These are two tools that are extremely essential to my forex trading day
and are mainstays in my browser.
1. http://www.fxstreet.com/fundamental/economic-calendar/
2. http://mc24.ch/24inch.html
Right now I only have 3 monitors so I need to keep them as one of my
browser windows only. Once I have my 6 monitor setup in place, I will
keep them exclusively in a separate window.
Check them out and see if you find them useful.
Tuesday, July 9, 2013
Monday, July 8, 2013
Relative calm
After a dizzying couple of weeks worth of data and speeches, the market
has entered a time of relative calm. However, whether this is truly calm
waters, or the calm before the storm remains to be found out.
Of course for my part, I will continue trading and devote a bit more
time to this site. I have decided to make this blog a kind of resource
for those who wish to learn as much about the forex market in a thorough
manner, while making maximum use of the time available for studying.
So over the next few weeks I intend to post learning resources, reviews
and some links to useful reading materials.
has entered a time of relative calm. However, whether this is truly calm
waters, or the calm before the storm remains to be found out.
Of course for my part, I will continue trading and devote a bit more
time to this site. I have decided to make this blog a kind of resource
for those who wish to learn as much about the forex market in a thorough
manner, while making maximum use of the time available for studying.
So over the next few weeks I intend to post learning resources, reviews
and some links to useful reading materials.
Friday, July 5, 2013
Post NFP Assessment
Now that the dreaded data has been released, what happened?
Well for starters, the darn positioning took out EUR/USD long resulting
in a ()_*((&#(Q&!#$$ closeout.
To get back to where I was a few hours back, I need to make 4X what I
have now.
That's the bad news.
The good news is:
- it freed up a chunk of funds that I can freely trade without worrying
about margin. A new beginning, so to speak. A 4X return, or 400% is not
unheard of in Forex. I mean it stands to reason that if you can lose
400%, then you can make 400% too. It will probably take a but longer
than before though (yes I did 500% before) but hopefully these losses
have turned me into a more prudent trader.
- the numbers were mixed. We got a really good NFP number of 195K BUT we
also got a bad unemployment rate of 7.6. It's not exactly a stalemate
but it makes the QE taper outlook just as confusing as before.
- as I had mentioned before the NFP, it appeared as though the EUR might
reverse taking out those who shorted it. Well lo and behold it didn't drop as anticipated given the pre NFP movement. Because of the data above it dropped, but not that much, in fact I am sort of cheering it on to take out 1.28. So far we just hit 1.2805 and we are at 1.2840 as I write.
Of course its just one hour post NFP so it would be interesting
to see just what will happen before closing. Would still hope to see a drop through 1.28 so I can feel better about going long. But the market is so tame compared to this afternoon. Seems that many traders still have that 4th of July buzz but action may pickup again in a couple
of hours.
Thats about it for now. I need to go back and continue monitoring and
scalping when I can.
Well for starters, the darn positioning took out EUR/USD long resulting
in a ()_*((&#(Q&!#$$ closeout.
To get back to where I was a few hours back, I need to make 4X what I
have now.
That's the bad news.
The good news is:
- it freed up a chunk of funds that I can freely trade without worrying
about margin. A new beginning, so to speak. A 4X return, or 400% is not
unheard of in Forex. I mean it stands to reason that if you can lose
400%, then you can make 400% too. It will probably take a but longer
than before though (yes I did 500% before) but hopefully these losses
have turned me into a more prudent trader.
- the numbers were mixed. We got a really good NFP number of 195K BUT we
also got a bad unemployment rate of 7.6. It's not exactly a stalemate
but it makes the QE taper outlook just as confusing as before.
- as I had mentioned before the NFP, it appeared as though the EUR might
reverse taking out those who shorted it. Well lo and behold it didn't drop as anticipated given the pre NFP movement. Because of the data above it dropped, but not that much, in fact I am sort of cheering it on to take out 1.28. So far we just hit 1.2805 and we are at 1.2840 as I write.
Of course its just one hour post NFP so it would be interesting
to see just what will happen before closing. Would still hope to see a drop through 1.28 so I can feel better about going long. But the market is so tame compared to this afternoon. Seems that many traders still have that 4th of July buzz but action may pickup again in a couple
of hours.
Thats about it for now. I need to go back and continue monitoring and
scalping when I can.
Pre NFP thoughts and apprehensions
The EUR/USD has been flirting with the downside since this morning.
Despite falling over 100 pips yesterday post Draghi, there has been very
little attempt to stage a rebound.
There are two ways to interpret this. One is to conclude that the EUR
will break 1.28 tonight post NFP and drop like a rock, or it can be a
way to make traders think it will do so, get them to short the Euro
before promptly reversing and making a break to the upside.
From what I have seen in these past few months of very curious trading
behavior, I have a feeling that it might be the latter.
Ideally though I would opt to sit this one out due to the critical
nature of this particular release (more on this at a later post) but I
have an open long position in EUR so I have to buckle down and weather
the storm tonight. I am seriously considering hedging with a small short
as well so that in case my long is taken out, it won't be a total loss.
At this point its close to T minus 240 minutes.
Scary.
Despite falling over 100 pips yesterday post Draghi, there has been very
little attempt to stage a rebound.
There are two ways to interpret this. One is to conclude that the EUR
will break 1.28 tonight post NFP and drop like a rock, or it can be a
way to make traders think it will do so, get them to short the Euro
before promptly reversing and making a break to the upside.
From what I have seen in these past few months of very curious trading
behavior, I have a feeling that it might be the latter.
Ideally though I would opt to sit this one out due to the critical
nature of this particular release (more on this at a later post) but I
have an open long position in EUR so I have to buckle down and weather
the storm tonight. I am seriously considering hedging with a small short
as well so that in case my long is taken out, it won't be a total loss.
At this point its close to T minus 240 minutes.
Scary.
Thursday, July 4, 2013
More than 100 PIPS!
The Euro dropped more than 100 pips on Draghi's press conference. Seems
like some people made a lot of money at other peoples expense again.
The movement seemed to be a bit out of sync with reality. Many analysts
even stated that a dovish ECB is bearish for the Euro.
Reminds me of that scene in "A Good Year" where Russell Crowe
manipulated the market to make a quick profit.
like some people made a lot of money at other peoples expense again.
The movement seemed to be a bit out of sync with reality. Many analysts
even stated that a dovish ECB is bearish for the Euro.
Reminds me of that scene in "A Good Year" where Russell Crowe
manipulated the market to make a quick profit.
Post ECB Rate Decision Carnage
Wow. The ECB decided to keep rates unchanged so there wasn't much
movement. Then Mario Draghi opens his mouth and the Euro drops 90 pips!
I was almost taken out by this carnage. Terrible volatility that can
really wipe you out. Be careful out there.
movement. Then Mario Draghi opens his mouth and the Euro drops 90 pips!
I was almost taken out by this carnage. Terrible volatility that can
really wipe you out. Be careful out there.
Tuesday, July 2, 2013
Wednesday market assessment
So far its been a relatively well behaved market but as many analysts
are now pointing out, today and the day after the 4th of July will bring
their own fireworks into the market.
We have some data for release before the holidays which will have a big
impact on the USD. This is considered a precursor to the NFP coming up
on Friday. For novice traders like myself, the NFP or New Farm Payrolls
is a big event that brings major volatility to the market. It can bring
substantial profits but by the same token, it can also bring massive
losses.
So beginners and those who have little experience in trading highly
volatile markets are advised to trade this using demo accounts first.
That ensures that you have the experience (and stomach) to tackle wild
market movements. Demo accounts are key to the proper preparation of a
budding forex trader. They are free and you can use them as well as a
way to select your broker since brokers have different trading
platforms. It is important to pick one that will enable you to trade
effectively because some systems might end up slowing you down which can
affect your trading adversely. Remember, demo accounts are a VERY
IMPORTANT tool for the new forex broker. Use them.
are now pointing out, today and the day after the 4th of July will bring
their own fireworks into the market.
We have some data for release before the holidays which will have a big
impact on the USD. This is considered a precursor to the NFP coming up
on Friday. For novice traders like myself, the NFP or New Farm Payrolls
is a big event that brings major volatility to the market. It can bring
substantial profits but by the same token, it can also bring massive
losses.
So beginners and those who have little experience in trading highly
volatile markets are advised to trade this using demo accounts first.
That ensures that you have the experience (and stomach) to tackle wild
market movements. Demo accounts are key to the proper preparation of a
budding forex trader. They are free and you can use them as well as a
way to select your broker since brokers have different trading
platforms. It is important to pick one that will enable you to trade
effectively because some systems might end up slowing you down which can
affect your trading adversely. Remember, demo accounts are a VERY
IMPORTANT tool for the new forex broker. Use them.
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