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Thursday, June 15, 2006
Chapter I: Support and Resistance
There are two ways to determine support and resistance level. The first one is by numerical calculation (using yesterday High, Low and Close value), and second one is by marking at the chart directly.In this section, we’re going to discuss about the second one. We’ll have support and resistance levels by marking at the chart directly.Let’s see their definition first:Support:When price finds more and more buyers and they think that it’s oversold so they starting buying it up and that causes price to back up away from support.Resistance:When price finds more and more sellers and they think that it’s overbought/overvalued so they starting selling it up or taking profit and that causes price to back down away from resistance.Now, let’s see the chart below. This is Eur/Usd at 1H of time scale:
Let’s start from May 26. By understanding the definition of support and resistance, then we might draw support level like picture below: (I deleted some part of the picture to help you understand the concept)
Now we have support level at 1.2698 on May 26, where market price didn’t go down further than that level. So we considered 1.2698 to be our support level for the day. And now, take a look at what happened on May 29. See picture below:
On May 29, we have resistance level at 1.2766, where market price didn’t go up further than that level. So we considered 1.2766 to be our resistance level for the day.And 1.2733 can also be considered as our support level. Since market price couldn’t break below that level. See picture below
But then, see what happened on May 30. Market price broke above our resistance level at 1.2766 and technically, our resistance level was no longer considered to be resistance level. It became support level.
Remember this:“When resistance level is broken, then technically it will become support level. And vice versa, when support level is broken, then technically it will become resistance level.” (RULE #1)
And so on, then we’ll have support and resistance levels like picture below:Next->>
How to Determine Buy or Sell Signal Using Support, Resistance, and Trendline
You can create your own buy or sell signals by determining short term trendline, support levels and resistance levels. This article is about short term trading. We enter market using trending method. Support and resistance level will be our guidance to enter and exit from market. I’ve divided this article into 3 chapters to make it easy for you to understand the concept.
CHAPTER I
CHAPTER II
CHAPTER III
CHAPTER I
CHAPTER II
CHAPTER III
Tuesday, May 09, 2006
NEW BE TRADER
Overview
Marketiva.com provides an online trading platform for individuals that want to speculate on the exchange rate between two currencies. In doing so, traders buy and sell currencies with the hope of making a profit when the value of the currencies changes in their favor, whether from market news or events that take place in the world. The forex market is the largest market in the world with daily reported volume of over 1.8 trillion making it one of the most exciting markets for trading.
Market Hours
The spot FX market is unique to any other market in the world, as trading is available 24-hours a day. Somewhere around the world, a financial center is open for business, and banks and other institutions exchange currencies, every hour of the day and night with generally only minor gaps on the weekend. Essentially foreign exchange markets follow the sun around the world, giving traders the flexibility of determining their trading day.
How Market Hours Work
[Time Zone]==========[ New York]========[ GMT]=========[ JKT]
Tokyo Open========== 07:00 PM =========00:00 =========07:00 AM
Tokyo Close========== 04:00 AM =========09:00 =========04:00 PM
London Open========= 03:00 AM =========08:00 ========= 03:00 PM
London Close========= 12:00 PM==========17:00 ========= 12:00 AM
NY Open============ 08:00 AM==========13:00========= 08:00 PM
NY Close============ 05:00 PM==========22:00========= 05:00 AM
How an FX Trade Works
In this market you may buy or sell currencies. The objective is to earn a profit from your position. Placing a trade in the foreign exchange market is simple:
the mechanics of a trade are virtually identical to those found in other markets, so the transition for many traders is often seamless.
Example of How FX Trade Works
Trader's Action==============================Euros==========US Dollars
A trader purchases 10,000 euros in the beginning
of 2001 when the EUR/USD rate was .9600. =========+10,000 ========-9,600
In May of 2003 the trader exchanges his 10,000
euro back into US dollar at the market rate of 1.1800.===-10,000 ========+11,800
In this example, the trader earned a gross
profit of $2,200.============================= 0 =============+2,200
Quoting Conventions
Currencies are quoted in pairs, such as EUR/USD or USD/JPY. The first listed currency is known as the base currency, while the second is called the counter or quote currency. The base currency is the "basis" for the buy or the sell. For example, if you BUY EUR/USD you have bought euros (simultaneously sold dollars). You would do so in expectation that the euro will appreciate (go up) relative to the US dollar.
Currency Abbreviations
Symbol ===== Definition ================ Symbol ========== Definition
EUR ======= Euro==================== NZD =========== New Zealand dollar
GBP======= Great British pound ========== AUD =========== Australian dollar
USD ======= US dollar ================= CAD =========== Canadian dollar
CHF======= Swiss franc =============== JPY ============ Japanese Yen
EUR/USD
In this example euro is the base currency and thus the "basis" for the buy/sell.If you believe that the US economy will continue to weaken and this will hurt the US dollar, you would execute a BUY EUR/USD order. By doing so you have bought euros in the expectation that they will appreciate versus the US dollar. If you believe that the US economy is strong and the euro will weaken against the US dollar you would execute a SELL EUR/USD order. By doing so you have sold euros in the expectation that they will depreciate versus the US dollar.
USD/JPY
In this example the US dollar is the base currency and thus the "basis" for the buy/sell.If you think that the Japanese government is going to weaken the yen in order to help its export industry, you would execute a BUY USD/JPY order. By doing so you have bought U.S dollars in the expectation that they will appreciate versus the Japanese yen. If you believe that Japanese investors are pulling money out of U.S. financial markets and repatriating funds back to Japan, and this will hurt the US dollar, you would execute a SELL USD/JPY order. By doing so you have sold U.S dollars in the expectation that they will depreciate against the Japanese yen.
GBP/USD
In this example the GBP is the base currency and thus the "basis" for the buy/sell.If you think the British economy will continue to be the leading economy among the G7 nations in terms of growth, thus buying the pound, you would execute a BUY GBP/USD order. By doing so you have bought pounds in the expectation that they will appreciate versus the US dollar. If you believe the British are going to adopt the euro and this will weaken pounds as they devalue their currency in anticipation of the merge, you would execute a SELL GBP/USD order. By doing so you have sold pounds in the expectation that they will depreciate against the US dollar.
USD/CHF
In this example the USD is the base currency and thus the "basis" for the buy/sell.If you think the US dollar is undervalued, you would execute a BUY USD/CHF order. By doing so you have bought US dollars in the expectation that they will appreciate versus the Swiss Franc. If you believe that due to instability in the Middle East and in U.S. financial markets the dollar will continue to weaken, you would execute a SELL USD/CHF order. By doing so you have sold US dollars in the expectation that they will depreciate against the Swiss franc.
Buying/Selling
First, the trader should determine whether they want to buy or sell. If they want to enter a short order – whereby they will profit if the exchange rate falls – they simply need to click on the SELL rate. The opposite holds true for traders who enter buy orders: they can simply click on the BUY rate, and thus will profit if the exchange rate goes up.
Example of How Buying/Selling Works
Just like in all markets, there are two prices for every currency pair. The difference between these two prices is the spread, or the cost of the trade. In this example, the spread is three pips. On a mini account, a pip on the EUR/USD currency pair is worth $1.
Margin
The margin deposit is not a down payment on a purchase of equity, as many perceive margins to be in the stock markets. Rather, the margin is a performance bond, or good faith deposit. The margin requirement allows traders to hold a position much larger than the account value. Marketiva online trading platform has margin management capabilities, which allow for this high leverage. Marketiva most lenient margin requirement is 1%. In the event that funds in the account fall below margin requirements, the Marketiva Dealing Desk will close some or all open positions. This prevents clients' accounts from falling into a negative balance, even in a highly volatile, fast moving market.
Example of How Margin Works
Since the trader opened 1 lot of the EUR/USD, his margin requirement or Used Margin is $1000. Usable Margin is the funds available to open new positions or sustain trading losses. If the equity (the value of his account) falls below his Used Margin due to trading losses, his position will automatically be closed. As a result, the trader can never lose more than he/she deposits.
Rollover
For positions open at 5pm EST, there is a daily rollover interest rate that a trader either pays or earns, depending on your established margin and position in the market. If you do not want to earn or pay interest on your positions, simply make sure it is closed at 5pm EST, the established end of the market day. Since every currency trade involves borrowing one currency to buy another, interest rollover charges are an inherent part of FX trading. Interest is paid on the currency that is borrowed, and earned on the one that is purchased. If a client is buying a currency with a higher interest rate than the one he/she is borrowing, the net differential will be positive – and the client will earn funds as a result. Please note that clients must be on 2% margin in order to earn funds.
Getting Started
We give you $5 real trading and $10000 for virtual trading with no commitment or cost, you can open a Trading Account today at Marketiva. The account has the full capabilities of a "real" account including live market rates, access to real-time market analysis, and the ability to execute trades off streaming prices. The virtual account (or Demo Account) gives you the ability to learn about the forex markets and test your trading skills without any risk.
How to Trade Your Demo: Use this time to make a plan.
Marketiva.com provides an online trading platform for individuals that want to speculate on the exchange rate between two currencies. In doing so, traders buy and sell currencies with the hope of making a profit when the value of the currencies changes in their favor, whether from market news or events that take place in the world. The forex market is the largest market in the world with daily reported volume of over 1.8 trillion making it one of the most exciting markets for trading.
Market Hours
The spot FX market is unique to any other market in the world, as trading is available 24-hours a day. Somewhere around the world, a financial center is open for business, and banks and other institutions exchange currencies, every hour of the day and night with generally only minor gaps on the weekend. Essentially foreign exchange markets follow the sun around the world, giving traders the flexibility of determining their trading day.
How Market Hours Work
[Time Zone]==========[ New York]========[ GMT]=========[ JKT]
Tokyo Open========== 07:00 PM =========00:00 =========07:00 AM
Tokyo Close========== 04:00 AM =========09:00 =========04:00 PM
London Open========= 03:00 AM =========08:00 ========= 03:00 PM
London Close========= 12:00 PM==========17:00 ========= 12:00 AM
NY Open============ 08:00 AM==========13:00========= 08:00 PM
NY Close============ 05:00 PM==========22:00========= 05:00 AM
How an FX Trade Works
In this market you may buy or sell currencies. The objective is to earn a profit from your position. Placing a trade in the foreign exchange market is simple:
the mechanics of a trade are virtually identical to those found in other markets, so the transition for many traders is often seamless.
Example of How FX Trade Works
Trader's Action==============================Euros==========US Dollars
A trader purchases 10,000 euros in the beginning
of 2001 when the EUR/USD rate was .9600. =========+10,000 ========-9,600
In May of 2003 the trader exchanges his 10,000
euro back into US dollar at the market rate of 1.1800.===-10,000 ========+11,800
In this example, the trader earned a gross
profit of $2,200.============================= 0 =============+2,200
Quoting Conventions
Currencies are quoted in pairs, such as EUR/USD or USD/JPY. The first listed currency is known as the base currency, while the second is called the counter or quote currency. The base currency is the "basis" for the buy or the sell. For example, if you BUY EUR/USD you have bought euros (simultaneously sold dollars). You would do so in expectation that the euro will appreciate (go up) relative to the US dollar.
Currency Abbreviations
Symbol ===== Definition ================ Symbol ========== Definition
EUR ======= Euro==================== NZD =========== New Zealand dollar
GBP======= Great British pound ========== AUD =========== Australian dollar
USD ======= US dollar ================= CAD =========== Canadian dollar
CHF======= Swiss franc =============== JPY ============ Japanese Yen
EUR/USD
In this example euro is the base currency and thus the "basis" for the buy/sell.If you believe that the US economy will continue to weaken and this will hurt the US dollar, you would execute a BUY EUR/USD order. By doing so you have bought euros in the expectation that they will appreciate versus the US dollar. If you believe that the US economy is strong and the euro will weaken against the US dollar you would execute a SELL EUR/USD order. By doing so you have sold euros in the expectation that they will depreciate versus the US dollar.
USD/JPY
In this example the US dollar is the base currency and thus the "basis" for the buy/sell.If you think that the Japanese government is going to weaken the yen in order to help its export industry, you would execute a BUY USD/JPY order. By doing so you have bought U.S dollars in the expectation that they will appreciate versus the Japanese yen. If you believe that Japanese investors are pulling money out of U.S. financial markets and repatriating funds back to Japan, and this will hurt the US dollar, you would execute a SELL USD/JPY order. By doing so you have sold U.S dollars in the expectation that they will depreciate against the Japanese yen.
GBP/USD
In this example the GBP is the base currency and thus the "basis" for the buy/sell.If you think the British economy will continue to be the leading economy among the G7 nations in terms of growth, thus buying the pound, you would execute a BUY GBP/USD order. By doing so you have bought pounds in the expectation that they will appreciate versus the US dollar. If you believe the British are going to adopt the euro and this will weaken pounds as they devalue their currency in anticipation of the merge, you would execute a SELL GBP/USD order. By doing so you have sold pounds in the expectation that they will depreciate against the US dollar.
USD/CHF
In this example the USD is the base currency and thus the "basis" for the buy/sell.If you think the US dollar is undervalued, you would execute a BUY USD/CHF order. By doing so you have bought US dollars in the expectation that they will appreciate versus the Swiss Franc. If you believe that due to instability in the Middle East and in U.S. financial markets the dollar will continue to weaken, you would execute a SELL USD/CHF order. By doing so you have sold US dollars in the expectation that they will depreciate against the Swiss franc.
Buying/Selling
First, the trader should determine whether they want to buy or sell. If they want to enter a short order – whereby they will profit if the exchange rate falls – they simply need to click on the SELL rate. The opposite holds true for traders who enter buy orders: they can simply click on the BUY rate, and thus will profit if the exchange rate goes up.
Example of How Buying/Selling Works
Just like in all markets, there are two prices for every currency pair. The difference between these two prices is the spread, or the cost of the trade. In this example, the spread is three pips. On a mini account, a pip on the EUR/USD currency pair is worth $1.
Margin
The margin deposit is not a down payment on a purchase of equity, as many perceive margins to be in the stock markets. Rather, the margin is a performance bond, or good faith deposit. The margin requirement allows traders to hold a position much larger than the account value. Marketiva online trading platform has margin management capabilities, which allow for this high leverage. Marketiva most lenient margin requirement is 1%. In the event that funds in the account fall below margin requirements, the Marketiva Dealing Desk will close some or all open positions. This prevents clients' accounts from falling into a negative balance, even in a highly volatile, fast moving market.
Example of How Margin Works
Since the trader opened 1 lot of the EUR/USD, his margin requirement or Used Margin is $1000. Usable Margin is the funds available to open new positions or sustain trading losses. If the equity (the value of his account) falls below his Used Margin due to trading losses, his position will automatically be closed. As a result, the trader can never lose more than he/she deposits.
Rollover
For positions open at 5pm EST, there is a daily rollover interest rate that a trader either pays or earns, depending on your established margin and position in the market. If you do not want to earn or pay interest on your positions, simply make sure it is closed at 5pm EST, the established end of the market day. Since every currency trade involves borrowing one currency to buy another, interest rollover charges are an inherent part of FX trading. Interest is paid on the currency that is borrowed, and earned on the one that is purchased. If a client is buying a currency with a higher interest rate than the one he/she is borrowing, the net differential will be positive – and the client will earn funds as a result. Please note that clients must be on 2% margin in order to earn funds.
Getting Started
We give you $5 real trading and $10000 for virtual trading with no commitment or cost, you can open a Trading Account today at Marketiva. The account has the full capabilities of a "real" account including live market rates, access to real-time market analysis, and the ability to execute trades off streaming prices. The virtual account (or Demo Account) gives you the ability to learn about the forex markets and test your trading skills without any risk.
How to Trade Your Demo: Use this time to make a plan.
- Choose the right currency pair. Find out based on your risk parameters, which currency is best suited for your trading style. Some may be too volatile and some too slow so decide which currency pair is most appropriate for your strategy and time frame.
- Decide on how long you plan to stay in a trade. If you are an inter day trader, what is the average time of your trade, few minutes, couple of hours a full day, swing trade (couple of days to a week).
- Before you enter a trade you should also have clear exit plan. Place your stops and limits accordingly.
- Know how much you are willing to risk and how much you are looking to gain.
- Keep track of important news and technical levels, which may be tested within your time frame.
FOREX TODAY MAY 09, 2006
G/U: Attempt small longs at 1.8550, adding to 1.8475; stop below 1.8400. Short term target 1.8650 then 1.8775.
Monday, May 08, 2006
FOREX STRATEGY Monday, May 08, 2006
GBP
Comment: Surprising many by doing better than they could have imagined. This is what happens after a market had wasted so much time. The 1.8600 area is the 61% retracement from the December 2004 high at 1.9550 so expect some hesitation here today allowing other major currencies to catch up. Then on again to the psychological 1.9000.
Strategy: Attempt buy limit at 1.8600; stop below 1.8550. Short term target 1.8650 then 1.8775.
JPY
Comment: Sort of gapping lower again today, but not doing as well as some other Asian currencies, and reaching our next downside target at 111.50. Expect some very jittery consolidation around here this morning and maybe for the next few days. However, because bearish momentum is stronger than it has been since January 2005, the next step will probably be lower again despite the dollar already being oversold. Our medium term target is the 109.00 area.
Strategy: Sell at 112.00; stop well above 112.59. Short term target 111.50, then 110.75 and 109.00 medium term.
EUR
Comment: Consolidating in a neat little range just below Friday’s high at 1.2765. A break above 1.2775 later today should send it a lot higher again to the 61% retracement level around 1.2900. The Euro is already overbought but this will probably be ignored completely if the frenzied generalised US dollar selling that we expect kicks in.
Strategy: Buy at 1.2735; stop below 1.2550. Short term target 1.2800 and eventually 1.2930/1.3000.
Comment: Surprising many by doing better than they could have imagined. This is what happens after a market had wasted so much time. The 1.8600 area is the 61% retracement from the December 2004 high at 1.9550 so expect some hesitation here today allowing other major currencies to catch up. Then on again to the psychological 1.9000.
Strategy: Attempt buy limit at 1.8600; stop below 1.8550. Short term target 1.8650 then 1.8775.
JPY
Comment: Sort of gapping lower again today, but not doing as well as some other Asian currencies, and reaching our next downside target at 111.50. Expect some very jittery consolidation around here this morning and maybe for the next few days. However, because bearish momentum is stronger than it has been since January 2005, the next step will probably be lower again despite the dollar already being oversold. Our medium term target is the 109.00 area.
Strategy: Sell at 112.00; stop well above 112.59. Short term target 111.50, then 110.75 and 109.00 medium term.
EUR
Comment: Consolidating in a neat little range just below Friday’s high at 1.2765. A break above 1.2775 later today should send it a lot higher again to the 61% retracement level around 1.2900. The Euro is already overbought but this will probably be ignored completely if the frenzied generalised US dollar selling that we expect kicks in.
Strategy: Buy at 1.2735; stop below 1.2550. Short term target 1.2800 and eventually 1.2930/1.3000.
Tuesday, May 02, 2006
PREDICTION May 02, 2006
EUR
Comment: It would appear that some long term buy stops were triggered on yesterday’s squeeze above 1.2600/1.2650. The Euro is very overbought so allow for correction and consolidation below here today. Dips are seen as buying opportunities as the long term picture, because of April’s strong monthly close, is for a squeeze to 1.3000 and then some more. Note that having wasted time for much of the last twelve months there is a strong case for playing ‘catch up’.
Strategy: Buy on a dip to 1.2525/1.2500; stop below 1.2350. Short term target 1.2640 and then Yesterday’s high at 1.2690. Longer term 1.3000.
GBP
Comment: Moving in line with other major currencies, and the monthly close clearly above 1.8000 is positive for the medium and long term. We expect more long term buy stops lie above September 2005’s high at 1.8500. We expect this pair to consolidate below here today, but having wasted so much time since June last year there is a good chance of another powerful rally this month to the 1
The breach of key 1.2520 support in USD/CHF (38.2% retracement of 16 month uptrend and January 2006 low) has opened the risk toward 1.2050 (61.8%) before any major recovery can be anticipated, says Commerzbank analyst Andy Hart. However, Monday's rebound from 1.2285 (50%) support could extend to 1.2520-55 before the short-term downtrend resumes. USD/CHF now at 1.2352
Comment: It would appear that some long term buy stops were triggered on yesterday’s squeeze above 1.2600/1.2650. The Euro is very overbought so allow for correction and consolidation below here today. Dips are seen as buying opportunities as the long term picture, because of April’s strong monthly close, is for a squeeze to 1.3000 and then some more. Note that having wasted time for much of the last twelve months there is a strong case for playing ‘catch up’.
Strategy: Buy on a dip to 1.2525/1.2500; stop below 1.2350. Short term target 1.2640 and then Yesterday’s high at 1.2690. Longer term 1.3000.
GBP
Comment: Moving in line with other major currencies, and the monthly close clearly above 1.8000 is positive for the medium and long term. We expect more long term buy stops lie above September 2005’s high at 1.8500. We expect this pair to consolidate below here today, but having wasted so much time since June last year there is a good chance of another powerful rally this month to the 1
The breach of key 1.2520 support in USD/CHF (38.2% retracement of 16 month uptrend and January 2006 low) has opened the risk toward 1.2050 (61.8%) before any major recovery can be anticipated, says Commerzbank analyst Andy Hart. However, Monday's rebound from 1.2285 (50%) support could extend to 1.2520-55 before the short-term downtrend resumes. USD/CHF now at 1.2352
Monday, May 01, 2006
FOREX TO DAY MAY 01, 2006
Masafumi Yamamoto say "Euro will get good support for ekspektasi market to increase interest rate of continuation ECB", currency strategist Nikko Citigroup Ltd. Tokyo and former chief currency trader Bank of Japan. He say again "I expect functionary of ECB to release comment which impressing hawkish to strengthen currency of this Euro".
Friday, April 28, 2006
PREDICTION APRIL 28, 2006
USD/JPY volatile, hits day's low of 114.08, then jumps to day's high of 114.50, in what seemed to be mixture of position adjustments, short-term play, say Tokyo traders. EUR/USD also already down to 1.2537 after spike to 1.2558 (highest since 1.2585 marked on Sept. 5). Volatility likely due partly to long Japan holidays next week, they say. But traders remain bearish on USD; "whatever materials come out, the market is inclined to react by selling the dollar," says Mizuho Corporate Bank trader Shuichi Kanehira, referring to USD/JPY's fall after BOJ report which was well within expectations
NEWS APRIL 28,2006
Henderson Global Investors senior economist Nicholas Brooks says 27bp increase in China's 1-year lending rate minimal, likely won't have significant impact on China's overall economy. Nevertheless, China's latest move "sends a strong signal to financial institutions and markets that China is serious about keeping growth, credit, investment and other key economic variables to its original targets
The GBP may have been helped by recent USD weakness but with the future of Prime Minister Tony Blair looking increasingly in doubt and uncertainties over the UK economy remaining, the UK currency could well come under pressure against the EUR. See Forex Focus on Telerate 1066
It seems as if we finally can confirm a longer term upside target in EURUSD. Last big support area is 1.2600 which could hold through today's trading session, but is the levels to watch for longer term buying interest. For today look to buy on dips in the 1.2460-90 area for more upside in the week to come.
The GBP may have been helped by recent USD weakness but with the future of Prime Minister Tony Blair looking increasingly in doubt and uncertainties over the UK economy remaining, the UK currency could well come under pressure against the EUR. See Forex Focus on Telerate 1066
It seems as if we finally can confirm a longer term upside target in EURUSD. Last big support area is 1.2600 which could hold through today's trading session, but is the levels to watch for longer term buying interest. For today look to buy on dips in the 1.2460-90 area for more upside in the week to come.
Thursday, April 27, 2006
PREDICTION APRIL 26, 2006
Prediction: Today Eur/Usd, in this time position of eur/usd have very high, eur/usd there is opportunity for drop today, S1 : 1.2515 S2 : 1.2490, look at to these level, if bound happened in 1.2490 and break High of opportunity of e/u continue journey go to 1.2600 opened wide, R1 : 1.2550 R2 : 1.2589.
Prediction made today 11.20 WIB, Have A Nice Pips Today :)
Prediction made today 11.20 WIB, Have A Nice Pips Today :)
NEGATIVE DOLLAR SENTIMENT
Most analysts expect Bernanke to repeat that future Fed tightening will depend on the shape of upcoming economic data. However some were doubtful of the dollar's potential to rally even if Bernanke's comments are more upbeat than expected, given the market's current dollar-negative mood. "Sentiment is generally negative for the dollar even in the face of good news. The market is looking through the expected rate hikes. If you take away the interest rate support for the dollar ... and the structural problem is still there, the trend for the dollar is downwards," said Adam Cole, currency strategist at Royal Bank of Canada.
PREDICTION, APRIL 27, 2006
JPY
Comment: The longer the ‘gap’ from the weekend remains, the stronger the next downside move. Yesterday’s small ‘spike high’ suggests we are about to kick off again by the end of the week. The US dollar is somewhat oversold but downside momentum is stronger than it has been all year. For this morning expect more work below 115.20, down to 114.25. Then down again to January’s low at 113.41.
Strategy: Sell at 115.00/115.20; stop above 115.40. Short term target 114.25/114.00 and eventually 113.50.
EUR
Comment: Squeezing relentlessly if slowly higher for the fourth day in a row. This may give some a false sense of security but it is just a matter of time until we trigger stops which should lie at 1.2500 and 1.2600. The Euro is not yet overbought and bullish momentum has increased a little. For this morning expect quiet consolidation around current levels, with the chance of a new recent high increasing if we hold above 1.2350.
Strategy: Buy at 1.2455, adding to 1.2385; stop below 1.2350. Short term target 1.2465 and the psychological 1.2500.
Review GBP/USD
Prediction G/U today in range 1.7800 - 1.7940, with critical point of uptrend in 1.7870, 1.7900, and last 1.7920an
For critical level of downtrend in 1.7825, 1.7800. If At the time of this level is passing and condition of oversold is not happened, hence very possibly will return to level 1.7770
Giving attention to the level, if happened by the direction inversion, better close position & paying attention to if decreasing more than 10 pips, you can do sideways trading.
Comment: The longer the ‘gap’ from the weekend remains, the stronger the next downside move. Yesterday’s small ‘spike high’ suggests we are about to kick off again by the end of the week. The US dollar is somewhat oversold but downside momentum is stronger than it has been all year. For this morning expect more work below 115.20, down to 114.25. Then down again to January’s low at 113.41.
Strategy: Sell at 115.00/115.20; stop above 115.40. Short term target 114.25/114.00 and eventually 113.50.
EUR
Comment: Squeezing relentlessly if slowly higher for the fourth day in a row. This may give some a false sense of security but it is just a matter of time until we trigger stops which should lie at 1.2500 and 1.2600. The Euro is not yet overbought and bullish momentum has increased a little. For this morning expect quiet consolidation around current levels, with the chance of a new recent high increasing if we hold above 1.2350.
Strategy: Buy at 1.2455, adding to 1.2385; stop below 1.2350. Short term target 1.2465 and the psychological 1.2500.
Review GBP/USD
Prediction G/U today in range 1.7800 - 1.7940, with critical point of uptrend in 1.7870, 1.7900, and last 1.7920an
For critical level of downtrend in 1.7825, 1.7800. If At the time of this level is passing and condition of oversold is not happened, hence very possibly will return to level 1.7770
Giving attention to the level, if happened by the direction inversion, better close position & paying attention to if decreasing more than 10 pips, you can do sideways trading.
Wednesday, April 26, 2006
GREET TO RECOGNISE
Hi all
Start from this day, I will try to write all my activity go together forex trading in marketiva. I very very glad if you often visit my blog. Just hopefully this blog can as source of reference and also as medium of reading and practice especially to all new trader. And can become link of additional collection to all experienced trader. Will very very glad if all senior can give input to us. So that fill this blog can be complete progressively
That way my first posting and thank's. Congratulation learn and trading.
OWNER
S U N A R T O
Start from this day, I will try to write all my activity go together forex trading in marketiva. I very very glad if you often visit my blog. Just hopefully this blog can as source of reference and also as medium of reading and practice especially to all new trader. And can become link of additional collection to all experienced trader. Will very very glad if all senior can give input to us. So that fill this blog can be complete progressively
That way my first posting and thank's. Congratulation learn and trading.
OWNER
S U N A R T O
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