Quote of the day: It seems to be a law of nature, inflexible and inexorable, that those who will not risk cannot win. — John Paul Jones
EURUSD
Trading strategy: stand aside
The euro continues to face weakness against the dollar, trading near multi-month low reached Friday at 1.3585, as a result of another sell-off round following U.S. unemployment data – NFP coming at -20k and the unemployment rate at 9.7%, beating the 10% expectation. Short term and intra-day charts remain into the bearish territory and near term resistance levels may limit gains at 1.3720 – falling trend line which provided support on two corrective cycles, followed by 1.38 and 1.3850/60. A sustained break above 1.3850 would signal a change in current short-term structure, but while the euro is heavy near the 1.35 region – gains to 1.3850 should be hard to achieve – as rallies are facing strong selling since December. In case of more losses – support starts at 1.3585/90, backed by 1.3550 and 1.3500. 1.3480 which is a notable support formed by the 61.8% of last year’s full rise comes lower – around 1.3480. Current exchange rate is 1.3640 @07:24 GMT
Support: 1.3585/90, 1.3550 and 1.3500
Resistance: 1.3700/20, 1.3750, 1.3800 and 1.3850/60
Market sentiment: long term – bullish, medium term – bearish, short term – bearish, intra-day – bearish
When it comes to the basics in trading, it is a common thing but also time consuming (and quite irrational) to use a lot of indicators, even advanced ones, to ... read more
Today's report is released a bit earlier due to personal reasons.
Quote of the day: From error to error, one discovers the entire truth.-- Sigmund Freud
EURUSD
Trading strategy: stand aside
All hell broke ... read more
Quote of the day: The four most dangerous words in investing are 'This time it's different.' -- John Templeton
EURUSD
Trading strategy: short at 1.3950, stop at 1.4010(1% risk), 1st objective at ... read more
Quote of the day: Anticipation, I suppose, sometimes exceeds realization -- Amelia Earhart
EURUSD
Trading strategy: small short at 1.4030, stop at 1.4080(0.5% risk), 1st objective at 1.3980, 2nd objective at 1.3930.
The ... read more
When it comes to the basics in trading, it is a common thing but also time consuming (and quite irrational) to use a lot of indicators, even advanced ones, to identify something so simple that even some 5 years-old child would recognize with the naked eye, without using a state-of-the-art charting platform. I am surprised how many traders face difficulties, ... read more
Hello, As some of you already know, 2 days ago the CFTC announced the publication in the Federal Register of proposed regulations concerning FX retail transactions. The plan is to set the maximum leverage in US retail forex transactions to 10:1 - that's 10 times lower than the 100:1 cap set by the NFA a short while back. It's absurd how they came up with this stuff in such a short time after the 100:1 cap. The proposed rule has yet to become effective, as it is in public comment seeking phase right now. Therefore, in case you disagree (or agree) ... read more
When it comes to the basics in trading, it is a common thing but also time consuming (and quite irrational) to use a lot of indicators, even advanced ones, to identify something so simple that even some 5 years-old child would recognize with the naked eye, without using a state-of-the-art charting platform. I am surprised how many traders face difficulties, on a regular basis, when identifying trends. One of the reasons for the failure on identifying market trends is using various technical tools which react in different ways to price action, either causing confusion or signaling trend changes too often ... read more