Make Money Forex Trading Currencies from all over the World!
Tuesday, April 28, 2009
Open Source Investing: What Can We Learn from Other People?
After reading a wonderful post on Happiness is Better, I was really inspired. The post documents the blog author’s experience in Forex trading. What’s really interesting is that he is just learning how to trade Forex, and is not yet an expert. It’s like he’s sharing his experiences of the learning process, and we can learn at the same time.
It seems that this is really a significant paradigm shift. In the old world, information was a business’s most precious resource. Patents, technology secrets, and copyrights protected a business and individuals against people trying to steal from them. But the Internet and the blog phenomenon has created a new way of thinking. Now, it’s all about,
Automated Trading and Forex
Recently, the Forex market has really become popular among small investors. Before the internet, Forex trading was available only to large institutional traders. But, like so many other things, the internet has changed the way the game is played.
It’s interesting to note that one of the most popular assets traded these days is currencies. Before, it was mostly stocks. But now there is massive interest in the Forex market. Perhaps it is because people percieve the world as being much smaller, and they understand that each country’s economies and currencies are closely linked.
There is also a certain thrill provided by Forex trading. Typically, you can get 100:1 leverage. So that means you can buy $10,000 of a certain currency for $100. It also means that if the price of a currency that you buy increases by just 1%, you have just doubled your money.
Wednesday, April 22, 2009
US Dollar Report; International
| Dollar falls vs yen as data shows big job losses in March |
| NEW YORK- The dollar fell against the yen on Wednesday after data showed private U.S. employers cut another 742,000 jobs in March, more than economists were expecting. The March job losses reported by ADP Employment Services marked the biggest since the firm's survey began in 2001. The dollar fell to 98.60 yen The dollar and yen tend to outperform on bad economic news because they attract safe-haven flows from higher-yielding currencies and assets. |
| Source: Reuters |
EURUSD Outlook
The EURUSD made indecisive movement yesterday. The pair attempted to make higher correction, topped at 1.2992 but closed lower at 1.2945. From the bearish scenario point of view since the downside momentum from 1.3734, as long as the pair stay below 1.3100, any upside corrective movement is “normal”. The bias is neutral in nearest term and I think we are now in no trading zone. On daily chart we had symmetrical triangle formation indicating a consolidation. The “double bottom” at 1.2890 (April 20 and 21 low) area should be the key support level at this phase. Break below that area could trigger further bearish scenario towards 1.2725 area. CCI in neutral area on both hourly and h4 chart.
EURUSD Daily Supports and Resistances:
- S1= 1.2896
- S2= 1.2847
- S3= 1.2799
- R1= 1.2993
- R2= 1.3041
- R3= 1.3090
History
Forex Rates
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Calendar
| Date | Currency | Description | Importance | Actual | Forecast | Previous |
|---|---|---|---|---|---|---|
| Wed, 22 Apr 01:00 GMT | AUD | AUD DEWR Skilled Vacancies (MoM) (APR) | Low | -8.9% | -10.9% (R-) | |
| 01:30 GMT | AUD | AUD Consumer Prices Index RBA Trimmed Mean (QoQ) (1Q) | Low | 1.0% | 0.8% | 0.6% |
| 01:30 GMT | AUD | AUD Consumer Prices Index RBA Trimmed Mean (YoY) (1Q) | Low | 3.9% | 3.8% | 4.2% |
| 01:30 GMT | AUD | AUD Consumer Prices Index RBA Weighted Median (QoQ) (1Q) | Low | 1.2% | 0.8% | 0.9% |
| 01:30 GMT | AUD | AUD Consumer Prices Index (QoQ) (1Q) | Medium | 0.1% | 0.5% | -0.3% |
| 01:30 GMT | AUD | AUD Consumer Prices Index (YoY) (1Q) | Medium | 2.5% | 2.8% | 3.7% |
| 01:30 GMT | AUD | AUD Consumer Prices Index RBA Weighted Median (YoY) (1Q) | Low | 4.4% | 4.0% | 4.5% |
| 05:00 GMT | JPY | JPY Supermarket Sales (YoY) (MAR) | Low | -4.0% | -5.4% | |
| 08:30 GMT | GBP | GBP Public Sector Net Borrowing (Pounds) (MAR) | Low | 19.1B | 15.5B | 9.0B |
| 08:30 GMT | GBP | GBP M4 Money Supply (YoY) (MAR P) | Low | 17.6% | 19.2% | 18.6% (R-) |
| 08:30 GMT | GBP | GBP Claimant Count Rate (MAR) | Medium | 4.5% | 4.6% | 4.3% |
| 08:30 GMT | GBP | GBP Average Earnings inc bonus (3MoY) (FEB) | Low | 0.1% | 1.4% | 1.7% (R-) |
| 08:30 GMT | GBP | GBP Public Finances (PSNCR) (Pounds) (MAR) | Low | 28.4B | 18.0B | 4.7B |
| 08:30 GMT | GBP | GBP Average Earnings ex bonus (3MoY) (FEB) | Low | 3.2% | 3.4% | 3.5% |
| 08:30 GMT | GBP | GBP Jobless Claims Change (MAR) | Medium | 73.7K | 116.0K | 136.6K (R-) |
| 08:30 GMT | GBP | GBP ILO Unemployment Rate (3M) (FEB) | Low | 6.7% | 6.7% | 6.5% |
| 08:30 GMT | GBP | GBP Manufacturing Unit Wage Cost (3MoY) (FEB) | Low | 10.0% | 8.9% (R+) | |
| 08:30 GMT | GBP | GBP M4 Money Supply (MoM) (MAR P) | Low | 0.0% | 1.2% | 1.5% (R+) |
| 08:30 GMT | GBP | GBP Bank of England Minutes | High | | ||
| 09:00 GMT | EUR | EUR Euro-Zone Government Debt-GDP Ratio | Low | 69.3% | 66.0% (R-) | |
| 11:00 GMT | USD | USD MBA Mortgage Applications (APR 17) | Low | 5.3% | -11.0% | |
| 11:30 GMT | GBP | GBP U.K. Chancellor of the Exchequer Makes Budget Statement | High | | ||
| 12:30 GMT | CAD | CAD Leading Indicators (MoM) (MAR) | Medium | -1.3% | -0.8% | -1.4% (R-) |
| 13:00 GMT | USD | USD Treasury's Geithner Addresses Economic Club of Washington | High | | ||
| 14:00 GMT | USD | USD House Price Index (MoM) (FEB) | Medium | 0.7% | -0.7% | 1.0% (R-) |
| 23:50 GMT | JPY | JPY Foreign Buying Japan Stocks (Yen) (APR 17) | Low | | 114.5B | |
| 23:50 GMT | JPY | JPY Japan Buying Foreign Stocks (Yen) (APR 17) | Low | | 7.9B | |
| 23:50 GMT | JPY | JPY Japan Buying Foreign Bonds (Yen) (APR 17) | Low | | 818.3B | |
| 23:50 GMT | JPY | JPY Foreign Buying Japan Bonds (Yen) (APR 17) | Low | | -169.3B |
FOREX RATES
Updated at: 4/22/2009
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Tuesday, April 21, 2009
The Old American Stock Exchange
We were in New York City in the summer of 2008. While walking in Little Italy to the Financial District we encountered a construction worker giving away large metal framed photos instead of throwing them in the dumpster. He said they were remodeling an architectural firm and these old photos were from a design the firm did of a stock exchange. The old American Stock Exchange trading floor. Probably in the mid-1980's. It is located at 86 Trinity Place, NY, NY.
EUR/USD Inches Higher And Remains In Corrective Range
The EUR/USD is inching higher as the consolidation/correction continues. The high for the day reached 1.2989 the low, reached in the Tokyo session reached 1.2897. The low reached yesterday on the move lower from the recent highs reached 1.2888.
The current price is above the 100 and 200 bar moving average on the 5 minute chart giving a bullish bias intraday. That level comes in at 1.2936 to 1.2943 currently. However, with the price still well below the 100 hour MA at the 1.3070 level, the short term bullish bias is just corrective in nature.
European Economics Preview: UK Annual Inflation Forecast To Ease
UK consumer prices and German ZEW economic sentiment survey results are due on Tuesday.
At 2.00am ET, the German producer prices report is expected from the Federal Statistical Office. On a yearly basis, producer prices are forecast to rise only 0.1% in March compared to a 0.9% rise in February. From February, producer prices are predicted to drop 0.3%.
The Swedish central bank is scheduled to announce its interest rate decision at 3.30am ET. The Riksbank is expected to cut the interest rate to a record low of 0.5%. The Riksbank is also set to publish how the individual members of the Executive Board voted at the same time as the monetary policy decision is communicated.
Afterwards, the Italian statistical office ISTAT is slated to release February's trade balance at 4.00am ET. The total trade surplus stood at EUR 3.58 billion in January.
At 4.30am ET, the British CPI data is due from Office for National Statistics. Annual inflation is forecast to ease to 2.9% in March from 3.2% in February. Economists expect a month-on-month increase of 0.2%.
After remaining flat in February, UK retail prices are predicted to fall 0.5% in March from the previous year. Excluding mortgage interest payments, retail prices are expected to rise 2.2% annually.
Thereafter, German ZEW survey results are due at 5.00am ET. Economic sentiment in the largest Eurozone economy is seen at 2 in April, reversing a negative reading of 3.5 in March. Meanwhile, the current situation index is forecast to fall to minus 90 in April from minus 89.4 last month.
Japanese Yen: Capped By A Negative Trend Line
| Resistance3: | 107.5 |
| Resistance2: | 105 |
| Resistance1: | 102.5 |
| Last: | 98.06 |
| Pivot: | 102.5 |
| Support1: | 96.5 |
| Support2: | 93.6 |
| Support3: | 91.6 |
Our preference: Short positions below 102.5 with targets @ 96.5 & 93.6 in extension.
Alternative scenario: Above 102.5 look for further upside with 105 & 107.5 as targets.
Comment: the RSI is bearish and called for further decline, the pair should reach its next support.
107.5
105
102.5
98.06 (last)
96.5
93.6
91.6
*USD/JPY Index: the ISE Exchange measures the strength and weakness of the US DOLLAR versus the JAPANESE YEN. For details go to www.ise.com
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