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Hot Market with Jim Wyckoff

Reports and Expiration Notices

November 1st, 2006 — Issue #351

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Why trade FX with Cannon?

We are proud to share with you what we feel is an innovative forex trading platform allowing real-time spot foreign exchange execution via the Internet. We want to provide you with efficient, reliable service and ensure a great trading experience.

Cannon Trading is the location for sophisticated traders to gain easy access to the largest, most liquid market in the world--foreign exchange. We will bring you valuable assistance in your foreign exchange trading, whether you are a newcomer to the market, an experienced trader, a hedger or an institution.

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About the Platform

DealBook® FX Version 2 was developed on DealBook® FX, a reliable, stable and proven standalone forex trading software-platform.

Whether you are a fundamental trader or technical trader, a forex beginner or professional forex money manager, DealBook® FX 2 is the FX trading platform designed for forex traders by forex traders. Finally, forex traders have access to all of the resources once thought to be only available to the world's largest banks.

Multiple Currencies Trading Platform

DealBook® FX 2 supports multiple currencies so forex traders do not need to familiarize themselves with another base currency when trading forex through Cannon. This new DealBook® FX 2 feature supports major denominations, including the Euro, Japanese yen, Australian dollar, Swiss franc, Great Britain pound and the Polish Zloty.

DealBook® FX offers you a natural setting for determining your real-time profits/losses and understanding your account statements freeing up your time to focus on your forex trading. The new multicurrency feature is one of the many good reasons to trade forex with Cannon.

Visualize the Future of Forex

Traders have the capability to trade visually from an enhanced quoteboard, customizable chart or our exclusive dashboard, which runs in the background so traders can work in other applications. All of the tools traders need are just a right-click away - whether it's a new order, a new chart or a currency pair's most recent price activity.

Take advantage of the advanced forex trading technology by trading directly from the charts. Never move from the information that you use to make your trading decisions.

Monitor your stop/limit, and OCO (order cancels order) orders visually from the forex charts.

Quick and prompt trading with only two clicks directly from the charting interface.

Edit and cancel your orders by simply dragging a particular line to a different price-level on the forex chart with your mouse.

DealBook® FX Dashboard gives you a unique and fully customizable navigation tool that allows you to monitor your trades while working in other applications, allowing you to access important functions at the move of the mouse.

Active forex traders can track and manage current working orders at a glance by currency, track open positions, close out existing positions or protect current positions without the worry of common order-entry errors.

Trading Software with Sensible Design

DealBook® FX 2.0 is a forex trading software platform designed for not only the way people trade but also for the ways in which traders think. Studying and listening to traders throughout the world show that people not only trade differently, but also operate software differently.

DealBook® FX Version 2 integrates standard Window's menus built for traders who work better within a traditional "screen environment." Traders can utilize short-cut commands built in for quick access to forex trading tools, studies and technical indicators.

Task bars allow forex traders to switch between important information and workspaces that can be customized to individual trading techniques. Build a workspace for a specific chart or currency pair then switch back and forth with just a one mouse click.

Built-in voice-recognition software allows traders to train DealBook® FX to recognize their voice to access critical functionality without a single keystroke.

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Hot Market with Jim Wyckoff

Gold Bulls Gaining Upside Technical Momentum

December gold futures on Wednesday hit a fresh seven-week high. Price action this week has seen the precious yellow metal push above and negate a downtrend line on the daily bar chart, drawn from the July and September highs. Also this week, December gold prices pushed above major psychological resistance at $600.00 an ounce. Now, that price level becomes a solid technical support level. The bulls have gained good upside technical strength recently. Their next major upside price objective is to push prices above strong chart resistance at the $650.00 level. Importantly, gold appears to have separated from its recent close trading relationship with the crude oil futures market. This has impressed the gold market bulls. December gold has been able to mount a good rally from the October low of $563.50, despite the fact that crude oil prices are still in a steep price downtrend from the summertime highs and just this week hit a multi-month low. A recently weaker U.S. dollar versus the other major currencies has also given a boost to the gold market bulls. Gold and the greenback generally have traded in an inverse relationship for years. Near-term technical resistance for December gold is located at $620.00, at $625.00 and then at $630.00. Near-term chart support is seen at Wednesday's low of $607.50 and then at $600.00. Multiple closes back below $600.00 would deflate the gold bulls and would suggest the recent rally has run its course.

Jim has an excellent daily newsletter where he reviews different markets, alerts you for potential trades and much more. Included is his great bi-weekly newsletter with charts and a little longer term outlook. We recommend checking out his website, educational CDROM, and services at Jim Wyckoff

Disclaimer:

Trading commodity futures and options involves substantial risk of loss. The recommendations contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results. This is not a solicitation of any order to buy or sell, but a current futures market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!

Economic Reports and Expiration Notices

Source: Moore Research Center, Inc.

* Please note that the information contained in this letter is intended for clients, prospective clients, and audiences who have a basic understanding, familiarity, and interest in the futures markets.

** The material contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results.

*** This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!