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June 30, 2012

Risk-On Friday

Filed under: Technical Analysis — Tags: , — admin @ 3:05 am

Too bad that all the people who really know how to run the country are busy driving taxi cabs and cutting hair. ~ George Burns Good morning. Euro recovered big-time today, after EU officials in Brussels agreed to ease the conditions for using the bailout funds. EURUSD A correction would be welcome after such rally, so Read More

The post Risk-On Friday appeared first on innerfx.com.


© 2012 FX Trading Blog

June 29, 2012

Pre-EU Summit Charts to Watch 6/28/12

Filed under: Technical Analysis — Tags: , , , , — admin @ 3:06 am

Regard setbacks as opportunities to grow. Learn from them; research them; use them to propel you forward. ~ Dan Zadra Good morning. Euro is recovering from recent lows ahead of EU Summit, which begins later today. EURUSD Euro struggles to recover on EU Summit risk-on trade, currently facing resistance around 1.2530. Should the recovery continue, next Read More

The post Pre-EU Summit Charts to Watch 6/28/12 appeared first on innerfx.com.


© 2012 FX Trading Blog

Daily Forex Fundamentals – June 28, 2012

Filed under: Currency Charts — Tags: , , , , — admin @ 1:27 am

What’s on the Economic Horizon
Italian bond auction scheduled today
Japanese inflation reports on tap
U.K. current deficit to widen to 8.9 billion GBP?

U.S. Dollar (USD)

The Greenback’s performance was as mixed as a bag of nuts yesterday as it outpaced the European currencies and the Loonie but lost ground to the Aussie and the Kiwi. Will the U.S. dollar find a clearer direction today? Read more…

Euro (EUR)

And the sell-off continues! The euro resumed its gentle slide down the charts yesterday as the markets expressed their lack of hope for a resolution in the upcoming EU summit. EUR/USD receded from its opening price of 1.2495 to end the day at 1.2467. Read more…

British Pound (GBP)

It was rough sailing for Lady Cable yesterday, as it gave back all its gains versus the dollar. GBP/USD dropped 77 pips to finish at 1.5566. Is the pound in for more losses today or can the bulls make a comeback? Read more…

Japanese Yen (JPY)

The Japanese yen lost ground against most of its major counterparts, except for the British pound. GBP/JPY closed 18 pips down from its 124.28 open price while EUR/JPY chalked up a tiny gain as ended the day at 99.39. Can the yen bounce back today? Read more…

Canadian Dollar (CAD)

The Loonie stumbled against the dollar yesterday as general market sentiment favored the safe havens once again. With the European Union summit just around the corner, investor confidence is low and few believe anything will be resolved. As a result, USD/CAD crept up from its opening price of 1.0240 to end the day at 1.0255. Read more…

Australian Dollar (AUD)

Despite the pre-EU summit jitters, the Aussie was able to sneak in some gains against the U.S. dollar and the Japanese yen with AUD/USD closing 11 pips up from its 1.0066 open price and AUD/JPY landing 34 pips above the 80.00 handle. Read more…

New Zealand Dollar (NZD)

Talk about resilient! After trading as low as .7875, the Kiwi bulls came roaring back, allowing the pair to end the day at .7917, marking a 2-pip victory for the day. Read more…

Swiss Franc (CHF)

Another quiet day in Swissy trading, as it pretty much stayed within range. USD/CHF traded within a range of just 40 pips and ended the day at .9634, up just 22 pips from its opening price. Read more…

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

In forex trading, you get better odds at securing pips when your fundamental analysis is complemented by technical analysis.

Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!

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June 28, 2012

Emerging Markets at risk. Money back to the center.

Filed under: Currency — Tags: , , , , , — admin @ 2:24 am

Quote

“Today, we pay tribute to the pagan god of token environmentalism by spending countless hours recycling paper.” -Bjorn Lomborg, Adjunct Professor at the Copenhagen Business School, writing in July/August 2012 Foreign Affairs, “Environmental Alarmism, Then and Now.”

Headlines & Of Interest

10 Reasons Countries Fall Apart (Foreign Policy)
Egypt: O brother, where art thou? (Asia Times; Pepe Escobar)

Commentary

We get a sense global liquidity is draining back to the center from the periphery. We know we are not alone in this view, as many have warned about the European banking system’s deleveraging globally i.e. reducing loan exposure. Add in the tepid global growth environment with all three wagon pullers–US, Europe, Asia–now struggling, and we have the recipe for a systemic event. Though the Eurozone is ground zero for triggering such risk, especially now that Chancellor Merkel (rightly so) ruled out debt sharing, it is quite possible the catalyst could be an emerging market economy first, and Eurozone second. Any EM event will likely trigger even faster global deleveraging from the private sector, including those investors who continue to be sold the fantasy that EMs have decoupled.

Action

Technically, we think a longer term top is in place; made back in 2007. If we see some contagion in EMs, the next leg down could be swift and deep!

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Daily Forex Fundamentals – June 27, 2012

Filed under: Currency Charts — Tags: , , , , — admin @ 1:27 am

What’s on the Economic Horizon

U.S. Durable Goods Orders on Tap
Japanese Lower House Passes Tax Bill
German Preliminary CPI Due Today

U.S. Dollar (USD)

Mixed day for the scrilla, as it took some decent hits against the pound, the Australian dollar, and the yen but came away with small victories against the euro and the Swiss franc. Will we see more of the same today or are we in for more definitive trading? Read more…

Euro (EUR)

Chop chop! Yesterday was a topsy turvy one for EUR/USD as it struggled but failed to hold on to the 1.2500 major psychological handle. The pair dipped to a low of 1.2442 then managed to close at 1.2496, just 7 pips below its 1.2503 open price. EUR/JPY also had its share of losses as it closed 30 pips below its 99.57 open. Read more…

British Pound (GBP)

Though the U.K. reports we got yesterday weren’t exactly bull-friendly, the pound was able to chalk up decent gains against the dollar. Cable began its rally at the very start of the day, and by the end of the New York session, it had reached 1.5643 for a 70-pip gain on the day. Read more…

Japanese Yen (JPY)

Up-and-down day for the yen, as it edged higher against the dollar and euro but lost out against the pound. USD/JPY and EUR/JPY dropped 19 and 30 pips to finish at 79.45 and 99.27 respectively. Meanwhile, GBP/JPY ended the day at 124.28, up 27 pips from its opening price. Read more…

Canadian Dollar (CAD)

Hooray for the Loonie! Despite the lack of hard-hitting reports, Canadian currency was able to sneak in some gains against the Greenback yesterday as USD/CAD closed 52 pips down from its 1.0292 open price. Will it be able to hold on to its gains today? Read more…

Australian Dollar (AUD)

Wham, bam, thank you China, you the man! Thanks to some good Chinese data, the Aussie sailed higher in yesterday’s trading rounds. AUD/USD rose 59 pips to finish the day at 1.0066. Read more…

New Zealand Dollar (NZD)

Now that’s how you bounce back! NZD/USD completely erased its losses from Monday as it rose 41 pips to end the day at .7915. Has the market’s appetite for Kiwis returned? Read more…

Swiss Franc (CHF)

Not much action from the Swissy yesterday – USD/CHF only moved 9 pips up from its opening price of .9604! Will this snoozefest continue? Read more…

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

In forex trading, you get better odds at securing pips when your fundamental analysis is complemented by technical analysis.

Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!

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June 27, 2012

Tuesday Charts 6/26/12

Filed under: Technical Analysis — Tags: , , — admin @ 3:05 am

Some give up their designs when they have almost reached the goal; while others, on the contrary, obtain a victory by exerting, at the last moment, more vigorous efforts than ever before. ~ Herodotus Good morning. Euro is again under pressure ahead of EU Summit, Italian and Spanish bond sales. EURUSD Technical support around $1.2450 is Read More

The post Tuesday Charts 6/26/12 appeared first on innerfx.com.


© 2012 FX Trading Blog

Daily Forex Fundamentals – June 26, 2012

Filed under: Currency Charts — Tags: , , , , — admin @ 1:27 am

What’s on the Economic Horizon

German consumer climate report on tap
U.K. public sector net borrowing seen at 13.6B
U.S. consumer confidence expected to weaken

U.S. Dollar (USD)

We got mixed results from the dollar yesterday as it strengthened against the euro, Swissy, and the comdolls, but weakened against the yen and the pound. What can we expect from it today? Read more…

Euro (EUR)

Rough start to the week for the euro, as it dropped against the dollar, yen, and pound. Could this be a sign of more losses in the days to come? Read more…

British Pound (GBP)

After gapping down over the weekend, GBP/USD swung this way and that before it managed to end the day in the green by closing 11 pips up from its 1.5562 open price. GBP/JPY, on the other hand, didn’t have such a good day as it chalked up a 123-pip loss from its 125.24 open price. Read more…

Japanese Yen (JPY)

No weakness here! The yen was pure muscle on the charts yesterday as it beefed up against all of its major counterparts. It snatched 84 pips away from the dollar, while gaining 140 pips against the euro and 123 pips against the pound. Can we expect more of the same today? Read more…

Canadian Dollar (CAD)

With no data being released, USD/CAD traded to the beat of risk aversion. Unfortunately for the Loonie bulls, risk aversion took its turn at the top of the hill yesterday, allowing the dollar bulls to edge higher. USD/CAD traded as high as 1.0319 before settling at 1.0291, up 34 pips on the day. Read more…

Australian Dollar (AUD)

Down she goes again! The Aussie might’ve taken a break from falling down the charts last Friday, but yesterday, she made up for lost time. AUD/USD began the week by gapping down from 1.0069 to 1.0043 and continued falling until it settled at 1.0007 at the end of the New York session. Read more…

New Zealand Dollar (NZD)

The Kiwi had its wings clipped by risk aversion yesterday as NZD/USD edged down to a low of .7844. The pair was able to recover some of its earlier losses during the U.S. session as it climbed back up to close at .7874. Read more…

Swiss Franc (CHF)

USD/CHF crawled farther away from its weekend gap as it edged up the charts in yesterday’s trading. The pair opened at .9573, reached a high of .9630, before it closed at .9604. Will the gap get filled today? Read more…

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

In forex trading, you get better odds at securing pips when your fundamental analysis is complemented by technical analysis.

Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!

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June 26, 2012

Daily Forex Fundamentals – June 25, 2012

Filed under: Currency Charts — Tags: , , , , — admin @ 1:28 am

What’s on the Economic Horizon
U.S. New Home Sales on Tap
EU Summit Starts This Week

U.S. Dollar (USD)

Break time! Last Friday’s lack of major data in the U.S. inspired the dollar bulls to take a breather from their push last Thursday. The Greenback capped the day unchanged against its major counterparts with EUR/USD closing only 15 pips higher than its open price. Read more…

Euro (EUR)

EUR/USD struggled to hold on to the 1.2550 minor psychological handle on Friday before ending the day in the green and closing at 1.2562. EUR/JPY also had its share of gains as it ended at 101.02, 28 pips above its 100.74 open price. Can the euro hold on to its recent gains this week? Read more…

British Pound (GBP)

After Thursday’s big losses, the pound was able to hold its ground against the Greenback, as GBP/USD ended the day almost unchanged at 1.5583 on Friday. Will its descent continue this week? Read more…

Japanese Yen (JPY)

The yen weakened slightly against its major counterparts last Friday as hopes of an agreement of euro zone officials stabilized risk aversion. USD/JPY inched 13 pips higher while EUR/JPY snuck in a 72-pip gain. What reports are set to come out from Japan this week? Read more…

Canadian Dollar (CAD)

USD/CAD consolidated below the 1.0300 major psychological resistance for almost an entire day last Friday before it broke down and eventually closed at 1.0246. The pair gapped up over the weekend as it opened at 1.0267. Aside from a potential gap fill, what else is in store for the Loonie this week? Read more…

Australian Dollar (AUD)

With no economic data on tap last Friday, the Aussie was able to pare its losses against the Greenback. AUD/USD rose by 40 pips after hitting an intraday high at 1.0078. What other factors spurred on the Aussie bulls? Read more…

New Zealand Dollar (NZD)

As if someone had pressed “CTRL + Z,” NZD/USD undid some of its losses from Thursday, climbing 56 pips on Friday to greet the weekend at .7910. Will risk appetite drive this pair higher? Read more…

Swiss Franc (CHF)

The Swissy must’ve been gassed after its big drop on Thursday… because it hardly moved on Friday! USD/CHF ended just 13 pips below its daily opening price to enter the weekend at .9560. Read more…

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

In forex trading, you get better odds at securing pips when your fundamental analysis is complemented by technical analysis.

Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!

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June 24, 2012

The Importance of Money Management

Filed under: Forex General — Tags: , , — admin @ 5:34 pm

This week has helped highlight the importance of money management with my forex trading method. While no one ever likes to talk about trading losses they are an inevitable part of trading experience and it’s essential that traders know how to handle and deal with them when they rear their ugly heads.

Presently my trading account has encountered a hydra of four trading losses in a row. Certainly nothing to brag about, but at the same time important to talk about and discuss.

Sadly though traders don’t like talking about trading losses. We all would love to find that holy grail method which would never allow us to feel any pain with trading losses and would set us on to eternal victory with every trade! We may never consciously think like this, but our actions will generally show otherwise.

“What do you mean?”

What has been your largest string of trading losses sticking to the exact same trading method? If it’s less than five then you either have a money management problem because you lost all your capital OR you’re subconsciously looking for a perfect system.

“AM NOT!”

My friend, the search for the perfect trading system doesn’t exist. If it did there would be no market. We’d all be buyers or all be sellers and how on earth would we be expected to buy or sell an instrument if there’s no one on the other side of the trade (someone who has a complete opposing view to you?).

Sadly we as traders lack resilience. In fact I’m perhaps the worst offender. I am a perfectionist. I like things perfectly in order and my accounting degree made sure that every transaction balanced perfectly. Trading though requires I swallow my pride that my method is far from perfect and that I don’t need to be 100% accurate on all my trades. I can still be wrong and yet make good return on my money.

So how resilient are you?

Are you willing to stick to your system through drawdowns? Or are you only in your system when it makes money?

Be resilient. As my grandfather used to say to me,

Profits can take care of themselves, it’s the losses I care about.

In essence: you learn soooOOoOoOoOoo much more when you take a hit. A string of hits. The market is a big schoolmaster – are you man (or woman) enough to let it teach you something?

This week it looks like the EURNZD is still on my radar and so I’ll be keeping an eye on this again.

Daily Forex Fundamentals – June 18, 2012

Filed under: Currency Charts — Tags: , , , , — admin @ 1:28 am

What’s on the Economic Horizon
Latest Greek Elections Yields A Clear Winner
G20 Meetings Begin Today

U.S. Dollar (USD)

That’s gotta hurt! The Greenback suffered a triple roundhouse kick against its counterparts last Friday as traders reacted to weak economic data. USD/JPY plummeted by 68 pips, while Cable shot up by 142 pips. Thing is, the U.S. data wasn’t the only wet blanket for the dollar bulls. Read more…

Euro (EUR)

The Greek elections are finally over! It seems like the markets are taking the election results well as EUR/USD gapped higher over the weekend and opened at 1.2700 while EUR/JPY kicked the week off at 100.04. How exactly did those elections turn out? Read more…

British Pound (GBP)

“Victory” cried the bulls last Friday as they were able to drive Cable of its ascending triangle formation. Cable broke past the 1.5600 major resistance level to close the U.S. trading session 142 pips higher at 1.5701. Read more…

Japanese Yen (JPY)

Nothing to see here! Despite an interest rate decision by the BOJ, the yen traded in its usual mixed fashion against its counterparts. USD/JPY suffered a 68-pip drop, but GBP/JPY enjoyed a nice 123-pip rally from its intraday low. What the heck did the BOJ say anyway? Read more…

Canadian Dollar (CAD)

Despite weaker than expected economic data from Canada, the Loonie was able to chalk up another day of gains against the Greenback on Friday and USD/CAD even gapped lower over the weekend. Will the Canadian dollar be able to hold on to its recent gains? Read more…

Australian Dollar (AUD)

Mother of breakouts! No data was released from Australia last Friday, but positioning ahead of the “Greekend” and a breakout above parity pushed AUD/USD to close at 88 pips higher at 1.0087. Read more…

New Zealand Dollar (NZD)

That makes it two in a row! For the second straight day last Friday, the Kiwi was able to post significant gains versus the safe haven Greenback. NZD/USD closed the U.S. trading session at .7894, 81 pips higher from its opening price that day. Read more…

Swiss Franc (CHF)

Thanks to the overall dollar weakness due to QE3 speculations and disappointing data from the U.S., the franc was able to stage a stellar performance last Friday. USD/CHF, which began the day at .9519, ended the U.S. trading session at .9489. Read more…

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

In forex trading, you get better odds at securing pips when your fundamental analysis is complemented by technical analysis.

Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!

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