We all have the desire to sound smarter than everyone else. At least sometimes.
We say, "Hey, so and so - your stop is too big, that's a bad risk to reward." Of course we don't know anything about that person's trading strategy. Or how often they win. Or if they actually put the stop there as a catastrophic stop but plan to exit earlier if it…Continue
Added by David Pegler on October 31, 2012 at 10:36am — No Comments
Liquidity and volumes were definitely lower today with most pairs and instruments playing in a tight range today. In the process, Silver has formed back to back inside bars, or an ii pattern, and this will not go on for much longer.
Although the precious metal is trying to form a base, it has yet to show any bullish legs,…Continue
Added by 2ndSkiesForex on October 30, 2012 at 9:50pm — No Comments
Starting to see more of this from the world of Skynet:
Computer-driven hedge funds are headed for their worst monthly performance since the start of the credit crunch after making losing bets in dozens of markets including bonds, currencies and commodities.
Many of the funds, known as managed …Continue
This alert is for Cable and the Aussie, hope you find it helpful. David
Added by David Pegler on October 30, 2012 at 10:36am — No Comments
As shown on the 1 hour chart below , bullish breakout has been confirmed at 1.2925, a break above 1.2972 would push higher away towards 1.3040 levels , above 1.3040 will turn focus on 1.3088, above 1.3088 would threaten 1.3171 levels...
However, stability below 1.3040 could mean a return to 1.2880 levels. Alternatively; If 1.2880 fails to hold expect EURUSD to weaken further towards 1.2834/24 levels where a breach will turn focus to 1.2720 levels..…Continue
Waning appetite for risk because of worries over the Euro Zone sent the Euro lower than the US dollar in the previous European trading exchanges. The Greenback on the other hand was helped by an acceleration in consumer spending, overcoming a decline in exports and business investments. Given the negative sentiment towards the single currency, the EUR/USD pair is seen to fall in today's European trades.
The appeal of the single currency continues to be dampened by the deepening…
EUR has spent the beginning of the week in a tight range trade around 1.29 and is currently still there. Market is totally confised as there is too much uncertainty in the eurozone, and there is a hurricane over the Atlantic which is expected to make a lot of damage to the East coast. Today's econimic calendar is full of news from EU and i think that they will move the market, the bad news is that it will be another range trade - but in a wider range. 1.2880 capped yesterday's downmove as…Continue
Skynet was offline today, along with all human traders as hurricane Sandy forced US exchanges to close today. Regardless, a key support level in 13000 is coming under pressure for the Dow Jones. Although a decent sized pin bar formed Friday off this level, pressure remains on the major index, and should the key support fail, 12750 and 12500 will be under attack shortly after.
Bears currently have control so …Continue
Added by 2ndSkiesForex on October 29, 2012 at 10:12pm — No Comments
Much to the chagrin of the Japanese Ministry of Finance and the Bank of Japan, the markets have taken an aversion to the data released over the past few days and risk is back off the table.
Having had a brief look at life above 80.00 and 104 we now see the JPY strengthening. It will be some time before the Japanese authorities considering intervention but tactically they may have missed an opportunity while the market was looking at a weakening JPY.
The Euro has…Continue
29th oct -02nd Nov - this week shows the month of october gets over and the start of the new month.During such weeks the market is known to show very volatile moves and ideal for quick swing trades and may not be suitable for position trade.
aslo in this week day light saving system is off in Europe and UK.So there is change in the timings to be followed
Japanese session: 00:30 -07:30 GMT
gap time : 07:30-08:00…Continue
EUR currently trades around 1.2930 within 15 pips range since the start of the Asian session.Last Friday it dropped to 1.2882 as it was unable to break through 1.3030 level. For now EUR is still in a downtrend which started some 12 days ago from 1.3140. Friday trade ended with a "high wave" candlestick. This can be described as a candlestick with a very small body and veru long upper or lower shadow - in our case lower shadow. That shows there is a great amount of indecision in the market…Continue
Staying put inside a channel/triangle, the Euro continues to oscillate virtually on a weekly basis since early Sept. Since we are still midway through the triangle, I expect it to continue as we generally do not exit triangles till later on in the pattern. That plus the elections in the US will likely keep things tamed down a bit for the next few weeks.
It should be noted the last 6 weeks of price action have all been …Continue
Added by 2ndSkiesForex on October 28, 2012 at 10:54pm — No Comments
EUR/USD slid in range and lost the 1.30 line once again, as the debt crisis issues saw no progress, and as Germany looks weaker. President Draghi’s speech German retail sales and a meeting of the Eurogroup are the major events this week. Here is an outlook on the market-movers ahead.
Further EU weak data was released last week indicating a continued slowdown in the eurozone with lower than expected Flash PMI’s; Eurozone Flash manufacturing PMI falls from 46.1 to 45.3,…Continue
Added by Yohay Elam on October 28, 2012 at 3:14am — No Comments
What Forex Target Traders See: We are currently sitting @ 1.2936 just above the 0.786 Fibo after bouncing on the day chart trend line. We are bullish above 1.2975 and waiting for the bounce to prove that. We cannot rule out continued downward traction to a double bottom @ 1.2821 area. We should see a bounce there. A break up would target the 0.214 fibo @ 1.3073. The average daily true range (ATR) for the pair currently is 87pips.…Continue
Added by Scott Barkley on October 27, 2012 at 3:43pm — No Comments
Here is the turning points for majors,(29 Oct - 02 Nov) 2012
For more details about how to use these levels, read this blog:…Continue
Currently we are @ 1.2476 after the break of the support and the .618 Fibo-which is bearish for the pair. The expected move is first to the resistance zone in the 1.2435-2456 area. A break here suggests a move to the 1.270 Fib extension @ 1.2422 with an overall target @ 1.2400. …Continue
Added by Scott Barkley on October 26, 2012 at 1:02pm — No Comments
Starting to make small alert videos several times a day, let me know what you think. Slightly delayed this time but will be uploaded in almost real time moving forward. David
EUR failed to overtake 1.3030 yesterday and reversed back during the American session reaching 1.2930. Currently it's trading around this level but is ready to test 1.2830-40 area. I hope that you hold your SHORT positions from my yesterday's forecast, but if not you may enter SHORT below 1.2990 for 1.2840. We have very strong support around 1.2840 so every downside move will be stopped ahead of 1.2820-30. We may end the week there as the EUR will remain under heavy downside pressure,…Continue