Indo Forex Info will publish soon with Indonesia language.
Keep in touch with me.
Jumpa lagi!
JamesForex.
Monday, December 10, 2007
We are back again with Indonesia Language.
Wednesday, December 05, 2007
Beware of INDONESIA HACKER!
DUE TO THE F**KING IDIOT INDONESIAN HACKER TRIED TO HACK ALL MY MEMBERS AT FXCAST. THIS BLOG WILL DELETE AT ANYTIME.
FXCAST - Your Prime Online Forex Broker.FXCAST - start trading with 1 dollarMonday, December 03, 2007
This Blog May Delete Soon!
Since I had create this Indo Forex Info blog, Thats a spyware or called hacker from Indonesian. I may delete it at anytime soon.
So sorry to say to Indonesian Traders.
Your Country need to take action to all this F****KING hackers.
Today Market Outlook!
EURUSD
Direction - Bearish.
Today open at 1.4645 high 17pips from last close at 1.4628 Now at 1.4666 (Woodie Pivot Point).
Sell around Woodie Pivot Point or Classic Pivot Point with Profit Target 4 hours EMA 200(exactly today Support 1 at 1.4572. Stop above 1.4690.
USDCHF
Direction - Bullish.
Today open at 1.1303 low 18 pips from last close at 1.1321. Now below Classic and Woodie Pivot Point. Buy if above Pivot Point with Profit Target around 1.1380. Stop below 1.1260.
Bloomberg.com: Worldwide
Unemployment May Rise, Manufacturing Slow: U.S. Economy Preview
Bloomberg.com: Worldwide
Friday, November 30, 2007
Bloomberg.com: Currencies
U.S. Consumer Spending Probably Rose in October on Fuel Bills
Bloomberg.com: Currencies
Bloomberg.com: Currencies
Dollar May Extend Gain Versus Euro as Credit Squeeze Spreads
Bloomberg.com: Currencies
Thursday, November 29, 2007
Why Is "FXcast "?
Dear Clients, Partners and Members,Thank you for your support at Meta Forex Capital - IB of FXcast - Your Prime Online Forex Broker.
Why Is "FXcast "?
A change
A core business philosophy that is built on
Honesty
Integrity
Reliability"FXcast" represents a new way for Prime Brokers, Introducing Brokers and Traders to communicate and interact, allowing them to form synergistic and profitable relationships within the FOREX arena. Our goal is to emerge as THE leading Introducing Broker (IB) in the FOREX market, setting THE new standard for the FX industry - one that is based on ethics and transparent business practices, qualities which are sorely lacking with many IB's and Brokers today.FXcast takes pride in our honesty, integrity, and transparent business practices. It is our belief, that these three qualities will allow us to be profitable, not just on a short term basis, but for decades to come.
Simply put, we WANT you to be profitable and stay in the FOREX arena for as long as you like, and not be forced out by "blowing up". We believe that a trading and business environment that promotes honesty and integrity will lead to success - both for the Broker, the IB and You, the Client.If you have any questions or comments in regards to our policies or procedures please feel free to contact us.
The way to success as IB at FXcast
29 Trading Rules and 6 Guidelines
Trading Rules
Never over-trade.
Never risk more than 10% of your trading capital in a single trade.
Never trade without protective stops.
Never cancel a stop-loss after placing a trade.
Never average a loss.
Never let a profit run into a loss.
Never buy or sell just because the price is low or high.
Never try to guess tops or bottoms.
Never limit a profiting trade, instead move your stops to guarantee a profit.
Never get out of the market because you have lost patience or get in because you are anxious from waiting.
Never hedge a losing position.
Never change your position or close a trade without a good reason.
Never follow a blind man's advice.
Never enter a trade if you are unsure of the trend. Never buck a trend.
Avoid scalping for small profits and taking large losses.
Avoid trading after long periods of success or failure.
Avoiding going in and out of the market too often.
Avoid getting in wrong or getting in right and out wrong, making a double mistake.
Always identify strong support/resistance levels.
Always lock in a profit at predetermined increments on profiting trades.
Always use protective stops on open trades.
Always distribute your risk equally among different markets.
Always be willing to make money from both sides of the market.
Always reduce trading after the first loss; never increase.
Always cut your losses short and let your profits run.
When in doubt, get out. Do not get in when in doubt.
Only trade active markets.
Only pyramid trades that have a strong trend and should be accomplished once the price has crossed support/resistance.
Profits from a successful trade should be kept for future trade margins.
Never risk more than 10% of your trading capital in a single trade.
Never trade without protective stops.
Never cancel a stop-loss after placing a trade.
Never average a loss.
Never let a profit run into a loss.
Never buy or sell just because the price is low or high.
Never try to guess tops or bottoms.
Never limit a profiting trade, instead move your stops to guarantee a profit.
Never get out of the market because you have lost patience or get in because you are anxious from waiting.
Never hedge a losing position.
Never change your position or close a trade without a good reason.
Never follow a blind man's advice.
Never enter a trade if you are unsure of the trend. Never buck a trend.
Avoid scalping for small profits and taking large losses.
Avoid trading after long periods of success or failure.
Avoiding going in and out of the market too often.
Avoid getting in wrong or getting in right and out wrong, making a double mistake.
Always identify strong support/resistance levels.
Always lock in a profit at predetermined increments on profiting trades.
Always use protective stops on open trades.
Always distribute your risk equally among different markets.
Always be willing to make money from both sides of the market.
Always reduce trading after the first loss; never increase.
Always cut your losses short and let your profits run.
When in doubt, get out. Do not get in when in doubt.
Only trade active markets.
Only pyramid trades that have a strong trend and should be accomplished once the price has crossed support/resistance.
Profits from a successful trade should be kept for future trade margins.
Guidelines
Understand for yourself the type of trader that you are, whether aggressive or conservative, long-term or short.
Have a trading strategy before entering the market. Know before the trade is executed where you will take profits/loss.
Understand why a win/loss occurred and how you could have made the trade better.
Consistency is the key to trading success, without it you have nothing.
Your judgment is the only concern, do not let outside factors affect the way you trade.
Not everyone can be a trader, deem yourself worthy if given this opportunity.
Have a trading strategy before entering the market. Know before the trade is executed where you will take profits/loss.
Understand why a win/loss occurred and how you could have made the trade better.
Consistency is the key to trading success, without it you have nothing.
Your judgment is the only concern, do not let outside factors affect the way you trade.
Not everyone can be a trader, deem yourself worthy if given this opportunity.
IB Program
Promotion Partner Level (up from 0) 0.10 pip per traded lot from any customer.
Usually the Homepage Owners who would like to earn extra money on promotion by placing advertisements as banners or links in news letter to win customers. He places FXcast links and banners on his website and does not have to support customers.
Partner can hire: customers
Supporting tools:
Access to IB secured area
Monthly statement indicating trades and commission per each introduced customer
Usually the Homepage Owners who would like to earn extra money on promotion by placing advertisements as banners or links in news letter to win customers. He places FXcast links and banners on his website and does not have to support customers.
Partner can hire: customers
Supporting tools:
Access to IB secured area
Monthly statement indicating trades and commission per each introduced customer
IF YOU WANT TO BE PROMOTED AS SUB-IB
SUB-IB Level ( YOU MUST ARCHIVE MINIMUM 20 - 99 customers AND minimum 25 000 USD customer deposit) rebates: 0.50 pip per traded lot for all new customers on this level introduced by yourself plus 0.25 pip per traded lot for all customers introduced by any underlying promotion partner which you are able to hire now.
The second level for an IB. The SUB-IB will be able to recruit all deeper levels and of course own customers. He gives promotion codes to customers and Promotion Partners by reference from his website or by email or any other marketing opportunity. The SUB-IB is actively promoting FXcast in the market and pro-active with customers. He will get partial software support from FXcast
SUB-IB can hire: Partners and customers
Supporting tools:
Real time online monitoring of customer's trades
Access to back office
Access to IB secured area
The second level for an IB. The SUB-IB will be able to recruit all deeper levels and of course own customers. He gives promotion codes to customers and Promotion Partners by reference from his website or by email or any other marketing opportunity. The SUB-IB is actively promoting FXcast in the market and pro-active with customers. He will get partial software support from FXcast
SUB-IB can hire: Partners and customers
Supporting tools:
Real time online monitoring of customer's trades
Access to back office
Access to IB secured area
TO BE PROMOTED AS IB
IB Level (YOU MUST ARCHIVE MINIMUM 100 - 499 customers AND 25 promotion partners AND minimum 100 000 USD customer deposit) rebates: 0.75 pip per traded lot for all new customers on this level introduced by yourself plus 0.25 pip per traded lot for all customers introduced by any underlying SUB IB, promotion partner
The Standard level for an IB. The IB will be able to recruit all deeper levels and of course own customers. He gives promotion codes to customers and other Sub-IBs by reference from his website or by email or any other marketing opportunity. The IB is actively promoting FXcast in the market and pro-active with customers. He will get partial software support from FXcast.
IB can hire: SUB-IBs, partners and customers
Supporting tools:
Real time online monitoring of customer's trades
Access to back office
Access to IB secured area
The Standard level for an IB. The IB will be able to recruit all deeper levels and of course own customers. He gives promotion codes to customers and other Sub-IBs by reference from his website or by email or any other marketing opportunity. The IB is actively promoting FXcast in the market and pro-active with customers. He will get partial software support from FXcast.
IB can hire: SUB-IBs, partners and customers
Supporting tools:
Real time online monitoring of customer's trades
Access to back office
Access to IB secured area
LAST - - YOUR GOAL AND FINANCIAL FREEDOM - MASTER-IB
Master IB Level (YOU HAVE ARCHIVE 500 customers and more AND 100 promotion partners AND minimum 500 000 USD customer deposit) rebates: 1 pip per traded lot for all new customers on this level introduced by yourself plus 0.25 pip per traded lot for all customers introduced by any underlying IB, SUB IB, promotion partner
The highest level for an IB. The Master IB will be able to recruit all deeper levels and of course own customers. He gives promotion codes to customers and other IBs by reference from his website or by email or any other marketing opportunity. The Master IB is actively promoting FXcast in the market and pro-active with customers. He will get full software support from FXcast. Master IBs pay 10% of their monthly rebates for FXcast services and support.
Master IB can hire: IBs, SUB-IBs, Partners and customers.
Supporting tools:
Real time online monitoring of customer's trades
Access to online live support center
Access to back office
Access to highest level of IB secured area
FXCAST - Your Prime Online Forex Broker.FXCAST - start trading with 1 dollar
The highest level for an IB. The Master IB will be able to recruit all deeper levels and of course own customers. He gives promotion codes to customers and other IBs by reference from his website or by email or any other marketing opportunity. The Master IB is actively promoting FXcast in the market and pro-active with customers. He will get full software support from FXcast. Master IBs pay 10% of their monthly rebates for FXcast services and support.
Master IB can hire: IBs, SUB-IBs, Partners and customers.
Supporting tools:
Real time online monitoring of customer's trades
Access to online live support center
Access to back office
Access to highest level of IB secured area
Bloomberg.com: Currencies
Yen May Extend Drop as Rally in Stocks Spurs Carry Trade Bets
Bloomberg.com: Currencies
Wednesday, November 28, 2007
Today Market Outlook!
USDJPY
Today Pivot Point
- 3rd Resistance = 111.73.
- 2nd Resistance = 110.50.
- 1st Resistance = 109.69.
- Pivot = 108.46.
- 1st Support = 107.65.
- 2nd Support = 106.42.
- 3rd Support = 105.61.
Strategy:
We buy around Pivot Point with Profit Target around 109.60 stop below 108.20.
Or we may buy again around 108.00. Stop below 107.50. FXCAST - Your Prime Online Forex Broker.FXCAST - start trading with 1 dollar
Tuesday, November 27, 2007
Bloomberg.com: Currencies
Australian Dollar Falls; U.S. Stocks Drop on Subprime Concerns
Bloomberg.com: Currencies
Bloomberg.com: Currencies
New Zealand Dollar Falls as Credit Woes Spur Carry Trade Exit
Bloomberg.com: Currencies
Bloomberg.com: Currencies
Trichet, Juncker to Press China on Faster Appreciation of Yuan
Bloomberg.com: Currencies
Bloomberg.com: Currencies
Yen May Extend Advance From Two-Year High Amid Credit Concerns
Bloomberg.com: Currencies
Monday, November 26, 2007
Today Technical Chart Analysis!
USDJPY
Last Week High - 111.05. Low - 107.54. Close - 108.32.
This Week Pivot Point
3rd Resistance = 113.91. 2nd Resistance = 112.48. 1st Resistance = 110.40.
Pivot = 108.97.
3rd Support = 103.38. 2nd Support = 105.46. 1st Support = 106.89.
Last High - 108.61. Low - 107.54. Close - 108.32.
Today Pivot Point
3rd Resistance = 109.84. 2nd Resistance = 109.22. 1st Resistance = 108.77.
Pivot = 108.15.
3rd Support = 106.63. 2nd Support = 107.08. 1st Support = 107.70.
Daily Chart
4 hours Chart
Last Friday a long spike at the bottom; it is a Hammer Pattern. A Bullish Reversal Trend. Currently had been reached today Resistance 1 at 108.77. Today we may see the Yen may continue look target Resistance 2 at 109.22.
Strategy
Buy 108.50/60 Profit Target at 109.22, or further to 109.50 or Resistance 3 at 109.84. Stop well below 108.00.
Sunday, November 25, 2007
Weekly Technical Chart Analysis!
EURUSD
Last Week Open - 1.4659. High - 1.4964. Low - 1.4622. Close - 1.4822.
This Week Pivot Point -
Classic Formula
- Resistance 3 = 1.5326.
- Resistance 2 = 1.5145.
- Resistance 1 = 1.4984.
- Pivot Point = 1.4803.
- Support 1 = 1.4642.
- Support 2 = 1.4461.
- Support 3 = 1.4300.
- Resistance 2 = 1.5150.
- Resistance 1 = 1.4994.
- Pivot Point = 1.4808.
- Support 1 = 1.4652.
- Support 2 = 1.4466.
- Resistance 4 = 1.5010.
- Resistance 3 = 1.4916.
- Resistance 2 = 1.4885.
- Resistance 1 = 1.4791.
- Support 1 = 1.4791.
- Support 2 = 1.4759.
- Support 3 = 1.4728.
- Support 4 = 1.4634.
- New High = 1.5064.
- X = 5.9372.
- New Low = 1.4722.
Bloomberg.com: Worldwide
Home Sales May Drop, Durable Orders Stall: U.S. Economy Preview
Bloomberg.com: Worldwide
Friday, November 23, 2007
Today Market Outlook
Important Economic Calendar - Forex Factory.
Today Japan Market Holiday.
UK
4.30 pm - GDP(q/q)(r).
Forecast = 0.8%. Previous = 0.8%.
Technical Chart Analysis.
GBPUSD
Last Open = 2.0689. High = 2.0588. Close = 2.0625.
3rd Resistance = 2.0781.
2nd Resistance = 2.0735.
1st Resistance = 2.0680.
Pivot = 2.0634.
1st Support = 2.0579.
2nd Support = 2.0533.
3rd Support = 2.0478.
Strategy
Yesterday Cable as my expected move between the Trendline Resistance and Support. Today it is time to breakout to High or Low.
Option 1 - Sell below Pivot with Profit Target 2.0580 or 2.0480. Stop below 30 pips.
Option 2 - Buy above Pivot with Profit Target 2.0680 or 2.0780. Stop below 30 pips.
Thursday, November 22, 2007
Today Market Outlook
Note: Today US market Holiday for the Thanksgiving Days.
Important Economic Calendar - Forex Factory.
Europe
2.00 pm - German GDP(q/q)
Forecast = 0.7%. Previous = 0.3%.
4.00 pm - Current Account.
Forecast = 4.0B. Previous = 3.8B.
5.00 pm - Industrial New Order(m/m).
Forecast = -0.7%. Previous = 0.3%.
Swiss
3.15 pm - Employment Level.
Forecast = -. Previous = 3.74M.
UK
4.30 pm - Business Investment(q/q).
Forecast = 1.0%. Previous = 0.4%.
Technical Analysis
GBPUSD
Last High = 2.0697. Low = 2.0520. Close = 2.0628.
3rd Resistance = 2.0876.
2nd Resistance = 2.0786.
1st Resistance = 2.0707.
Pivot = 2.0617.
1st Support = 2.0538.
2nd Support = 2.0448.
3rd Support = 2.0369.
Cable may tight range between the Trendline Resistance(around 2.0670) and Trendline(2.0560) Support.
Option 1 sell around 2.0670 with profit target around 2.0580 or
Option 2 buy around 2.0570 with profit target around 2.0660. Stop below 30pips.
Option 3, if break above 2.0710 may target 2.0780.
Option 4, if break below 2.0500 target 2.0380.
Wednesday, November 21, 2007
Bloomberg.com: Currencies
Dollar May Extend Loss Versus Euro on Rate-Cut Speculation
Bloomberg.com: Currencies
Bloomberg.com: Worldwide
Fed Pares Growth Forecast, Calls October Cut `Close'
Bloomberg.com: Worldwide
Today Market Outlook
Important Economic Calendar - Forex Factory.
UK
4.30 pm - MPC Meeting Minutes.
Forecast = 7 - 2. Previous = 8 - 1.
US
8.30 pm - Unemployment Claims.
Forecast = 330K. Previous = 339K.
10.00 pm - Consumer Sentiment.
Forecast = 75. Previous = 75.
Technical Analysis
GBPUSD
Last High = 2.0680. Low = 2.0455. Close = 2.0662.
Today Pivot Point
3rd Resistance = 2.0968.
2nd Resistance = 2.0824.
1st Resistance = 2.0743.
Pivot = 2.0599.
1st Support = 2.0518.
2nd Support = 2.0374.
3rd Support = 2.0293.
Strategy
Sell below today Pivot around 2.0590 with target 2.0520. Stop above 2.0620. Or Buy around 2.0610 with profit target around 2.0740 stop below 2.0590.
Monday, November 19, 2007
Today Market Outlook
Technical Chart Analysis.
EURUSD
Last Week High = 1.4726. Low = 1.4518. Close = 1.4657.
This Week Pivot Point
3rd Resistance = 1.4957.
2nd Resistance = 1.4841.
1st Resistance = 1.4749.
Pivot = 1.4633.
1st Support = 1.4541.
2nd Support = 1.4425.
3rd Support = 1.4333.
Last High = 1.4675. Low = 1.4581. Close = 1.4657.
Today Pivot Point
3rd Resistance = 1.4788.
2nd Resistance = 1.4731.
1st Resistance = 1.4694.
Pivot = 1.4637.
1st Support = 1.4600.
2nd Support = 1.4543.
3rd Support = 1.4506.
Strategy
Option 1 - Sell around 1.4680 with Profit Target around 1.4640 or 1.4600. Stop above 1.4700.
Option 2 - Buy above 1.4700 with Profit Target around 1.4760 or 1.4850. Stop below 1.4660.
For Details please email me here.
YouTube - Broadcast Yourself.
forexbastardsdotcom - watch this video to trade FX market.
YouTube - Broadcast Yourself.
RTTNews DeskAlert - real time News Alerts, real-time financial news alert, Top stories, Stock Alerts, News Analysis, Broker Ratings, Earnings....
Sunday, November 18, 2007
Bloomberg.com: Worldwide
G-20 Calls on Asia For More Currency Flexibility (Update2)
Bloomberg.com: Worldwide
Friday, November 16, 2007
Today Market Outlook
Important Economic Calendar - Forex Factory.
European
2.45 pm(Jakarta Time) - French Non-Farm Employment(q/q)(p).
Forecast = 0.3%. Previous = 0.3%.
3.15 pm - Swiss Retail Sales(y/y).
Forecast = 4.1%. Previous = 3.8%.
4.00 pm - Italian Trade Balance.
Forecast = -1.4B. Previous = -0.7B.
5.00 pm - Europe Trade Balance.
Forecast = 3.0B. Previous = 1.3B.
US
9.00 pm - TIC Net Long-Term Transaction.
Forecast = 72.0B. Previous = 69.3B.
9.15 pm - Industrial Production(m/m).
Forecast = 0.1%. Previous= 0.1%.
9.15 pm - Capacity Utilization Rate.
Forecast = 82.0 Previous = 82.1.
Technical Chart Analysis.
GBPUSD
Last High = 2.0619. Low = 2.0415. Close = 2.0438.
Today Pivot Point
3rd Resistance = 2.0770.
2nd Resistance = 2.0694.
1st Resistance = 2.0566.
Pivot = 2.0490.
1st Support = 2.0362.
2nd Support = 2.0286.
3rd Support = 2.0158.
Today strategy.
Direction - Down.
Sell around Pivot 2.0490 with Profit Target around 2.0340. Stop above 2.0520.
Wednesday, November 14, 2007
Today Market Outlook
Technical Chart Analysis
EURUSD
Yesterday resulted losses 20 pips.
Last High = 1.4633. Low = 1.4518. Close = 1.4616.
Today Pivot Point
3rd Resistance = 1.4775.
2nd Resistance = 1.4704.
1st Resistance = 1.4660.
Pivot = 1.4589.
1st Support = 1.4545.
2nd Support = 1.4474.
3rd Support = 1.4430.
Today Strategy
Direction = Up.
Suggest Sell around 1.4650 with 1st profit target 1.4570; 2nd target around 1.4430. Stop above 1.4680.
Bloomberg News
Indonesia Rules Out Rate Cuts in `Very Near Future' (Update1)
Nov. 14 (Bloomberg) -- Indonesia's central bank ruled out more interest rate cuts in the ``very near future'' as rising global crude oil prices may fan inflation.
``We have to be cautious,'' Bank Indonesia's Senior Deputy Governor Miranda Goeltom said in an interview in Jakarta. ``There is still some room to cut rates in the future, but not in the very near future.''
Indonesia's central bank has kept its benchmark rate unchanged at 8.25 percent since July, after 13 cuts in the previous 15 months, as oil approaching $100 a barrel threatens its inflation target. Higher fuel prices may also damp growth in Southeast Asia's largest economy, Goeltom said. Click here for more details.
Today Market Outlook
Important Economic Calendar - Forex Factory.
European
2.00 pm (Jakarta Time) - German GDP(q/q)(p).
Forecast = 0.60%. Previous = 0.30%.
2.45 pm - French GDP(q/q)(p).
Forecast = 0.60%. Previous = 0.30%.
3.00 pm - ECB President Trichet Speaks.
UK
4.30 pm - Average Earning Index + Bonus.
Forecast = 4.0%. Previous = 3.7%.
4.30 pm - Claimant Count Change.
Forecast = -6.2K. Previous = -12.8K.
5.30 pm - BOE Inflation Report.
US
8.30 pm - Retail Sales(m/m).
Forecast = 0.2%. Previous = 0.6%.
8.30 pm - Core Retail Sales(m/m).
Forecast = 0.3%. Previous = 0.4%.
8.30 pm - PPI(m/m).
Forecast = 0.3%. Previous = 0.1%.
8.30 pm - Core PPI(m/m).
Forecast = 0.2%. Previous = 0.1%.
9.10 pm - Fed Chairman Bernanke Speaks.
Bloomberg News
Paulson Becomes Boxed-in by `Strong' Dollar Chant
Nov. 13 (Bloomberg) -- As U.S. Treasury Secretary Henry Paulson prepares to meet counterparts representing the world's biggest economies, he carries some extra baggage on the plane to Africa.
It's the 13-year-old ``strong'' dollar mantra.
Paulson, like his four predecessors, has stuck with former Treasury chief Robert E. Rubin's phrase that a ``strong'' dollar is in the U.S. interest. Officials repeated the phrase whether the dollar was rising or falling. Now, Paulson is under pressure from European policy makers to more forcefully defend the currency after it fell to a record low last week.
``It's increasingly urgent that the U.S. bolsters its rhetorical position,'' said Ernest-Antoine Seilliere, president of BusinessEurope, the European Union's employers' federation. Paulson should avoid a ``collapse of the U.S. dollar,'' he said.
One option may be to express confidence the currency will retain its dominance in central-bank reserves and, as Paulson did last week, predict stronger American growth, analysts said.
That strategy may meet with limited success because the Federal Reserve is cutting interest rates, while banks in Europe and Asia are either tightening or keeping them unchanged. Moreover, words may carry little weight in a market that's swollen to $3.2 trillion a day.
Paulson, 61, departs today for a six-day trip to Africa that features a gathering of finance ministers and central bankers from the Group of 20 near Cape Town. The G-20 groups the largest developed countries, including the U.S. and Germany, with emerging markets such as China and India.
Top of Agenda
Currencies, oil prices and inflation will top the G-20's agenda, South African central bank Governor Tito Mboweni told reporters on Nov. 8.
Japanese Prime Minister Yasuo Fukuda said in an interview with the Financial Times published today that the yen's gains aren't desirable and warned traders not to make speculative bets on the currency.
Canadian Finance Minister Jim Flaherty will tell his counterparts that Canada is bearing a disproportionate share of the drop in the dollar and will ask China and other nations to accept more of the burden, one of his aides told reporters today in Ottawa on condition of anonymity.
Message for China
European finance ministers gathered today in Brussels and telegraphed a similar message on China. Luxembourg Finance Minister Jean-Claude Juncker also said ``recent sharp moves in exchange rates are unwelcome,'' referring to the euro's climb.
European Central Bank President Jean-Claude Trichet has revived rhetoric blasting excessive moves in the euro. He said at a Frankfurt press conference last week that ``brutal'' fluctuations are ``never welcome,'' emulating language used when the euro soared in 2004.
Trichet typically reiterates comments from Group of Seven statements when asked about exchange rates. When he veers from that line, traders and counterparts can quickly grasp his message.
The euro climbed to $1.4752 on Nov. 9, the strongest since its 1999 debut. The currency has appreciated 11 percent since the start of 2007 and 45 percent in the past five years. It traded at $1.4616 at 10:14 a.m. in New York.
`Frustrated'
``The Europeans will be frustrated,'' said Peter Dixon, an economist in London at Commerzbank AG, Germany's second-biggest bank. ``European competitiveness and profitability are going to be badly damaged.''
Paulson doesn't have Trichet's flexibility to express concern at the speed of the dollar's move, analysts said. Any substantive change from the ``strong dollar'' phrase raises risks that the shift could send it plunging.
When Paul O'Neill, President George W. Bush's first Treasury secretary, told a German newspaper that ``we don't follow, as is often said, a policy of a strong dollar,'' the U.S. currency slid 1 percent versus the euro. He later clarified that he did favor a ``strong'' dollar.
O'Neill's successor, John Snow, added a phrase that the Bush administration also believes exchange rates ought to be set freely in open markets, based on fundamentals.
Paulson on two occasions last week added his own words to his support for a strong dollar and market-set exchange rates based on fundamentals. On Nov. 8, he said that the U.S. ``will continue to grow'' and expressed optimism that officials' commitment to growth will inspire ``confidence in our economy.''
A day later, he told reporters ``The dollar has been the world's reserve currency since World War II and there's a reason.''
`Marginal Change'
``It was a marginal change,'' said Sophia Drossos, a currency strategist in New York at Morgan Stanley, who used to help manage the Fed's currency reserves. ``He didn't have to point those things out if he didn't want to. It was a way to show he's not asleep at the wheel.''
While a weakening dollar has helped sustain U.S. growth through the worst housing recession since 1991, analysts said there are reasons for Americans to favor a stronger currency, similar to the time of the 1994-1995 birth of the strong-dollar policy.
Inflation
The falling currency threatens to stoke inflation at a time when the Fed has been lowering interest rates to buttress growth. Chairman Ben S. Bernanke said last week the Fed will ensure the weaker dollar doesn't feed through to broader prices. There are also questions about the dollar's status as the dominant reserve currency.
``It appears that the U.S. Treasury has consistently moved'' in the direction of resurrecting the original attributes of a strong-dollar policy, said Thomas Stolper, an economist at Goldman Sachs Group Inc. in London.
Still, any shifts in language may have limited impact on exchange rates, particularly because the dollar is losing its yield premium as the Fed cuts interest rates, analysts said.
Traders now buy and sell an average of $3.2 trillion a day in the foreign-exchange market, compared with $718 billion in 1989, Bank for International Settlements figures show.
To contact the reporter on this story: Chris Anstey at canstey@bloomberg.net Last Updated: November 13, 2007 11:27 EST
Tuesday, November 13, 2007
Bloomberg.com: Currencies
Sell Euro as ECB May Intervene to Check its Advance, UBS Says
Bloomberg.com: Currencies
Today Market Outlook
Important Economic Calendar - from Forex Factory.
Japan
Interest Rate Announcement
Forecast = 0.50%. Previous = 0.50%.
BOJ Governor Fukui Speak
UK
4.30 pm(Jakarta Time) - CPI(y/y)(Consumer Price Index).
Forecast = 1.90%. Previous = 1.80%.
4.30 pm - Core CPI(y/y).
Forecast =1.70%. Previous = 1.50%
Europe
5.00 pm - German ZEW Economic Sentiment.
Forecast = -19.5. Previous = -18.1.
US
3.00 am - Pending Home Sale(m/m).
Forecast = -2.6%. Previous = -6.5%
Technical Chart Analysis
EURUSD
Last High = 1.4668. Low = 1.4526. Close = 1.4532.
Today Pivot Point
3rd Resistance = 1.4766.
2nd Resistance = 1.4717.
1st Resistance = 1.4624.
Pivot = 1.4575.
1st Support = 1.4482.
2nd Support = 1.4433.
3rd Support = 1.4340.
Strategy
Direction = Down
Sell around 1.4560 with Profit Target 1.4480 or may target 1.4430. Stop above 1.4580.
Monday, November 12, 2007
UK Market Outlook
Important Economic Calendar please scroll down.
Resulted for USDJPY - Profit 80 pips.
Technical Chart Analysis
GBPUSD
Last High = 2.1171. Low = 2.0870. Close = 2.0903.
Today Pivot Point
3rd Resistance = 2.1393.
2nd Resistance = 2.1282.
1st Resistance = 2.1092.
Pivot = 2.0981.
1st Support = 2.0791.
2nd Support = 2.0680.
3rd Support = 2.0490.
Strategy
Direction = down.
Sell around 2.0875 with 1st profit target at 2.0800, then set trailing stop 30 pips if below 2.0750.Stop above 2.0915.
Today Market Outlook
Today US market holiday.
Important Economic Calendar - from Forex Factory.
Japan
6.50 am(Jakarta Time) - CGPI (y/y)
Forecast = 2.2%. Previous = 1.7%.
6.50 am - Current Account
Forecast = 2.10T. Previous = 2.19T.
12.00 pm - Household Confidence
Forecast = . Previous = 44.1.
UK
4.30 pm - PPI(Producer Price Index) Input(m/m)
Forecast = 1.5%. Previous = 3.2%.
4.30 pm = PPI Output(m/m).
Forecast = 0.2%. Previous = 0.1%.
Technical Chart Analysis.
USDJPY
Last High = 112.86. Low = 110.49. Close = 110.69.
Today Pivot Point
3rd Resistance = 114.57.
2nd Resistance = 113.71.
1st Resistance = 112.20.
Pivot = 111.34.
1st Support = 109.83.
2nd Support = 108.97.
3rd Support = 107.46.
Strategy
Direction = Down
Sell around Pivot or Trendline Resistance with profit target today support 1. Stop 111.40
See chart below:
Sunday, November 11, 2007
Forex Online Manual For Successful Trading
Main Stages of Recent Foreign Exchange
Development
The main phases of the further development of the Forex in modern
times were:
• signing of the Bretton Woods Accord;
• constitution of the international monetary fund (IMF);
• emergency of the free-floating foreign exchange markets;
• creation of currency reserves;
• constitution of the European Monetary Union and the European
Monetary Cooperation Fund;
• introduction of the Euro as a currency.
The Bretton Woods Accord was signed in July 1944 by the United States,
Great Britain, and France which agreed to make the currency market stable,
particularly due to governmental controls on currency values. In order to
implement it, two major goals were: emphasized: to provide the pegging
(backing of prices) of currencies and to organize the International Monetary Fund
(IMF).
In accordance to the Bretton Woods Accord, the major trading currencies
were pegged to the U.S. dollar in the sense that they were allowed to fluctuate
only one percent on either side of that rate. When a currency exceeded this
range, marked by intervention points, the central bank in charge had to buy it or
sell it, and thus bring it back into range. In turn, the U.S. dollar was pegged to
gold at $35 per ounce. Thus, the U.S. dollar became the world's reserve currency.
The purpose of IMF is to consult with one another to maintain a stable
system of buying and selling the currencies, so that payments in foreign
money can take place between countries smoothly and timely.
The IMF lends money to members who have trouble meeting financial
obligations to other members, on the condition that they undertake economic
reforms to eliminate these difficulties for their own good and the good of the
entire membership. In total the main tasks of the IMF are:
• to promote international cooperation by providing the means for
members to consult and collaborate on international monetary issues;
• to facilitate the growth of international trade and thus contribute to
high levels of employment and real income among member nations;
• to promote stability of exchange rates and orderly exchange
agreements, and [to] discourage competitive currency depreciation;
• to foster a multilateral system of international payments, and to seek
the elimination of exchange restrictions that hinder the growth of world trade;
• to make financial resources available to members, on a temporary
basis and with adequate safeguards, to permit them to correct payments
imbalances without resorting to measures destructive to national and international
prosperity.
To execute these goals the IMF uses such instruments as Reserve tranche
which allows a member to draw on its own reserve asset quota at the time of
payment, Credit tranche drawings and stand-by arrangements are the standard
form of IMF loans, the compensatory financing facility extends financial help to
countries with temporary problems generated by reductions in export revenues,
the buffer stock financing facility which is geared toward assisting the stocking
up on primary commodities in order to ensure price stability in a specific
commodity and the extended facility designed to assist members with financial
problems in amounts or for periods exceeding the scope of the other facilities.
Since 1978 free-floating of currencies were officially mandated by the
International Monetary Fund. That is the currency may be traded by anybody and
its value is a function of the current supply and demand forces in the market, and
there are no specific intervention points that have to be observed. Of course, the
Federal Reserve Bank irregularly intervenes to change the value of the U.S.
dollar, but no specific levels are ever imposed. Naturally, free-floating
currencies are in the heaviest trading demand. Free-floating is not the sine qua
non condition for trading. Liquidity is also an indispensable condition.
A tool for people and corporations to protect investments in times of
economic or political instability is currency reserves for international
transactions. Immediately after the World War II the reserve currency worldwide
was the U.S. dollar. Currently there are other reserve currencies: the euro and
the Japanese yen. The portfolio of reserve currencies may change depending on
specific international conditions, for instance it may include the Swiss franc.
The creation of the European Monetary Union was the result of a long and
continuous series of post-World War II efforts aimed at creating closer economic
cooperation among the capitalist European countries. The European Community
(EC) commission's officially stated goals were to improve the inter-European
economic cooperation, create a regional area of monetary stability, and act as "a
pole of stability in world currency markets."
The first steps in this rebuilding were taken in 1950, when the European
Payment Union was instituted to facilitate the inter-European settlements of
international trade transactions. The purpose of the community was to promote
inter-European trade in general, and to eliminate restrictions on the trade of coal
and raw steel in particular.
In 1957, the Treaty of Rome established the European Economic
Community, with the same signatories as the European Coal and Steel
Community. The stated goal of the European Economic Community was to
eliminate customs duties and any barriers against the transit of capital, services,
and people among the member nations. The EC also started to raise common
tariff barriers against outsiders.
The European Community consists of four executive and legislative bodies:
1. The European Commission. The executive body in charge of making
and observing the enforcement of the policies. Since it lacks an enforcement
arm, the commission must rely on individual governments to enforce the policies.
There are 23 departments, such as foreign affairs, competition policy, and
agriculture. Each country selects its own representatives for four-year terms. The
commission is based in Brussels and consists of 17 members.
2. The Council of Ministers. Makes the major policy decisions. It is
composed of ministers from the 12 member nations. The presidency is held for
six months by each of the members, in alphabetical order. The meetings take
place in Brussels or in the capital of the nation holding the presidency.
3. The European Parliament. Reviews and amends legislative proposals
and has the power to adopt or reject budget proposals. It consists of 518
elected members. It is based in Luxembourg, but the sessions take place in
Strasbourg or Brussels.
4. The European Court of Justice. Settles disputes between the EC and
the member nations. It consists of 13 members and is based in Luxembourg.
In 1963, the French-West German Treaty of Cooperation was signed. This
pact was designed not only to end centuries of bellicose rivalry, but also to
settle the postwar reconciliation between two major foes. The treat stipulated
that West Germany would lead economically through the cold war, and France,
the former diplomatic powerhouse, would provide the political leadership. The
premise of this treaty was obviously correct in an environment defined by a
foreseeable long-term continuing cold war and a divided Germany. Later in this
chapter, we discuss the implications for the modern era of this enormously
expensive pact.
A conference of national leaders in 1969 set the objective of establishing a
monetary union within the European Community. This goal was supposed to be
implemented by 1980, when a common currency was planned to be used in
Europe. The reasons for the proposed common currency unit were to stimulate
inter-European trade and to weld together the individual member economies in
order to compete successfully with the economies of the United States and
Japan.
In 1978, the nine members of the European Community ratified a new plan
for stability—the European Monetary System. The new system was practically
established in 1979. Seven countries were then full members—West
Germany, France, the Netherlands, Belgium, Luxembourg, Denmark, and
Ireland. Great Britain did not participate in all of the arrangements and Italy
joined under special conditions. Greece joined in 1981, Spain and Portugal in
1986. Great Britain joined the Exchange Rate Mechanism in 1990.
The European Monetary Cooperation Fund was established to manage
the EMS' credit arrangements. In order to increase the acceptance of the
ECU, countries that hold more ECU deposits, or accept as loan repayment more
than their share of ECU, receive interest on the excess ECU deposits, and vice
versa. The interest rate is the weighted average of all the EMS members'
discount rates.
In 1998 the Euro was introduced as an all-European currency. Here are
the official locking rates of the 11 participating European currencies in the
euro (EUR). The rates were proposed by the EU Commission and approved by
EU finance ministers on December 31, 1998, ahead of the launch of the euro
at midnight, January 1, 1999.
The real starting date was Monday, January 4, 1999. The conversion
rates are:
1 EUR = 40.3399 BEF 1 EUR = 1.95583 DEM
1 EUR = 166.386 ESP 1 EUR = 6.55957 FRF
1 EUR = 0.787564 IEP 1 EUR = 1936.27 ITL
1 EUR = 40.3399 LUF 1 EUR = 2.20371 NLG
1 EUR = 13.7603 ATS 1 EUR = 200.482 PTE
1 EUR = 5.94573 FIM
The euro bills are issued in denominations of 5, 10, 20, 50, 100, 200,
and 500 euros. Coins are issued in denominations of 1 and 2 euros, and 50,
20,10, 5, 2, and 1 cent.
Forex Online Manual For Successful Trading
Foreign Exchange in a Historical Perspective
Currency trading has a long history and can be traced back to the ancient
Middle East and Middle Ages when foreign exchange started to take shape after
the international merchant bankers devised bills of exchange, which were
transferable third-party payments that allowed flexibility and growth in foreign
exchange dealings.
The modern foreign exchange market characterized by the consequent
periods of increased volatility and relative stability formed itself in the twentieth
century. By the mid-1930s London became to be the leading center for foreign
exchange and the British pound served as the currency to trade and to keep as a
reserve currency. Because in the old times foreign exchange was traded on the
telex machines, or cable, the pound has generally the nickname “cable”. In 1930,
the Bank for International Settlements was established in Basel, Switzerland, to
oversee the financial efforts of the newly independent countries, emerged after
the World War I, and to provide monetary relief to countries experiencing
temporary balance of payments difficulties.
After the World War II, where the British economy was destroyed and the
United States was the only country unscarred by war, U.S. dollar became the
prominent currency of the entire globe. Nowadays, currencies all over the world
are generally quoted against the U.S. dollar.
Forex Online Manual For Successful Trading
Part 1- Introduction.
Foreign Exchange as a Financial Market
Currency exchange is very attractive for both the corporate and individual
traders who make money on the Forex - a special financial market assigned for
the foreign exchange. The following features make this market different in
compare to all other sectors of the world financial system:
• heightened sensibility to a large and continuously changing number of
factors;
• accessibility to all traders in the major currencies;
• guaranteed quantity and liquidity of the major currencies;
• increased consideration for several currencies, round-the clock
business hours which enable traders to deal after normal hours or during
national holidays in their country finding markets abroad open and
• extremely high efficiency relative to other financial markets.
This goal of this manual is to introduce beginning traders to all the
essential aspects of foreign exchange in a practical manner and to be a source of
best answers on the typical questions as why are currencies being traded, who are
the traders, what currencies do they trade, what makes rates move, what
instruments are used for the trade, how a currency behavior can be forecasted and
where the pertinent information may be obtained from. Mastering the content of
an appropriate section the user will be able to make his/her own decisions, test
them, and ultimately use recommended tools and approaches for his/her own
benefit.
Friday, November 09, 2007
Bloomberg.com: Currencies
Investors Shred Bernanke's `Balanced' Outlook, Bet on Rate Cut
Bloomberg.com: Currencies
Bloomberg.com: Currencies
Dollar May Decline to Two-Year Low Versus Yen, Citigroup Says
Bloomberg.com: Currencies
Bloomberg.com: Worldwide
Dollar Heads for Weekly Loss Versus Euro on Growth Concerns
Bloomberg.com: Worldwide
Thursday, November 08, 2007
Candlestick Charts
Introduction
Candlestick charts were derived over 200 years ago by the Japanese, who used them for the purpose of doing analysis of the rice markets. The technique evolved over time into what is now the candlestick technique used in Japan and indeed by millions of technical traders around the world. They are visually more attractive than standard bar and line charts and they make for a clearer market reading, once understood.
The major component of a candlestick is the body, i.e. the part that forms the rectangular shape between the open and close points. While traditional Japanese candlesticks use black and white bodies, we use green and red in our representations as we believe the colours better define the market direction and we find them to be visually more striking. A green body means that the close is higher than the open and thus the price has increased over the period, whereas in a red body the closing price is lower than the opening price and the value has decreased over the period.
The extension lines at the top and lower end of the candlestick bodies are called the shadows. The pinnacle point on the upper shadow is the high price of the period, while the lowest point on the lower shadow represents the low price of the period. If there is no shadow on the upper end of the candlestick body, it means that the close price (in the case of a green period) or the open price (in the case of a red period) = the high price. Conversely, if there is no shadow at the lower end of the candlestick body, it means that the open price (in the case of a green period) or the close price (in the case of a red period) = the low price of the trading period.
Note: A trading period can be a week, a day, an hour or even less. What period is most appropriate depends on the market and the nature of the trade. In our experience, trading periods under an hour are not good measures for currency markets.
There are 21 principal Candlestick types, each of which we explain in the next section. We do ask that when using candlestick indicators, you should always use them in combination with some other trend indicators, such as the slow stochastic indicator, RSI and Bollinger bands. Also, be aware that technical analysis on its own is not enough as economic indicators are often the triggers for price action, so fundamentals are also critical to active trading.
For all of the candlesticks we discuss, we are talking about a default trading period. It is entirely up to the trader to determine the length of the period they which to analyse. For stock markets this might be using a daily chart, whereas for currency markets, it could be an 8 hour, 4 hour or 1 hour chart. Using anything less than an hour is not recommended.
Candle Stick Types
1) Long Periods
Long periods show a significant gap (represented by the body) between the open and close prices during the trading period. Usually the shadows at either end of the candlestick body are quite short, indicating that the market movement was primarily one-directional during the same period.
2) Short Periods
Short periods with compressed candlestick bodies indicate that there was very little price movement during the trading period, and what little movement there was had been upwards in the case of a green candlestick body, or downwards in the case of a red candlestick body.
As with a long period candlestick, a short period candlestick has short shadows at either end, indicating very little price fluctuation for example between open price and low price and between close price and high price for a bullish green candlestick.
3) Marubozu
A green Marubozu is a long green body with no shadows at either end and it represents a bullish trend, meaning the open price was the low price and the close price was the high price. It generally comes at the start of a continuation bullish trend, or a bullish reversal pattern. A red Marubozu has a long red body and comes at the start of a continuation bearish trend or indicates a trend reversal.
4) Spinning Tops
Spinning Tops have longer shadows than bodies and whether they are green or red is usually not significant as they imply market indecision and the trend is neither bullish nor bearish. The open and close prices for the period are very close, so in real terms the market has not really shifted, although there may have been a high or low spike (or both) during that period.
5) Doji
Doji sticks have the same open and close price. Obviously in fluctuating currency markets, identical open and close prices may be rare, but if they are close enough then the candlestick can be said to be a Doji.
A Long-Legged Doji has long shadows protruding from it, indicating that there is considerable fluctuation on both sides of the open price, during the course of the trading period. Ultimately the period ends with the close price retracting back to the open price. It is a good signal of market indecision.
A Dragonfly Doji has only one long shadow, on the lower end of the open and close price. This indicates that all price activity during the trading period is on the lower side of the open price, but by the end of the trading period the price has moved back up to the open price. It is a good signal of a bearish trend reversal, i.e. price should now move upwards.
A Gravestone Doji is the opposite of a Dragonfly and again has one long shadow, to the high side of the open and close price. It indicates that during the price period all price activity is at the upper end, but that the price retracts back to open price by the end of the trading period. It is a good signal of a bullish trend reversal, i.e. price should now move downwards.
A 4-Price Doji is a rare event, in that for the prescribed trading period, the open, close, high and low price points are the same. Such an event is rare in currency trading and normally only happens when trading is suspended.
6) Stars and Raindrops
A star occurs when a short body candlestick gaps above a long body candlestick. When the short body appears after and above the long body period, the long body must be an upside green candle. If the short body appears after and below the long body, then the long body must be a downside red candle. Stars and raindrops form part of a more complicated pattern, usually a reversal pattern, but need to be examined in a wider context.
7) Paper Umbrella
A paper umbrella forms when a small body has a long shadow to its underside. This can be a strong reversal indicator. Whether the body is green or red, both umbrellas indicate a bearish trend reversal, as the downward price probe ultimately fails.
8) Hammer
A hammer is a very important indicator of reversal trend and it is named such because the market is attempting to hammer out a market bottom. It is a very good indicator of a bullish trend on the way, whether the body is green or red.
How to recognise a Hammer: The hammer appears during a downtrend only. The body of the hammer has a long shadow on the underside - at least 2-3 times the length of the body and little if any shadow on the upside. The colour of the body does not matter.
9) Hanging Man
A hanging man is so-called because it has the shape of a man in hanging position with his legs dangling underneath. It occurs during an uptrend only and it is a very good indicator of a trend reversal to a bearish market.
How to recognise a Hanging Man: The body is at the upper end of the trend and has little or no shadow to the upside. The body has a shadow at least 2-3 times its length to the underside. The hanging man market period is preceded by uptrend periods. The colour of the body is not important to the trend reversal, other than a red hanging man is more bearish than a green hanging man.
10) Engulfing
Engulfing is when a trading period's body completely engulfs that of the preceding period's body. It is an indicator of a trend reversal. When a green body engulfs that of a red body from the preceding period, this is an indicator of a bullish trend. Likewise, when a red body engulfs the green body of the preceding trading period, then this is an indicator of a bearish trend.
11) Harami
A Harami is the reverse of engulfing. The word means impregnated in Japanese. The new body is dwarfed by the trading body from the previous period. It indicates a turnabout and a trend reversal.
How to recognise a Harami: The body of the current trading period is shorter and fits into the body of the preceding period. The colour of the larger body is the opposite colour to that of the smaller body.
12) Harami Cross
The Harami Cross is a significant indicator of trend reversal, particularly when it occurs after a long body in a downtrend. It is the same as the Harami, except that the second candle is a Doji.
How to Recognise a Harami Cross: The second candle has the same open and close prices, i.e. it is a Doji. The Doji candlestick fits within the longer body of the preceding trading period. The longer body is part of a sustained directional trend.
13) Inverted Hammer
The inverted hammer usually occurs at the bottom of a downtrend and can indicate a trend reversal.
How to recognise an Inverted Hammer: The hammer has a smallish body at the bottom of the price range. It has a very long shadow protruding upwards from the body. It is only evident on a downtrend. The body of the hammer is green and the opposite colour of the larger body preceding it, which is red.
14) Shooting Star
A Shooting Star is a bearish pattern and occurs when a small green body with a long upside shadow follows a long green body, during an uptrend. The star body indicates that the market price opened and rallied upwards, before falling back significantly by the close.
How to recognise a Shooting Star: It happens during an uptrend. The smaller body has a long shadow pointing upwards. The smaller body is preceded by a much longer upward trending body.
15) Piercing Line
The Piercing line is a bullish indicator that indicates a trend reversal. A long green body follows a long red body, but the close price of the green body is above the midpoint of the preceding red body.
How to recognise a Piercing Line: It happens during a sustained downtrend. The opening price of the green body is below the close point of the red body and the green body pierces the mid-point of the preceding trading (red) period.
16) Dark Cloud Cover
How to recognise a Piercing Line: It happens during a sustained downtrend. The opening price of the green body is below the close point of the red body and the green body pierces the mid-point of the preceding trading (red) period.
16) Dark Cloud Cover
The Dark Cloud Cover representation is a bearish pattern and an indicator of trend reversal. It is made up of a long green body followed by a long red body, where the price peaks on the red body, before falling extensively.
How to recognise a Dark Cloud Cover: It occurs in an uptrend only. A long green body is followed by a long red body, where the high price on the red body is above that of the green body, and where the red body pierces the mid-point of the preceding green body.
17) Doji Shooting Star
A Doji Shooting Star is a trend reversal indicator. In a downtrend, a long red body is followed by a doji (a period with the same opening and closing price) - this is a bullish Doji Star. During an uptrend, when a long green body is followed by a Doji, then this is a bearish Doji Star.
How to recognise a Doji Shooting Star: It may occur during an uptrend or a downtrend, but the key criteria are that a long green or long red body is followed by a Doji. The Doji is gapped below or above the long body. In the case of a bullish Doji Star, the Doji open/close price level is below the long red body and in the case of a bearish Doji Star, the open/close price is above the long green body.
18) Morning Star
An Evening Star consists of 3 candles - 1) a long green candle, 2) a shorter star candle where the price goes higher and finally 3) a long red candle in the final trading period. This pattern is a good indicator of a trend reversal and is a bearish sign. How to recognise an Evening Star: There are 3 candles and the pattern comes during a sustained uptrend. The first candle has a long green body. The second candle is much shorter and gaps above the long green body. The third body is red and its close pierces below the mid-point of the long green body.
20) Morning Doji Star
A morning Doji Star is similar to a Morning Shooting Star and is a reversal indicator, following a downtrend. It consists of a long red body, a Doji (open and close price is the same) which is gapped below the red body and finally a long green body, which follows the Doji and which pierces above the mid-point of the long red body and confirms the trend reversal.
How to Recognise a Morning Doji Star: There are 3 candles - 1) a long red candle, followed by 2) a Doji which is gapped below the red candle period and 3) a long green candle which follows the Doji. The close price of the green candle pierces above the mid-point of the red candle body.
21) Evening Doji Star
An evening Doji Star occurs during an uptrend and is a trend reversal indicator. The pattern consists of 3 candles - 1) a long green candle, 2) a Doji which gaps above the long green candle body and 3) a long red body which follows the Doji and whose close price pierces the mid-point of the long green body. How to recognise an Evening Doji Star: The sequence of the 3 candle periods are a long green body, a Doji and a long red body following the Doji. The pattern occurs during an uptrend only. The open and close price of the middle candle period - the Doji is the same. The Doji is gapped above the green body of the first candle.
How to recognise a Doji Shooting Star: It may occur during an uptrend or a downtrend, but the key criteria are that a long green or long red body is followed by a Doji. The Doji is gapped below or above the long body. In the case of a bullish Doji Star, the Doji open/close price level is below the long red body and in the case of a bearish Doji Star, the open/close price is above the long green body.
18) Morning Star
A Morning Star is a bullish indicator and points to a trend reversal. It consists of 1) a long red body during a downtrend, 2) a star with a short green body that is gapped away from the red body and finally 3) a long green body, which is the confirmation of the trend reversal.
How to recognise a Morning Star: It happens during a downtrend. The shooting star has a short green body which is separated below the red body period. There is a 3rd candle which has a long green body that confirms the trend upwards and has a close above the mid-point of the long red body.
19) Evening Star
How to recognise a Morning Star: It happens during a downtrend. The shooting star has a short green body which is separated below the red body period. There is a 3rd candle which has a long green body that confirms the trend upwards and has a close above the mid-point of the long red body.
19) Evening Star
An Evening Star consists of 3 candles - 1) a long green candle, 2) a shorter star candle where the price goes higher and finally 3) a long red candle in the final trading period. This pattern is a good indicator of a trend reversal and is a bearish sign. How to recognise an Evening Star: There are 3 candles and the pattern comes during a sustained uptrend. The first candle has a long green body. The second candle is much shorter and gaps above the long green body. The third body is red and its close pierces below the mid-point of the long green body.
20) Morning Doji Star
A morning Doji Star is similar to a Morning Shooting Star and is a reversal indicator, following a downtrend. It consists of a long red body, a Doji (open and close price is the same) which is gapped below the red body and finally a long green body, which follows the Doji and which pierces above the mid-point of the long red body and confirms the trend reversal.
How to Recognise a Morning Doji Star: There are 3 candles - 1) a long red candle, followed by 2) a Doji which is gapped below the red candle period and 3) a long green candle which follows the Doji. The close price of the green candle pierces above the mid-point of the red candle body.
21) Evening Doji Star
An evening Doji Star occurs during an uptrend and is a trend reversal indicator. The pattern consists of 3 candles - 1) a long green candle, 2) a Doji which gaps above the long green candle body and 3) a long red body which follows the Doji and whose close price pierces the mid-point of the long green body. How to recognise an Evening Doji Star: The sequence of the 3 candle periods are a long green body, a Doji and a long red body following the Doji. The pattern occurs during an uptrend only. The open and close price of the middle candle period - the Doji is the same. The Doji is gapped above the green body of the first candle.
Bloomberg.com: Worldwide
Euro Trades Near Record High Against Dollar Before ECB Meeting
Bloomberg.com: Worldwide
Introduction to Forex Trading
The 1971 abandonment of the Bretton Woods Accord and the subsequent unwinding of the system of fixed exchange rates gave rise to the foreign exchange market as we know it today.
Forex refers to the foreign exchange market, where brokerage firms and banks are connected over an electronic network that allows them to convert the currencies of countries around the globe.
The forex market is the largest and most liquid financial market in the world. The daily dollar volume of currencies traded in the currency market exceeds $1.9 trillion, many times larger than the combined volume of all U.S. equities and futures markets.
While forex trading used to be executed exclusively between government central banks and commercial and investment banks, trading forex has become increasingly accessible to private investors thanks to the PC and internet.
The most commonly traded currencies are the US Dollar, Japanese Yen, Euro, British Pound, Swiss Franc, Canadian Dollar and Australian Dollar. The FX market runs 24-hour hours a day, 5 days a week with continuous access to global dealers. Trading is not centralized on a physical location or an exchange, as with the stock and futures markets.
Foreign Exchange is the simultaneous buying of one currency and selling of another. Currencies are traded in pairs, for example Euro/US Dollar (EUR/USD) or US Dollar/Japanese Yen (USD/JPY).
For example, you would execute a trade when you expect the currency you are buying to increase relative to the one you are selling. If the currency you are buying increases in value, you must sell the other currency to close the position and take a profit. The first currency in the pair is called the base currency and the second is called the counter or quote currency. Usually the US currency is the base currency and quotes are given in $1 USD per counter currency, e.g. USD/JPY. The exceptions are the British Pound, the Euro and the Australian Dollar.
Understanding forex quotes: 1 unit of the base curreny = the exchange rate in the quote currency. Eg if EUR/USD is trading at 1.2762, 1 Euro will buy you 1.2762 Dollars.
Understanding contract size in forex trading: The contract size is normally a lot of 100,000. This means per standard contract you are controling 100,000 units of each pair, so if you are buying eur/usd you would be buying 100,000 euro's and selling 100,000 dollars simultaneously. For this contract size, each pip (the smallest price increment) is worth $10. Many firms offer mini accounts now where you can trade units of 10,000, where the pip value is $1. Trading the Forex market allows very low margin requirements relative to other markets.
Wednesday, November 07, 2007
Your Forex Blog Info!
This is my first Forex Blog Info. Let me introduce myself to all Indonesian Forex Traders. My name is Susanty, from Medan. Currently working at one of the international logistic firm at Surabaya. I get to know about Forex from my Bro. Mr. JamesForex who are from Malaysia.
After he explained and guiding me the inside story of Forex Market, I make a decision to start learn the Forex Trading.
I will try my best to update whatever I learn from my Bro about the Forex market here; The Indo Forex Blog. Hopefully I can be success in Forex Industry.
Subscribe to:
Posts (Atom)
 |
| toolbar powered by Conduit |
