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Posts Tagged ‘Currency’
Inter-Connected Markets Holding Support – Forex Trading, Currency …
March 12th, 2010
Use Simple Forex Currency Trading System
March 12th, 2010
Simple forex currency trading system is a lot useful than complex ones. Do not easily believe in hearsays that in able to have an edge over other competitors in the forex trading market, you need to have a strict and complicated trading system. Why is this?
A complicated forex currency trading system will cost you a lot of time and effort; yet, it would not guarantee a smooth getting through many market conditions. First, if you would complicate your system with unnecessary financial elements and rigid parameters, this would lessen your leeway to perform freely in the market, as well as hamper your growth possibilities. Especially if you are quite aware that you are unarmed with the required sufficient amount of education in forex trading, do not overdo the drafting and implementation of currency marketing systems. Do not fail to always bear in mind that undemanding strategies will be the one to take you to the kind of trader you dream about being in the future. In relation to this, always do little research before making any trading decisions, and be very active in jotting down notes especially when it comes to observing how market tendencies dance in fluctuation. Always be ready to translate these observations to an integrative analysis that would give you a general idea of the functioning of the market in a macro perspective.
Last, if you are an active player who maintains forex currency trading system, please exert the marginal effort of updating your trading system with the stock knowledge you have already acquired during your forex pursuits before.
Timothy Stevens is a Forex Options Trader who owns http://www.NonDirectionTrading.com – He has helped hundreds of people on Trading Forex with Options.
He has recently developed a free e-course showing you a step by step process for starting your Forex Trading easier. To learn how to start Forex Trading with Options without wasting your time and losing more money, visit http://www.NonDirectionTrading.com/members/FreeReport.htm
Automated Forex Trading Software ? How To Choose The Best Automated Currency Trading Software
March 12th, 2010
If you are looking for the right kind of automated forex trading software to boost your trading performance you will need all the help you can get.
This is because the forex market is rife with virtually every kind of trading software, all claiming to be the best bet when it comes to honing your trading skills, but not all of which are effective.
The best automated forex trading software may not exactly come cheap, but if you are just starting out you have a lot of free options available to you. You can visit online brokers which offer demo and free accounts which you can use to practice your skills on, as well as learning software to help you get started.
Some sites may require a small startup fee, which you don’t have to worry about if you plan to go forward and start your very own account.
You can also go for internet-based automated forex trading software. One advantage of this type of currency trading software is that it is accessible where there is an internet connection.
That means you can still check-up on your stocks even while on vacation. Another perk is that there is no need to store important data on your pc, which can be lost in the unfortunate event of a hard disk crash.
If you are hesitant about relying on your own judgment when it comes to choosing an forex trading software, you can ask for assistance from your broker or dealer. He or she may be able to recommend software which will work best with your type of investment.
Another tip is to ask fellow brokers by posting your queries on the forums. Forums are the best places to network and get your questions answered the quickest. You might also get a few tips from fellow forex brokers on what currency trading software to avoid.
If you are looking for the best automated forex trading software, i recommend Andreas Kirchberger Forex Killer software. Discover why it is the best automated forex trading software and how it can make you money on autopilot.
Forex Report – Currency Pairs
March 12th, 2010
EUR/USD
The Technical Picture:
EUR/USD again made a new 10-month low last week, this time at 1.3444, within its recent decline, and thereby keeping its outlook bearish. The rate remains well below its 200-day MA now at 1.4346, but with the 14-day RSI skirting oversold territory at 36, some consolidation may be in order below the declining trend line at 1.3716.
Furthermore, the latest low has approached the 1.236 projection of the move from 1.5144 to 1.4217 projected off the reaction high of 1.4579, with additional Fibonacci projection levels of 1:1.382 = 1.3298, 1:1.5000= 1.3189 and 1:1.618 at 1.3079 now potentially coming into play.
Now trading at 1.3594, support for EUR/USD comes in at 1.3531, 1.3423/44 and 1.3246, while resistance to the topside can be found at 1.3654, in the 1.3788 to 1.3839 congestion region, and at 1.4026.
USD/JPY
The Technical Picture:
USD/JPY saw an upside break of converging trend lines around the psychological 90.00 level last week that prompted the expected rise in volatility mentioned last week. Nevertheless, the rate remains just below its 200-day MA now at 92.32 where a break could see the rate trade considerably higher. It currently seems very likely that the downward move from 84.80 to 93.77 has ended at 88.54, just above its
61.8% Fibo retracement target at 88.23.
Now look for the most recent move from 93.77 to 88.54 to retrace the preceding downward move and also to project the preceding upward move from the intervening low at 88.54. Since the current up move to 92.14 has already exceeded the 61.8% retracement level, this indicates that a 100% retrace back to 93.77 is now likely. With respect to projections, the 38.2% at 91.97 has now given way to USD/JPY strength, so the next 50% target comes into play at 93.02, with the 61.8% at 94.08 and the 100% at 97.51. Rising trend line support comes in at 90.19, and while the 14-day RSI is not yet in overbought territory at 59, USD/JPY is trading near the top of its upper Bollinger band which might slow the expected rise.
Now trading at 91.60, additional resistance shows at 92.03/14, 93.77, and 95.05, while support shows at 91.26, 90.56 and 88.54.
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