DJIA and Nasdaq 100

for the week starting 20 Jan 2014

DJIA has traded far beyond 2L on a weekly chart.
Inner wave has hit 4L with little exhaustion.

Inner wave 5L target 17350 pts, which is close to 3L target on the major upwave since 2012.

I am holding a bull view until end of Quarter 1, 2014 - as long as taper is going slow.

This week Support and Resistance Levels:
R2: 16570 pts
R1: 16530 pts
Current Support: 16430 pts
S1: 16370 pts
S2: 16315 pts

Nasdaq 100

Bullish on Nasdaq 100

Similar to Dow, 5L inner wave target sits on 3710 pts.
Another 120 pts away until end of Q1Y2014.

Nasdaq 100 is always volatile but I am keeping a bullish view, will only take action when I am actively watching the market.

R2: 3630 pts
R1: 3615 pts
Current Support: 3575 pts
S1: 3560 pts
S2: 3535 pts

Swap

Was having this conversation with Rookie trader this morning.

What is a Swap?

I never pay attention to my Sifu when I started learning Forex, and actually, I never though I would be trading Forex... so the novice trader came to search for more information on Swap.

When I search for "Swap" at my broker (FXCM) website, I found
"Rollover" instead of swap.
I am not sure whether they mean the same thing.

I went to Forex Yard and search Swap
www.forexyard.com/en/glossary

Swap - A currency swap is the simultaneous sale and purchase of the same amount of a given currency at a forward exchange rate.

And honestly I also found a list of swap rate here...
http://www.myfxbook.com/forex-broker-swaps/fxcm/44

Rookie Trader Open Position

EUR/USD


Open Long 1.2900 x 0.01
P/L 68.59

Weekly: Bearish
Early week: sideways bias up
Current Resistance: 1.3620
TP: 1.3630 (Make $73)

If market continue down before it come up, set
SL at 1.3550 (Make $65)


EUR/CHF
Open Long 1.2060 x 0.01
P/L 26.62




Narrow Trading Range,
Hold
Great entry


Crude Oil
Open Short 110.0 x 0.01
P/L 157.40

Bearish
Hold
Support 1 92.00
Support 2 91.75
Support 3 91.25