commission’s (CFTC’s) Office of Customer Education and Outreach. The bulletin urged that: “investors considering a fund with exposure to the bitcoin futures market to weigh carefully the potential risks and benefits of the investment.”

The recent tweet by the Commission raised optimism in spectators that the watchdog could approve a Bitcoin futures ETF soon. Reports show that the SEC should approve several Bitcoin strategy ETFs this month.

Commenting on the possible ETF approval, senior ETF analyst at Bloomberg Eric Balchunas noted that:

“Getting closer: The SEC just tweeted out an Edu bulletin they wrote back in June re bitcoin futures and ‘funds that hold bitcoin futures. Clearly [a] good sign, and we [are] upping our odds to 85%.”

Balchunas further noted that another sign that an ETF could get approved soon is that “Valkyrie just updated their bitcoin futures ETF prospectus (which typically only happens when ducks in [a] row [are] ready for launch). They added their ticker $BTF, altho no fee still. Can’t say this is done deal type evidence but a good sign IMO.”

Some Cryptocurrency Community Member Remain Skeptical Over BTC ETF Approval

However, some spectators cautioned that the SEC’s recent tweet might not necessarily indicate a BTC ETF approval citing a similar tweet by the Commission in June.

Economist and crypto analyst Alex Kruger opined that: “Market interpreting this SEC post as odds of bitcoin futures ETF increased dramatically but note, the SEC had posted the same thing back in June.”

Nonetheless, the crypto community is optimistic that the watchdog will approve the pending BTC ETFs considering that SEC Chair Gary Gensler has indicated his openness to the idea of it.

 

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GBPJPY Rallies With Strong Momentum

15 October 2021 | Updated: 15 October 2021

GBPJPY Analysis – Price Rallies With Strong Momentum as Bulls Climb Above Significant Key Levels

GBPJPY rallies with strong momentum above the price level. Bulls took sole control of the entire position, driving the price upward. The market trends upward, breaking significant price levels as the momentum increases. The bulls are still in control of the present market, and the price is heading upward before any major trend reversal can occur.

GBPJPY Significant Levels:

Resistance Key Levels: 155.200, 153.200
Support Key Levels: 150.700, 149.100

GBPJPY Rallies With Strong Momentum

GBPJPY Long Term Trend: Bullish

Before this major bullish trend occurred in the market, GBPJPY sellers brought the price down to a significant low. This implies that the market was seen as a bearish movement. The price appears to be swinging lower, making significant lower lows and highs. The price, therefore, breaks through several price levels, and these levels were also retested before the market continues downward. From one swing low to another, the till price eventually gets to the 149.100 significant price level.

The bulls gained control at the same 149.100 significant price level, running with strong liquidity strength before a pullback came into play. The market then begins to ride the bullish momentum as the price rallies higher. On the daily chart, the Momentum indicator displays a price level around the 2.50 level, indicating the very high ground of bullish strength. This shows the position of the bulls in the market. The RSI (Relative Strength Index) is in the overbought region, showing that the market is also close to a reversal or immediate pullback.

GBPJPY Rallies With Strong Momentum

GBPJPY Short Term Trend: Bullish

On the 4hour chart, the market is seen making significant higher highs upward. As several highs are made, the sellers also try to push the price downward, making a pullback. Nevertheless, the bulls continue to build strong momentum as the price continually rallies. The Momentum indicator shows an increase as the bulls continue to gain more strength after a pullback to the 155.200 significant price level. More rallies will therefore be evident as time moves on. The RSI also indicates price levels around the overbought region, implying that bullish momentum is about to elapse. GBPJPY rallies with strong momentum as price progress above the 155.20 significant price level.

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Pound Sterling Reaches Three-Week High as GDP Increases

14 October 2021 | Updated: 14 October 2021

Thursday saw the pound sterling extend its gains as the US dollar continues to lose ground against the other currencies. The GBP/USD exchange rate is currently at 1.3710, up 0.41 percent on the day. The pair had previously reached 1.3434, its highest level since September 24th.

The August GDP data came in at 0.4 percent, which was an improvement above the previous month’s reading of -0.1 percent. Following the government’s relaxation of lockdown limits in July, August was the first complete month without Covid-19 limitations. With inflation far above the Bank of England’s objective and the UK economy within 0.8 percent of pre-pandemic levels, there are compelling arguments for the Bank of England to raise interest rates soon.

With BoE Governor Bailey and MPC member Saunders issuing hawkish views earlier this month, the central bank has hinted that it may hike rates sooner than expected.

Markets have reacted by banking on a rate hike before the year’s conclusion. This would be a historic move, as the Bank of England would be the first major central bank to hike rates since the outbreak began (apologies to the RBNZ, which raised rates last week). With only six weeks remaining in 2021, market investors will be closely monitoring every statement made by BoE members in the run-up to the policy meeting on November 4th, looking for clues as to when the BoE expects to increase.

The FOMC minutes in the United States revealed that the Federal Reserve plans to cut its bond purchases in November or December. According to the minutes, the Fed would gradually lower the USD 120 billion per month until the program is completely phased out by July 2022. In the United States, rate fever is gaining traction, with the market pricing in a rate hike from December 2021 to September 2022.

Pound Sterling Stays Buoyant, Following Weakened US Dollar

The pound sterling is giving up gains towards the end of the US trading session on Thursday, with the pair sliding below 1.3700 after reaching a three-week high of 1.3730. Cable, on the other hand, continues strong on daily charts, trading above the top of the previous trading range at 1.3650/70.

The pound has risen in value over the last two weeks as the market anticipates a Bank of England interest rate hike early next year. With inflation approaching nearly twice the Bank’s price stability objective, officials at the Bank of England are publicly discussing the potential of speeding up the monetary policy normalization plan.

On the other side, the US dollar is trading lower on Thursday, owing to a heightened appetite for risk. The market overlooked the drop in US weekly jobless claims, which fell below 300,000 for the first time in 19 months, as confirmation on Wednesday that the Federal Reserve is set to begin rolling back its bond-buying program over the next month, as suggested by the minutes of the last FOMC meeting, released on Wednesday.

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US Dollar Falls Significantly Following Indications of FED Tapering

14 October 2021 | Updated: 14 October 2021

The US dollar weakened against several other currencies as inflationary pressures in the US economy were confirmed by the release of US CPI data for September. Characteristically, the general level of the CPI rose on an annualized basis, again reaching a 13-year high.

On the other hand, the minutes of the September Fed meeting confirmed the Fed’s plans to begin cutting the bank’s quantitative easing program this year, and this cut should be completed by mid-2022. US yields were on a downward trend given the weakness of the dollar; the price of gold got a chance to rally as the precious metal is also considered a hedge against inflationary pressures.

U.S. equities posted a slight gain yesterday and we expect fundamentals to continue to support traders’ interest, although some attention is also expected to be given to the weekly initial jobless claims data released later today, as well as the Fed policymakers scheduled to speak today.

Container ship backlogs have increased in numerous American ports. As a result, with inflation rising and the unemployment rate falling, the Fed is likely to begin tightening its monetary policy. According to minutes released yesterday, several Fed officials anticipate that slowing asset purchases might begin as early as mid-November. Many Fed officials expect rates to rise in 2022, according to the dot plot.

After the inflation figures and Fed minutes, the EURUSD pair rose while the US dollar fell. The pair has risen over the major resistance level of 1.1585 on the hourly chart. The neckline of the double-bottom pattern, whose lower level was at 1.1528, was reached at this price. The price crossed over the 25-day moving average (MA), and the MACD crossed above the neutral level. As a result, the pair is likely to continue climbing, with 1.1630 as the next major mark to watch.

US Dollar Value Decreases

A strong auction of 30-year bonds the night before and a re-alignment of the US yield curve, triggered by a drop in long-term yields following US inflation data, sent the dollar index plummeting. The dollar index fell 0.54% to 94.00, after which it showed a slight increase in Asia to 94.05.

What cannot be denied is that the dollar index has tracked a major top at 94.50, and a daily close above that level will be a strong indicator of further upward movement. In my opinion, only a drop to 93.50 temporarily changes the bullish outlook for the US dollar.

It should be recognized that part of the depreciation of the US dollar is likely due to the large number of speculative long dollar positions created in the futures markets against major currencies. In terms of major foreign exchange markets, it is no coincidence that the euro, pound sterling, and Swiss franc rose more than 0.55% overnight, having been pumped up in recent days. Perhaps more importantly, USD/JPY, AUD/USD, and NZD/USD remained virtually unchanged overnight, suggesting that the difference in

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USDJPY Is Gaining a Strong Bullish Appearance

14 October 2021 | Updated: 14 October 2021

USDJPY Analysis – Price Is Gaining a Strong Bullish Appearance Upward

USDJPY is gaining a strong bullish appearance upward due to an increase in price movement in the market. The bulls’ momentum continues to increase progressively as the buyers are seen adding more positions to the market. The buyers, however, have held this position for a long time as price action has been seen after accumulating and then breaking through several significant levels as the bullish appearance becomes stronger.


USDJPY Significant Levels

Resistance Key Levels: 112.050, 110.860
Support Key Levels: 109.700, 109.100

USDJPY is gainingUSDJPY Long Term Trend: Bullish

USDJPY price-ranging moments are seen after the price progressively rallied up. The market is seen creating significant higher lows and highs. The price then entered a significant range, and the price begins to consolidate between the significant levels of 109.700 and 110.860. At this stage, there was a price struggle between the major competitors in the market. However, due to several accumulations, the buyers finally gained total control of the market situation. The market continues to gain more strength due to the buyer’s momentum.

However, as the buyer’s impetus grows, the price breaks through the 110.860 significant price level. The USDJPY surged to a new significant level, forming a new upper high pattern at the 112.050 significant price level. At this level, however, there was a strong refusal. This rejection, however, indicates a sudden pullback held by the sellers. The market then retested the 110.860 significant price level before gaining more strength. The market continues to rally up to higher levels to create new highs. The RSI (Relative Strength Index) indicator shows that the price has reached an overbought region, and the price is trading lower. This implied that the market is about to make another pullback to a significant price level before continuation.

USDJPY is gainingUSDJPY Short Term Trend: Bearish

On the 4hour chart, the market continues to rally up after gaining bullish strength. The bullish market is seen gaining more significant price levels as the momentum increases. The price is now seen to be dropping as we anticipate a pullback and consolidation before the buyers increase their momentum. The candlesticks seem to have rebounded from the Bollinger Band indicator at the upper level. The RSI also indicates a price level in the overbought region, indicating a drop in the price movement. USDJPY will therefore keep gaining a more bullish appearance as the market is seen consolidating.

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USDCAD Plummets From Its Uptrend Direction

13 October 2021 | Updated: 13 October 2021

USDCAD Price Analysis – October 13

USDCAD plummets from its uptrend direction after it fails to violate the 1.28300 resistance level. The market recently survived a scare when it dropped slightly from its uptrend line under pressure from 1.26500. But price did well to recover above the price level and then used it as a springboard to climb higher. However, the market’s climbing power has been repressed at 1.28300, to which price plummets.


USDCAD Key Levels

Resistance Levels: 1.24700, 1.26500, 1.28300
Support Levels: 1.20300, 1.21500, 1.23000

USDCAD plummets fromUSDCAD Long Term Trend: Bearish

USDCAD began its uptrend at the 1.20300 level and it has been moving steadily upward, breaking through several significant levels. Bearish pressure gradually increased as the market climbed higher. This was evident when price dropped below the trendline on the 2nd of September, but the market quickly recovered before the bears started working on it. However, after hitting 1.28300 on the 20th of September, the market has increasingly weakened.

USDCAD, therefore, fails to get past the 1.28300 key level as the price plummets to 1.24700. The Parabolic SAR (Stop and Reverse) indicator confirms that a fall in price commenced after the market was rejected at 1.28300. The dots from the indicator remained above the daily candles till today. The Stochastic Oscillator has its lines plunging from the overbought region to the oversold region. This means that USDCAD has therefore shifted into bearish territory.

USDCAD plummets from USDCAD Short Term Trend: Bearish

On the 4-hour chart, price can be seen reacting around the 1.24700 key level. Bulls are seeking a revival as price plummets. The Parabolic SAR indicator remains above the market on the 4-hours chart, while the Stochastic Oscillator lines have fallen back to the oversold region after a brief reprisal.

Bears remain in control of the market as USDCAD is approaching 1.23000.

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Venezuela to Enable Cryptocurrency Payments for Airline Tickets

13 October 2021 | Updated: 13 October 2021

Cryptocurrency has achieved yet another small victory as the Simón Bolivar International Airport of Venezuela, alias Maiquetía, plans to allow customers to pay for airline tickets with digital currencies, including Bitcoin, Dash, and Petro.

Commenting on the latest development, the Director of the airport, Freddy Borges, noted that Venezuela’s crypto regulatory Sunacrip would organize the initiative:

“We will activate a button that is for payment of cryptocurrencies in the airport platforms and commercial activities, in coordination with Sunacrip.”

With the recent boom in the influx of Russian and European tourists into tourist hotspots in Venezuela, Borges noted that the new initiative would enable travelers to visit more parts of the South American nation and strengthen its economy. The undertaking will also force the Maiquetía Airport to up its standards. The Director noted that:

“Just as Russian passengers arrived in Margarita, they will also come to La Guaira, through Conviasa, so we must advance in these new economic and technological systems that can be accessed.”

Maiquetía International Airport is the largest airport in the country and the main gateway into Venezuela. It is located northwest of the capital Caracas and handles both domestic and international flights.

Venezuela has Strong Affinity for Cryptocurrency

Despite operating under a dictatorship, Venezuela—to the surprise of many—adopts a friendly stance on cryptocurrency. The financial situation the country finds itself in has forced it to develop a good affinity for Bitcoin and other digital assets. With that, it becomes less of a mystery why Latin American countries lead the world in terms of crypto adoption.

In 2020, Burger King Venezuela allowed customers in Caracas, the country’s capital, to pay for their meals with crypto, including Bitcoin, Litecoin, Ethereum, Binance Coin, Dash, and Tether.

This action opened the doors for order food franchises like Pizza Hut to allow diners to settle their bills with digital assets, like Bitcoin, Ethereum, Dash, Litecoin, Binance Coin, and more. Subsequently, the crypto payment offer became available in all Pizza Hut spots in Maracay, Maracaibo, and Barquisimeto.

 

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EURCHF Buyers Fail to Hold Above 1.08360

13 October 2021 | Updated: 13 October 2021

EURCHF Price Analysis – October 12

EURCHF buyers fail to maintain their hold above the 1.08360 key level and the market has taken a nosedive to 1.07230. On its way down, the price was intercepted at various significant levels which including the 1.07830 and the 1.07390 levels. The failure of buyers to keep a hold above the 1.08360 key level has now ceded the market to sellers who have plunged the price into bearish territory.


EURCHF Important Levels

Resistance Levels: 1.07830, 1.08200, 1.08930
Support Levels: 1.07390, 1.07230, 1.07010

EURCHF buyers failEURCHF Long Term Trend: Bearish

Buyers only mustered strength on the 24th of August after price had fluctuated around the 1.07230 price level. EURCHF rose immediately to 1.07830, where a small retracement occurred before the market continued its upward trajectory. Another retracement occurred below the weekly resistant zone at 1.08200 in which price pulled back to 1.07830 to spring past the weekly resistance line.

Going forward, bulls initially fail at the next significant level at 1.08930, but a double retest back to the strong weekly zone drives the market upward. Buyers could only manage to reach the 1.09320 level before the market fails again. Thereafter, price plunges back to the strong weekly zone. Buyers tried to maintain the market at this level. After seven trading days, the market plummeted.

EURCHF buyers fail EURCHF Short Term Trend: Ranging

The market remains on a downtrend, confirmed by the EMA period 50 (Exponential Moving Average) hovering above the 4-hours candles. However, unlike the daily chart where the EFI (Elders Force Index) had plunged deep into a negative value, in the short term (4-hour chart), the force line has risen to a positive value. This is a pointer to the volume of buyers working in the background to lift the price again. Currently, the market is fluctuating around 1.07230 and buyers try to wrestle the market off the sellers. If they are successful, EURCHF will first climb to 1.07830.

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Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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  • The Lowest Trading Costs
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  • Award-winning Cryptocurrency trading platform
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  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.