Providing online traders with the tools for success FX Traders Tools

RSS | Comments RSS

Archive for October, 2009

How to become a successful chartist with Forex trading techniques

October 29, 2009 at 9:10 am

If you are searching for Forex trading techniques, you mist also look at becoming a Forex chartist. It is very easy learning and time efficient out of which you can make big gains. Now let us have a look at this best trading method to make huge profits. Forex prices and human nature is stable and shows up in recurring chart patterns that can be traded to obtain huge gains. You can see any Forex trading chart in which trends last for weeks or months. Your goal is to just lock into them and trade. You should not worry about why prices are moving. You only wish to be in the trend when they do.

In Forex trading chart, you can see the reality of trading price as it is. No guessing is there. The right price is there in front of you. You are able to trade it. You can become a Forex Chartist and earn a lot. Here we provide you some easy to follow tips to get success in Forex trading. The first point that you should keep in mind that you require choosing a simple strategy that helps you to understand bar charts. This Forex trading strategy must support and make all the odds on your favor. You are also able to add confirming indicators to check momentum. By using Forex indicators, you can increase success odds. Never make your system a complicated. Always try to keep a trading system simple. You also need a proper time frame to trade. Many traders like to scalp, therefore they day trade. Day trading does not give you huge gains but gives you little reward.

You can make more trading less. In order to do this, you need to trade the huge trends. by trading the huge trends, you have best odds, huge gain potential and spend less time on trading strategy. A fatal error that several traders commit is to try and forecast highs as well as lows. This does not work. Forecasting is another world for hoping and guessing, when you do this, you will surely lose. Never be fixated with catching the proper low of the trading market. You need to wait for the Forex trend change to be confirmed before entering in the trade.

You must protect what you already have. Do not forget to place your stop before entering into the trade. This will stop your emotions getting too much involved. You also require paying attention a=to your exit trading strategy as your entry preserve your equity at all time. Anyone can learn Forex chart with ease. No high school education is needed to learn it. You also do not require knowing about the worldwide economy.

Share and Enjoy:
  • Print
  • Digg
  • StumbleUpon
  • del.icio.us
  • Facebook
  • Yahoo! Buzz
  • Twitter
  • Google Bookmarks
  • Add to favorites
  • BlinkList
  • Diigo
  • eKudos
  • email
  • Fleck
  • FriendFeed
  • Global Grind
  • Hyves
  • Identi.ca
  • IndianPad
  • LinkArena
  • LinkedIn
  • Linkter
  • Live
  • MisterWong
  • Mixx
  • muti
  • MySpace
  • Netvibes
  • Netvouz
  • NewsVine
  • Propeller
  • Reddit
  • RSS
  • Simpy
  • Slashdot
  • Socialogs
  • Technorati
  • ThisNext
  • Tumblr
  • Wykop

GoLearnForex Daily Technical Analysis

October 28, 2009 at 12:18 pm

USD/CAD:

We have noted several times a formation we refer to as a Step pattern.  More commonly this is identified by Lower Lows and Lower Highs and vice versa.  We picked up on this pattern emerging on a 4 hours chart.  We identified the possible start of this pattern shortly after the BOC  publicly declared it’s sentiment for a “weak Canadian Dollar”.  We assured you that there would still be time to catch this move even if you could not trade the actual news.

We suggested that you wait for the Step to appear and buy on the dip which was a confirmation of our pattern formation. On the graph that it is depicted near the 3 and a yellow circle. The exit for taking PNL we had at 1.0660 a prior support resistance point.

INSERT GRAPH

EUR/USD:

The Squeeze Play.  We talked about this move where we are seemingly forced into a breakout.  In one of our earlier pieces we mentioned that our experience told us not to bet on the Squeeze Play, meaning trade against the direction of the existing trend.  I must admit we got carried away by the hoopla of crossing 1.50.

So the question you all should pose” is why in this case do you bet against the trend when one of the number one rules of technicians is never bet against the trend”.  The answer is based on the number two rule of technicians and that is; trade for the outcome that has the highest statistical probability of occurring.  To explain this further lets pose a question.  Why didn’t the market make this move a while ago similar to the recent strong moves in CHF  & AUD?

INSERT CHART

The answer is the Strength of the move was deteriorating in advance of 1.50.  Every trader had their   eye on  1.50, but obviously no one was a real buyer (for now) otherwise at 1.4830 when momentum started to stall we would have had traders continuing to bid up the EUR.  Lastly, when price action was negligible on the big cross of 1.50 that should have been another tip that there were no big orders lined up to continue buying north of 1.50.

We added  a MACD to indicate when the momentum started to wane. There are number of overbought tools on your platforms that you can use, from Stochastics and Oscillators to something as simple as the RSI.

Analysis by http://www.golearnforex.net

Share and Enjoy:
  • Print
  • Digg
  • StumbleUpon
  • del.icio.us
  • Facebook
  • Yahoo! Buzz
  • Twitter
  • Google Bookmarks
  • Add to favorites
  • BlinkList
  • Diigo
  • eKudos
  • email
  • Fleck
  • FriendFeed
  • Global Grind
  • Hyves
  • Identi.ca
  • IndianPad
  • LinkArena
  • LinkedIn
  • Linkter
  • Live
  • MisterWong
  • Mixx
  • muti
  • MySpace
  • Netvibes
  • Netvouz
  • NewsVine
  • Propeller
  • Reddit
  • RSS
  • Simpy
  • Slashdot
  • Socialogs
  • Technorati
  • ThisNext
  • Tumblr
  • Wykop

Daily Review 28/10/2009

October 28, 2009 at 12:10 pm

USD Dollar (USD)

The Dollar strengthen during yesterday trading session as Confidence among U.S. consumers unexpectedly fell in October for a second month. The Conference Board’s confidence index dropped to 47.7 from a revised 53.4 in September. NASDAQ decreased by 1.2% and Dow Jones slightly rose by 0.14%. Crude oil rose by 1% closing at 79.55$ a barrel after a volatile trading session as investors wait for the oil inventories today. Gold (XAU) weakened by 0.7% closed at 1035.4$ an ounce. Today, Core Durable Goods Orders are expected at 0.6% vs. -0.3% prior, New Home Sales are expected to rise from 429K to 443K.

EURO (EUR)

The Euro weakened versus the Dollar for the third day in a row on concern a rally in stocks and commodities can’t be sustained. M3 Money Supply came out worse than expected at 1.8% vs. 2.1% forecast. Overall, EUR/USD traded with a low of 1.4770 and with a high of 1.4926. Today, German Prelim CPI is expected at 0.1% vs.-0.4% previously.

EUR/USD – Last: 1.4811

Resistance

1.4824

1.4927

1.5046

Support

1.4770

British Pound (GBP)

The Pound strengthened against the Dollar after the Confederation of British Industry\’s distributive trade\’s survey reported sales balance rose to +8 in October from +3 in September, better than economists\’ forecasts of a rise to +5. This is the fastest pace of growth since December 2007. Overall, GBP/USD traded with a low of 1.6285 and with a high of 1.6438. No economic data expected today.

GBP/USD – Last: 1.6358

Resistance

1.6438

1.6636

1.6693

Support

1.6286

1.6250

Japanese Yen (JPY)

The Yen rose against the Dollar for the first time in 6 days as a plunge in Treasury yields after the record $44 billion auction in two-year notes made the Dollar less attractive to Japanese investors. USD/JPY traded with a low of 91.70 and with a high of 92.32. Retail sales came out at -1.4% vs. -1.5% forecast. No economic data expected today.

USD/JPY-Last: 91.18

Resistance

91.57

92.19

92.32

Support

90.77

90.48

Canadian dollar (CAD)

The Canadian Dollar appreciated from a three-week low, gaining for the first time in four days amid speculation its decline was too big to be sustained after it reached a key technical level. Overall, USDCAD traded with a low of 1.0626 and with a high of 1.0716. Today, BOC Gov Carney Speaks.

USD/CAD – Last: 1.0664

Resistance

1.0696

1.0717

Support

1.0630

1.0500

1.0450

Research by http://www.ufxbank.com

Share and Enjoy:
  • Print
  • Digg
  • StumbleUpon
  • del.icio.us
  • Facebook
  • Yahoo! Buzz
  • Twitter
  • Google Bookmarks
  • Add to favorites
  • BlinkList
  • Diigo
  • eKudos
  • email
  • Fleck
  • FriendFeed
  • Global Grind
  • Hyves
  • Identi.ca
  • IndianPad
  • LinkArena
  • LinkedIn
  • Linkter
  • Live
  • MisterWong
  • Mixx
  • muti
  • MySpace
  • Netvibes
  • Netvouz
  • NewsVine
  • Propeller
  • Reddit
  • RSS
  • Simpy
  • Slashdot
  • Socialogs
  • Technorati
  • ThisNext
  • Tumblr
  • Wykop