Gold prices have taken a break after a sharp rally last week - gold soared from $1,137 oz on November 27 to all time high at $1,1226 on December 4, to retreat after upbeat U.S. employment figures, reaching levels at $1,135 oz low on Monday's European session, the Dollar, meanwhile, has soared across the board shrugging off previous weakness.
EUR/USD which has been rather correlated with Gold prices, reached 1.5141 high November 3, four pips short of 15-month high at 1.5145, and the pair dropped about 260 pips after U.S. NFP figures, reaching a session low at 1.4820, which has been broken today, with the Euro hitting a fresh one-month low at 1.4755.
AUD/USD, another gold-related cross, reached 0.9325 high on December 3, and the pair plunged on U.S. session from right below 0.9300 to 0.9110 low, to extend downwards on early European session, reaching 0.9050 low.
GBP/USD dropped on Friday from 1.6675 high on Friday to 1.6420 low on widespread Dollar strength after U.S. NFP figures were released, and the pair has weakened further on early European session to 1.6330 low.
USDCHF stays in a trading range between 0.9917 and 1.0222. Further rise to test 1.0222 resistance would more likely be seen later today, a break above this level could signal another bounce to 1.0300 zone. Key resistance is located at 1.0338, only break above this level will indicate that the longer term downtrend from 1.1021 (June 24 high) has completed at 0.9917 already.
EURUSD Analysis.
EURUSD continues to trade in range between 1.4801 and 1.5144. Lengthier sideways movement in the range is expected in a couple of days. Support is located at 1.4801, below this level will signal deeper decline to 1.4700 zone.
GBPUSD Analysis.
GBPUSD has formed a short term cycle top at 1.6721 level on 4-hour chart. Deeper decline towards 1.6271 previous low is now in favor. Resistance is at 1.6565, as long as this level holds, downtrend from 1.6721 will continue.
USDJPY Analysis.
After breaking above the falling trend line on 4-hour chart, USDJPY bounced sharply to as high as 90.76 level. Further rally is still possible later today and next target would be at 91.50-92.00 area. Support levels are at 89.25 and 88.85.
WORLD FOREX: Dollar Falls Vs Yen As Japan Exporters Take Profits
TOKYO (Dow Jones)--The dollar fell against the yen in Asia Monday, as Japanese exporters took profits on Friday's sharp rise in the greenback on the back of stronger-than-expected U.S. employment data.
The dollar fell about three-fourths of a yen to an intraday low of Y89.76 Monday, compared with Y90.50 in New York late Friday. At 0450 GMT, the dollar stood at Y89.84.
Traders said the dollar could fall further if Japanese manufacturers keep selling dollars ahead of their planned book-closing at the end of December, or if long-term interest rates in the U.S. increase, hurting the nation's stock markets and economic growth.
"Because many Japanese companies have set their in-house foreign exchange rate at the Y90 mark, there seems persistent dollar-selling pressure around that level," said Yuzo Sakai, a foreign-exchange manager at Tokyo Forex & Ueda Harlow.
Although Friday's U.S. jobs data added to signs that the U.S. economy is improving, Sakai said the dollar could fall to as low as Y89.50 in the near term.
Foreign exchange market participants are also paying close attention to the U.S.'s planned auctions of government securities this week. Weak demand for bonds could lift long-term U.S. rates, which could darken the outlook for the U.S. economy and possibly dent demand for the dollar, dealers said.
"The dollar may come under even stronger selling pressure if the U.S. bond market sees a bad rise in long-term yields due to oversupply concerns," and if such yield gains cause U.S. share prices to fall, said Yuji Saito, head of foreign exchange at Societe Generale.
The U.S. government is slated to auction $40 billion worth of three-year notes on Tuesday, $21 billion in 10-year notes Wednesday and $13 billion in 30-year bonds Thursday. The 10-year U.S. Treasury yield stood at 3.474% as of 0450 GMT.
While most dealers expect the dollar to fall in coming days, some in the market warn that the greenback could get a boost if U.S. Federal Reserve chairman Ben Bernanke sounds optimistic about the nation's economic outlook in his planned speech later in the global day. Bullish remarks from the Fed chairman could fuel speculation that the bank may change its super-easy monetary policy stance, possibly lifting its policy rate by the end of June, those dealers said.
Meanwhile, cross-trading pressure from the dollar's decline against the yen caused the euro to fall against the Japanese currency. The single currency touched an intraday low of Y133.68 compared with Y134.29 late Friday in New York.
However, the common unit was slightly higher against the dollar at $1.4890, compared with $1.4847 in New York.
Interbank Foreign Exchange Rates At 23:50 EST / 0450 GMT
Latest Previous %Chg Daily Daily %Chg
Dollar Rates 2150 GMT High Low 12/31
USD/JPY Yen 89.84-89 90.27-33 -0.48 90.38 89.77 -0.84
EUR/USD Euro 1.4890-94 1.4851-53 +0.26 1.4898 1.4852 +6.52
GBP/USD Sterling 1.6482-86 1.6424-30 +0.35 1.6505 1.6425 +12.69
USD/CHF Swiss Franc 1.0143-47 1.0165-71 -0.22 1.0173 1.0142 -4.93
USD/CAD Canadian Dlr 1.0553-56 1.0562-65 -0.09 1.0578 1.0534 -13.25
AUD/USD Australian Dlr 0.9157-59 0.9132-35 +0.27 0.9171 0.9116 +29.46
NZD/USD New Zealand Dlr 0.7173-78 0.7150-55 +0.32 0.7188 0.7147 +22.93
EUR/JPY Yen 133.79-84 134.05-09 -0.19 134.35 133.68 +5.65
Foreign exchange bankers reacted with alarm yesterday to proposals from Barney Frank, the powerful chairman of the House financial services committee, that would require trades in currency derivatives to be processed through a centralised clearing system.
Bankers said the proposals would introduce systemic risks into the financial system and that the sheer size of the market would dwarf the risk that could be sustained by any clearing house.
About $3,200bn of currency is traded daily around the world. About two-thirds of that trade is in derivatives that are used frequently by companies during the normal course of business to hedge the risk that currencies move sharply between a deal being struck and completed.
Bankers say that companies would face higher costs for these hedges under centralised clearing and that potentially they could be required to post extra collateral.
However, some large users of currency hedging said yesterday they were unconcerned by the putative change, having calculated that the potential increase in cost would be "marginal" and outweighed by greater security and price transparency.
The proposals was made by Mr Frank, outlined in an interview with Risk magazine, as lawmakers and regulators tussle over the detail of legislative proposals governing the vast over-the-counter derivatives market.
Some companies have shrugged off entreaties from their banks to lobby members of Congress over derivatives reform, concluding that their interests could be better served by the broad shift to central clearing and exchange trading.
Others, such as Caterpillar this week, have argued they face costly margin requirements under some versions of the regulatory reforms now under way.
Mr Frank said that mooted exemptions for foreign exchange trades from the OTC market reforms being considered by US Congress would not be adopted.
"The administration had asked for that amendment, but we are going to take away the exemption for foreign currency [swaps and forwards]," he said. Mr Frank's office confirmed that he would seek to remove the exemptions.
As the Forex Market is so big, there must be room within it for you to make a profit especially as there are so many so-called great trading tools and techniques available.Unfortunately, this is not the case and you need to view this business in a different way to understand why.
As stated, the daily turnover of the Forex Market exceeds well over $3 Trillion dollars. This colossal figure is the total sum of all the transactions traded worldwide on any given day that are initiated by a massive number of participants, each having their own agenda. In addition, some of these Forex traders are large corporations and governments who have substantial budgets at their disposal that may well exceed billions of dollars. They can generate, just on their own, very large movements in currency pairs (spikes) by the sheer size of their transactions and can do so without providing any prior warning to the rest of the market.
How does this affect you? Well, consider this sequence of events as an example. Supposed you have initiated a Forex trade, which after a number of hours of hard work, is proceeding in your intended direction as planned. You decide to take a break and maybe even brag to your partner about your latest success. After 10 minutes or so, you return to your PC station only to discover that a massive reversal has occurred completely obliterating your position including any potential profit. This type of event can happen frequently with no prior warning of any type.
Now suppose you decide to enter the fray with the princely sum of $1000 (one thousand dollars), you would quickly realise that the Forex Market is the equivalent of a hurricane tossing you about like a rustic leaf. One famous Forex advert used to say that if you do not trade Forex then you are leaving someone else to pick up $5 bills of the marketplace floor. In reality and if you had been actively trading in those days, the aforementioned $5 dollar bills would more than likely have been yours.
In fact, after trading for a while, you can quite easily become paranoid developing a feeling that Forex is haunting you personally awaiting to crush your next move without mercy. So, is it possible for an individual with limited resources to make profits trading Forex? Yes, it is but to do so you may need to fundamentally change the way you view the Forex if you have not achieved any success to date.
This article is one of a series comprising a course that is designed to show you how to achieve this task and also how to produce your own successful Forex Trading System. One article a day will be posted on the DailyForex.
A trading system is a set of rules, usually based on technical indicators, that defines when a trader enters and exits trades. In addition to increasing profitability and limiting risk, a trading system removes emotion and subjectivity from trading decisions.
All traders should use a trading system. However, no one system works in all types of market conditions. As a result, the Forex trader needs two or three systems at their disposal and must know when to switch among them.
The main types of trading systems are trend-following, counter-trend or range, breakout or counter-breakout, and pattern recognition.
Trend following systems are the most common type of system that traders use. They can be very profitable because within a strong trend, moves are often large ones. Trend following systems buy high and sell higher as prices move upwards. One example of a trend following system is a moving average (MA) crossover approach. A trader would buy when a faster MA crosses above a slower MA. In this example on the three-hour Euro chart, you can see three buy points as the 20 EMA (in purple) crosses up above the 50 EMA (in red). You also have one sell point where the 20 EMA crossed below the 50 EMA. All these trades would have been profitable had you trailed your stop.
While trend following systems work well within a strong trend, they cause whipsaws when the market is moving sideways. Notice the circled area on the chart in November. Following the system would have resulted in four unprofitable trades.
In a market moving sideways, the trader needs to switch to a range or counter-trend system. Ranges can be horizontal, ascending, or descending, but they all have a definable top and bottom. There’s greater risk in this approach because you’re trying to pick tops and bottoms—in other words, you’re trying to buy-low and sell-high. Counter-trend systems often involve the use of such indicators as RSI, MACD, and the stochastic, looking for overbought and oversold conditions. They can also use divergences between price and indicators, or crossovers in Bollinger Bands.
Look at the Euro chart below. I’ve added Bollinger Bands to the same three-hour chart during the sideways period in November. Here you’d sell when price touched the upper band and buy when it touched the lower one. It looks simple enough. Remember, though, that counter trend trading carries significantly more risk. As a result, you should always look for other, confirming evidence. (Frankly, even with trend following systems I look for additional evidence for entries.) In this case, note the difference in candle behavior on the last trade that failed. Instead of the upper shadows that the prior candles displayed when they touched the top of the bands, you see stronger candles forming with no upper shadows.
Tel Aviv, Israel, December 03, 2009 --(PR.com)-- Forex Explore is a forex portal dedicated to all traders around the world. This site brings a collection of comprehensive forex broker reviews and rating. Recommended forex brokers listed are constantly monitored and broker reviews are updated accordingly.
Along with full reviews, visitors are able to post their experiences with any forex broker on the site. Specializing in forex exchange market, Forex Explore is the leading resource to answer all trading questions and choose the best forex broker. The site contains information, articles, currency exchange latest news, tools and strategies to help a beginner to get started in the vast world of financial markets.
It turns out that our demo server has been crushed by a bad motherboard and other issues, so all of our trading robots will be on hold for a few more days. We will post our results as soon as we have it back on line.
What else can we say about this Forex trading robot. It is now up 219% and who knows where this robot will go at this point. The settings have been great, giving us great gains when the market is moving in big swings. When you are trading currency pairs like the beast, you always need big movements to have nice gains
We will start monitoring results as of May 4, 2008.
Our setup – Demo Account at InterbankFX
Starting Balance – $10,000
Money Management turned on so our amount of lots trade will increase as we make money and decrease as we hit draw downs.
We are trading 10 currency pairs.
All of our settings will be default.
Our Rules – We will run the robot continuously in a Forex Auto pilot mode and not touch it unless we run into a software problem. The robot will be active during every news event as well. We will update this page as the results come in over the coming months.
Here is a look at the platform on Day 1. We have already entered a few trades. None of them have closed yet
We got off to a fast start setting the robot up only because we know the Metatrader platform. For novices this setup can be pretty complex and it will require patience. Don provides several tutorial videos and write ups to help you get through the initial setup. Once you are all setup there is not much else to do except watch the software in action. Setting this robot up will help you learn the platform as well. With the amount of programming the fee of $199 seems very reasonable. Now all we have to do is make a profit and we can say the $199 is very cheap.
We are pleased to offer you information about the Forex robot software created by Don Steinitz. After many emails with Don, we are excited to share with you, our review and performance of this trading robot. You don’t always know who are dealing with when buying a product, but Don was very open and very responsive to all our questions. We worked out a way so we can share the performance of this trading software and hopefully prove to you that it is one of the best robots on the market.
After reaching new highs with our demo robot, we have taken a step back in this consolidation of the Sterling Yen. We will look to get back on track tomorrow. The $5,000 account which reached highs of 66% is now only up 20%. A lot can happen in a couple of trading days.
Are you looking for a Forex Signal service provider? Not all signal providers are created equal.
Netpicks.com is one of the major players that has been around for a very long time. A lot of signal providers come and go, but Netpicks has stuck it out because there systems are always evolving with the markets.
You will need to try there free trial to be sure if it is for you or not. We will never guarantee you will make money with a signal provider, but you can be sure this is not a Forex scam of some sort. There are plenty of them out there, but Netpicks has great customer service behind it.
Forex Trading Results – Posted April 28, 2008
Last 30 Days = 903pips
Last 90 Days = 1743 pips
Last 180 Days = 3257
The results doesn’t mean you will start receiving the same yourself. We want you to know that they have had positive results in the past. Always do your due diligence. This way you protect your capital for the long run.
Included with their Forex package is a e-mini futures trading signal service that you may be interested in if you are a futures traders. We can’t speak too much about this service since we never used it before. That is why they have a 14-day free trial to help you decide if it is worth paying for.
A stock option gives an individual the right but not the obligation to buy or sell a stock at a pre-determined price. With that said, most people simply trade options for profit rather than buy them to end up owning the stock. Option prices generally move in conjunction with the parent stock.
The beauty of options is that you, as a trader, are able to capitalize on the movement of some of the hottest stocks trading for only a fraction of the price of the stock itself. One of the most exciting things about having your account with Zecco is the trading community. You’ll be there on the cutting edge with thousands of other traders, many of who are more than willing to share the hot picks of the day. This alone makes having an account with Zecco a no-brainer.
We’ve really just scratched the surface when it comes to the advantages you’ll receive with Zecco as your online broker. Why not take a closer look for yourself.
Of course, you’ll have access to every major market in the United States. And while many online brokers have become reluctant to allow clients to trade micro cap issues, also known as penny stocks, Zecco is more than happy to facilitate your trades. Micro caps are often known for their volatility. And it’s volatility that makes the way for profits. Doesn’t it make sense to have yet another tool in your trading arsenal? Trading penny stocks with Zecco just might be the tool that makes the difference for you
The object of trading securities of all types is to buy low and sell high or to sell high and buy back at a lower price. This is also the name of the game with Forex trading. The concept is simple. Forex trades are carried out in pairs. In the simplest of trades an individual might buy one currency while selling another. For example, if you were to buy US dollars when they were rising in value against the Canadian dollar, you would want to later sell those dollars before they begin to drop to realize a profit. Simple.
Zecco offers folks new to currency trading easy-to-follow tutorials. Not only that, but you’ll receive $50,000 in virtual funds to ‘get the hang’ of real time trading. You’ll also receive 24-hour phone and chat support (the Forex market is open 24/7).
There’s an online stock brokerage firm that’s starting to get noticed in a big way, and for good reason. The company is Zecco. At Zecco.com you can trade stocks, stock options, and exchange foreign currencies, better known as Forex trading.
But Zecco offers much more than just one of the most robust trading platforms in the industry. What makes this company stand out from the others is the trader’s community. Zecco maintains an active message forum where people share profitable trading ideas. We’re not talking about a ghost town with just a few members or topics, but a thriving group of active traders sharing ideas 24/7.
If Zecco stopped there they would be light years in front of the pack but they don’t stop there. There’s an extensive quotes and research section, along with an education section, charts, alerts, and a lot more. And if you’re an active trader your trades are absolutely free! But even if you aren’t all that active the price for a trade is only $4.50.
Opening an account with Zecco is easy. In fact, if you cringe at the thought of filling out those endless forms the other brokers require, you’re going to love this company. Most people are able to have the entire process complete in less than 10 minutes.
And Zecco doesn’t leave you high and dry when it comes to customer service. If you have an issue with your account, a trade, a technical matter, or anything else, their live customer service is there for you. And it goes without saying that they also maintain excellent email and chat help as well.
Two great days in a row put our demo trading robot up 83% since our inception no so long ago. We have attached our trading sheet since the start to show you the low amount of draw down and positive gains we’ve seen. Our account value is now at $9168 going into the weekend. We will try to go for our goal which is too double our money.
If we see a successful trade on Sunday night going into Monday we will be real close to the 100% mark. The beginning of the week was real tough for us, but when you put two winning trade together in a row, it makes up for it much quicker.
FXCM is a very powerful broker option. Behind this fantastic platform is a company in the forefront of the Forex market. FXCM offers many advantages to it’s traders including great spreads and excellent execution. With fantastic customer service FXCM ranks as one of the best in the business.
Opening a demo account is very easy with just a quick download and install. Once that is done you are ready to start demo trading.
You have a very nice and clean looking platform that gives you all the items you need to execute a trade.You have the option of single click execution, but of course you can set your orders as limits, market orders or just about any standard order entry available today. The charts are fairly basic, but work well for most traders.
Who is the best Forex broker? This is a tough question to answer and most people will say, it depends on a several things.
1. Trading Style
2. Spreads
3. Customer Service
4. Reputation and Trust
5. Platform stability and execution
These are all important, but what it comes down too when finding the best forex broker, is the comfort you feel when you trade with a broker dealer. You may also want to try eToro for a different take on Forex. Satisfaction…
See the examples below of our Forex Broker reviews and start trading with confidence.
FXCM Review
FXCM Trading Review
FXCM is a leading dealer in the Forex Industry and there are many reasons why. This regulated broker has all the things you want in a Forex Broker. There platform is made for the institutional traders, but perfect for the small trader as well.
1. Spreads as low as 2 pips
2. No dealing desk platform
3. Top-tier customer service
4. Micro Accounts
When it comes to Forex trading, finding the right Broker could be the difference between success and failure!
How to choose the right Forex broker for you? A practical guide for putting your Forex dealer to work for you instead of against you. Many successful traders have had their accounts frozen at low level bucket shops because they did not perform sufficient due diligence before risking their hard earned money. Here at forexnewstrader.com, with the help of Forex Cash Back, we have done the grunt work for you.We leveraged our 20 years of financial markets experience and put together a special report that will open your eyes to the many intricacies involved when choosing a Forex broker. This report will show you a well hidden secret that will enable you to reduce your spreads by as much as half a pip regardless of the dealing firm that you trade with. Obtain your 30 page guide immediately! This report will show you:
How to receive an instant bonus on your deposits?
Factors to look for to make sure your dealing firm is reputable and safe
How to enhance the safety of your funds?
How to receive volume rebates on your Forex trades?
How to find the right Forex broker for your particular trading style?
How to find a good regulated Forex Broker
And much, much more.
The Form above will get you access to the special report.
You may be asking, what the heck, why am i not receiving a Forex Free Bonus. First you need to figure out even if your broker offers them. Most likely you have to go to an Introducing broker (IB) for these bonuses, but for sign up deposit bonuses, you most likely can go directly to the broker. Just remember, are you the up front kind of trader or are you the type of trader that wants to keep getting paid, win or lose on your actual trading stats with a cash back system.
This has been discussed heavily on the site, but Forex Rebates is going to be the norm whether you are involved or not. The line is forming and the brokers are listening. Traders don’t want to pay full price for their trades anymore. They want to work with an Introducing Broker that offers trade rebates. This is a Forex Broker Bonus that keeps on giving. As you make trades you receive a piece back into your trading account or in other ways people payout, like Paypal or check. This is cushion money and it builds up fast. You make a one standard lot trade and you can be earning $6 – $12 for just opening and closing the trade. This is fantastic and it is a win win for every one, especially the trader. Forex Trading rebates will go a long way and to make sure a Forex broker keeps you on board, this is one of the major tactics that is being explored by more and more people.
What if you were to send someone $100 and they call you the next day and say, hey you just sent me $110, but I thought I was only getting $100. Obviously this person was not only excited, but was also intrigued by this gesture. The point is, what if you received a percentage of free cash into your trading account for only opening a new account with the broker. The brokers gesture is to make you happy of course and to have you stay with them for the long haul. They don’t want to see you leave soon after opening for another firm, they want you to stay for as long as you can. This Forex account bonus can go a long way in this type of trading environment. Usually what will happen as well, is if you were unfortunate to lose most of your trading money, they may send you a message asking you to make another deposit and a long with it another bonus. This is more of a reload bonus then a sign up bonus.
You finally decided to open a Forex Trading Account with one of the brokers in the industry only to realize you didn’t take advantage of the free Forex Bonus Cash being offered by several of the different dealers. In currency trading every penny is important to the sustainability of your trading career. Too often traders get wiped out and never come back again. If you are going to trade you must have an edge and this is something we can’t stress enough. Free cash is an edge to the furthest degree. Making money every time you trade or receiving a free sign up bonus is a major plus. We have two options for you to hear about that may have you ask your broker or Introducing Broker some questions. Don’t just sit back and be the quiet trader, let them hear your voice. They want your business and for them to get it, you have to be happy. People pay big bucks to have good customer service and when you get free money usually they are thinking about you. There intentions are smart, but if you don’t take advantage then it doesn’t really work out for you.
There are two types of Free Forex Bonus Cash
1. Forex Deposit Bonus
2. Forex Trading Rebates
A nice start to the week for our robot. We took one trade last night and it was on the short side. The trade only took a few hours to reach our target profit point. Unfortunately we had to restart our demo robot, but at least we can just start it from scratch. We have only traded a few days with this one, and we are up 11%.
A lot of Forex Signal providers will send out Forex Alerts using an SMS system that will send the signal to your email, cell phone, or any other device that can receive these types of messages. The one thing you need to consider when signing up with a Forex Alert provider is to know how well the alerts are sent to you. If you are getting the Forex signals too late, what good is it to you and your bankroll. Once you find a signal provider be sure to ask them the appropriate questions on delivery times and guarantees. This is one area that may cost you more money than you want.
Having a good provider is nice and will improve your daily time schedule since you won’t have to sit at your computer all day. Even better is if your Blackberry or Iphone can make trades for you, then you won’t even need a computer at all. This is a huge factor.
Finding the programs out their can be difficult, but make sure your due diligence is involved. Keep the provider in check so ask all the appropriate questions. If you get solid responses then most likely a free trial is well worth it, especially on a demo trading account.
If you find a good alert provider please let us know more and we will let more people know, just fill out the contact form on the contact page.
We are still monitoring the breakout robot for the Pound Yen. Today turned out a bit strange due to the closed market for the Easter holiday. I think the robot got a bit confused and used the wrong high/Low for this trade. Although we made over $230 on this trade, we should have had the whole target profit in our account. These things happen sometimes, so we need to monitor it around in the future around holidays.
Using these robots is quite fulfilling when they work out. Here we go again. We took two trades last night, one for a lost and the other reached our target profit. The great thing about it reaching the target point is that it retraced 50% after it hit. Getting all the mileage we needed before a turn around is nice. The trailing stop was there in case we needed it, but in the end we made out well. This demo account is now strolling in the green again. We started with $5000.
The beast was tamed last night for sure. After nine trading days, we finally saw the power of the trading robot and keeping the emotions out of it. We knew once the GBPJPY broke out of it’s tight range, that the system would follow through too the end. The demo account took one trade and never looked back giving us a full target of 185 pips. Our account is now in the green by $1674.49.
We waited several days for this too happen. We were close on several occasions, but with the beast’s latest range, it made it very difficult. During the days or weeks when we are in a range without too many breakouts, you usually find yourself in some rough patches, however we never had too much drawdown with this trading system. We will continue testing this strategy next week to see if we can continue the success. If you would like more information on this strategy please contact us by using the form above or on our contact page.
Sometimes it is best to sit on the sidelines when the trading is thin and the volume isn’t enough to even make a candle stick move. You often hear the term, it is like watching paint dry. Well, the truth is, when the volume is low, especially in the summer, it is like watching paint dry. This is the time to sit out and research or work on new ideas. It is not worth losing what you already made and if you are already in the whole, you may just be adding to your loses.
If you have a trading method that works in any type of market, great stick to it, but if you have a volume traded method, don’t be mad when you see the strategy fail in the summer. August can be the hardest month to trade in. The time markets move with volume is during news times. We like news trading, but if your trading style is not predicated on trading the news, then again, sit on your hands.
Not trading is one of those emotional plays that may creep up and tell you just do it, it could work. It is only until after you lose money that you say, darn, I should I have sat on my hands.The temptation is always there, but if you could stay out most of the time, yest you won’t make any money, but you won’t lose any either.
A buddy of mine once said, no risk it, no biscuit, but this one of those days that I would rather shut down the platform and go out for breakfast or even workout. Study and research and if you must trade try it with a free demo account. Forex trading is a tough ride and playing the markets in tough conditions can be detrimental on your account, so please only trade where you see a great opportunity or when the volume has really picked up. If you are using a Forex Signals service ask them what they think about trading in the summer months.
Why Metatrader is the best way to trade Forex?
Many Forex traders that enter the market are clueless on how to trade. Most, if not all Forex brokers offer demo practice accounts to get you adjusted to their platform. The great thing is a lot of them are Metatrader brokers. This means their core platform comes from a company called Metaquotes. These brokers more or less lease the software and allow the traders to build their trading strategies.
The most powerful thing you can do with this software is create your own trading strategies and program them into an Expert Advisor or EA for short. These EA’s are state of the art and allow you to auto trade the strategies. Auto trading is a phenomenal thing, in that you don’t have to be at your computer for trades to open and close. The stability of the platform is fantastic and the only thing that may carry some worry when you are not present is your Internet connection.
The top 10 reasons why you should use the Metatrader ( MT4) platform:
1. The Metatrader platform is versatile and very stable.
2. There are plenty of Metatrader brokers to choose from.
3. You can find metatrader expert advisor programmers to create your strategies into EAs if you can’t do it yourself.
4. If you look hard enough you can find free meta trader EA’s.
5. The software is free to demo with for as long as you want.
6. You can create your own Forex Trading Robot.
7. You can create as many Trading templates as you wish.
8. You can manually back test all the strategies you plug into the system.
9. The charts are very clean and very easy to read.
10. The reporting gives you full statements and information without logging into a broker website.
So, why wouldn’t you use Metatrader as your platform for your Forex trading? The only real way to know if this platform is for you is to open a demo account and start practicing with it. Metaquotes
Now that we are in September I think it is time to really start looking at some news events. This Friday we will have a very important NonFarm Payroll event that could move the market significantly. Based on last months move, this one could be bigger if the numbers are in the right spot. This event is still our favorite event of the month and most likely it will stay this way for a long time. Trading currencies versus trading stocks at the release of the news event is always in the Currency favor due to the fact that the stock market isn’t even open for trading at 8:30am. When the news comes out all the pairs will be ready for the traders move.
Some brokers are better than others when it comes to the actual data feed, so you may need to change brokers to get the best fill. If you trade soon after the news comes out, more on the secondary move, then it shouldn’t matter which broker you are looking for. Forex Signal providers still offer you their fast action trading software to make a move on the market right at news time. This method has been used for years and still does well.
Over time trading becomes a place where you pick your spots and you try to make money. Don’t force the issue and trading will come a lot easier. In the up coming trading days as volume picks up pay attention to the movements around news time and see if they are more fluid then in the past couple of months.
Good Luck.
Forex Auto Trading is a fantastic way to trade for people who have too many emotions or can not be in front of their computer all the time. Autotrading will give you the freedom to test as many robots or EA’s as you wish without risking a dime.
We will go over some Auto trading robot’s and find the ones that work.
Trying to figure out which autotrade method will work for you may take some time, so you will need to be very patient and not get discouraged. The creation of demo trading allows us to test as many autotrading methods that are available to us, which is a fantastic thing.
Six Auto trading Methods that come to mind
1. Scalping auto trading
2. Breakout Auto trading
3. Pivot Point trading
4. Fibonacci auto trading
5. News Straddle System
6. Moving average crossover
Which automated Forex trading strategy is the best? We will work as hard as we can to find out. If at any point you have any questions or feedback please let us know so we can find an answer for you. Trading is an art and as traders we want to share our projects with you, whether they are worthless or profitable. You always need to keep in mind that past performance does not mean you will have the same future results.
A lot of Forex Signal providers will send out Forex Alerts using an SMS system that will send the signal to your email, cell phone, or any other device that can receive these types of messages. The one thing you need to consider when signing up with a Forex Alert provider is to know how well the alerts are sent to you. If you are getting the Forex signals too late, what good is it to you and your bankroll. Once you find a signal provider be sure to ask them the appropriate questions on delivery times and guarantees. This is one area that may cost you more money than you want.
Having a good provider is nice and will improve your daily time schedule since you won’t have to sit at your computer all day. Even better is if your Blackberry or Iphone can make trades for you, then you won’t even need a computer at all. This is a huge factor.
Finding the programs out their can be difficult, but make sure your due diligence is involved. Keep the provider in check so ask all the appropriate questions. If you get solid responses then most likely a free trial is well worth it, especially on a demo trading account.
If you find a good alert provider please let us know more and we will let more people know, just fill out the contact form on the contact page
Looking for the perfect Forex trading strategy is a waste of time. No trading strategy is perfect for every trader. You can’t expect to win every trade you take. However, you can lose 99% of the time if the 1% that win are bigger gains than the losing trades combined. No one wants to lose 99% of the time. You need to be realistic with your methods. You need to work through the motions and don’t expect everything to come easy and perfect.
Forex News Trader can provide you with tools to help increase your trading performance over the long run. By using these techniques you will feel more comfortable and confident in your trading going forward.
There are plenty of trades during the week. If you miss a Forex Trade, another will follow shortly. Don’t force trades and don’t let emotions affect your outcome.
Forex trading strategies are a dime a dozen, so choosing the ones you want to use will take some time and effort. The great thing is you will be able to test as many strategies as you want.
Non Farm Payroll Trading Strategy
If you are going to choose a news trade to trade during the month, then the NFP announcement is your best option for movement. If the economic release comes in as expected, you will only see a fair movement on the currency pair you are trading (GBPUSD). If the announcement comes in better or worse than expected you can expect to see some fireworks. What looks to be a dud sometimes can work out to be one of your better trades. You need to watch for more than just the release. NFP Strategies can kick in at any moment. Watching a short term chart as the news comes out, wait until a support level and a resistance level are formed. Once either of these lines are broken, enter the trade looking for as much profit as possible. Once in profit, it is wise to move your stops closer to your opening price.
Remember, to keep the profits going in the right direction for your trading strategy, you need a few things working for you.
1. Having the right broker could be the single most important thing, especially when it comes to trade execution
2. If you want to lower your transactions costs, receiving Forex Rebates is a must. Start earning Forex Trading Rebates now.
3. Keep your emotions out of the trade and trade with a positive attitude.
Discover how I trade Forex just as critical news releases hit the wires...
From the Desk of Dustin Pass, Professional Trader and Forex Funds Manager
Dear Forex Trader,
* Would you like to make more money with a lower risk of loss, in a far less stressful manner, and in a fraction of the time you probably devote to trading now...
* Would you like to get in on one of the most success moneymaking strategies of the big institutions...
* Would you like to avoid years of trial and error and financial heartache and trade like a professional Forex trader today, versus the other 99% of traders that fail and lose big time...
* Finally, would you like to be in and out of your trades in minutes versus hours or
even days...
To receive your FREE Forex "Live-on-the-News" Trade Calls, simply enter your name and email address in the form below...On the US ISM release, you will see the RSS software alerts to a revision / conflicting data which allows me to instantly get out of the trade and NOT LOSE where others may have lost big time.
*Trading Forex Live-on-the-News is actually quite simple when you understand how. You do not need a crystal ball or 15 years on Wall Street to get in on the action...*
All you really need to know is:
� What announcement will move the Forex markets significantly?*
� How to get news releases instantly without delays? *
� Where to find accurate forecasted numbers for the upcoming news?*
� How different the actual numbers must be from the forecasted numbers to move the market?*
� What does the number mean to the country's economy, and how will the currency react to it? *
� When to take your profits and cut your losses...*
There are over 500 Forex data news releases a month, out of those 500 news releases I concentrate on approximately 30. Of the 30 news releases I expect 15 of them to be tradable.
Sign up for your FREE Forex Trade Calls today... and discover how I have been able to make more money with a lower level of risk, in a far less stressful manner, and in a fraction of the time I used to devote to trading now...
Sign up for your FREE Forex Trade Signal Service today... and begin to discover the key dynamics of this trading system and learn more about our exclusive Rapid Signal Software (RSS).
To Your Trading Success,
Dustin Pass
Professional Trader and Forex Funds Manager
Developing a new Forex Trading System can take days, weeks, months or even years. Forex traders are always looking for the holy grail, but in the end it is up to you when it comes to trading. You are looking for an edge in the market and finding one can be quite difficult. As you know by now, we trade many different methods. We’ll be using our wick method using our Wick histogram indicator developed by “TRO”. This indicator made trading this method a lot easier and saves a lot of time.
We call this strategy the Wickity Whack Method or WWM for short. It follows price action during the day and can be traded at most times. Obviously certain times are better than others. This method can be used with any pair, but we’ve only tested it with the EURUSD.
There are a few reasons why we only use the EU:
1. The spread is usually low compared to other currency pairs which is important when scalping.
2. Movements are strong.
3. Wicks occur often enough so more trades are taken throughout the day.
The strategy is fairly simple in terms of what to do. The hardest part, is executing quickly enough in case you are not watching the market at the moment. The first thing you want to do is setup a five minute candle stick chart of the eurusd. We highly recommend you use the Metatrader platform for ease, not to mention that it is free. Multiple brokers offer this platform as a retail trading tool. All the brokers listed on this site have a Metatrader platform.
Once your candlestick chart is setup, whether you have the wick histogram indicator or not, all you’re looking for are 5 minute candles with wicks that are 10 pips or longer. If you see a wick that has a 10+ pip wick, then on the next candle you want to trade the reverse of the wick. Say the price is moving up and the wick forms pointing up. Then on the next five minute bar you will go short. You can either enter immediately or you can wait, giving the current candle some wiggle room to retrace toward the wick and then go short. Of course everything is the same for going long with the wick pointing the other direction.
Your goal is too scalp 5 pips or more. You can set a limit for this or you can use single click market orders to exit. Another method is to set a limit on half your position at 5 pips and then move your stop down to break even once the 5 pips is hit, so you can go after bigger profits. Sometimes you will only get as much as 5 pips, other times you can get dozens of pips. This is something you will need to test and demo, so you can get a better feel of how the WWM system works. Reminder: Don’t be greedy and let the Forex scalping work for you.
Should the trade go against you, you’ll have a stop loss, 2-5 pips away from the tip of the original wick you are trading against. The most you should place a stop for is 20 pips. If the original wick is over 15 pips, you should let the next candle retrace up the wick before entering. This gets you in a safer trade with less risk, but you may miss out on several good plays. Keep in mind anything can happen when trading so you need to act fast.
Here is a perfect setup for the WWM method:
Forex Scalping the WWM - You enter short at 1.3212 and it had 25 pip profit potential.
Going forward we will keep this page updated with some of our latest WWM trades. We will also include some live trade on Video.
01.13.2009
Here is a perfect trading session trading the wicks. You multiple opportunities to make trades, some were average size, but a couple of them had a lot of big time potential, if you sold half and moved your stop.
Scalping wicks all night long makes you a lot of pips
Using the videos created by FXDD, we will try to provide you with weekly videos of future events as well as provide you with the daily events when necessary. This will give you, the trader more information to help you. Each video will represent a week or day depending on which is available. At least this way you can come back to one spot for all your Forex video needs. Continue to Weekly Forex News.
What are Forex Rebates? FX Rebates are a payout for the volume of trading you run through your Forex Broker. These rebates can add up to a significant amount capital if you are trading in the Forex Market. If you are going to trade, you might as well get paid to trade. You are going to pay a spread or commission either way you look at it, so it only makes sense to earn Forex Rebates as you continue your trading.
Finding the right Forex Broker may be the difference in coming out ahead in the long run. FX brokers are your sole connection in this huge market and you have to put a lot of faith in them. We provide you with the top forex brokers and broker reviews to help you decide during this selection process. A new broker we want you to consider is eToro.com, which puts a whole new feel on the Forex Broker business.
Whether you are a beginner or a seasoned trader, we have a service to fit your needs. Do you have a hard time understanding when to get in the market, or is your exit points that need help? There are hundreds of forex signals services on the market, but most are not worth a dime. We only work with the best. We screen them with the strictest parameters – ensuring their performance is real.
These signal providers may send signals by e-mail, voice, cell phone, or a live trading room. We will provide you with a list of the best Forex services available to best suit your trading needs.
Some traders prefer an auto trade type of system which does the trading for you, like FX-System Center, an excellent way to go. We work with a number of providers of auto-trade services which include state of the art software that will execute trades in the Forex market for you. You can learn to trade many different styles throughout the trading day. You can join live chat sessions with live calls in voice chat rooms with professional traders and learn how to trade the Forex market yourself. The options are all available, and now you know where to look.
Our Forex Trading goal is to provide our visitors with the best trading strategies available. We work exclusively with Forex brokers who specialize in news trading, and also include extensive reviews on the best in the business. Any relevant and helpful information related to Forex news trading can be found on this site.
There are many trading methods that exist to help you succeed as a trader, but there also many factors you need to consider before you execute your trades. Each news event moves differently. What we do is provide you with techniques and systems on how to trade these major news events. How can you maximize your gains and limit your loses? Not easily done, unless you truly know what you are doing.
Forex News Trader will teach you the moves you need to make. In volatile or fast moving markets, such as news trading events, it is imperative to be completely focused and on top of your game. You need to constantly learn new styles and techniques if you want to stay ahead.
Whether you profit, or end up like the other 95% of traders, depends on your ability, knowledge, patience, and how the market moves that day. With such a large world market there are numerous opportunities to pull profits on a consistent basis.
If you’ve spent thousands of dollars to learn strategies that do not work – you are not alone. In fact, in a recent poll of over 5,000 active traders, the majority have spent over $3,500 on education. Some people drop more money into Forex courses then into their own trading account. We offer insider strategies that will give you a huge edge to succeed in the Forex market. You can also learn our Forex Trading Systems and expand your wealth even further. Here is a look at one of our Forex trading videos on YouTube.
Forex News Trader was developed to give traders the edge they need to learn how to trade based on economic news events from around the world. The same edge the institutions use to make hundreds of millions and even billions of dollars in profit each year.
Forex News Trading will provide you with the information you need to give you a true insider’s understanding of the Forex markets. You will feel confident in your trading, and never doubt your trades again.
Does this mean you will win every trade? No, of course not, but armed with the knowledge Forex News Trader will provide you, you will never be afraid to take that next trade – as the odds will now be tipped in your favor.
Each and every month there are a tremendous number of news releases for the Off Exchange Retail Foreign Currency Market (FOREX). Many of these events and announcements move the markets considerably. But how do you properly capitalize on these moves? Get it wrong and you could be wiped out. Get it right and you can be in a small group of trading elite, consistently pulling pips out of the market each and every week.
Forex: USD/JPY hits 90.35 intra-day low, but it could recover to 92.50 - Commerzbank
FXstreet.com (Barcelona) – The Dollar's decline against the Yen from Friday's high at 91.30 has continued during today's session to break MA55 hourly chart level at 90.50 and trade at intra-day lows close to 90.35. Currently the pair is trading around 90.50/60, 0.45% below today's opening price action at 90.95.
Initial support level lies at 90.30/40, and below here, 90.15 and 89.70/90 congestion area. On the upside the Dollar might find resistance at 91.15, and above here, 91.35 (Oct 16, Sept 25 high), and then 91.55/65 (Sept 23 and 24 highs).
Karen Jones, Analyst at Commerzbank, expects the USD/JPY recovering to trade above 92.50 as Commerzbank views the recent low as key turning point: “We look for recovery to 91.75 (the July lows) then 92.55/90 (50% retracement of the sell off from August). The market has recently rebounded just ahead of major support, which extends from 87.60-86.30 and contains this years lows, a 14 year support line and an inter-year pivot line. From a longer term perspective we view the recent low as a key turning point.”
Forex: GBP/USD: Pound bounces at 1.6235 session low and returns above 1.6300
FXstreet.com (Barcelona) - The Pound has weakened somewhat during the day and from Asian session high at 1.6370, the Pound has dipped to 1.6240 to bounce back, reaching levels above 1.6300 at the moment of writing.
On a wider perspective, Valeria Bednarik, collaborator at FXstreet.com sees the Pound consolidating with a slightly bearish perspective: "Pair remains consolidating with a slightly bearish perspective at this point. 20 SMA still flat above current level in the hourly, needs to turn to the downside to support indicators that turned down. 4 hours charts still show upside limited while 1.6200/10 is still the support zone to watch for a break lower."
Support levels, according to Bednarik, lie at 1.6260, 1.6230 and 1.6200. On the upside, resistance levels lie at 1.6350 1.6400 1.6470.
Forex: EUR/USD: Euro ready for next leg upwards, to 1.5104 main target - Deltastock
FXstreet.com (Barcelona) - The Euro has shrugged off weakness seen during Asian session and, after bouncing at 1.4825, the pair has reached 1.4950 area, and according to Stoyan Mihaylov, technical analyst at Deltastock.com, targeting 1.5104.
The pair seems ready for its next leg upwards, with main target at 1.5104, says Mihaylov. "Recent low at 1.4827 was a test of the 1.4812 support area and the pair is ready for next leg upwards, to 1.5104 main target. Intraday resistance comes at 1.4967 and crucial is 1.4872."
In a longer term view, Mihaylov observes the Euro in a broad consolidation after bottoming at 1.2331: "EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated above the 50- and 200-Day SMA, currently projected at 1.4134 and 1.3523."
The beleaguered dollar found no reprieve in the Wednesday session, extending its losses to fresh 14-month lows against the euro and Australian dollar to 1.4934 and 0.9156, respectively. A shift to riskier assets was triggered by a stronger than expected earnings report from JP Morgan Chase, prompting advances in the US equity bourses with the Dow Jones, Nasdaq and S&P 500 all gaining by more than 1.2% by afternoon trading. The Dow Jones edged higher toward the psychologically key 10,000-level, briefly breaching above it on an intra-day basis for the first time in a year.