Tuesday, December 11, 2007
Forex Day Trading System - How does Oil Prices effect Forex market?
Forex Day Trading System - Does Oil Prices effect Forex market?
Yes, they truely do..Oil price has good, if not strong, coorelation with the currency pair movement.
The movement of oil price in any direction is due to the demand and supply. If the demand of oil is more, the price will increase else otherwise. Since, USA is not a producer of oil, increase in demand will essentially mean that USA will have to import more oil and at a higher price.
This will effectively mean that the USD will intern become weaker aginst the currency of the country from where the oil is being imported.
Currently, USA imports oil primarily from Canada. So, no wonder CAD is currently very strong against USD.
But, does the oil price effect all the forex pairs? I don't think so. I guess its only in the currency pairs where currencies are from oil trading nations.
This information is very important when placing trade in USD/CAD currency pair. If the USD/CAD market looks to be pro USD using any forex day trading system or swing tarding, it may not be true.
Thats all in this session..Feel free to join my newsletter by entering information in the box below. Keep visiting to learn more about forex day trading.
Yes, they truely do..Oil price has good, if not strong, coorelation with the currency pair movement.
The movement of oil price in any direction is due to the demand and supply. If the demand of oil is more, the price will increase else otherwise. Since, USA is not a producer of oil, increase in demand will essentially mean that USA will have to import more oil and at a higher price.
This will effectively mean that the USD will intern become weaker aginst the currency of the country from where the oil is being imported.
Currently, USA imports oil primarily from Canada. So, no wonder CAD is currently very strong against USD.
But, does the oil price effect all the forex pairs? I don't think so. I guess its only in the currency pairs where currencies are from oil trading nations.
This information is very important when placing trade in USD/CAD currency pair. If the USD/CAD market looks to be pro USD using any forex day trading system or swing tarding, it may not be true.
Thats all in this session..Feel free to join my newsletter by entering information in the box below. Keep visiting to learn more about forex day trading.
Labels: currency pair, forex day trading, fundamental analysis, oil price, USD/CAD
Wednesday, October 10, 2007
Forex Day Trading System - Answers to your questions
Forex Day Trading System - Answers to your trading questions
Quite a few of you ask me some questions on trading the market better. Most of these questions are to find out which forex currency pair to trade and how to identify the entry and exit points. Few of the questions are on money management also.
I'll try to answer few of these -
Q - How should I identify the entry point when trading GBP/USD on a 15 min. chart?
A - Trading any currency pair will require he view at a high level. So in your case you need to see the trend on a 1 hr chart. If it is bullish, your forex trade entry direction should be long. After this, you should use your forex trading strtaegy to identify when should you enter. For. e.g. if you trade using support and resistance, then identify a major resistance on 1hr chart and one the market bounces from that level, open your trade.
Along with your entry, you should place equal emphasis on exit also.
Q. Which currency pair is best to day trading?
A. It depends on the time frame. If you are trading between 8 AM EST to 2 PM EST, you should only trade USD based pairs such as EUR/USD, USD/CHF, GBP/USD etc. But try to pick only those frex pairs in which the spread is low because in daytrading your profit levels are low (In range of 30-40 pips max.)
Q. Which forex trading strategy course should I be using?
A. 5 EMAS forex trading strategy and Forex Trading machine ..Hands down. I won't recommend any other. However use only one of them. Both are different is using.
While forex trading machine from Avi Frister is more automated type of trading system, 5EMAs forex trading by Adam Burgoyne requires to identify entry and exit signals..So on the basis of your trading style, select only one of them.
Thats all in this message..I'll answer your other questions in other messages. If you have any, please feel free to post in the comments.
Keep visiting to learn more in online forex mrket and trading.
Quite a few of you ask me some questions on trading the market better. Most of these questions are to find out which forex currency pair to trade and how to identify the entry and exit points. Few of the questions are on money management also.
I'll try to answer few of these -
Q - How should I identify the entry point when trading GBP/USD on a 15 min. chart?
A - Trading any currency pair will require he view at a high level. So in your case you need to see the trend on a 1 hr chart. If it is bullish, your forex trade entry direction should be long. After this, you should use your forex trading strtaegy to identify when should you enter. For. e.g. if you trade using support and resistance, then identify a major resistance on 1hr chart and one the market bounces from that level, open your trade.
Along with your entry, you should place equal emphasis on exit also.
Q. Which currency pair is best to day trading?
A. It depends on the time frame. If you are trading between 8 AM EST to 2 PM EST, you should only trade USD based pairs such as EUR/USD, USD/CHF, GBP/USD etc. But try to pick only those frex pairs in which the spread is low because in daytrading your profit levels are low (In range of 30-40 pips max.)
Q. Which forex trading strategy course should I be using?
A. 5 EMAS forex trading strategy and Forex Trading machine ..Hands down. I won't recommend any other. However use only one of them. Both are different is using.
While forex trading machine from Avi Frister is more automated type of trading system, 5EMAs forex trading by Adam Burgoyne requires to identify entry and exit signals..So on the basis of your trading style, select only one of them.
Thats all in this message..I'll answer your other questions in other messages. If you have any, please feel free to post in the comments.
Keep visiting to learn more in online forex mrket and trading.
Labels: 5 EMAs Forex Trading System, Adam Burgoyne, avi frister, currency pair, entry and exit, forex day trading, forex trading ebook, forex trading machine, GBP/USD
