Euro Dollar rally is back
by John on 17/12/08 at 2:24 pm
The EUR/USD rally is back. In just 2 weeks, the EUR/USD raised nearly 2000 pips.
This rally started on the triangle breakout that I told you about, and in case you joined the trend, you’re already sitting on 1000 pips profits.
The buy point was at 1.3081.
The EUR/USD has been crashing all the resistance points, but is [...]
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1 - Never think in forex as a get rich quick opportunity. This market is difficult and risky, and you need to take the time to learn it before you start making money in forex.
2 - Beware with all the “Automatic Systems” that promise to make a fortune overnight. Most of these systems don’t work, and that’s why they sell them in the first place.
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If you want to trade Forex on your stock broker you can do so by trading ETF’s instead of the currency pairs.
Here’s a list with the most important Forex ETF’s.
Full StoryRecent Market Activity
As expected, the Forex market was nearly dead during the Christmas week. If you take a look at the daily chart, you’ll notice the volume and volatility was tiny.
Full StoryProbably the last decent week to trade
This will be probably be the last decent week to trade Forex until the end of the year.
Usually the Christmas and the new Year weeks don’t have much volume or volatility, so you can take this time to take a well deserved vacations.
The most important economic indicators of the week will be released this Tuesday.
The [...]
Euro Dollar broke above 6 weeks triangle
EUR/USD was able to broke above the 6 weeks consolidation triangle.
The EUR/USD took 3 days to finally complete the breakout, but once it reached 1.3081 it quickly jumped nearly 300 pips.
The EUR/USD is now in uptrend so it’s time to check the most important resistances
Full StoryWhich are the most important currencies nicknames?
If you’re trading Forex, you probably noticed some currencies have “nicknames”. Here’s a list of the most common nicknames:
United States Dollar - Greenback
Australian Dollar - Aussie
New Zealand Dolar - Kiwi
Canadian Dollar - Loonie
Swiss Franc - Swissie
Great Britain Pound - Sterling or Cable
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GBP has been losing against most currencies
If you check a couple of GBP weekly charts, you’ll notice the GBP has been losing ground against most currencies.
This EUR/GBP chart shows the Euro has been in a rally against GBP for a long time.
If you take a look at GBP/JPY and GBP/USD you’ll see the GBP has been the weakest link:
The long term [...]
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If you’re looking to be a successful Forex trader, you need to work on it and have patience.
You can’t expect to start trading today and make a fortune in 1 year. You need to learn how this complex market works and practice on a demo account.
You need to find what type of trader you are. [...]
Euro Dollar trades near strong resistance
Recently I wrote about EUR/USD being on a consolidation for 6 weeks. Currently the EUR/USD is trading near the top of the triangle formation which is a major resistance point.
For the 3rd day in a row, the EUR/USD is trying to break above this resistance area, but so far it wasn’t successful.
The horizontal line represents [...]
