Nov 1, 2011

Forex Crunch Trade Responsibly Chapter 1: Money Management

Forex Crunch Trade Responsibly Chapter 1: Money Management

Trade Responsibly Chapter 1: Money Management

Posted: 01 Nov 2011 03:00 AM PDT

Isn’t money management a nice buzzword? Many forex brokers flash around this nice phrase. I'm sure you've heard it many times. How can you turn this buzzword into practical, actionable advice?

As with any type of investment, there is risk. The idea is to control your risk and be aware of it. This will save you from the infamous margin call, as well as let you control your account in a better way.

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Announcing a New eBook: Trade Forex Responsibly

Posted: 01 Nov 2011 03:53 AM PDT

I am happy to announce a new  and free eBook named Trade Forex Responsibly. 

What's in here? Many arrive to forex trading and just burn out their account because they don't trade responsibly. This starts with choosing the forex broker, and goes through all the important choices that are made in every trade and also between trades.

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EUR/USD Nov. 1 – Free Falls on Greek Referendum, Global Slowdown Worries

Posted: 01 Nov 2011 03:13 AM PDT

Euro dollar is free falling. The hangover from the EU Summit intensified as the Greek Prime Minister announced a referendum to approve the recent EU deal. This gamble, alongside more signs of global slowdown, weigh heavily on the common currency, which already returned to the levels last seen before the previous summit.  

Here's a quick update on technicals, fundamentals and what's going on in the markets.

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AUD/USD: Trading the Australian Building Approvals

Posted: 01 Nov 2011 03:00 AM PDT

The Australian Building Approvals indicator, released monthly, measures the change in the number of new building approvals issued. As such, it is one of the most important indicators of the construction sector. A reading that is higher than the market prediction is bullish for the Australian dollar.

Here are all the details, and 5 possible outcomes for AUD/USD.

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British GDP Provides Upside Surprise, GBP/USD Doesn’t Celebrate

Posted: 01 Nov 2011 02:32 AM PDT

The British economy grew by 0.5% in Q3 2011 according to the initial report. Early expectations stood on a growth rate of 0.4%. Two revisions will follow this initial publication.

GBP/USD fails to celebrate, as more recent data from the manufacturing sector provided a bigger surprise and dropped sharply. The pound is now dropping towards low support, currently trading at 1.5950. Support is at 1.5910.

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Technical Overview: Dollar On The Rise

Posted: 01 Nov 2011 01:55 AM PDT

The US dollar gains accelerated through Asia session after RBA cut interest rate to 4.5%. Dollar index trades higher impulsively, so from technical perspective turning point is confirmed, especially as Euro fell well below 1.3800 swing zone.

In fact, dollar index made 3-waves down from October 4ht, so further gains are definitely in view now against the majors. Well, on this SP vs. Euro chart, that we already discussed yesterday, can see that RISKY assets now moved lower and are catching up those Euro bearish waves, while Dollar is rising, which is confirming the strength of the buck!

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Forex Daily Outlook – November 1 2011

Posted: 31 Oct 2011 02:35 PM PDT

US ISM Manufacturing PMI and UK housing data are the main events lined up.  Let’s see what awaits us today.

In the US, ISM Manufacturing PMI and important Manufacturing activity gauge, increased more than predicted to 51.6 in September after reaching 50.6 inAugust. A further rise to 52.3 is expected now.

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FOMC Disagreement Likely To Yield No Policy Changes

Posted: 31 Oct 2011 02:16 PM PDT

The ammunition that the Fed claims to have will likely stay in storage for now. David Rodriguez of DailyFX says that the disagreement within the members is likely to yield a unified message but no action.

Mario Draghi will likely want to build credibility and skip a rate cut. And what about the credibility of the Japanese authorities with the recent intervention? Rodriguez provides answers to these questions and more in the interview below.

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USD/JPY: Trading the ISM Manufacturing PMI

Posted: 31 Oct 2011 05:47 AM PDT

The ISM Manufacturing PMI (Purchasing Manager Index) is based on a survey of purchasing managers active in the critical manufacturing sector. Respondents are surveyed for their view of the economy and business conditions in the US. This important economic indicator is released during the first week of every month.

Here are all the details, and 5 possible outcomes for USD/JPY.

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The Strength of the US dollar is Unconfirmed

Posted: 31 Oct 2011 05:37 AM PDT

We can see some massive dollar moves after BOJ intervention which obviously caused cause some selling pressure on other majors as well, and not only against the Japanese yen. We are sure that many traders out there are considering a change of a larger trend on many FX pairs; in fact, even we did. But we however, must keep in mind that just few hours of reversal does not necessarily mean "change of a larger trend".

On our latest 4h updated counts (members only), you will notice that all pairs are still trading above/below their critical regions, which means that these moves can be temporary as well! In fact, 37if trend has really changed because of the BOJ, then we also need to keep in mind that any Usd/Jpy recovery after the intervention was mostly limited, and did not last more than 48 hours.

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