No stopping for GBP

Milestone in the currency market - No stopping for GBP Pound.Today the GBP/USD currency pair touched 2.0000 mark which means that 1 USD = 2 GBP.The expert team is not sure till when will this run of pound going to continue. When I look at the daily chart I find the currency pair to be in 5th Elliot wave which means that the run can stop any time. My guess is that it will run till 2.150 or where abouts.As per the hour chart the currency pair already has run 400 pips. So, I am not in favour of doing any trading at this point on this currency pair. No position or swing trading, nor even day trading.

Forex Trading using MACD

As I mentioned in one of my previous posts, MACD is one of the very powerful and widely used technical indicator. In fact it is one of the very common indicators used in most of the currency trading system. However, this indicator needs to be used very smartly. Thats because this is a lagging indicator, which means that it gives a trading confirmation after the event has already occured. However, it is more than useful. Still I have found that newbies are not able to understand how to use full advantage of this.

Forex trading at its best when technical indicators work as they shoulg

A trader of currency market gets a lot of pleasure when the technical indicator s/he has analysed works the way analysis said. So, when someone feels that the currency pair should bounce of a fibonacci level or should bounce from EMA, and if that happens, its terrific.The same happenned with AUD/USD. My analsis of this currency pair said that it should bounce from 200 EMA. Spot that happenned in forex day trading..I went in to trade as MACD also crossed up, and made 55 pips. Most of the times I use RSI as the trigger. But this time MACD turned out to be the trigerring indicator.However, still I maintain that the most volatile currency pair is GBP/USD followed by USD/CHF and EUR/USD. They respond to technical indicators very well

Importance of Fundamental announcements in currency trading markets

Just like a space craft going to be launched requires a fire thrust to launch into air, the same way the forex trading market requires the fuel of fundamental news and announcement. Many of the times you must have seen that market is range trading meas the currency pair price is bouncing between a support and resistance line..Though its a very profitable trading situation, still most of traders prefer to trade when forex market is in trending. This is true for swing trading and day forex trading across global.

Another Simple Trading Strategy

Trading using EMA and bollinger bandsMany a times when you are trading you,ll observe that market keeps moving in tight range..The candles on 5 min chart become smaller and smaller..If you draw bollinger bands on the chart, they will become tighter and tighter..This generally happens between 6 PM EST to 12 PM EST as the volatility is very low..One can take advantage when this happens using a particular forex day trading system. Since the market is in a tight range, a breakout will probably happen very soon..Learn this in forex trading onlineDuring breakout, the candlestick will break through upper or lower bollinger band..When that happens, you should get ready to place a trade whenever your confirming indicator confirms..

The EURO strength against USD in past few days

The EUR strength against USD in past few daysThe major talking points in past few days has been the breaking of 1.3000 level ofEUR/USD..The USD has shown significant weakness across the board..However, now the currency is retracing, thanks to some pro $$ fundamental announcements such as "Phily Fed" speech, pro NFP (Non Farm Payroll) news..

Which fundamental announce moves the market most

These fundamental announcements move the market the mostHello everyone...I came across this very interesting and very useful article which lists which fundamental announcements moves the forex trading market the most and how many pips does it move.So, definitly it will tell you when is the market expected to be most volatile for online forex trading. I have added this article to my favourites. You can do the same as well.

Another System for 1 minute chart.

Forex Day Trading System - Another System for 1 min. chartAs always I have said that for 1 min chart, the technical indicators are not very reliable.. However this system is more cool than others and the indicators this sytem uses is more reliable than others..Lets go through the system -As I have mentioned earlier that use this system for a profit targets of 5-7 pips after subtracting the pip spread.

Importance of Candlesticks

Forex Day Trading System - How much is the importance of candlesticks
Candlestick patterns are important and very important..When you look at a daily chart, the candlestick formations are very reliable..They point to hammer, hanging man, morning star, evening star and other formations very accurately..