Tuesday, January 30, 2007

Forex day Trading System - EUR/USD is looking bullish

Forex day Trading System - EUR/USD is looking bullish

I was looking at the 1 hr chart today and it sooms that the EUR/USD is looking bullish.. Here are the reasons -

1. On the larger trend (Daily chart), the currency pair seems to have made a double bottom.
2. The support seems to be at 1.2900 levels which is a major supportg as well as 50% fibonacci level.
3. So, the currency seems to be going up on the daily chart
4. On the 1 hr chart, the currency pair seems to have crossed the 200 EMA resistance as well as now is using that as the support.
5. The confirmation comes due to the fact that the RSI as above 50 and candlestick is also bullish

So, its a bullish opportunity and I have placed a trade at 1.2965 level and my stop is at 1.2924 which is 25 pips below the 200 EMA.. The target is 1.3050 which is the next major resistance level. So, I have used system of support and resistance while placing this trade.

Thats all in today's session..Visit again to learn more on currency trading.

 
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Monday, January 29, 2007

Forex day trading system - Its Non Farm Payroll Time again

Forex day trading system - Its Non Farm Payroll Time again

This friday is 2-feb-2007 and guess what its NFP time again..One of the most volatile 15 min. in any particular forex calender month..The average pip move is in the range of 100-150 pips in just few min. when the news come out..

No wonder its one of the most favourite time for some of the traders and for rest its about the time when they would like to stay away from the market.

Speaking on that, people use differnt ways to decide how to stay away from fundamental announcements..Some stay from for the duration 30 min prior to declaration of fundamental announcements such as NFP or FOMC declaration etc. to 30 min. after the fundamental announcement.. The idea behind this is market should calm down from the extreme volatility.

Some people don't place a trade 1 candletick prior and the candlestick of the fundamental announcement..

In all these forex day trading syatem strategy that you have read on my site, you'll learn that the timing behind placing trade is that the trade should be placed using technical analysis and indicator such as EMA, RSI, stochastics, MACD, fibonacci or even parabolic SAR etc is to place the trade when the market is optimally volatile, but should not be over volatile as that time market is very risky..

Thats all in today's session..Visit again to learn more.

 
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Sunday, January 28, 2007

Forex Day Trading System - Continuing on Money management

Forex Day Trading System - Continuing on Money management

One important point that I missed in yesterday's post is that trade with discipline..Which is about following the rules of your trade..If the technical indicator of your analysis such as EMA, RSI, fibonacci etc are saying to exit, then exit..Don't hold on to the trade thinking that it may yield more profit when indicators are saying that it may not..Same is the case for entering the trade also..

A disciplined trader is more likely to end in profits consistently using a forex day trading system than one who doesn't follow the set of rules..

Its true not only during trades when you are using your knowledge to place trades..Its true when you are using any forex trading software or a signal service when you should do so..

Thats all on this weekend post..Visit again to learn more on currency trading, a lucrative trading market in the world..

 
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Saturday, January 27, 2007

Forex Day Trading System - Money Management

Forex Day Trading System - Money Management

Charlie, one of very few people and a regular reader of my blog asked me a very important question, yet so frequently overlooked by novice traders. The question was "What do you mean by money management"??

I am glad you asked..Money management is very important in any online business, let it be commodity trading or forex trading or options trading or gambling even for that matter. So what does money management means??

In simpleterms it means that -

1. Limit your losses
2. Let your profit run.
3. Know why much to put on stake in each trade..In short, don't bet the entire farm on a single trade

All the 3 points are more than important in any trade you place..The 1st 2 points are kind of interlinked in any form of trading syatem - forex day trading system or swing trading system. It refers to put stop loss in the trade..Generally some people when placing trade keep large stop losses expecting that the trade will recover from a losing position. Incase they are winning, they take the profit too early with the fear that they will lose the winning position..

A smart forex trader does just the opposite of that..When you make any trading strategy, based on RSI or MACD or Exponential moving averages or candlestick or fibonacci levels or any indicator, always place considerable thought on money management as well!!

Thats all in today's session in learning forex day trading system..Visit again to learn more. Infact you can add the pages to the favorites..

 
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Monday, January 08, 2007

Forex day Trading System - Rally of USD

Forex day Trading System - Rally of USD against all majors and Minors

USD dollar has rallied tremendously against the majors (EUR, GBP, CHF) and minors (AUD, NZD)..For AUD/USD it was due since the currency pair has been trading very near to weekly highs.

I guess today will be a day for correction, essentially profit booking..The limit of correction can be 38.2 % fibinacci levels of USD rally. Then tomorrow onwards we can see market doing online forex trading pro USD.

For USD/CAD, the trend is still not very clear, thats because this currency pair is mostly fundamentals oriented and very low technically oriented..

Thats all in today's session..In the next session, we'll go through a forex day trading system.

Keep visiting to learn more trading the currency market.

 
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