 Welcome back folks. That was up 93 Nasdaq's down 13. S&Ps are off 3. Let's go over to our man It's the Teddy cake status. We do each and every Wednesday at 40 past the hour You can reach Teddy every trading day folks at 4x dash trading dash unlock calm That's 4x dash trading dash unlock calm. Teddy cake stack. What's going on brother? Oh Not too much cloudy day in Chicago, but we have nice warm weather. So it's kind of nice. That's a beautiful thing No doubt. Well, you know the weather broke here and I hope it stays this way I think we have a little heat, but at least at night we get some cool temps eventually It's like we get four or five degrees cooler last to five days. This is like heaven to us Yes, well right now. I mean we have like 60 degree weather at night and that's unheard of in September That is sweet because we're only getting 70. Yeah. Hey, so currencies We were yeah, I mean, you know you get the euro one on nine the pounds at 123 the ends at 107 Well, we going out well right now we have a rally the dollar index today and I think that's really what's going on today because After we spoke last week, we had a night We were talking about how maybe we're coming to an inflection point with some divergence and some currencies and we got that signal Right now things are reversing gears on a daily basis now. I know you like the yens. So let's talk about that first So last week we reversed gears with the Japanese candlestick patterns Cell signal and today the market turned back to the upside So we set a nice low yesterday in the US dollar yen trade and overall it's been bullish for the past like Basically month as we ended this summer now. We're heading into the end of the fourth quarter guys So we have a lot of balancing that's going on and run of the fourth quarter So I think right now what we have especially because this week there's really no big numbers tomorrow We have US GDP and between now and the close of Friday Globally, there's some speeches and some mediocre or whatever, but there's really no Economic numbers the Royal Bank of New Zealand did not cut rates That was kind of interesting and I think that's because if you look at what's going on with the US dollar We have currently we have a little rally going on But now we have the impeachment process that's starting for our president you have in the UK Brexit deal you have Parliament that came back and they got back online yesterday So that's right. We thought we thought that would be the big news for October But I think actually it's gonna cancel it I think what we have now is that geo political geopolitics now are off the table because there's so much uncertainty So how do you get action when you have no leadership or question of leadership in the US dollar? No leadership or question of leadership or ability to move forward in the UK The EU is still stalemate because no matter what nothing bows well for them unless they can come to a deal You know by October 31st and they don't want to you know And I think that what we're coming to is now we're actually looking at where we can look at the technicals You know, so I think that today is kind of like a bull trap going on with the US dollar I'd be very leery of it because you had The US dollar yen that broke after we spoke last week and turned around The British pound is still lower today even though it's coming off of its lows because of a strong dollar I think the pound dollar is definitely right now I'm gonna continue to be a bear for a little bit, you know And it's because we don't know what's going on with the Prime Minister Parliaments back in in session you got member when they got prove we had this little rally that's gone on So you're getting a little lift I think in the dollar because of this So it's because of any real strength of numbers or real of the economy It's just kind of like a rebalancing because of this geopolitical upheaval that's going on right now Hey, Teddy when you look at the yen, right? So the the high of the yen yesterday was 107 80 It comes all the way to 106 96 right? It started out and then so do you look at that that we would have to Get over the 107 80 in order to basically say go back to the highs You know, I know this I'm getting in minutiae here, but I'm just curious in general Do you know what I mean? No, actually you give it a good number because I have 107s 107 75 and 108 quarter as to key Prices if you will so and definitely if we're back above if we can sustain a train above that 107 75 That means that we probably now remember we're in an uptrend for the past like Month, yes, just for the past couple of sessions, right? So if this is a corrective move meaning we're looking for another bullish opportunity to buy into today Maybe that day right and that means that we're probably gonna start to get above that first strike Okay, and then look for a challenge of 108 quarter and if we get above 108 quarter Well, then we're looking to make higher move highs, you know, that means that this was just because this was a shallow Retracement to right now I can see yes. Yeah, it's interesting. So so this is crucial actually where we are today because you know What happened for sure not yesterday, but the day before that the yen. I know I guess it was yesterday I mean that yen sold off hard yesterday when we were old Yeah, it counted those new lows. Absolutely, right? Okay. Okay. Now. This could be a trap now now remember It's pretty cool how it's set up actually yeah, right so all your weak shorts I think they're they're gonna panic right at that 108 quarter, you know And all of your weak longs are gonna start to jump in now with this if they're bullish looking for higher move highs But if they fail and we come back and take out yesterday's low Well, then that's a whole then everything's off the table And I think that the major trend which is still down for the US dollar yen We might be heading into fourth quarter where the big trend is gonna say hey the bear is back Yes, you know and this as you said at the beginning This is where the funding aspect that everything comes in at the end of the quarter, too You don't right, right? And we had the boj met last week and they did nothing, right? So you know and that's a big deal because now the boj did nothing the Royal Bank of New Zealand did nothing this week And by November they were supposed to cut the rates three times and they've only done it once You know so that's a big When we look at the euro, I mean this euro what what is it gonna take for this euro to get up? I mean it looks like it just wants to go lower and lower, right? I mean right absolute Well, I think that we're coming into that critical support area of 109 half down to 108 half Yeah, it's no matter what no matter how bad the economy is bombs going off oil I don't care. You know we've seen this bad movie before it just seems to bounce all the time Yeah, you're right, but there's also no reason to be a bull I think that the brexit is a drag going into October 31st And if you look at the ranges the euro has been a tough trade all summer long I mean it's been you know a half a I've been trading the euro since the With the D mark to became the euro, you know, okay? a slow day Whether it's busy times bad times whatever you're looking at a 60 70 pit range to usually on any given day I mean you're lucky with all kinds of major news pound yen or swimming and make a new highs and new lows and the euro Sitting there in a 45 pit range Which is even if it's tough or higher high a little bit on a couple daily basis It doesn't do anything. There's I mean it's an it's an ugly trade It's one of my favorite markets to trade and I've had the toughest time trading it for months I just wait for Signals like we had last week which there have been you know only a few over the course of the past And which heavy saying they're the reason folks is that when you have a much smaller spread You know guess what you know you're trying to get close to the top trace to the bottom while feeling a 45 ticks man I mean it's a problem. Yeah, I mean yes for word ratio is out window, right? Yeah, I mean the exchanges in the brokerage houses are happy because they're making money no matter what Oh, he always gets right the spread. Oh my god. Sometimes I mean Tommy does the percentage on these spread sometimes It's like insane. Yes, what you really did right? Oh my god. Yeah, you know, would you buy it at that price? Would you sell it? They make both. Yeah, exactly. Yeah, folks You can be steady every trading day at 4x that's trading that's unlocked commas for us that's trading that's unlocked com Teddy have a great week. Stay quick. We look forward to speaking the next Wednesday Take care guys next week. Thanks, Teddy. Stay right there folks