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Stock Markets Tumble- Euro Falters
Germany Is In Trouble-Euro Feels the Pain
Forex Markets Open Slowly- But Not For Long
Sterling Drops After Consumer Confidence Drops to 4 Month Low
Risk Aversion Rocks the Forex Markets
Sterling Finds Support From 3 Week Low.
Dollar Index Rises as Global Stock Markets Plummet Again
Swiss Provokes the Biggest Foreign Exchange Spike in History
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Sterling Drops to 2 Month Low
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Forex Fundamental Analysis for September 8, 2011 – Business Insider
Business Insider
Readers of FX Empire have made clear it's their first stop for daily and weekly news and analysis. The FX Empire proudly delivers technical analyses, fundamental analyses, Forex news, broker reviews and more; keeping our readers the best informed in …
Daily Forex Summary on USD, Euro, GBP, JPY, AUD, CAD and NZDInternational Business Times
How to Trade Forex During Interest RatesForex News Now
Forex
How to Trade Forex During Interest Rates – Forex News Now
Forex News Now
Interest rate announcements can have an immediate impact on the forex market. Typically, an economy with a higher interest rate attracts more investors as they can expect higher returns on their investments, meaning that the currencies of economies …
Forex Fundamental Analysis for September 8, 2011Business Insider
Daily Forex Summary on USD, Euro, GBP, JPY, AUD, CAD and NZDInternational Business Times
Forex
Time to Buy USD-JPY?
Currencies were relatively quiet on Wednesday, as if taking a break after the SNB intervention a day before. More likely, though, focus moves to policy meetings of the BoE and the ECB. The Bank of Canada announced its own interest rates decision, leaving its benchmark unchanged at 1.0%. There was no substantial response form the markets, even the Canadian Dollar did not move much. Probably the best performing currency was the Australian Dollar, which rallied all day after positive GDP Data. Gold, however, had an eventful day, falling to 1792.
FOREX-Euro off 2-month low but vulnerable after ECB – Reuters
Reuters
TOKYO, Sept 9 (Reuters) – The euro bounced off a two-month low against the dollar on Friday but the risk of a break below its July trough is seen rising after a deepening debt crisis forced the European Central Bank to drop its …
WORLD FOREX: Markets Steady As BOE Holds Fire, ECB Up NextWall Street Journal
Forex – EUR/USD edges higher in early Asian tradeStock Markets Review
Forex: EUR/USD prints lowest close in six monthFXstreet.com
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FOREX-Euro off 2-month low but vulnerable after ECB – Reuters is a post from: The Forex Trading System Blog
EUR/GBP Bearish Price Action At Key Support 9/9/11
The EUR/GBP currency pair is currently testing the trend line which has formed since January 2011. This trend line is currently aligned with the 200 day SMA and the August range lows. Price action here could be key for this cross in the near term. Technical analysis follows below:
EUR/GBP daily chart 9/9/11
Canada Unemployment comes in weaker with -5.5k job change
Unemployment moves up 7.3%.
Full time employment adds 25.7K
Part time subtracts -31.2K
Participation Rate falls to 66.7 from 66.8
The weaker employment numbers will certainly move ideas of rate rises out of the question for the Bank of Canada (and with global growth slowing could be a decline next). The decline was the first decline since March 2011.
The USDCAD has moved higher off the news. Traders will be eying the 38.2% of the last leg higher. If the level can hold the price has further potential to run higher.
FOREX-Euro hits 6-1/2-month low vs dlr; ECB’s Stark quits – Reuters
Reuters
NEW YORK, Sept 9 (Reuters) – The euro fell to a 6-1/2-month low against the dollar on Friday as investor risk aversion increased after news an ECB executive board member will resign due to conflict over the central bank's controversial bond-buying. …
FOREX-Euro hits 6-1/2 mth low vs dollar; ECBs Stark quitsReuters UK
WORLD FOREX: Markets Steady As BOE Holds Fire, ECB Up NextWall Street Journal
Forex
Weekly Trading Update - 01-05 August 2011
Well it's been an incredible week. The markets have capitulated with a raft of bad news that just seems to go on and on at the moment, and it's not over yet because we have the non-farm payrolls later today which could also disappoint. On the forex front, it's been comparatively quite quiet.
I traded just once using my main 4 hour trading system. This was on the GBP/USD pair. The Supertrend was still green on the daily chart, and combined with the weakness of the US economy I was looking to go long on any upward EMA crossovers on the 4 hour chart.
I did so on Wednesday afternoon at 1.6370 after a nice pull-back. I then closed half the position for 50 points, moved my stop loss up to break-even, and hoped it would hit 1.6500. However it quickly ran out of steam and the second half of the position was automatically closed out at break-even.
There was also an upward EMA crossover on the EUR/USD pair but it wasn't a very good set-up so I left it alone.
Other than that I placed just the one breakout trade this week because on every other day the overnight trading range was too big on the GBP/USD pair. I placed this trade on Wednesday when the overnight range was just 40 points.
There was a lot of activity after 8.00 and after some volatility the price did manage to close above this range on the 5 hour chart and I went long at 1.6293. I then closed the whole position for 20 points because I didn't want to be still in this trade at 9.30 because of the UK economic data announcement (which I was expecting to be bad). As it turned out the data was better than expected and the price subsequently rose, but it was still a decent profit.
So overall I have made a very modest profit this week, but sadly my long term stock portfolio has taken a bit of a beating. I've cut a few losses in my spread betting account, but haven't sold anything else because they are all good value and should do okay in the long term.
(If you would like to check out my 4 hour trading system for yourself, you can access it for free when you subscribe to my newsletter. Simply fill in the short form above).
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Permalink• Print• Email• CommentRelated EntriesIs It Wise To Trade The Economic Data Releases?Forex News TradingWeekly Trading Update - 22-26 August 2011Weekly Trading Update - September 29 - October 3Trading Without A Stop Loss Is The Quick Way To The Poorhouse2 Comments on »August 9, 2011TrevorPivot Points - The Different Settings You Can Use
Pivot points are really useful for day traders in particular because they are used by lots of traders, and therefore the lines of support and resistance often act as strong turning points and natural exit points. However it should be pointed out that there are a few different types of pivot points you can use, which do give slightly different levels.
I have to admit that I'm guilty of using the default settings ((H
Weekly Trading Update - 08-12 August 2011
It's been a losing week this week unfortunately and it's fair to say that the markets are quite hard to trade right now. In the last few weeks, and indeed months, I have made some modest profits, but the really big profits are just not there at the moment.
This week I traded just twice, and they were both losing trades. Using my main 4 hour trading system (see right for more details) I went long on the EUR/USD (because the Supertrend indicator was still green on the daily chart) when the EMAs crossed upwards on the 4 hour chart on Tuesday. However after entering at 1.4255 the price then fell back and I ended up taking a loss of 40 points.
The other trade was an early morning breakout trade on the GBP/USD pair earlier today. On every other day the GBP/USD had moved too much in the overnight trading session, so there were no trading opportunities, but today the range was relatively small. So I entered a short position at 1.6175 when the price broke out of the overnight trading range. However the breakout turned out to be a false one and I had no option but to take a 20 point loss.
So overall I have made a loss from my forex trading this week, which luckily doesn't happen that often, but it's never a nice feeling. The only positive news is that I managed to bank quite a bit of profit trading some beaten up stocks that had fallen far too low such as BP, Tesco, Barclays and Vedanta. I've also picked up some more shares in BP and Vedanta for my long term share portfolio which will hopefully do very well in the next few years.
(If you would like to check out my 4 hour trading system for yourself, you can access it for free when you subscribe to my newsletter. Simply fill in the short form above).
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Permalink• Print• Email• CommentRelated EntriesForex Trading - Why It Should Never Be Your Only Source Of IncomeWeekly Trading Update - 23-27 May 2011Weekly Trading Update - 14-18 March 2011Weekly Trading Update - 07-11 March 2011Trading Forex Using A Currency ETF (Exchange Traded Fund)1 Comment on »August 12, 2011TrevorIs It Worth Trading Forex After The US Markets Open?
I always think I'm very fortunate to live in the UK (although it hasn't been too great recently) because it allows me to trade the forex markets at the most profitable times of the day. For me these are the hours between 8.00 (UK time) and around 10.00 or 11.00. When the US markets open at 14.30 (UK time) I have pretty much finished for the day and will probably be paying far more attention to my stocks. So is it worth trading the forex markets after the US markets open?
Well for me I don't believe this is a great time to trade for various reasons. First of all you have the UK and European markets closing a few hours later, which means volume and volatility will instantly drop off. Therefore you are going to be frustrated if you haven't already closed out your positions for the day.
You often have major news releases at 14.45 or 15.00 just after the US markets open, so this can dramatically move markets and throw any technical analysis you may have done right out the window. It also makes it even harder to make money, unless you are a skilled news trader, which very few people are.
It is also the case that many of the big price moves for the day will already have happened earlier in the day. So by the time the US markets open and we enter the last few hours of trading in Europe, there are very few opportunities to trade new breakouts, for example. Plus even if you do get any breakouts during this time, they may not have any momentum behind them.
Having said all that, there are still times when it can be profitable to trade after the US markets open. It all depends on which time frames you are using.
Although a lot of the trades that I place using my main 4 hour trading system (fill in the form above for more details) will occur in the morning, I will often place a trade in the afternoon or evening (and sometimes overnight if I am still up) if a decent EMA crossover occurs during this time. I will also close trades out during this time as well if my profit targets have been hit.
So in summary I would say that it's not really worth trading the forex markets after the US markets open if you are using short term charts because you have a narrow trading window and you have market moving economic announcements to deal with as well.
However if you are using longer term charts such as the 1 hour or 4 hour charts, for example, then it can be worth trading during this time because price moves will often continue for the rest of the day anyway (albeit on lower volume) and into the next.
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Permalink• Print• Email• CommentRelated EntriesForex News PatternsIs It Wise To Trade The Economic Data Releases?Forex News TradingMy Breakdown Of The Forex Trading Day From 00.00 To 24.00Weekly Trading Update - 03-07 May 20101 Comment on »August 18, 2011TrevorForex Profit Accelerator Trade Alert Software Review
The Forex Profit Accelerator Trade Alert Software is a brand new product from Bill Poulos that provides you with 4 profitable trading systems, as well as trade alert software that alerts you to the very latest set-ups for each of these trading strategies.
It is based on the original Forex Profit Accelerator course, but it now includes this advanced software as well. This will make your life a lot easier because you no longer have to scan through the charts of the major currency pairs looking for possible set-ups for whichever system(s) you are using. You simply open up the software and check out the latest set-ups in real time as they happen.
The Forex Profit Accelerator Trade Alert Software is due to be released next month, so details of the software are still a little bit sketchy. However I can tell you about the 4 trading systems that you get.
They are all based on the daily charts and they look for profits of between 40 and 500 points. Some of these trades may last just a day or two whilst others may last for several weeks.
Trading Strategy 1 - Instant Pips Method
This trading strategy looks for quick price moves in the same direction as the current trend, and generally aims to make a profit of between 40 and 100 pips per trade. The average trade is generally open for around one or two days before the profit target has been reached.
Trading Strategy 2 - Pip Maximizer 1 Method
This is an end of day swing trading strategy that looks to bank profits of between 300 and 500 points on average. The duration of each trade is generally between one and three weeks on average.
Trading Strategy 3 - Pip Maximizer 2 Method
This strategy models itself on the previous one except that this one uses different entry criteria. It gets you into a trade in the same direction as the current long term trend, and increases the chances of you capturing a really big move.
Trading Strategy 4 - Pip Reversal Method
This strategy looks for reversal trades on the daily charts and it is based on divergence patterns, which are generally very high probability trades. This one looks to generate profits of between 100 and 300 points on average.
All of these trading systems are very easy to learn, and they are now even easier to actually trade thanks to the trade alert software. You may decide to use just one of these systems and use the software to alert you to the very best set-ups, or you could use all four systems if you prefer. Either way you should be able to find plenty of excellent trading opportunities with the help of this advanced software.
I understand that there will be some free videos being released shortly that will talk about each of these systems in more detail, and discuss how the trade alert software actually works in reality.
So a more detailed review of this Forex Profit Accelerator Trade Alert Software will follow shortly.
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Permalink• Print• Email• CommentRelated EntriesForex Profit Accelerator ReviewNew Software That Alerts You To The Safest Forex TradesThe $20,000 Secret Weapon That Predicts Forex TrendsBill Poulos' Custom Built Software - UpdateLive USD/CAD Trade Using Bill Poulos' Forex Profit Accelerator MethodsLeave a CommentName (required):
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Copyright 2011Privacy PolicyWeekly Trading Update - 15-19 August 2011
August continues to be a frustrating month (which is generally the case most years because everyone's on holiday and the volumes are lower), but at least I managed to make a decent profit this week after the disappointment of last week. I only placed two trades in total. One was a losing breakout trade but the other was a big winner.
Let's talk about the losing trade first of all. I've been trading breakouts a lot in the last few months, but this week there was just the one trading opportunity on the GBP/USD (the overnight trading range was too big on the other days and on Wednesday the breakout candle was too big) and that happened yesterday morning.
Unfortunately after entering a trade right after the markets opened at 8.00 when this pair broke below the overnight trading range, it turned out to be a false breakout and I ended up taking a 25 point loss.
Luckily the other trade more than compensated for this loss. There were no trading opportunities on the GBP/USD, EUR/USD or USD/JPY pairs this week using my main 4 hour trading system. However there was an excellent opportunity on the FTSE, and is was a complete no-brainer in all honesty.
On a technical basis the Supertrend indicator was still red on the daily chart (and nowhere near the level needed to turn green (5587)). So I was looking to go short anyway on any EMA crossover on the 4 hour chart, but you just knew that the slightest bit of bad news would send this index sharply lower after bouncing back from 4720 to around 5400.
The EMAs were looking like they were going to break downwards at any moment and eventually there was a decisive move yesterday morning (the 8.00 – 12.00 candle). I didn't mess about waiting for a slight pull-back after this candle closed because I didn't want to miss the boat, and simply entered a short position at 5224.
After seeing the price continue falling sharply I held my nerve before I eventually succumbed and closed half the position when it reached the 5100 level for a profit of 124 points. My price target was always 5050 and although I didn't hold out completely, I did at least close the second half of this position when this target was reached for an additional 50 points profit.
I didn't think it would go as low as 5000 but it has actually dipped below that level today. However I was delighted with the overall profit for the week, and it certainly compensates for some of the paper losses in my long term share portfolio.
(If you would like to check out my 4 hour trading system for yourself, you can access it for free when you subscribe to my newsletter. Simply fill in the short form above).
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Permalink• Print• Email• CommentRelated EntriesWeekly Trading Update - 22-26 August 2011Weekly Trading Update - 06-10 June 2011Weekly Trading Update - March 23-27Weekly Trading Update - 30 May - 03 June 2011Weekly Trading Update - 04-08 July 2011Leave a CommentName (required):
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Copyright 2011Privacy PolicyPyramiding - A High Risk High Reward Forex Strategy
Pyramiding is an interesting concept in relation to forex trading because it is the opposite to many of the more conservative trading strategies. Instead of closing part of the position when the first profit target has been reached, you actually open new positions instead, and continue opening new positions if the price of the underlying currency pair moves in your favour.
So you essentially add to winning positions in order to multiply your profits and benefit from the fact that your initial call was correct. It is a high risk strategy because you can end up with a large position overall, and possibly some big losses if your trade doesn't subsequently work out. However if the trade works out as planned, then the rewards can be huge, which is why the concept of pyramiding is often dubbed a high risk high reward strategy.
This style of trading is not for everyone, but I know one trader in particular who does this to devastating effect. He used to post a lot on the ADVFN forum, but unfortunately he made the decision to quit the forum earlier this year.
What he did was to look for positions on the 3 minute and 5 minute charts if I remember correctly on the major forex pairs (as well as the FTSE, gold and crude oil), and he mainly traded breakouts and new highs and lows using a select number of indicators for guidance.
He used to post his trades all the time and I know he used to make big profits. His losing trades were rare, but he made sure he cut them early either at break-even or for a small loss, but his winning trades, which he had pyramided up, were huge in comparison. The fact is you only need one or two of these pyramid positions to come good because they will more than compensate for any losing trades.
This style of trading is not for me because I don't really enjoy the fast action pace of day trading that much, and the stress of having several pyramid positions open at one time would be too much. However I'm just making the point that it can be very profitable if you want to try using a pyramid strategy yourself.
I should make the final point that pyramiding does not refer to the strategy of adding to losing positions. This is something else entirely and is significantly more risky. Pyramiding is where you open a new trade once the trade is say 20 points in profit, and then open a new trade when it is 40 points in profit, for example, with a possible profit target of say 100 points.
You can move your stop losses down as the price moves in your favour in order to reduce risk, so it doesn't have to be all or nothing. You don't have to enter at set positions either. For example if you are pyramiding short positions, you could enter new positions every time the price breaks downwards and makes a new low, rather than entering new positions every 20 points, for instance.
Anyway the point is that the pyramiding strategy is one of the most profitable strategies you can use. However you do of course need a really good strategy in place to begin with, otherwise you could easily end up nursing some big losses.
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Permalink• Print• Email• CommentRelated EntriesCCI Divergence Trading - A Simple System You Can UseHow To Trade RSI And MACD DivergenceThe EUR/GBP Pair - An Excellent Shorting Opportunity Above 0.88?EUR/GBP Analysis - Watch For A Possible Breakout1 Minute And 5 Minute Charts - How Useful Are They?3 Comments on »August 24, 2011frank pageWeekly Trading Update - 22-26 August 2011
I decided not to place any forex trades this week because we are at the height of the holiday season and the markets are just too difficult to trade with such low volume and low volatility. I have still managed to place one trade using my main 4 hour trading system (see right for more details), but that was on the FTSE 100.
I was still looking to go short because the Supertrend indicator was still clearly red on the daily chart (and there is still a lot of negative economic news around at the moment), and I did so when the EMAs crossed downwards on the 4 hour chart yesterday evening.
I opened a position at 5128 last night and let it run overnight, with a target price of 50 points and a stop loss of 40 points. Neither of these were hit overnight, so when the price fell this morning I closed half the position for 40 points and let the other half run, moving my stop loss down to break-even, ie my original entry point.
I am looking to exit the second half of the position for 80 points profit at 5050, and hopefully this price will be taken out later today. (UPDATE: It did get taken out this afternoon, so a pretty decent profit for the week).
Despite running a short position on the FTSE, I decided to go long on BP this morning at 379p. I already have loads of BP shares in my long term share portfolio, but on a technical basis it is well oversold right now and should go back up to 400p in the near future, which is where I hope to exit this spread betting position.
Other than that, there is very little to report. I will probably have a break from forex trading next week as well because the UK bank holiday means it is only a four day week anyway. So I might as well wait until September when the currency markets should start to pick up again.
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Permalink• Print• Email• CommentRelated EntriesWeekly Trading Update - 29 August - 02 September 2011Weekly Trading Update - 15-19 August 2011Weekly Trading Update - 02-06 May 2011Weekly Trading Update - August 18-22Weekly Trading Update - 23-27 May 20112 Comments on »August 26, 2011TrevorWeekly Trading Update - 29 August - 02 September 2011
I didn't place any forex trades last week due to the quiet markets, and I decided to the same this week as well. However I think I will probably start trading again next week now that August is over and the holiday season is coming to an end. (UPDATE: I've just realised that there is a bank holiday in the US on Monday, so maybe I will hold off a little longer).
Luckily it's still been a very profitable week because the long position in BP that I mentioned in my last trading update hit my 20 point profit target when the UK market resumed trading on Tuesday.
On the same day I also opened a big long position on Tesco at 360p because it was trading at a ridiculously low level, and managed to bank a 20 point profit when it hit 380p yesterday.
As regards current positions, I have started scaling into a long position on BP at 376p, but ideally I want it to fall even lower, along with the wider market, because I think the FTSE is too high right now. I just wish I had some spare cash lying around so I could buy some more for my long term portfolio, but unfortunately I'm pretty much fully invested right now.
Anyway that's about all I have to say this week. Hopefully the forex markets will liven up next week and I can start making some money again. Although I have to admit that I have always found share trading and investing so much more exciting. Forex trading feels more like a job to me.
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Permalink• Print• Email• CommentRelated EntriesWeekly Trading Update - 22-26 August 2011Weekly Trading Update - 02-06 May 2011Weekly Trading Update - 25-29 April 2011Weekly Trading Update - 15-19 August 2011Weekly Trading Update - August 18-22Leave a CommentName (required):
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Copyright 2011Privacy PolicyPrice Reversals - Here Are 2 Of The Best Ways To Trade Price Reversals
Trading price reversals is one of the most popular ways of trading the currency markets because you can potentially make a lot of money if you call them correctly, particularly on the longer time frames.
However a lot of traders rely on basic indicators to try and call the top or bottom of a market, and the fact is that you cannot just go short on a pair when one of the major indicators is indicating it is overbought (or go long when it is indicating it is oversold) and expect to make money. Unfortunately forex trading is not as easy as this, otherwise we would all be insanely wealthy.
There are, however, a lot more effective ways of trading price reversals, and the two things I like to look out for are as follows:
1. Pin Bar Reversals
I have been reading a lot about pin bar reversals in recent months (after learning about a forex trader who makes a full time living trading these simple candlestick patterns), and they do tend to work really well.
If you look at a basic candlestick chart (or bar chart), a pin bar is essentially a candle that has a very small body that is in the top or bottom third of the overall candle, if that makes sense. It is distinctive because it has a very long tail and the closing price is very close to the opening price.
What it basically tells you is that there was a big price move, but there was no momentum behind the move and the price ended up finishing pretty much where it started.
As regards price reversals, you want to be looking for a pin bar that has a long tail that is extending well outside of the recent trading range. This tells you that the prevailing trend seems to be running out of momentum, and is highly likely to reverse in the opposite direction. Here is an example taken from the daily chart of the GBP/USD pair: