Hello everyone, I hope this week has been a good trading week for you.
Our cable pair made some nice moves starting out on monday with 82 pips and closing tuesday out with 142.4 pips heading down and crossing the 200 SMA but rising quite sharply for a retracement reaching a high of 1.5759. Into Wednesday the pair held a descending accumulation period until we saw some serious volatility with a sharp move down to 1.5652 and then to reverse up to 1.5778 and then reverse again back down and test the same level again at 1.5652 but never breaking through for the day.
Thursdays break down and continued accumulation into Friday below the 200 SMA encourages some strong indication that we're going to headed lower even with Euro Zone G20 meeting going alright and the markets rebounding to this news. Also looks like the Fed will be printing more cash and getting ready for QE3 to stimulate the economy and get our unemployment back below 8.2%.
Our 5 day average range about 115 pips which is just below Eur/Usd pair range at 133 pips for the week.
have a relaxing weekend!
Saturday, June 23, 2012
Tuesday, June 19, 2012
Gbp/Usd Weekly Forex Update
Well to wrap up this past week with our daily ranges we saw some nice movement on our cable trade on Monday and Tuesday with 120 pips for Monday and 135.4 pips for Tuesday. The real momentum behind our big mover was what Greece was going to do with their elections and how things were going to turn out. Long story short, a new Greek coalition government will be formed after a new democratic party won the elections by a small percentage. The new coalition does favor a Greek bailout program and Euro zone leaders have agreed to ease terms on Greece in favor of its stability.
So because of the good news and the possibility of brighter days for Greece we saw a very nice move Friday on Gbp/Usd with 255 pips trending to the upside ahead of the weekend. Which finished out the week at 655 pips and puts us in a 131 pip range headed into next week to watch for.
There is still very good potential to head much lower if we can stay below the 200 SMA and if we see the pair breaking a 3 year line in the charts and moving past the 1.5270 level were very likely for a big move further down.
Have a great trading week!
Friday, June 15, 2012
Gbp/Usd 5 day Daily Range
This week broke out of the 96 pip range our Cable trade has averaged in and saw some serious gains on Friday at around 255 pips just head of the Greece Elections creating some serious volatility in the market with mixed fears about what may happen in the Euro zone.
Our pair averaged this week at 131 pips for the range and should stay in this range going into next week unless we see some serious fall out with the Euro over Greece Elections and could see 2008 market sell offs and allot fear in the markets. Much is still yet to be seen but still with much movement in the market this creates allot of opportunity to make some extra pips and bring in some extra cash.
Have a great trading week and be smart with your trades!
Our pair averaged this week at 131 pips for the range and should stay in this range going into next week unless we see some serious fall out with the Euro over Greece Elections and could see 2008 market sell offs and allot fear in the markets. Much is still yet to be seen but still with much movement in the market this creates allot of opportunity to make some extra pips and bring in some extra cash.
Have a great trading week and be smart with your trades!
Wednesday, June 13, 2012
Gbp/Usd Weekly Forex Review
Hello traders, this last week wrapped up nicely at a total of 479.4 pips and our 5 day daily average coming in at 96 pips. On Wed the 6th of June from the 1.5489 level we watched the market makers go on a stop hunt after Longs and fairly quickly drop the market back down to 1.5440 and just as fast reversing it and heading up higher to 1.5515
Since we've maintained above the 200 SMA we've kept a bullish sentiment and continued to see Cable head higher up to 1.5601. If you had followed the previous week with knowing our daily range at around 133 pips this was a nice little scalp trade on Thursday to sell Gbp/Usd right from 1.5566 (133 pips) from swing low trending up and saw a quick 10-13 pips.
Gbp/Usd Weekly Outlook:
The Bank of England hasn't done much with its worsening economy and much will still have to be seen if we continue to head down. The big date to watch will be June 17 when Greece votes for a new government. if things go bad in Greece with this event expect a massive sell off, And Of course, the pound and all European currencies will be greatly affected, similar to the 2008 collapse.
have a great week!
Since we've maintained above the 200 SMA we've kept a bullish sentiment and continued to see Cable head higher up to 1.5601. If you had followed the previous week with knowing our daily range at around 133 pips this was a nice little scalp trade on Thursday to sell Gbp/Usd right from 1.5566 (133 pips) from swing low trending up and saw a quick 10-13 pips.
Gbp/Usd Weekly Outlook:
The Bank of England hasn't done much with its worsening economy and much will still have to be seen if we continue to head down. The big date to watch will be June 17 when Greece votes for a new government. if things go bad in Greece with this event expect a massive sell off, And Of course, the pound and all European currencies will be greatly affected, similar to the 2008 collapse.
have a great week!
Monday, June 4, 2012
What to look for in a good FOREX Broker
With so many forex brokers on the market today one would wonder where to begin and what really to look for before making the big decision of signing up and forking over your hard earned cash. Maybe its not that big of a deal to you but it really should be and let me explain why.
Even today with our technology, apps, smart phones and ipads- some forex brokers still operate as a dealing desk and take the opposing side of every trade, actually betting against your position hoping to take your cash. Basically, it looks like this: you decide to go Long, Buying the market and your Broker is short now in the market, Selling the market and hoping that he's right and your wrong. Where it gets more interesting is these guys have the power to move billions of dollars of inventory say in the Dollar or Euro and essentially become a market maker becoming a significant influence in the markets direction just because they have more dollars than you and are taking much bigger positions.
Its much smarter to look for a broker like FXCM.com that is a no dealing desk and essentially is only making the majority of there money off the spreads. (the money that's the difference between the buy and sell of any currency pair). Now granted this is the majority of the truth but in all reality even FXCM is trading the market but are hedging their positions over the long term instead of the little forex broker that is physically looking at where your Stops and Limits are and are pushing the market with Central Banks and others on a Stop Hunt to take you out of the market and grab your cash. That leads me to say it is much better for you as a trader to trade with a broker that is very large and has allot of liquidity that can offer lower spreads and doesn't have to go after you the retail forex trader for them to pay their bills. Also, if your successful as a trader there less likely of chance you get your account terminated and they ask you leave simply because your making money. The smaller brokers only want accounts their making money off and not the other way around.
Finally, its good to understand all brokers need you and that even you being a retail forex trader you have the power to cancel your account any time and get your account equity back. Even at times I've seen an error in their software or online browser plateform error that I recommended a audit and sure enough a good broker should be willing to fix any mistakes and refund your money for that trade or compensate you for a fix in the spreads if there is a legitimate error on there part. Always stand your ground with your broker and don't be afraid to call them and use there valuable customer support to fix your account, update your contact info or ask them even the most mundane of a question if your new to forex. Great support is indicative of a very good broker and a absolute must in my book! If you have additional questions leave a comment.
happy trading!
Even today with our technology, apps, smart phones and ipads- some forex brokers still operate as a dealing desk and take the opposing side of every trade, actually betting against your position hoping to take your cash. Basically, it looks like this: you decide to go Long, Buying the market and your Broker is short now in the market, Selling the market and hoping that he's right and your wrong. Where it gets more interesting is these guys have the power to move billions of dollars of inventory say in the Dollar or Euro and essentially become a market maker becoming a significant influence in the markets direction just because they have more dollars than you and are taking much bigger positions.
Its much smarter to look for a broker like FXCM.com that is a no dealing desk and essentially is only making the majority of there money off the spreads. (the money that's the difference between the buy and sell of any currency pair). Now granted this is the majority of the truth but in all reality even FXCM is trading the market but are hedging their positions over the long term instead of the little forex broker that is physically looking at where your Stops and Limits are and are pushing the market with Central Banks and others on a Stop Hunt to take you out of the market and grab your cash. That leads me to say it is much better for you as a trader to trade with a broker that is very large and has allot of liquidity that can offer lower spreads and doesn't have to go after you the retail forex trader for them to pay their bills. Also, if your successful as a trader there less likely of chance you get your account terminated and they ask you leave simply because your making money. The smaller brokers only want accounts their making money off and not the other way around.
Finally, its good to understand all brokers need you and that even you being a retail forex trader you have the power to cancel your account any time and get your account equity back. Even at times I've seen an error in their software or online browser plateform error that I recommended a audit and sure enough a good broker should be willing to fix any mistakes and refund your money for that trade or compensate you for a fix in the spreads if there is a legitimate error on there part. Always stand your ground with your broker and don't be afraid to call them and use there valuable customer support to fix your account, update your contact info or ask them even the most mundane of a question if your new to forex. Great support is indicative of a very good broker and a absolute must in my book! If you have additional questions leave a comment.
happy trading!
Gbp/Usd Weekly Forex Review
This week remained bearish on our cable trade with making new lows down to 1.56 level. We saw our best mover on May 22nd with 103 pips of movement and a total of 388 pips for the week. Our 5 day daily average on Gbp/Usd coming in at 78pips. Our most volatile day was Friday, Non-Farm Payroll seeing our jobs report come in at a very disappointing 69,000 jobs, expecting was around 151,000 with our previous numbers for last month at 77,000 jobs. The market swung violently to this info and taking out the majority of shorts in the market and surprising traders with our market makers (ECB, BIS, China Central Bank, among others) likely buying into this market and moving the market with a firm move to the upside instead of the expected continuation down.
The overall outlook for the Gbp/Usd still looks very bearish and I believe we likely head down if we stay below the 200 SMA. Even with some bounce to the upside there will more likely be continued strength to sell with a good possibility to see our 2010 lows at the 1.42 level.
ps. On a side note the USD/JPY market looks very ripe for some good intervention from the Bank of Japan as Monday and Tuesday are UK bank holidays and there would be more bang for your buck with a thin market to do some serious intervention and it go a long way. So we'll see what happens...
Have a great trading week!
The overall outlook for the Gbp/Usd still looks very bearish and I believe we likely head down if we stay below the 200 SMA. Even with some bounce to the upside there will more likely be continued strength to sell with a good possibility to see our 2010 lows at the 1.42 level.
ps. On a side note the USD/JPY market looks very ripe for some good intervention from the Bank of Japan as Monday and Tuesday are UK bank holidays and there would be more bang for your buck with a thin market to do some serious intervention and it go a long way. So we'll see what happens...
Have a great trading week!
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