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7 Tips & Tricks For Trading Forex
Posted on 15. Feb, 2011 by Jakob.
7 forex bloggers have gotten together to put some of their best tips in one article, on trading forex. We will be working together on a series of articles that we believe will provide helpful and interesting information for any reader that is interested in trading forex. Please leave comments below so we can adjust the series based on some of the feedback we receive here.
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Before NFP and a Pre-130 Pip Drop
Posted on 03. Feb, 2011 by Jakob.
I am currently watching Jean-Claude Trichet and over the last hour EUR/USD has dropped more than 130 pips. This move is somewhat reflected in USD/CHF which has been moving up around 70 pips but Cable and AUD/USD has not really shown a lot of downside. Right now I am somewhat indecisive as I don’t really want to short a pair after a 130 pip move down, however it sure seems counterintuitive to go in on a long trade when everyone else, clearly is selling. However, with the expectations to NFP tomorrow we are likely to see a bit more of pre-sentiment buying into $. But then again, the bull move on EUR/USD over the course of the week really did come as a surprise for me, so I would prefer to stay out of the market for now, and wait for tomorrow after NFP and try to catch something on a post-News retracement kind of setup, if we do hit a good deviation. As my laptop just broke down, I think I will take rest of the day of and be back tomorrow for NFP. In the meantime, Casey has post on trading rules which you can check out right here.
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Weekly Outlook on the FX Market
Posted on 30. Jan, 2011 by Jakob.
I thought I would write an outlook for the upcoming week, and now, a couple of hours later, I am finally done. This sure did take me a bit longer than expected, simply because I was working with some new way to present this. So I emailed all my readers about an hour ago with the newly finished weekly outlook, and emails are starting to drop in with friendly feedback – Thanks guys. So if you are on my list, you should have a copy in your inbox by now. If not, you can grab a copy below, if you simply give me a tweet or facebook link. There should be some really good opportunities in the upcoming week, and all my ideas are posted in the outlook. I hope you guys find it useful. Let me know what you think.
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GDP – The Turning point for EUR/USD?
Posted on 28. Jan, 2011 by Jakob.
We will get GDP out of US in just around 30 minutes. I am patiently waiting for this release and hopefully we will get a better than expected release and we could be looking at a lot of possible downside on EUR/USD, in my opinion. If we get the numbers close to expectations or better I am looking to sell EUR/USD on any kind of pullback after the immediate spike, when spreads are back to normal. If we do get a worse than expected number, I will re-access the market and wait for things to back to normal, and then look for normal setups according to typical technical analysis. However, I hope we will get a better than expected release but we never know, so there is no reason to jump in on something premature here. Wait for the release and if we get a better than expected I see three really good options for now; Possible short on EUR/USD, Short on AUD/USD and finally a long on USD/JPY. The long on USD/JPY would also be supported by yesterday’s S&P cut of Japan’s sovereign debt rating from AA to –AA, along with the strong drop we have seen in the pair in the last couple of hours, could set that pair up really well for a bull trade. Let’s see what US will give us.
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Two Additions to ForexPop
Posted on 25. Jan, 2011 by Jakob.
So ForexPop is back on top with two new additions. The two new guys are Mike from FxMadness and Dave from ForexNewsNow. Hopefully they will keep up the good work. I have been following both for some time now and there is a lot of quality content to go through. If you have a blog about forex trading, let me know and I will check it out, and maybe you will end up on ForexPop. Check it out here.
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Oanda on MetaTrader 4
Posted on 25. Jan, 2011 by Jakob.
I am very pleased to see that Oanda will be upping their game, with the addition of MT4. I really never thought this would happen but now it sure seems like they are getting ready to allow customers to trade their Oanda accounts via MT4. This also means that traders will be able to continue the use of MyFxBook with their Oanda accounts. I contacted Oanda to know when it is possible to get an MetaTrader 4 account, and it seems to be a couple of weeks away. If you want to stay on top of things, keep an eye out, over at their forum. I will keep you guys updated on this.
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The Week Ahead
Posted on 22. Jan, 2011 by Jakob.
Another week has passed and in spite of ending this week the first loss of all signals issued since the beginning of 2011, it has still be an exciting week with a lot of indecision in the market. However, we did end the week with the final push on EUR/USD closer towards the 1.37 level which will be a key area for a lot of traders. Now, with the break of recent highs, I assume we are looking at possible further upside on EUR/USD, and in general, probably a bit more downside to the dollar. Fundamentally speaking, I am a bit more indecisive at the moment. Sure the successful bond auctions is EUR strengthening, but besides from the recent disappointing retails sales I still think that dollar strength will be back in the picture within a fairly short period of time, all depending on future news releases obviously. With that being said, let´s take a look at some possible scenarios for the week ahead.
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GBP/JPY and EUR/USD Update
Posted on 21. Jan, 2011 by Jakob.
So the short trade we had on GBP/JPY didn’t play out at planned. We did see around 50 – 55 pips of profit at the best before the pair turned on us. Luckily we had moved our stop loss to break even before it came all the way back up. Some of you guys did take partial off and some didn’t; I for one, didn’t so this was a big fat zero for me on this one. The simply reason why I didn’t lock in any profit was because of the very potential favorable risk:reward of the setup, but unfortunately it did not play out as I had hoped for. Looking at the current price on the pair, I am still pleased with nothing as the pair really has been on a rally since we closed out at break even.
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GBP/JPY Trend line break – Further Downside?
Posted on 19. Jan, 2011 by Jakob.
Take a look at the picture posted below. This is a 4-hour chart of GBP/JPY , where we have a fairly clear trend line break along with a 4-hour close below it. I have patiently been waiting for this break and close, and just a couple of minutes ago, I entered short on this pair. First and foremost we have the technical confirmation as stated above, but more important is the risk:reward of this trade, which is second to none! I got in with just around a 65 pip stop, placing me above the major trend line which has been working as previous support and now has somewhat confirmed itself as resistance, while also placing us above the recent swing high. In general we did see some initial weakness on cable along with JPY strength across the board (on a short time frame), which was the determining factor for me to get in. Right now we are seeing the pair back up a bit from my initial entry, but I am holding on, giving this some room to, hopefully work out. If you are looking for other possible setups, take a look at Liviu´s post, where he shares some great technical setups.
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Cup & Handle Setup on EUR/USD
Posted on 18. Jan, 2011 by Jakob.
We are seeing some incredible technical formations these days, but always keep in mind that you want everything to line up before jumping in. Take a look at the picture posted below and you will see a clear Cup & Handle formation on EUR/USD on the one-hour chart. Again, I would not jump right now but wait for some kind of pullback to get in long. But this is close to a perfect formation. However, that is, in itself not enough. In the last post we were looking at a possible good setup on USD/JPY for a bull trade, so I am on the sideline waiting for one of the pair to confirm the setup rather than guessing. We don’t want to be both bull and bear positioned on the USD. So once again guys, the formation sure looks good and from a technical perspective we should see further upside. But keep in mind that USD/JPY equally shows possible upside. Wait for the right time and then make your decision based on some solid reasons. Again this trade setup is based on a longer term time frame, so if you decide to jump in on this one, look for the right stop loss level (hint; 20 pips is likely to be a suicide mission)
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