USDJPY Looking for Buys on Dips into Support
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Forex Trading: Account capitalization, Leverage and Risk
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Throughout the Forex worldwide, brokers offer many different leverage setups and account types and there are many factors to consider when opening a trading account. Factors such as the style of trading that you will be using, your appetite for risk and the amount of investment capital that you have available, are all things to consider when opening a Forex trading account. So I want to take a moment to give you some food for thought when it comes to your trading account.
First, proper account capitalization can be defined as having a sufficiently funded trading account to place and hold trades and manage risk. For example, if you only have a small amount of risk capital available you should consider opening an account that gives you better flexibility with your lot allocation for each trade, like a mini or micro account.
Also, by having a properly funded trading account it increases your chances of recovery after a period of drawdown. With an insufficiently funded account, it will become much more difficult to recover losses when they happen. Of course, it is unrealistic to believe that you will never have a loss; the key is how you manage those losses.
In addition to proper account capitalization you should
Forex Technical Analysis: Potential Reversal vs. Actual Reversal
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Potential Reversal vs. Actual Reversal
There is a difference! Potential reversal only tells us that there are indications that a trend change has a higher likelihood of happening than it did before. Actual reversal tells us that there are indications that the trend has already changed and so our directional focus should change with it.
So, what are the differences?
There are numerous indicators to inform us of potential reversal. We can use momentum indicators, volume indicators, charting patterns or candlestick formations, actually too many to discuss in this post, so I want to focus in on the chart pattern that is forming on the weekly AUDUSD.
The AUD has been in an uptrend for, well, a few years. The current leg began in May of 2010. That being knows there is an obvious tendency to focus on the upside and
Forex Technical Trading Update March 14 2011
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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.
EUR/USD – Current 1.4000
Overview – Daily trend has been pressing higher since the beginning of 2011. However, previous congestion viewed on the weekly chart between 1.3950 and 1.4100 in 2008, 2009 and 2010 is providing a range of resistance that could eventually indicate a reversal zone. As long as this pair holds under 1.4100 I will be watching for technical indications of reversal.
Resistance – 1.4085 / 1.4150 / 1.4225 / 1.4290
Support – 1.3900 / 1.3860 / 1.3825 / 1.3760
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GBP/USD – Current 1.6175
Overview – Weekly resistance viewed in the mid to upper
Technical Trading Update Feb 21 2011
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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.
EUR/USD – Current 1.3665
Overview – Last week we saw a push back to the 1.3700 area capping just under the previous weeks high. As long as it continues to hold under 1.3740 will be looking for the potential return back down to 1.3400. A push through 1.3740 will retest the 1.3850’s then back to 1.4000.
Resistance – 1.3708 / 1.3740 / 1.3790 / 1.3824 / 1.3858
Support – 1.3640 / 1.3620 / 1.3574 / 1.3547 / 1.3500 / 1.3460
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GBP/USD – Current 1.6216
Overview – I have been watching the test of the top of
Top 5 Forex Trading Books
If you are thinking of venturing into the Forex market, the best way to learn to trade is to read some relevant books. You get all kinds of subjects covered in Forex trading books. This article will review the top five best-selling Forex trading books to date. All five are highly recommended by expert traders, who have made fortunes in this business.
Forex Trading Using Inter-market Analysis
This book explains the general dynamics of the exchange market, which is considered to be the world’s largest and the most widely traded financial market. It also provides information on the application of inter-market analysis to the Forex market. This book equips you with the knowledge that will help you understand and anticipate the changes in the trends and directions, and take actions accordingly. You will learn the influences that other markets have on the Forex market. It also lays emphasis on how all the various financial markets have become interconnected, and how they affect each other in today’s global economy.
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Day Trading the Currency Market
This book has the distinction of having been recommended by few of the top most traders of the Forex market. It is known for its
Technical Trading Update Feb 7 2011
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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.
EUR/USD – Current 1.3520
Overview – The past two weeks have found support in the mid 1.3500’s and a new leg down could target 1.3400 for the next support. Long terms trends on the daily and weekly are difficult to discern so I will continue to watch for breakouts on the 1 hr and 4 hr charts.
Resistance – 1.3628 / 1.3667 / 1.3737 / 1.3791 / 1.3824
Support – 1.3490 / 1.3413 / 1.3279 / 1.3187 / 1.3078
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GBP/USD – Current 1.6105
Overview – I have been watching the test of the top of
Technical Trading Update Jan 25 2011
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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.
EUR/USD – Current 1.3605
Overview – 4 hour retracement trend has moved up nicely from the 1.2900 area to the upper 1.3600’s. Now looking for a potential break of the 4 hour trend line to begin falling again.
Resistance – 1.3685 / 1.3745 / 1.3797 / 1.3866 / 1.3949
Support – 1.3576 / 1.3490 / 1.3413 / 1.3279 / 1.3185
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GBP/USD – Current 1.5770
Overview – Large reaction to news
Technical Trading Update Jan 17 2011
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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.
EUR/USD – Current 1.3300
Overview – Early this week we are seeing the potential break of the daily trend line that has been down since the beginning of last November. The price has found resistance at 1.3400 but a break will look for the next extension higher. The next major support break comes through 1.3075.
Resistance – 1.3335 / 1.3313 / 1.3485 / 1.3595 / 1.3693
Support – 1.3185 / 1.3075 / 1.2986 /1.2890 / 1.2810 / 1.2750
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GBP/USD – Current 1.5910
Overview – Daily Fib near 1.5930 capping
Technical Trading Update Jan 12 2011
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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.
EUR/USD – Current 1.3027
Overview – So far this week the EURUSD has been locked in a trend channel drifting from the 1.2880 area to the mid 1.3040 area. A clean push higher will test previous supports near 1.3090. More downside could be expected on a break below 1.2885.
Resistance – 1.3045 / 1.3085 / 1.3140 / 1.3190 / 1.3215
Support – 1.2970 / 1.2923 / 1.2890 / 1.2810 / 1.2750
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GBP/USD – Current 1.5675
Overview – Much like the EURUSD this pair has been drifting
Technical Trading Update Jan 10 2011
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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.
EUR/USD – Current 1.2925
Overview – Supports along 1.2890 area holding bottom side pressure for now. A confident break of this support will look for the next slide to 1.2800 and 1.2750. Resistance will likely be seen near 1.2975 but a push could send it higher to 1.3080.
Resistance – 1.2975 / 1.3035 / 1.3080 / 1.3148 / 1.3190
Support – 1.2890 / 1.2810 / 1.2750 / 1.2670 / 1.2625
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GBP/USD – Current 1.5540
Overview – Consolidation is dominant viewed on the
Technical Trading Update Jan 5 2011
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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.
Looking forward to the end of the week, there are some significant news events that could dramatically change the technical trading outlook.
EUR/USD – Current 1.3145
4 hour View – As noted in the last update, a break of the 1.3300 area gave way to the next leg lower and now finding support in the mid 1.3100’s. Significant congestion between