A Forex Video tutorial on "Set And Forget price action Forex Trading Strategies" this video explains how to set and Forget Forex trading strategies so can place a trade, Walk Away From The Computer screens and still have a life and working conditions on The market or Will Be stopped out or make a profit.Enjoy!Remember to comment.
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October 11, 2010 posted by Yohay
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On Forex TV download interview, I Julie Sinha Australia run about spoke an exciting week turnaround possible parity, euro, UK. Enjoy.
Smoothing the past in one week, after the collapse of the dollar NET short bread still reaches the peak of fresh. Do you if anyone is short it remains to the sales person? You can happen in the last week, did not realize, but certainly now already under increasing support soaked in particular, euro.
On the other hand, from Friday job reports are still $ hurts. In the interview, a major event fixes this week. Brings Friday reflects the mood of consumers two important events: consumer sentiment and retail sales.
Are you want to ensure is doing with other trade trader real account? sure Currensee. Free of charge.
Enjoyed the post? You can subscribe to RSS feed or email.The GBPJPY formed 2 consecutive inside bar, indicating that this market is tight clearance for a possible break strong out move. The trend is down so that we should encourage the disadvantage right now. However, given the fact that support sits near below 127.65 near, not really see a reward great respect to the risk.
Ideally, it would be for this within the upper bar setup to break and run into resistance near 132.00 and subsequently form a setup of downward price action. in this case would we then held a short.
For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading training course.
Comment:
The dollar was mixed against some currencies today, on the rise and fall against the other. how to close the session in New York, the dollar has made modest gains against the pound sterling, Australian dollar and Canadian dollar.
The dollar has lost ground modest for the euro, the Japanese yen and franc, New Zealand dollar.
The Dow added 50 63 points or 0.49%, S & P 500 rose 9.81 points or 0.91% and the Nasdaq added 23.17 points or 1.06%.
Settings of Trade Forex commentary: Palady EURJPY important levels and watching.
AUDUSD:
Fakey/pin bar inversion, the daily showed a pattern of topping in the form of a downside.The couple can push down next week before we see a revival of the uptrend.
Wouldn't recommend novice Forex traders take this configuration counter-counter trend because we firmly believe-trend trading is the Kingdom of traders experience more. However, we would like the advice merchants keep an eye on support near 0.9220-0.9180 next week as we believe this is an area of strong support setup action. A solid price forming bullish near this support would be a good long setup.
The synopsis of chart above daily is a good example of how you can simply still effectively schedule your trades before hand using simple price action. Click here if you want to read because simplicity is neglected in Forex trading.
EURJPY:
The EURJPY busted out of its range of trading high near 109.50 earlier this week the pair seems to be set for a possible rotation bottom at some point this week next trading after refusing to fall today.
However, rather than fighting explosive bullish momentum this week would prefer to wait and see some form of action strong bullish price near the considerable level of support of 109.50 and then try to get along.
For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.
Comment:
The dollar and the Japanese yen has regained some of their lost ground on the eve of today as in riskier assets recently took a breath.
The Swiss franc remained strong today, gaining on both the dollar and the yen.
For the week, the Dow was 1.4%, the S & P 500 added 1.5 percent and the Nasdaq added 3.3%.
Set and Forget Forex Trading – Keep Your Day Job
Very often aspiring forex traders become lost in a web of confusion with the amount of data that the various financial media outlets plaster all over the internet and television. It is extremely easy to experience “analysis paralysis” while trying to trade forex or any market for that matter. There are so many competing ideas and trading methods along with more fundamental data coming out every day than you could ever hope to digest, it can be very overwhelming to even try and make sense of it all and develop a trading plan based off this amount of information. One of the biggest psychological mistakes that almost every aspiring trader makes on their journey to success is firmly believing that the amount of economic data analyzed and (or) having a technically complicated or expensive trading method has a direct linear relationship with profiting in the market. In reality, as any professional trader will attest to, these factors usually have an inverse relationship with trading profits, at least after certain point. This essentially means that once you do a certain amount of analyzing market data any further time spent analyzing this data is likely to have a negative effect on your trading; it causes you to lose money.
Why it’s Counter – Productive to Analyze too Much Market Data
It may seem confusing or counter intuitive to the aspiring forex trader when they first hear the fact that too much analyzing of market data can actually cause you to lose money faster than you other wise would. This is one of the inherent psychological traps that so often keep aspiring traders from consistently profiting in the forex market and is the reason why many of them blow out their trading accounts and eventually give up all together. The main reason why this occurs is because human beings have an innate need to feel in control of their life and of their surroundings, it is an evolutionary trait that has allowed our species to perpetuate its existence and ultimately arrive at our current modern day level of civilization. Unfortunately for the aspiring forex trader however, this genetic trait of all human beings works against those trying to succeed at forex trading. In fact, most of our normal feelings of wanting to work harder than the next guy or spend extra time studying and researching for our jobs or for school are feelings that are really not beneficial to success in the forex market.
The problem with trying to apply the idea of hard work to forex trading is that beyond a certain level of technical chart reading and awareness of which economic events are the main catalysts for price movement there really is no beneficial aspect to spending more time on tweaking a trading system or analyzing more economic reports. The bottom line here is that there are literally millions of variables involved in trading the forex market; each person trading the market is a variable and every one of their thoughts about the market is a variable because these are all things that can cause price to move. So, unless you are somehow able to keep track of every trader in the market and all of their thoughts, you essentially have no control over price movement and trying to further analyze economic data or trying to come up with an overly complicated method is essentially just a meaningless attempt to control something that simply cannot be controlled.
Thus, the underlying problem of why so many people fail at trading the forex market begins with the idea that they feel a psychological need to control their surroundings and when this emotional state meets the uncontrollable world of forex trading it almost always has negative consequences. This problem works to snow-ball itself as well because once a trader loses a few trades he or she begins to get angry and wants to “get back” at the market. The way they do this is by reading another trading book or buying a different trading system that seems more likely to work or by analyzing the inner workings of every economic report they can find and trying to predict how it will affect market movement. Once this process has begun it is very difficult to stop because it makes logical sense to us that if we put more time in and do more work we will eventually figure out how to make more money faster in the forex market. The difficult truth to all of this is that, as stated earlier, after you reach a certain degree of technical and fundamental understanding, any further research or system “tweaking” beyond that point will actually work against you and the rate at which you study more and do more research is probably about the rate at which you will lose your money in the market.
Less is more in Forex – Set it and Forget it
So how does the aspiring trader achieve consistent profitability in the forex market if we are genetically primed to fail at this endeavor? The very first step in this process is just accepting the fact that you cannot control the uncontrollable forex market and checking your ego at the door. The forex market does not care what you have done in your life before; it has no emotion and is not a living entity. It is an arena where human beings act out their beliefs about the exchange rate of a certain currency pair. These beliefs are a result of emotions, and human emotion is very predictable when it comes to money. The point here is that the people mentioned in the previous section who are doing extensive amounts of research and trying to find the “holy grail” trading system are the ones who are trying to control the market and thus trading based off emotion and providing the predictability for the professionals to take advantage of. The paradox here is that professional traders do very little actual technical and fundamental “homework”; they have their defined edge in the market and they simply check the market once a day or so and see if their edge is there. If it is not than they just wait for tomorrow because they know that the forex market is a continuous stream of self-generating opportunities, thus they do not feel pressured or anxious to trade. If their edge does show up then they set their orders and walk away, accepting the fact that any further action will only work against them because it will be a vain attempt to control the uncontrollable and would not be an objective action.
The logic of “set and forget” forex trading is this; if your trading edge is present than you execute your edge and do not involve yourself further in the process unless you have previously defined the action in your trading plan. Traders that decide to mess with or tweak their trade once they enter it almost always kick start an emotional rollercoaster that leads to overtrading, increasing position size, moving their stop loss further from their entry, or moving their profit target further out. These actions almost always cause the trader to lose money, the reason why is because they were not objectively thought out, but were influenced by an emotional reaction that was caused by trying to control the uncontrollable.
Make Money and Save Time by Doing Less
It is a statistical fact that traders who trade off longer time frames such as 4 hour, daily, and weekly charts and hold their positions for multiple days, make more money in the long run that traders who “day trade” off intra-day charts. The reason many people are attracted to day trading is because they feel more in control of the market by looking at smaller time frames and jumping in and out of positions frequently. Unfortunately for them they have not figured out that they have the same amount of control as the swing trader who holds positions for a week or more and only looks at the market for twenty minutes a day or even less. The ironic fact about forex trading is that spending less time analyzing data and finding the perfect trading system will actually cause you to make more money faster, many people are attracted to speculative trading for this very reason but soon afterwards forget about the fact and start spending countless hours digging themselves into a huge psychological trap that many times they never dig out of. All you need to do to consistently make money in forex is develop a written out trading plan, that includes a risk management scheme, with a definable edge and check the market one time a day for ten to twenty minutes. If your edge (price action signals and setups) is showing up than you set up your entry, stop loss, and target and walk away until the next trading day is over.
Trading in this manner actually elicits a snowball type effect of positive habits that work to further perpetuate your trading success. This entire article can be summarized in the following two sentences; people who spend more time analyzing market data and trying to perfect their trading system inevitably induce a cycle of emotional mistakes that work to perpetuate their trading failures and eventually result in lost money and lost time. People who realize that the market is uncontrollable and build their trading plan around this fact will inevitably arrive at a “set and forget” type mentality that induces an emotional state that is conducive to on-going market success and consistent profitability. The trading method used is one of the least important variables, but generally a simple method that offers a definable and profitable edge such as price action analysis is the best method to use to maintain your “set and forget” mindset.
For More Information on How I Trade Price Action Successfully, Check Out My Advanced Forex Course Here
Copywrite – Learn To Trade The Market Author Nial Fuller
October 10, 2010 posted by Yohay
Filed under the US $ Yen forecast | leave a comment
Japan calendar that pretty much is light in coming week continued currency war definitely more action specifies. Here, is a technical analysis Japan events and updates us $ / Yen in Outlook.
Us $ / Yen chart support and resistance lines. Click Zoom in.
Intervention of the Bank should weaken the yen is past one week, us $ / yen 3 was completely erases reaches new year lows. Japan currency war fighting? first.
Households trust: Tuesday 17: 00 issued. This broad survey 5000 home or / 42. 4 points and disappointed. Has done the past year this sentiment indicators are increasing, but so very slowly. Similar results are now – is expected to 43.9 points. Core machinery orders: Tuesday 23: 50. This industry-related figure, despite the strong volatility in yen, influencing strong tends to be. After you drop 9% three months ago plunged 8.8% last month. Is now the expected decrease of 3.7%, but economists are missing out on this figure. Revised industrial index: Friday 16: 30. In the first release according the industrial output drop of 0.3%, 3 months consecutive. This expectation gap figure is probably confirm final release. Note that last month – from saw the rise and fall of important revisions.All times are GMT.
Technical analysis of u.s. dollar / Yen
At the beginning of this week, us $ / Yen yet, pair () is in last week's Outlook mentioned 82. 82, year 3 enable the intense resistance after fell poor 83 16 83 16 is struggling. Dollar / Yen has continued to decline, and low 81... 72 before closing 81. 90.
82. 87, Works now as a resistance line, and then played role opposite advance 83 16.
More support in recent weeks, is 84. 11, resistance line. 84.72, Continue after it is minor support contacts working in February.
High line 85... 90 $ / yen, is the peak reached after the intervention. 86. 35 July to support contacts and then switched to the resistance. It is... 86 88 worked as a support for earlier in the followed closely. March was in the last line 88. 10 now, support, and then worked as the resistance is.
Looking down the past provides rapid support for fresh 15 year low 1-week 81. 72. Ago round 80 here back in the 1990s 80... 43 lowest point, and support is the next line.
I in neutral to the u.s. dollar and yen.
It at least level percentage less after the Bank seems to have another fire intervention. "Currency war" in the current situation is fire out now in China. Dollar / Yen is likely continue this week mixed.
Bibliography.
Are you want to ensure is doing with other trade trader real account? sure Currensee. Free of charge.
Enjoyed the post? You can subscribe to RSS feed or email.The EURJPY is approaching a strong resistance approximately 114.80. This area of resistance will be crucial in determining the fate of this currency pair in the short term.The refusal of this resistance may lead to a substantially lower rotation as there is little support until around 109.50. Alternatively, a breakout above this resistance would likely result in another leg upward.
Operators should keep a keen eye for valid price action configurations around 114.80.
The AUDJPY is also sitting under a critical area of resistance around 81.40. this level will be crucial in determining which direction this currency pair heads to close this week and next. keep an eye out for any signs of strong action price close to this level.
For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.
Comment:
The dollar fell to a five-month low against the euro today on the back of increased expectations that central banks will intensify monetary stimulus to support fragile economies, this also helped bullion extend its recent rally breaking records.
Main Currency strategist Brian Dolan of forex.com said, "the dollar is currently in a situation of" lose-lose "where if data of United States are disappointing, increases the prospects of lightening of the fed and it weighs U.S. rate and the dollar, if data of United States gets better than expected, then the risk is back on, then the dollar is shunned as currency safe"
The Dow was down 22.86 points or 0,21%, S & P 500 lost 2.97 points or 0.26%, the Nasdaq was down 3.03 points or 0,13%.
The recent uptrend in EURUSD stuck out in the last 2 days of this week's trading. Can we see some significant levels in the chart below to keep an eye out for next week.
Upwards we can see that an area of resistance was formed near 1.4030. support is coming in the short term around 1.3630 and down about 1 3330.
These levels will likely be significant ones to watch per share price negotiating configurations negotiating this next week.
For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.
Comment:
The dollar sank Friday against other major currencies as a jobs report showing a dismal loss 95,000 job last month gave further weight to the notion that the Federal Reserve of the United States will adopt quantitative easing and inject cheap money into the economy to help stimulate economic growth.
The dollar abandoned for another 15 year low against the Japanese Yen Friday, hitting a low of about 81 72 before closing approximately 82 07 pm against the yen.
The Dow closed up in paragraphs 57.90 or 0.53%, S & P 500 added 7.09 points or 0.61% and the Nasdaq added 18.24 or points 0.77%.
Posted by anat on October 11, 2010
Daily Forex forecast filed | leave a comment
Us, weeks some interesting news and speeches, start by Janet Yellen United States, Jean-Claude Trichet Europe, Mervyn King than Britain exciting news coming up. Today let's wait for us.
United States is the u.s. Federal Reserve Board Governor Janet Yellen; "Macroprudential Director and monetary policy at Post-Crisis world" times of the National Association of Economics title of the Convention, Denver voice delivery, the contract future subtle clues drop about monetary policy often used
Read the CAD forecast about u.s. $ / CAD.
Europe, European Central Bank (ECBP) resident Jean Claude Trichet 2010 Mortimer Caplin meeting "Bank for central banks?" in the Miller Center's PR-speak in the University of Virginia, Washington, D.C. meeting of the world economy. Drop often used subtle clues about the agreement and the future of monetary policy.
In 6 percent of the output produced in Europe, France industrial production total inflation adjustment value maker, mines, and utility about is that sags. , A leading indicator of economic health-production quickly in response to the ups and downs of the business cycle as a condition of the consumer is tied employment levels and income.
Euro for more information, read the analysis of latest USD forecast and Casey Stubbs.
In the UK, Bank of England (BOE) Governor Mervyn King, Caplin meeting, to take part in a panel discussion in Washington, DC's. Drop often used subtle clues about the agreement and the future of monetary policy.
United Kingdom, where to set interest rates in the country and its people in the Bank of England (BOE) Institute for International Bank regulatory dialogue, Washington, DC to talk to you vote BOE MPC members.
United Kingdom Royal facilities of Chartered Surveyors (RISC), based on the surveyed after the property surveyor made of and drop-down level to 20% thanks to the surveyors work is access to the most recent price data;
Finally in the United Kingdom is United Kingdom Retail Consortium (BRC) sales monitor 1% stable.
Pounds, read more about prediction GBP / USD.
3 Day, the International Monetary Fund (IMF), IMF meetings are regular, twice held, attended by the representatives of the IMF and World Bank. Meeting is open to the media, and with stakeholders typically's Reporter story throughout the day. Is the release end of meeting, and then shift the formal statement covering the policy to achieve goals. Both comments and statements market volatility can create. The IMF oversees the international monetary system and monitor its 186 Member countries of the monetary and economic policies. You can agree to face difficulty in harsh country, providing policy advice and support funding. Hence the affect the comments of the Conference, prediction and international policy, foreign exchange market.
It is today. Forex trading and happy!
? I want to ensure is doing in the accounts of other trade commercial real? check Currensee ? Free.
Enjoyed the post? You can subscribe to RSS feed or email.The GBPUSD put in a massive fakey reversal Setup today between the strong resistance of 1.5900-1.6000. Note the fake break that occurred by 1.5900 and up one candle of mother of Tuesday.
Keep in mind this is a configuration of counter-trend and lately, given the significant weakness of the dollar across the Board, it is recommended not to anyone who buys the dollar at this point.We wanted to simply display looks like a solid formation fakey to see what price does from here. This really could go either way because it is counter-trend, and as you know we rarely take positions counter-trend.
Fakey installations of this size sometimes experience retracements, to learn more about setting fakey click here: installing Fakey Forex
To learn more about how exactly I Trade forex fakey setup check out my forex trading course.
Comment:
The dollar was mixed today, beating the pound, Swiss franc, Australian dollar and New Zealand dollar, but losing ground modest Canadian dollars, euro and Japanese yen.
The GBPUSD formed a massive installation fakey downwards and we are seeing signs of counter-trend can setting move up in some of the other major currency pairs as well.
The Dow was down 47.23 points or 0.44%, S & P 500 fell 3.53 points or 0.31% and the Nasdaq lost points 7.94 or 0.33%.
Posted by Yohay 10 / 12 / 2010
Filed under Forex News | 1 comment
USD per week less than 1.40, consolidating again support for increasing trend towards drifting started. In this quiet, ???? is the bottom line is? Technical and fundamental social trends is a quick update here.
USD 1.40 under
If technical
Asian session: session between 1... 3850 1.39.Current range 1.38 both direcstions 1.3850.Further level between quiet: under 1. 38, 1... 6,358, 1... 3650, 1... 3560, 1.35, 1... 3430. 1... 40 1.42 And 1... 4450. Lost the broad trend: Keynote launched on September 8, resistance and increasing support 13 September. A rapid rise in trading integration in some time after the time characteristics. Note that increasing support line has been changed slightly. That support yesterday was.USD Foundation
All the time is GMT. Emphasized the most important events.
18: 00 Pm Germany final consumer price index. exp. Contribution %. Contribution % actual. 14: 00 United States IBD/TIPP Economic optimism. Expert 46.7 points.15:45 speaks.16:20 United States FOMC Member talks Thomas weeding ECB President Jean-Claude Trichet. 18: 00 US FOMC meeting announcement minutes.If attitude
Debt problems went away, but ignoring the market. On the other hand there is a possibility to change this, this week, dollar, euro, United States yet only quantitative easing short time.The will weaken the downgrade of the weight of the second round inevitable Ireland injuries QE size, current situation and specifically vary by a disappointing job Friday. Provides a hint about the meeting minutes, QE2. 300 Billion of extreme short position reached $. This extreme level, everyone is shorter when-or left to sell the person in question. At the beginning already to recover $. 'S loss is uptrend channel, an important symbol. Currensee community: 54% are long, 46% are short, yesterday 52: 48 from slightly higher. These 1127, position is account of actual this pair in the moment of trades.Are you want to ensure is doing with other trade trader real account? sure Currensee. Free of charge.
Enjoyed the post? You can subscribe to RSS feed or email.AUDJPY weekly chart is showing a strong level of support that come into play near 79.50. Note in this weekly chart we can see on 8 and 9 moving averages have crossed top indicating that is building momentum upwards. Lowest price Should rotate in support 79,50 we would watch the daily charts and 4 hours for bullish price action to get along.
Note also the 2 configurations of bar very poorly formed pin bullish who formed Back near the end of August, and inside bar that has formed just below the current support of 79.50.
Today's Chart shows the power of clear and simple price action configurations and the benefits from trade times higher in Forex.
For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading training course.
Comment:
The u.s. dollar regained some lost ground against the euro today on concerns persisted for debt of the euro zone. Speculation loosening more federal reserve of the United States has worked to increase prices on treasuries.
The Central Bank Ireland said will scan virtual economy stop this year; This adding pressure to the euro and put once cares for euro area economies on the main stage.
The euro fell 0.80% against the dollar, up to $ 1.3678. the dollar rose to 0.25% against the Japanese yen, to 83.40.
Despite moderate rally today in USD, the tendency of a weakening dollar remains intact, both technically and fundamentally.
The Dow lost points 78 41 or 0.72%, S & P 500 fell 9.21 points or 0.80% and the Nasdaq fell 26.23 points, or 1.11%.
Simultaneous release of trade balance is United States and Canada highlight of the event this week. Here are the mobile market forecasts u.s. dollars/CAD events and latest technical analysis.
Us $ / CAD charts support and resistance lines. Click Zoom in.
Delete the job Canada, the. Hurt CAD and USD/CAD $ sent reaches low level not seen in higher after quite some time already. to recover the Loonie?
NHPI: published Wednesday 12: 30. The price of new homes last month – fell for the first time in over a year. This is a success symbol rate hike and also Canada economic slowdown. Big rise in rates are more likely to exercise, but expect another 0.1% decline. Trade balance: Thursday 12: 30 pm. Canada balance between having effective negative 3 months ago. Deficit unexpectedly to 27 million last month, loonie hurting. This deficit is now focus on the 9 billion. USD CAD is very choppy around this release note to the u.s. trade balance, as released at the same time. United States, increases the deficit. Manufacture: Friday 12: 30 pm. The amount of sales coming from the makers past 2 months after almost one year of growth fell. 0.9% Drop last month was particularly painful. % Rise 0.5 – hopefully fixes.All times are GMT.
USD CAD 1.02 between 1. 0280, closed at the beginning of the week. The () the mention 1.01 cutting crash in last week, and reaches 1. 0062. To jump another close 1. 0068 1. 0234, was followed by drop until the end.
Currently at the end to 1.01 line resistance enable. This was low in August. Version 1.02 is 2009 low was the resistance line. 1. 0280 Is a minor resistance line.
1. 0350 Line pairs in another week, held the line remains very strong resistance line. Held over during a tough row 8, two pair, 1.05
Above the stubborn one... 1.0680 served as resistance July and August 1, or more every time. High, 1 minutes... target during the 2009 high swing was in the long range restrictions. High 1. 0850, upward has high may swing, too.
Many rows exist in the following: close to the pair, ultimate support contacts – became a parity. Support, the following one line is 0. 9930.
Was low in addition 0.98 0.97 lines and support back in 2008, and not for now.
I does not depend on the u.s. dollars/CAD.
Enjoyed the Canada dollar and oil prices rise. On the other hand, own fundamentals such as employment report disappointing point in the other direction.
Bibliography.
Are you want to ensure is doing with other trade trader real account? sure Currensee. Free of charge.
The Forex market you threw in some warning signs of a possible today imminent reversal in most couples FX main.
We are looking into daily the daily charts, gold and the GBPUSD respectively. Note that before you reverse the daily broke at new year 27 highs less and not having close above resistance to 27 year high near 0.9850.
Gold formed a bearish reversal candle huge today that seems to have the potential to produce at least one rotation short-term bottom.
Perhaps the signal stronger today was the bar bearish pin GBPUSD who refused to resistance around 1.6050 today. This pair appears to have some room to fall downwards, as the next media isn't up to around 1.5670.
Note: these signals are all counter-trend, but at least I'm still watching signals on withdrawals as soon as possible.
AUDUSD: Gold:
GBPUSD:
For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.
Comment:
The dollar rebounded today after the overthrow of a 15 year low against the Japanese Yen the dollar also reversed. most of its loss of session start against the euro since euro moved above $ 1.4000, making another higher.
Perhaps more news from the Forex market today was the dollar weakening of all-time Low against the Swiss franc and a low of 27 years against the Australian dollar, a result of expectations that the Federal Reserve could print more money to help save the u.s. economy anemic.
USD strength today also caused a slide in raw; oil fell from a maximum of five months and copper and gold interrupted their recent rally with gold put in its biggest move of one day less in a month.
The Dow lost points 19.07 or 0.17%, the S & P 500 lost 1.91 points, or 0.16% and the Nasdaq acquired points 3.01 or 0,13%.
Today was a relatively quiet day in the forex markets like there was any significant economic data released and the markets are expecting a number of important economic data later this week from minute US FOMC meeting tomorrow.
The daily has been a couple of levels of support short-term worth noting recently. the first is near 0.9700, which coincides with the bass bar pin that formed last Friday.
The second level of support, as seen in the chart below is close down the fakey/pin bar combo that formed on 10/5. we can see the day moving average 21 resides almost immediately between these two levels of support; a pullback at this level to re-join the uptrend, it would be nice.
For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.
Comment:
The dollar strengthened modestly today against other major currencies as volume was light due to few economic data released today. the dollar has managed to earn approximately 50 pips on the euro and about 75 pips against the pound.
The Japanese yen has also gained ground modest today against other Majors with the exception of a slight loss for the dollar.
The Dow added points 2.11 or 0.02%, S & P 500 added 0,11 a point, or 0.01% and the Nasdaq added 0.42 a point, or 0.02%.
My 3 main settings action price: Pin Bar, fakey, internal bar
Setting the PIN bar:
The bar of pins is a staple of the way that the exchanges of the Forex market. Has a high accuracy rate of trends of the markets and above all when they occur at confluent. Pin bars that occur at the level of resistance and important support are generally very precise configurations.Pin bars can be taken counter trend as well, as long as they are very well defined and protrude from the bars surrounding price significantly;indicating a strong rejection occurred. example chart, let's look at pin bars that occur with the context of a market trend, my favorite way of Commerce. Note how each bar pin resulted in movement that met or exceeded the next logical point of resistance, marked on the chart as "destination"
Pin bars that occur within the context of a market trend on the daily chart EUR/JPY:
Installing fakey:
Installing fakey is another installation of action of the price of bread and butter. It means rejecting an important level within the market. the Forex market is designed for traders fake, as often times the market appears to be driven one direction and then reverse, sucking in all the amateurs as professionals are pushing the price back in the opposite direction. Installing fakey can disable some pretty big moves in the Forex market.The chart will examine below show a fakey that occurred in the EUR/USD market that out a huge down the movement of the Department.
Installing fakey nice that occurred in a major turning point on EUR/USD daily:
Installing internal bar:
Inside bar is a great tendency – signal continuously.Show a consolidation in the short and then a break out towards the dominant tendency. bar best are played on daily and weekly charts. they allow for very small risks and still very big rewards. inside bar combined with a strongly market trend is one of my favorite price action configurations. we can see in the chart below an interior bar that formed on USD/JPY daily after a strong pin bar signal has changed direction of trend. internal bar This occurred at a level of 50% retrace, as well as a level of support, whenever we get the price action confluent as this is seen as a very strong setup.
Bar within Setup on daily USD/JPY:
Further explanations of price action configurations and forex trading instructions found in my forex trading course that comes with lifetime access to our Member's forum that includes the configurations of ongoing trade and daily analysis of major currency pairs, as well as configurations of any relevant price. Once you some solid price action master configurations will be well on your way to trading with the Forex market success.
Copywrite – learn to zone the fuller market author Nial
Posted on October 12, 2010 by Yohay
Filed Under Forex Opinions, Guest Post | Leave a Comment
The U.S. Dollar continued sliding against all the major currencies last week, extending the previous two weeks’ substantial losses even further.
The U.S. Dollar Index lost -0.76 points last week to close at 77.33, showing a net loss of -0.98 percent on the week. The Dollar Index is now showing a net loss of 0.53 points or 0.69 percent for the year to date.
Guest post by ForexTraders.com
The Japanese Yen was the best overall performer against the Greenback, rising 1.5 percent last week. The Yen was closely followed by the commodity currencies, with the New Zealand Dollar rising by 1.4% and the Australian Dollar gaining 1.3% versus the U.S. Dollar.
In addition, the Euro gained +1.1% against the Greenback, while the Canadian Dollar strengthened by +0.9%. The Pound Sterling continued underperforming the other major non-Greenback currencies by only gaining a relatively modest +0.8% against the U.S. Dollar on the week.
U.S. Dollar Declines Further After Disappointing Employment Numbers
The U.S. Dollar’s continued decline last week was in part due to the ADP Non Farm Employment Change number which disappointed the market with a decline of -39K versus an expected rise of +23K on Wednesday.
This was compounded by the weak Non Farm Payrolls number out on Friday which showed a contraction of -95K jobs, versus an expected increase of 1K. Nevertheless, the U.S. Unemployment Rate managed to drop a notch to 9.6 percent versus an expected 9.7 percent.
As the Greenback falls, the prices of certain key commodities have risen notably. Among these is the price of gold which made a new all time high on Thursday by trading to $1,364.78 per ounce. The price of crude oil also gained 1.32% on the week.
Putting additional pressure on the U.S. Dollar last week were comments by Ben Bernanke warning of the pressing need to rein in the U.S. budget deficit and the dire condition of the United States economy.
In referring to the need to cut government spending the wake of recent seemingly excessive spending in an attempt to stimulate the flagging U.S. economy, Mr. Bernanke stated that,
“The only real question is whether these adjustments will take place through a careful and deliberative process… or whether the needed fiscal adjustments will be a rapid and painful response to a looming or actual fiscal crisis.”
Despite some positive news on the housing front, economic data for the United States continues to show that the U.S. economy is weakening. This just gives the Fed even more of a reason to flood the economy with fresh dollars that may eventually ignite the fires of inflationary pressures.
The Yen Makes New All Time Highs Against the Greenback
The Greenback was especially weak against the Japanese Yen last week, after Japanese finance officials made comments indicating that the BOJ was merely smoothing the Yen’s rise with its recent intervention efforts.
The Yen continued to strengthen despite last week’s additional easing moves by the Bank of Japan which lowered rates — yes, even lower than 0.10% — to a range between 0% and 0.10%. Also, the central bank announced a 5 trillion Yen program to buy Yen denominated debts to reduce investment yields in an attempt to further support the rather soft Japanese economy.
Furthermore, BOJ Governor Shirakawa, in a statement made last week said that:
“Each country is making the best decision by looking at its economy and financial markets. I don’t think there is competition to ease monetary policy.”
Shirakawa also added that,
“The yen is rising because of uncertainties in the global economy, especially the U.S.”
These comments gave currency traders an additional impetus to sell USDJPY even further, eventually sending it to yet another all time low of 81.72 last Friday.
Australian Dollar Makes New Post Float High
The Australian Dollar made a new post-float high against the Greenback last week, trading up to 0.9917 last Thursday as the price of gold made new all time highs.
The Aussie sold off sharply against the Dollar early in the week due to the RBA surprising the market by leaving its benchmark Official Cash Rate at 4.5%.
Nevertheless, the Aussie came back strongly later in the week after the Australian Employment Change showed that the Australian economy had added +49.5K new jobs, versus an expected gain of only +20.2K.
Once U.S. employment data came out weak, the combination of factors took the Aussie back up to make a new recent high at 0.9917 on Thursday.
The Australian Dollar was allowed to float against the other major currencies in December of 1983, and it has never traded as high versus the Greenback since that time roughly 27 years ago.
Nevertheless, it seems that the all time high in the Australian Dollar apparently happened in December of 1973 when the Australian Dollar hit the heady level of 1.4900 to the U.S. Dollar.
Forex Market Implications
Basically, the formerly almighty U.S. Dollar has continued to show persistent signs of weakness across the board. Nevertheless, a certain degree of retracement would probably help make the Greenback’s decline seem a bit healthier.
Also, with rising commodity prices — which include a new all time high in the price of gold — combined with the growing certainty in the market that the increasingly dovish Fed will soon begin a new round of economic stimulus programs, the case for hyper-inflation in the United States seems to be gaining ground.
Accordingly, although buying the Greenback on a short term basis might be a good trade for some corrective price action, beware of a turnaround to the downside and get ready to go short Dollars.
Furthermore, due to the current rally in key commodities like gold and oil, the Aussie, Kiwi and Loonie continue to be favored over the currencies of commodity importers like the Greenback, Euro and Sterling.
Weekly Recap and Outlook for the U.S. Financial Markets and Dollar – 10/11/2010 The U.S. Dollar continued losing ground against all of the other major currencies for the third straight week during last week’s trading, as gold and the Japanese Yen both made new all time highs. Read full report
Weekly Recap and Outlook for EURUSD – 10/11/2010 EURUSD furthered its ongoing rally in last week’s trading, extending the preceding week’s gains by even managing to penetrate above the key 1.4000 psychological level. The week started off with EURUSD trading significantly softer in the wake of the Irish Central Bank reducing its economic growth forecasts for Ireland down to 0.2% from 0.8% in 2010, and down to 2.4% from 2.8% in 2011. Scheduled economic data releases out on Monday showed that the PPI in the Eurozone has risen by just +0.1% for the month compared with an anticipated rise of +0.2%. In terms of U.S. data, Pending Home Sales gained +4.3% that was a substantial improvement over the +2.8% consensus. Nevertheless, the former number was downwardly revised by a smaller amount from +5.2% to +4.5%. In addition, U.S. Factory Orders fell by -0.5% for the month compared with the lower drop of -0.3% anticipated by the market; however, the former number was revised upward to +0.5% from the +0.1% level that resulted in an overall positive impact. Read full report
Weekly Recap and Outlook for GBPUSD – 10/11/2010 GBPUSD gained some ground last week after showing only a minor rise the previous week as the U.S. Dollar softened across the board against all of the other major currencies. Cable started the week out on a weak tone by gapping lower at the open to make its weekly low at the 1.5748 level on Monday. This gap was nevertheless soon filled as the pair then reversed to the upside in the wake of the release of U.K. Construction PMI that came out at 53.8 — significantly higher than the 51.6 anticipated and an improvement over the previous 52.1 reading. Read full report
Weekly Recap and Outlook for AUDUSD – 10/11/2010 AUDUSD firmed again last week to make fresh highs seen since its exchange rate was floated on December 8th of 1983. This move has increased the likelihood of the rate trading up to touch the key psychological parity level in the immediate future. The pair started last week off by trading weaker on Monday as Australian markets were closed in observance of the Labour Day Bank Holiday. Read full report
Weekly Recap and Outlook for NZDUSD – 10/11/2010 NZDUSD continued to rise during last week’s trading as the Greenback dropped further versus all of the other major currencies, the Aussie traded to post-float highs and the price of gold made fresh all time highs. Read full report
Weekly Recap and Outlook for USDJPY – 10/11/2010 USDJPY persisted in falling to fresh lows yet again last week as the U.S. Dollar weakened even further in the face of consistent strength seen in the Japanese Yen. The pair began last week with a positive tone by gapping up at the Monday open of 83.24 in spite of news that Japanese Average Cash Earnings only showed a flat reading for the year. This was considerably lower than the +0.8% number the market had anticipated. Read full report
Weekly Recap and Outlook for USDCAD – 10/11/2010 USDCAD continued to slide last week as the Greenback posted additional losses versus all of the other major currencies. The rate started the week off with a strong tone on Monday, buoyed by positive U.S. Pending Home Sales numbers that gave initial support to the U.S. Dollar. Although Tuesday then saw the rate make its weekly high print at the 1.0272 level in the absence of any major economic releases out of Canada, but the pair then reversed and fell considerably. Read full report
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Enjoyed the post? You may want to subscribe by RSS feed or Email.Successful Forex Money Management
Money management is a critical component to successful forex trading that many traders either ignore or are simply not fully aware of. Speculative forex trading is inherently risky; there is real and present danger that you could lose money on any given trade you enter into, so practicing proper forex money management is essential to long-term trading success. That being said, it is pretty obvious that most traders do not practice proper money management because we have all heard the statistic that something like 90% of trader’s fail to make money over the long-run in the forex market. This blog post is geared towards helping struggling forex traders understand the importance of proper money management as well as supplying them with some concrete tips to begin implementing immediately for proper money management.
• Trade only with money that is truly disposable income.
If you begin your forex trading career using money that you really cannot afford to lose or that would be put to a better use elsewhere, you are basically carving your own forex trading tombstone. Many traders start trading with money they really should be using to pay down debts or that they could be using for retirement savings or any number of reasons. The only money you should ever use to trade forex with is money that is truly disposable; meaning you do not need for any life necessities or long-term savings. Essentially disposable income is “fun” money; money you would likely just have spent on things you don’t really need, this is the type of disposable income you should fund your trading account with. If you start trading with any money other than disposable income of this sort you dramatically increase the chances of becoming an emotional trader, because you will feel pressure to not lose your trading money and to make it grow very quickly. If you don’t have enough disposable income to trade with than don’t trade until you do.
• Demo trade before risking real money.
No matter what you may have heard or read on the internet, demo trading is critical to long-term forex trading success. There is simply no way to understand how the particular forex strategy you are going to use actually works if you do not demo trade with it before going live. If you choose to begin live trading before fully mastering your trading strategy, you are going to fall prey to many silly mistakes that could have otherwise been avoided had you just demo traded first. Many traders want to start making money immediately when they first get interested in forex trading, unfortunately this is not how it works, just like any other profession you have to pay your dues and put in the necessary time and effort to get good at the art and skill of forex trading. Patience is one of the biggest keys to success in forex trading, by committing at least 2-3 months to mastering your strategy on a demo account you will be helping to foster the very positive trading of patience as a result of not jumping into live trading head first. A solid habit of patience will reward you many times over throughout your forex trading career.
• Consider yourself a risk manager rather than a trader.
As a forex trader your main goal needs to be to effectively and efficiently manage your risk on every trade and to begin viewing and weighing each trade setup in terms of possible risk to possible reward. Always define your risk before entering a trade and make sure you can sleep soundly at night with the amount of money you have at risk. Most traders think about the market in an opposite manner; they view the market as an endless supply of money, basically the view it as an ATM and they severely downplay the risk involved on every trade. Ask any professional forex trader what their overall winning percentage is since they started trading full-time and you are likely to hear around 50%. The reason professional traders can lose on half their trades and still make money is because they figure out long ago that they need to view the market in terms of risk and not so much in terms of reward. If you concert on managing and maintaining your risk below the level that invokes emotional response, the reward side of trading will take care of itself. Learn to concentrate more on the risk for every forex trade setup you take the reward aspect will essentially take care of itself.
• Obtain clear understanding of position sizing and make sure you practice positing sizing on a demo account before going live.
Position sizing is the means to carrying out proper forex money management. Understanding position sizing in forex trading is critical to maintaining objective thinking and clarity while trading the market as well as correctly managing your risk. To correctly implement position sizing in the forex market you need to first pre-define the amount of money you are truly OK with losing on one trade before you do anything else. Once you have this figure defined you then wait patiently for a high probability trade signal like a price action setup, once your desired setup forms in the market you then need to start thinking about risk, not reward just yet. Most traders do the opposite at this point; the immediately try to figure out how much money they can squeeze out of a given trade setup before paying any attention to stop placement or risk.
Stop placement and risk is the next thing you need to think about after finding a high probability trade setup. This is where position sizing comes in; you need to find the safest place for your stop loss so that it gives the trade the best chance of working out, after you determine this level you must then calculate the correct position size, or number of lots you will trade so that your previously pre-defined risk amount is not increased or decreased. Many traders do not do this correctly however; they either put too small of a stop loss on the trade because they want to increase the number of lots they are trading out of greed, or they put a really large stop loss on the trade and do not adjust down their position size to maintain their risk; effectively the dangerously increase their risk by doing either of these. Forex trading is a test of self-discipline and controlling one’s impulses of fear and greed, the degree to which you correctly implement position sizing and risk management will be the degree to which you correctly manage your emotions and achieve your goals in the market.
• Learn to take profits at logical intervals as they are available.
After you have defined your risk on a trade and correctly implemented position sizing, you can then think about reward and where to take it. Many traders mess this up by hoping for some ridiculously big profit target that is 1,000 pips away and that will take months to get hit, if it does at all. The bottom line is that most new forex traders are starting with relatively small sums of money and so it is critical that they begin building their accounts up by taking smaller profits as they present themselves, instead of holding out for that big winner that is probably never going to come. There is simply nothing wrong with taking a reward that is 2 times your risk on any trade. If you take 1:2 risk to reward trades, you can basically lose on about half of your trades and still make money, if you take 1:3 or 1:4 rewards you can win on far less than 50% of your trades and still make money. Many traders fail to take profits at logical intervals like this and as a result they never make any money. If a trade keeps going in your favor after you take a 1:2 winner there really is no reason to care. You made money in the forex market, and you at least doubled your risk, this is all that should matter because there will always be tomorrow and there will always be excellent opportunities in the forex market. This is where patience comes in like we mentioned earlier; you can’t feel rushed to make a ton of money in the market if you aren’t already starting with a lot of money in your trading account. Don’t let greed or fear influence your exit strategy by pre-defining your reward target at reasonable and logical multiple of your risk.
To learn more about forex trading check out my forex trading course for some very simple and effective price action setups or you may like to watch my Forex Tutorial Videos Here or read some great Forex Strategies Articles Here.
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Article By Nial Fuller , Pro Trader and Forex Coach – Copyright Learn To Trade The Market 2010
Forex trade Setups comment: EURJPY and Daily Price * GBPJPY * – update
GBPJPY: update
The GBPJPY formed a break false more inside bar and support near 128.00 yesterday.This configuration fakey tipped off fundamental news dealers outside Japan imminent as regards their intervention in the FX market today to weaken the surging yen in order to strengthen their economy sagging.
EURJPY:
The EURJPY inside bar installation of rejection that has formed last Thursday off support near 106.00, drove more aggressive and penetrated the resistance around 109.50. the yen fell 2%, as the Japan Wednesday intervened in the FX markets for the first time in six years.
We can also see in the chart below that a candle bar pin bullish formed on Tuesday, this could be another tip off that prices had the potential to challenge the top of the range commercial near 109.50.
AUDUSD:
The daily has penetrated the resistance weekly near 0.9400 in the last two days and was able to maintain prices above this layer as shown in the following graph. momentum is however still bullish, but would wait to see a solid price Setup develop action before entering a new long position.
A move down to support near 0.9220 would be considered possible scenario of purchase if we saw some form of action bullish price close to this level.
For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.
Comment:
Japan intervened in the forex markets for the first time in 6 years on Wednesday to stem the economic damage due to yen surging, this worked to push the yen significantly lower across the Board and lifting on Tokyo stocks by over 2%.
Gold drove to fresh high as of Tuesday, and this helped a weakening dollar, which led to a bullish trend in Daily, EURUSD and GBPUSD.
The Dow lost points 17.64 or 0.17%, the S & P 500 fell 0,80 points or 0,07% and the Nasdaq acquired 4.06 points or 0.18%.
AUDJPY settings of Trade Forex commentary: inside bar
The AUDJPY formed a bullish inside bar today during the recent momentum bullish. we can see price currently is located near the resistance to 80.85. beyond this level do not see much resistance up to approx. 83.50.
The Australian dollar was very strong, recently as a result of continued demand rich country exports from China and other fast-growing countries.
Foreign exchange market intervention yesterday by the Government to help weaken the surging yen Japanese gave further support to this recent Push bullish in AUDJPY and one Australian dollar crosses.
For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.
Comment:
The Forex market was relatively quiet today as coins took a breath after the movement of prices volatile Wednesday after Japan intervened in foreign exchange markets to weaken the yen.
The Dow has added 22.10 points or 0.21%, S & P 500 lost 0,40 points, or $ 0.04% and the Nasdaq gained 1.93 points or 0.08%.
• Learn to master a price action before installation.
Many traders who died in an attempt to learn a hundred different strategies of trade, while somehow trying to make them mesh into a single coherent system of negotiation. There are many ways to make money in the Forex market; However, more complicated is over-the method and the flip flopping-more do between methods, most are going to suffer. In order to become a professional trader, you must first find a high – Board likely to enter trades, is therefore the master this Board before adding anything else for trading tools.Find a trading method that has proven to be effective over time, as a simple price action configurations, a master of settings, and then once you know how to use Setup correctly you can learn other azioni di price if you desire to negotiating configurations. professionals more consistent live off one or a handful of configurations, remember to keep it simple.
• Not to trade – trade only the best Setup price action.
During trading is one of the most common mistakes that make trading Forex traders. It is extremely easy to fall into the trap of negotiation when not thinking objectively and does not have enough patience to wait for the action settings of high quality price.Is an important factor to consider before you invest your hard earned cash in the market, because they are commercial?Many people involved in Forex trading for the wrong reasons; they feel like "have" to make money to get out of their current job, or really want to buy something expensive and I hope to make money by trading forex or a whole slew of other reasons: the bottom line is, if you feel like you "must" to trade because it's your ticket to freedom or happiness, you are probably going to feel the pressure to take less than A + configurations. Once you start the sensation of this pressure are essentially game because you drastically reduce the likelihood that your commercial advantage is effective when you lose patience and jump on configurations that are lower in quality.
• Learn to trade price action by confluent levels.
One thing I know any Forex trader who has been around the block a few times is that matter of support and resistance levels.Often time price will respect the significant levels of horizontal and above.So, you go to reason that these levels are important, and if you develop a setup action price near these levels is something that can add weight and validity for installation. Confluence of trading is a very important instrument in commercial action price tool box; confluence means more signals or levels line up together on the market. For example, you might see a PIN of refusal bullish very well-defined bar shape configuration to a basic level of support during an uptrend in EURUSD, you then 3 points of confluence in favor of going long; 1) pin the bullish bar installation 2) an upward trend of the market 3) a significant level horizontal rejected by pin bar.If you can add a fourth point of Confluence, say a level of 50% Fibonacci retracement or a bounce of medium mobile, than this adds more weight to the setup of price action.
• Develop a Forex trading plan price action.
Develop a plan of forex trading is the glue that holds everything together.All is well know in your head, what should you do well during negotiation on the Forex market. However, it is one thing to know how to do something and another thing all together to actually DO IT, a forex trading plan will act as the physical manifestation of what should be done while the trade, so it doesn't just do whatever you like to do at the moment. most traders end up falling into emotional trade cycles, and end up losing a lot of money in the markets because they try to control the market.Having a written out and concrete forex trading plan that read every day will be your goal guide how to interact with the market. This guide will help you to remember that you cannot control the market, but you must learn to trade in harmony with it. merchants who fail are those lazy not forming a forex trading plan and read it before every interaction with the market. most people simply do not have the self-discipline or the will power to not over-trade or over-leverage when there is nobody to be liable except yourself. negotiation is not like any other process because you have no boss, there's nobody you reprimand or tell you what to do, and this is the function of forex trading plan, think of it like your boss or as a kind of check and balance to your emotions.
Don't forget to check out some of my forex free video here and if you're interested in finding out more about price action, check out my forex training community here.
Article by Nial Fuller – Trader – and Coach. – Copyright learn to zone the market 2010
USDJPY:
The USDJPY formed a bearish pin bar which we discussed in last Friday's commentary. Price since then came modestly bearish and seems to have more space to run before getting to the strong support monthly close 79.75.
EURJPY:
Very lightweight volume of work-day yesterday formed a small internal bar just below the EURJPY resistance. This inside bar Setup was with market bearish momentum and could be a scenario of high-reward very low risk price merciless action traders.
For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.
Comment:
The euro was substantially weaker today against other major currencies due to renewed concerns for debt of the euro area.
The dollar was mainly today stronger but still lost modestly the Japanese yen and the Swiss franc. the yen was the big winner in the session of trading forex today.
The Dow lost points 107.24 or 1.03%, S & P 500 dropped to 12.67 points, or 1.15% and the Nasdaq dropped to 24 86 points, or 1.11%.
Gold:
Today, Gold upper assault breaking past $ 1340.00 per ounce as the inside bar installation from yesterday broke upward and injected even more fuel in this run via uptrend.
Take a look at the daily chart below gold, notice how many excellent price action configurations form within this trend that price action traders could have benefited handsomely (hindsight is a wonderful thing, we only hope that you have on some of these configurations!).While acknowledging the fact chart that today is taking advantage of hindsight, we discussed some of these action settings of gold price in recent comments in the past two months, in particular our recent discussion of a setup fakey in gold.
For more information on negotiating price action in the gold market click here: price action trend trading with gold.
AUDJPY:
To recap yesterday is the comment, AUDJPY did finish rotating bottom but not enough make support weekly near 79.50, instead Pushing the currency pair's recent support daily near 79.80 before rejecting these lower prices and forming a bullish pin bar to close the day.
The bias is positive, up or down if the price wheel passed 79.80, AUDJPY shows signs of having the potential to push the resistance around 81.40 and possibly beyond.
For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.
Comment:
The dollar fell largely today after the Bank of Japan surprisingly cut interest rates that worked to fuel speculation that other countries will take additional steps to give fresh fuel to the global economic recovery.
Gold has made another record high today as bullion moved over $ 1,340 per ounce, oil moved to a fresh high 2 months on the back of a US dollar much weaker. Copper also pushed higher, hitting its highest level since July 2008.
The euro has moved to its highest level since February this year against the dollar on fears that a more quantitative easing in the United States might further weaken the dollar.
Shortly before the u.s. stock market near the Dow was 183.08 points, or 1.70%, S & P 500 was 22.44 points or 1.97 percent and the Nasdaq jumped 50.94 points or 2.17 percent.
The EURUSD formed internal bar yesterday that we posted in the Forum of our Member shortly after it closed. Inside bar came out to the upside today as expected. We're not sure what the EURUSD has left in his tank of gas, you can consolidate awhile before pushing higher and trying to defy the General resistance near 1 2930, which is a pretty obvious. We see this level trendline regenerated and constant development if this pair is to test the high in July.
Note the EURUSD recently made a 50% retracement of moving from June low 1.1876 for the agosto of 1.3333 high.
USDJPY:
The USDJPY formed a bearish today bar pin in the context of decreasing dominate, this is definitely one to keep the radar as short as possible.
For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading training course.
Comment:
Safe usa debt declined for a third day in a row as traders saw the odds of a weakening of recession "double dip". the dollar lower ended today against most other major currencies but managed to gain modest on the Swiss franc and the Japanese yen.
The Canadian dollar and the New Zealand dollar strengthened significantly today with the euro, British pound, Australian dollar and close behind. the Franks, JPY and USD were today the weaker of the major currencies.
The Dow rose by 2.9% for the week, the S & P 500 was up 3.8% and the Nasdaq has added 3.7 percent for the week.
Settings of Trade Forex commentary: Palady, NZDUSD fakey update inside bar
In our comment from 9-9-10, we discussed the installation fakey bullish who formed the day before in the NZDUSD, which we posted shortly after it was formed in our Member's forum. This setting has shot up to the next logical horizontal area near 0.7350, providing traders who have taken this trade with some decent seeds and a solid risk to reward the installation.
It's worth noting how price has met significant levels of horizontal in NZDUSD recently.Notice how the price moved from 0 7150 and, therefore, up to 0.7350 before reversing.
AUDUSD:
The daily formed internal bar today in resistance near 0.9400. This internal bar can cause prices to fall down support near 0.9200. However, there would try to short to a bull market, instead we would wait for moving lower potential and then try to get on board the uptrend with a configuration of bullish price action forming around 0.9200.
For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.
Comment:
The dollar posted its biggest one-day gain against the Japanese yen in almost two years, today as Japan began selling in the market forex Yen in order to weaken the currency recently momentum in order to make exports more attractive to foreign buyers.
Intervention Japanese also helped push the euro, Australian dollar and British pound today substantially higher against the yen, although the Japan mainly bought dollars
The Dow rose 46.24 points or 0.44%, S & P 500 added 3,97 points or 0.35% and the Nasdaq added 11.55 points or 0.50%.
Posted by anat on October 12, 2010
Daily Forex forecast filed | 1 comment
At the top of the u.s. event moving market, FOMC statements and United Kingdom inflation data. Is the activity that most influential today here are waiting for us in Outlook.
United States at the FOMC meeting minutes most likely event today speculation about another round of stimulus for us $ gave birth out expected. This statement provides details concerning monetary policy impact on the market.
In Europe, the European Central Bank President Jean Claude Trichet NYC in speaks at the Economic Club. On October 7, he Bloomberg excess volatility redemption rates posed first try to stabilize the economy risks the European Central Bank President Jean-Claude Trichet Thursday, warning euro is easier to 1.40 surpassed $ mark 8 months. You may help the euro profit Cap current speech.
One month is 3.1% continue to refuse to remove the data United Kingdom United Kingdom most important inflation considered. It was exerted upward pressure expected to contraries stronger at high rates rise in airfares, clothing, food core CPI 2.6% to 2.8% from the previous month and dropping, excluding volatile products.
UK, nationwide consumer confidence every month, leading indicator of consumer spending release 61 points from the previous month's reading is expected to better reach. Is expected to climb further 64 points to enhance pounds now.
Later in the United Kingdom, speak in external BOE MPC Member David miles of economic and Social Research Institute Conference, Dublin. Bristol Business Forum ago in previous speeches he he describes as a tool to view, an appropriate policy response control inflationary pressure demand and supply, affecting the economic balance active by using the interest rate. You might affect his speech rates.
8.7 B finally United Kingdom in the trade balance deficit unexpectedly 0.7 B deficit reduction is expected to reach through July.
Read more about the prediction of the L GBP / USD.
Australia in the NAB business confidence economic health leading indicator 11 points August hike by the expansion of the economy. You expect the rise of another.
Australia attitude, fall despite longer retention rates of January came suddenly by 5.1% in September, drop Westpac consumer retention, strong employment growth, higher Australia from $ strong stock prices in September. Now exist in small rise.
Australia for more information, read the AUD / USD prediction.
Leading indicators of the core machinery orders production 8.8% in Japan was led from the textile machinery, chemical, chemical products, food and beverages on powerful jumped increase from the previous month, in order. Is expected to 3.7% drop soaring of balance.
Finally in the Japan is today. Forex trading and happy!
Are you want to ensure is doing with other trade trader real account? sure Currensee. It is free.
Enjoyed the post? You can subscribe to RSS feed or email.The EURJPY formed a very dignified 4 hours fakey/pin bar combination installation recently that was in line with momentum bullish.
We sent this setting Member's forum shortly after he closed off desiring to merchants that gave the possibility to jump aboard the uptrend here.
For more examples of fakey toolbar and pin click here: fakey and pin bar configurations.
For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.
Comment:
Gold hit a record high today on the expectations that the U.S. Government stimulus would work for accelerating inflation.
The dollar was less than today against other Major mainly with the exception being the Canadian dollar, which has lost ground modest for the buck.
The Dow lost points 21.72 or 0,20%, S & P 500 lost of 5.5 points, or 0.48% and the Nasdaq fell 14.80 points or 0.63%.
Comment by installations of Trade Forex EURJPY fakey: Gold and
Gold:
Gold put in a massive false break/fakey model during the price action today. Note how queue bottom candle showed the refusal of the level of support intra-day recently near 1283.00 before quickly reversing top and affects almost 1310.00 per ounce.
This is still a powerful example of the trend of price action trading with gold.
EURJPY:
EURJPY formed a normal fakey today compared to what we saw in gold.Could we see price push upwards towards the resistance around 114.80 from here.We see a strong break above this level of resistance to a deeper to occur.
Note how low the fakey moved towards the day 8 moving average before rejecting the price and pushing higher, in line with the uptrend dominate.
For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading training course.
Comment:
Euro gained ground against the dollar and the pound today as speculation escalation that central banks in THE US and British would pump more money into their economies anemic; this process is known as quantitative easing. This posted euro impetus for up to 5 months against the dollar and for a maximum of 4 months against the pound.
Elsewhere, gold rose to $ 1,310 an ounce and silver hit a top 30 years as the appeal of precious metals savings-refuge has encouraged even weaker U.S. consumer confidence and house prices.
The Dow added 46.10 points, or 0.43%, S & P 500 added 5.54 points or 0,49% and the Nasdaq acquired 50.86 points or 0.41%.
The EURUSD formed internal bar today within bearish pin bar range Friday.We believe that this market has the potential to rotate slightly lower than before the momentum bullish pulls back. However, we recommend against the sale of this market, we would instead move along the level of support clear near 1 2930 awaiting a bullish price action setting intra-day or on the daily chart.
Well defined levels of support or resistance as support near 1.2920 in EURUSD, are generally excellent levels confluent to search for solid price action signals to the form so that we can safely skip on board existing market trends.
For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.
Comment:
Gold moves to new highs for the fourth day in a row after speculation that the Fed could announce new moves to stimulate the economy.
The Australian dollar was again very strong today, advancing against the dollar and the Japanese yen, even in the face of signs of reversing action Daily price last Friday is AUDJPY.
The pound was one of the weaker currencies today, losing ground to the euro, Swiss franc, and the marginal dollar losing ground against the yen.
The Dow gained points 145.77, or 1.37%, S & P 500 added 17.12 points or 1.52% and the Nasdaq added 40.22 points, or 1.74%.
Gold produced another installation of bullish price action that dissolved upward yesterday. We can see that setting fakey in the chart below was just one of the few recent installations of solid price action that gave traders an entry into this recent uptrend of gold.
Today's price action in gold form a candle of refusal bar little bearish pin at the strong resistance near $ 1262.00.Given that the bullish trend is mostly not recommend traders take possible entries counter-trend now. However, those merchants who get along on installing newer fakey can move stops to balance if the price drops below.
For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.
Comment:
The EURUSD acquired strength against the dollar today after successful bond auction of Portugal that fact concerns Tuesday appear somewhat exaggerated.
The Japanese Yen remained relatively stable against the dollar due to persistent concerns for the global economic recovery.
The Dow gained points 46.32, or 0.45%, the S & P 500 added 7.03 points or 0.64% and the Nasdaq added 19.98 points or 0.9%.
The NZDUSD bullish closed fakey we discussed in the commentary yesterday and originally published in our Member's forum immediately after this past Sunday, continued to push higher today in closing this week.
We see resistance coming in 0.7350 near and could see price challenge at this level next week, but we could also see a consolidation or a possible rotation under re-test support near 0.7150.
For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.
Comment:
The dollar closed the week mixed as has gained ground pound, euro, Swiss franc, while losing to the Japanese yen, Australian dollar, New Zealand dollar and Canadian dollar.
The Dow rose 47.53 points, or 0.46%, S & P 500 added 5.37 points or 0,49% and the Nasdaq added 6.28 points or 0.28%.
The epidemic of forex trading too complicated ...
The tendency of Forex traders over complicate how they think and commercial market is also the reason that most of them fail to make money on a constant basis. this development is especially prevalent among beginning traders as CPG that a "perfect" trading system that will make them rich over night. Searching for the system of exchanges that will bring an instant success is something that many traders start spend huge amounts of time and money, only to realize that they're using particular system never was really the problem.
So, what's behind this stimulus to over complicate forex trading?The main catalyst behind this behavior is that to be a consistently profitable trader requires a skill set that regulate more aspiring traders simply do not have, or are unaware. What does it take to become a successful Forex trader is also very different from what it takes to Excel in other areas of life. for example, to become a successful doctor or an engineer needs to make it through college and then continue to learn and stay current in your field. Typically the success in jobs like these high-level requires reading many books complicated and understanding of concepts very technically complicated, so many people think that Forex trading success should look like.
Not obliged to graduate University
People naturally assume that becoming a consistently profitable trader must be hard because success in many other sectors is difficult, requiring years of study and schooling.This causes them to over-something that really complicated is technically very easy and must be addressed from a complicated. due to the fact that most of becoming a successful Forex trader dependent self-discipline consistency, adding additional indicators to charts, spend more money or similarly making forex trading more complicated than it needs to be ultimately will have no impact on you by becoming a consistently profitable, in reality it is only likely to inhibit this objective.
So the main factor that causes people to overlook the simplicity in the Forex market is the fact that most novice traders do not realize that the negotiation do not need to be technically complicated as success in many other fields.Success in the Forex market depends instead have a unique perspective on the market, which is born of simplicity, combined with proper self-discipline to make sure there is a risk too or trade.Most aspiring traders do the opposite;have very little self-discipline and are using a method that is based on complicated indicators or trade software that is simply useless and confused.
Implement simplicity …
So now that you know why many traders overlook the simplicity in Forex and what you really need to become a consistently profitable trader, the next issue to discuss is what kind of trading strategy supports the simple yet profitable forex trading when it comes to forex trading strategies, simply there's nothing to gain from adding copious amounts of graphical indicators, or using the larger piece and more recently of commercial software. These analysis tools do not allow any advantage over the dealer who learned the only type of self-discipline for becoming a consistently profitable trader. more professional traders use simple trading methods, because they have long since realized that technically complicated business methods are useless and commercial performance actually inhibit. professionals often use instead simple chart reading skills that require only a chart of price nude and in-depth knowledge of forex price dynamics. This is known as the trading price action, and once you learn how to price action configurations yet very simple effective only a couple of exchanges, literally you can become a stress free and consistently profitable trader, assuming you combine your knowledge of price action with the correct amount of Self-discipline.
To learn more about trading with easy check out my forex trading course for some prices very simple and effective action configurations or can be like watching my Forex Tutorial video here or read some great Forex strategies articles here.
Remember to comment below (if you liked this article, a comment below with our thoughts)
Article by Nial fuller, Pro Trader and Forex Coach-Copyright learns to zone the market 2010
October 11, 2010 posted by Yohay
Filed under forex news | leave a comment
The features of the transactions and increasing trend support if lost over one month This trendline is non-farm non-agriculture around has been successfully tested. Now the euro fuel ran. We are still waiting for full review. Update.
Enjoyed the euro bear sheer volume. Bank of America for Columbus Day holiday. Low trading volume is not crowded the economic calendar. After a strong start one week before and after 1.40 USD during the day and the trading of approximately 1. 3950.
In the late hours of the session of the European it moved to the pound. First, the uptrend support 1... 39,-EUR/USD trades broken it held on the 1. 3865 40 pips below the current 1. 3905, increasing support is.
Move doesn't make sense is very strong-still wait and see separator full review should be.
This post is updated as needed.
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This week has seen some looking pretty solid counter-trend price action Settings module. Most of these settings to no end of work because of the strength of the underlying trend. I thought it would be a good idea to use the price action this week as a lesson in trading against the trend because it is almost always a bad idea.First off, let me say that surely there are times when the markets counter-trend price action configurations they come out well, as this is just a result how natural ebb and flow. However, the fact is that there are so many crafts counter-trend more that don't work that Setup counter-trend on average have a very low probability of working more price action configurations with the trend. The fact that the Forex market is almost a pair of currencies trend, combined with the fact that the market is in General an infinite stream of opportunities, means that there's really no reason to take only ever a low probability of installing counter-strike trend.
Start Forex traders should be particularly cautious of crafts counter-trend, as it takes a very price action analyst expert in knowing which Setup counter-trend to take and who don't take. Counter-trend trading is something that you can add to your commercial tool box long after you have mastered the art and skill trading price action configurations with the dominant trend direction. Until you master trading with the trend, however, there is no reason to attempt trying to collect the tops and bottoms.
Example 1 – AUD/USD bearish trend fakey installing counter-strike since 9/17/10
Note the counter fakey-downward trend that occurred about a week ago the daily, this setting was formed quite well and would have been a trade attempted to take. However, operators who are eager to students of the market would have known that the Australian dollar is technically and fundamentally very strong now, so that there was no real reason for going short. many times counter-trend installations like this one are simply result from natural price dynamics;the markets don't move in straight lines and will often stall out for a few days before continuing on trend.
Note the inside bar Setup that formed just above the support around 0.9200 which ended up being an amazing Setup with a huge risk reward scenario. This is a clear example of why it makes more sense to wait only for installations with a tendency to confluent levels patently, rather than trying to stop a train of acceleration.
Example 2 – EUR/USD bearish counter-trend pin bar from 9/17/10
The EURUSD shot outside a setup of downward price action about a week ago who ended up never coming out downward. it is worth noting that if it did take this setting, but change the entry to slightly below the low of pin, never could've gotten filled. generally with configurations counter-trend is almost always better to leave the momentum of the market is entering trade. meaning, if you want to see the price of moving in the direction of your business counter-trend forecast by placing on a heading of stop just above the top or below the bottom of the Setup, rather than entering the market or limit order.
Note also the inside bar installation that was formed after the slash of internal bar pin. This could've been traded as a continuation of installing and plugged into a high break; This would have netted you some serious seeds. This graph is one more great example of how trading with the trend almost always wins over trading against the trend.
Price action trading trend is discussed in depth in my forex trading training course where very discuss in more detail just how to use the trend as a filter to select the best price action configurations.
