The Best Informaiton on Forex Trading strategies

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More Thoughts On Forex

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For the beginner, FX FOREX currency trading the popular currency pairs are Euro dollar and the US dollar (EUR/USD) or the British pound and the Japanese yen (GBP/JPY).
More info on a great Forex system

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Corrections may take days or longer to complete. Good quality info is everything in this game. Bottom picking in the Usd/Jpy is the Mother of all risky trades. We learn how to trade till we stop trading and we learn from each other everyday. That is the beauty of trading and life in general.

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FX traders include governments, corporations and fund managers doing business with foreign countries, that need to exchange one currency for another, and speculators who seek to profit from price movements in the markets.

Forex News From Around The World

GFT Daily Market Commentary

Tue, 04 Mar 2008 20:36:32 -0500
Forex Market Commentary for March 5, 2008 by Cornelius Luca

GFT Daily Market Commentary

The dollar ended little changed on Tuesday amid talk that Ambac is nearing a deal to raise capital. As it remains quite oversold, the dollar to consolidate on a bullish note. The medium-term outlook remains bearish. Keep an eye on the non-farm productivity, the non-manufacturing ISM, and the Beige book

Euro/dollar

Euro/dollar closed flat on Tuesday as well. My model remains long since February 14, but with the pair being overbought, there is a risk of a decline. Reverse long positions only on a confirmed decline

Immediate support is still seen at 1.5160. The next level is 1.5105. Below 1.5040, there is further support at 1.4965.

Initial resistance is at 1.5272. Above this pivot high, resistance comes at 1.5355. Distant resistance is now seen at 1.5575.

Oscillators are mixed.

NEAR-TERM: Mixed with downside risk
MEDIUM-TERM: Bullish
LONG-TERM: Bullish

Dollar/yen

Dollar/yen closed little changed on Tuesday after getting stuck in an inside range, but is near a three-year low. Mixed trading is likely today as well – and the short-term bias is up.

Immediate resistance is seen at 103.70. Strong resistance is at 104.50 from a 50-point pivot that targets 104.00 and 105.00.

Support is still seen at 103.05. Distant support is at 102.30 from a 50-point pivot, which targets 101.80 and 102.80.

Oscillators are mixed.

NEAR-TERM: Mixed with upside risk
MEDIUM-TERM: Bearish
LONG-TERM: Bearish

Sterling/dollar

Sterling/dollar consolidated on Tuesday but remained in an inside range. I still like to remain square here.

Immediate support is seen at 1.9805. Below 1.9765, the next level follows at 1.9645.

Initial resistance comes at 1.9895. A break above the pivotal level at 1.9971 would signal another further rally above the 2 mark. This is followed by 2.0040.

Oscillators are mixed.

NEAR-TERM: Mixed
MEDIUM-TERM: Bearish
LONG-TERM: Mixed

Dollar/Swiss franc

Dollar/Swiss is soft after getting stuck in an inside range on Tuesday. My model remains short. Mixed to higher trading is likely today.

Initial resistance now comes at 1.0455. The next level is 1.0500. Above 1.0610, resistance comes at 1.0725.

Immediate support is now seen at 1.0335. Below 1.0290, support is now pegged at 1.0170.

Oscillators are declining.

NEAR-TERM: Mixed with upside risk
MEDIUM-TERM: Bearish
LONG-TERM: Bearish

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Thoughts On Forex

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We�d like to remind you that the higher the credit leverage, the higher is your profit if the fluctuation of the currency rate was anticipated correctly. However, if your anticipation was wrong, your losses will be bigger.

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In short, EUR/GBP and GBP/CHF are leading indicators for EUR/USD and USD/CHF, and GBP/JPY, EUR/JPY and CHF/JPY are leading indicators for USD/JPY. EUR/JPY plays a very important role in EUR/JPY direction too, while GBP/JPY plays the same role for GBP/USD. For example, yesterday?s EUR/USD weakness largely started from EUR/JPY sales keeping EUR/USD and USD/JPY downwards. As a rule of thumb, if EUR/USD does not move but EUR/GBP moves first, it is a good indicator that someone is maneuvering in EUR/USD front in the same direction later, and when EUR/USD moves but EUR/GBP does not move first or in tandem, then it is highly likely EUR/USD move is countered by its opponent and the opposite move is highly likely soon. Same applies in USD/JPY and EUR/JPY, GBP/JPY front in the same fashion. Imho. Good trades.

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I always try to pyramid while position trading medium-term once I am convinced of a new medium-term trend emerging. Like in USD/JPY position trading 135-132 as an initial position, adding in 132 and 129 areas. Same for AUD/USD and EUR/USD with similar strategies. But sitting on positions and watching the counter-rallies costing truck load of money is not easy job to do and causes lots of pain all the time. Most traders even among experienced ones cannot bear that pain and give up too early. But there is no other way to make a big money and we have to bite the bullet and "sit and accumulate" as long as the medium-term trend is intact. That is why I always believe psychological aspects of trading is far more important than anything else in successful trading. A mind game like those bluffing game of poker.

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AUD/JPY is one of the important pairs influencing AUD after Dollar, Euro and Pound. Usually falling AUD/JPY is good for Yen Bulls as well.
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