After several attempts to break 1.2880 USD finally gave up and weakened against the EUR. EU currency has made a nearly 100 pips rally on a background of rising unemployment in Germany and more bad than good EU data. It was a little bit surprising, and at the same time it was expected because it's too early to enter the big positive Ichimoku. So it bounced and now 1.2880 is far below EUR currently trades around 1.2960 ready to make another leg higher. Weekly close above 1.2960 will accelerate the EUR rally to 1.3250-1.3350 area. NOW we are at the border zone between downside and upside, today also is the month end, so moves are possible in both directions. Of course there is a possibility for another test of 1.2900 relaxing zone, but i think that possibility is smaller than the possibility of continuing to the upside.

Another large amount of important economic data will flow soon the market, but all the investors are encouraged with the bad data from Spain which is highly pressed against the wall to ask for help - and from there ECB to start bond buying, which for now is just a promise - noone has ever seen or tasted it.

GOLD consolidates again in very narrow range,as i'm always saying usually such consolidations end up higher so i expect GOLD to move higher in the next several days.

Finally let me remind you that at the month end and beginning of another month there is a high volatility and moves in both directions, please be careful and place stops. Usually i'm placing stops 30-40 pips from entry point.if it goes over 40 pips against you - just exit the market.

For today:

LONG EUR above 1.2940 SL 1.2900, TP 1.3030-50 (it's possibe to hit the stop on a higher volatility)

LONG EUR above 1.2880 SL1.2850 TP 1.2880-1.3030

SHORT EUR below 1.2840 SL 1.2880 TP 1.2700 and below

on GOLD you may try:

LONG GOLD above 1709 SL 1705 TP 1725-30, then take profit and run - consolidation is not over

SHORT below 1700 SL 1707 TP 1685-80 

Please decide on you own where to enter and exit - i cannot give personal advices about entry and exit points for your own money, my forecast is for information purposes only and to guide your analysys. Always remember that my forecast may be wrong too :) but i'm doing all my best for it to be correct.

Any comments and questions are welcomed, good luck!

Views: 1040

Comment by jajun on October 31, 2012 at 8:47am

I never comment but I always read (almost everyday) and appreciate your market summary/analysis. Thank you.

Comment by Kezzie on October 31, 2012 at 10:11am

I just love your analysis. It's helped my gold buy/sell improve my monthly pension! many thanks.

Comment by Sukanta Kashari on October 31, 2012 at 11:54am

i am great loser in forex market.i lost $35k usd.pls tell me that some safe strategy.

Comment by Vladimir Mihaylov on October 31, 2012 at 12:06pm

I'm terribly sorry about so huge losses. The problem in your strategy is not placing stops, only in that way you can loose 35 000 USD. Start first with placing stops, no more than 30-40 pips of your entry point. Another great rule as a beginner is to play 50/50, when you make for example 30 pips, take them and run away, then watch where the market goes and enter again in correct direction, placing stop is a must!!!! Another great strategy is using the trailing stop. place small trail like 80-100 ,and when it closes you will have profit, then enter again in correct direction.

Comment by Sukanta Kashari on October 31, 2012 at 12:24pm

but where i put stoploss,most of time sl hitted,as i8 am great loser.pls help me.i will sell property,asset also.i will deposit money.because i need to recover my loss.minimum $ skype id-sukanta40.pls give me some effective tips.

Comment by jajun on October 31, 2012 at 12:51pm

Hi Sukanta,

This is just advice use it or not is up to you...

Try to deposit $100, use 0.01 Lot (this is 1000 pips to play with). Then see how many pips you can get in 3 months or so, before you invest more money...

Or invest your money on forex education. There are many professional traders on this website pick one or two that you trust and learn from them (It doesn't cost much compared to $20k).

Good luck

Comment by Vladimir Mihaylov on October 31, 2012 at 3:39pm

Sukanta here is your problem - you want your money back at any price you are ready to deposit all you have - i will be a bad ending if you continue like that. If you think that you will return your money  in 5-6 months you are wrong, probably you will loose more. Jajun gave you a very good advice, start with 100$ and work with less amount like 0.01. There is no something like a magic strategy that will make you a billionare, if there was any there won't be poor people in the world, think about that!

Forecasts that i'm making are the result of many years of experience, careful analysis and even a lot of painful losses. Noone can teach you trading forex if you do not do it alone, forget the past and start thinking correctly.

Comment by gladwin dsouza on October 31, 2012 at 4:45pm

yes yes right Mr. Vladmir i m fully agree with u, sukanta follow their advice and do not loose hope still u can achieve slowly and slowly. trade with very low lot size as jajun advice but pls do not depends on the forex market do someting other work for your household income


Comment by Kezzie on October 31, 2012 at 6:39pm

So sorry to hear of your losses Sukanta. Forex is, unfortunately, not a vehicle to great wealth unless you have years of experience. I have been playing this game for only 2 years and am now just beginning to make a profit, but I've certainly made my losses as well. I agree with the others that you should start very small and slowly gain your knowledge. I started with only 10p/pip and although it took me ages to see a return, that was positive progress. And DON'T forget the stops!

Comment by UmairButt on October 31, 2012 at 6:48pm

sukanta even if u deposit all your money u will loose becuase u are not ttrying to learn. 2nd. u want a revenge so we are noting infront of big players. yes do not loose hope learn and fight u will win.


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