Friday, August 14, 2009

Money Management and Risk Management

A new trading e-book has been uploaded to my site today. It’s Money Management and Risk Management by Ryan Jones. As the title of this book goes, it’s about money management — one of the most important parts of Forex trading (and not only Forex, but any other financial trading that involves risk and probability). The author wisely divides the money management into two kinds — the proper and improper money management. Where the first type refers to the one that always keeps in mind both the risk and reward parts of each trading action, while the improper tries to amplify the importance of only one of those to vital parts. Unfortunately, the majority of traders, especially newbie traders, that see the possibilities opened by the on-line Forex market and its huge leverage, fail to see the full picture and all the more so they can’t apply the propermoney management to their trading strategy. But now you can download this book to learn more about the proper money management:
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Wednesday, July 29, 2009

EUR/USD Slumps on Worsening Consumer Confidence

EUR/USD is currently posting a biggest daily drop since July 10th as the consumer confidence report for July along with the housing data for May cut the traders’ hopes for the fast economical recovery and boosted the attractiveness of the U.S. dollar in the Forex market. EUR/USD is now trading near 1.4173.

S&P/Case-Shiller Home Price index for 20 U.S. states was at a seasonally adjusted level of 140.05 in May — that’s a 17.05% drop compared to a year before. A decline by 17.90% was expected following an 18.10% drop in April.

Consumer confidence decreased from 49.3 in June to 46.6 in July in United States. It was a rather unexpected drop (forecasts pointed at a decline only to 49.0).

On the good side, yesterday, a report on the June’s new home salesshowed a growth from 346k to 384k annualized seasonally adjusted rate. That report surpassed the optimistic forecast of gain to 355k rate.
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Do You Trade Anything Else Except Forex?

I think that the Forex market offers a lot of advantages compared to the other types of financial trading. Currency pairs offer a variety of choices, events to react on and the technical analysis is simply beautiful in Forex. But I also like to trade in other markets. Because many Forex brokers also offer gold and oil, I sometimes like to set up long-term positions on these instruments. I also have some portfolio in stocks, but it can hardly be called a real trading because I only trade like once in 3-6 months in stocks. What about you? Do you trade in anything else than currency pairs?

Do You Mix Forex Trading with Any Other Type of Financial Trading?

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GBP/USD Chart Patter — July 26th 2009

This time I once again show only one Forex chart pattern that I’ve detected during the last trading week. It’s GBP/USD ascending triangle with a small downward slope. This is a bullish continuation figure and I recommend expecting an upward breakout, which can happen in a week or two. Click on the image to get the full-size chart screenshot:

GBP/USD, Daily Timeframe Chart, Ascending Triangle
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Forex Technical Analysis for 07/27—07/31 Week

EUR/USD trend: sell.
GBP/USD trend: sell.
USD/JPY trend: buy.
EUR/JPY trend: sell.

Floor Pivot Points
Pair3rd Sup2nd Sup1st SupPivot1st Res2nd Res3rd Res
EUR/USD1.39271.40181.41091.42001.42911.43821.4473
GBP/USD1.60131.61611.62891.64371.65651.67131.6841
USD/JPY91.2892.1893.4894.3895.6996.5997.89
EUR/JPY129.06130.57132.59134.10136.12137.63139.65

Woodie’s Pivot Points
Pair2nd Sup1st SupPivot1st Res2nd Res
EUR/USD1.40181.41101.42001.42921.4382
GBP/USD1.61561.62791.64321.65551.6708
USD/JPY92.2893.6894.4895.8996.69
EUR/JPY130.70132.84134.23136.37137.76

Camarilla Pivot Points
Pair4th Sup3rd Sup2nd Sup1st Sup1st Res2nd Res3rd Res4th Res
EUR/USD1.41011.41511.41671.41841.42171.42341.42511.4301
GBP/USD1.62651.63411.63661.63921.64421.64671.64931.6569
USD/JPY93.5794.1894.3894.5894.9995.1995.3996.00
EUR/JPY132.67133.64133.96134.29134.93135.26135.58136.55

Fibonacci Retracement Levels
PairsEUR/USDGBP/USDUSD/JPYEUR/JPY
100.0%1.42911.658595.29135.61
61.8%1.42211.648094.44134.26
50.0%1.42001.644794.18133.84
38.2%1.41781.641493.92133.43
23.6%1.41521.637493.60132.91
0.0%1.41091.630993.08132.08
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