Archive for June, 2009
USD/JPY Bows to Our 3rd Tier Downtrend Line
Technorati Profile By Fast Brokers – The USD/JPY is turning south from our 3rd tier downtrend line as we notice a Dollar appreciation across the board today. We haven’t seen any abnormal volume to the upside on the 1-day chart, leading us to believe that the USD/JPY may remain in its steady downtrend. It would [...]
Forex – The 4 Stages to Profitability
Becoming profitable in Forex is a process – like any other profession, it requires competency training. The process of training the mind and acquiring the necessary TA and market skill to obtain competence and trade successfully takes time. Psychology’s competence matrix (often used in both education and change management disciplines) has much application to trading. [...]
U.S. Wholesale Inventories Decline in April
(ForexDistrict) – U.S. wholesale inventories declined for the month of April by 1.4%, according to data released by the U.S. Census Bureau. The decline followed a revised -1.8% the month prior, indicating the eight consecutive month of decline among this index. Sales for the month declined 0.4% and are now 19.5% below the level a [...]
Euro and Pound at Resistance Levels
FXstreet.com (Barcelona) – U.S. markets have opened on a moderately positive pace on Tuuesday amid cautious trading ahead of details of which U.S. large banks will repay Government’s TARP funds. Euro and Pound have picked up to resistance levels regaining some of the ground lost in recent declines. Dow Jones Industrials index edges up 0.17%, [...]
US Treasury Yields in a Tug of War
“The Wall Street firms that trade directly with the Federal Reserve say speculators betting that interest rates may head higher this year are wrong. Policy makers will keep the target for overnight loans between banks in a range of zero to 0.25 percent this year, according a survey of 15 of the 16 primary dealers [...]
Risk / Reward Thoughts Going Into the NFP Data
Going into tomorrow’s US NFP data there are two themes driving my thinking. The first is that NFP Data is not nearly as significant a factor to the markets as it was two years ago when it was singularly the most important piece of data each month. The jobs report will show a huge loss [...]
EUR/USD – Short Term Trade Idea
EUR/USD has created one of our favored chart patterns. In the below 30 minute timeframe chart, EUR/USD has created a false break out (See previous post regarding EUR/CAD) on the lower Bollinger Band. It has since revisited that level and held. We feel that the 1.4195 – 1.4200 level is a short-term support level. We [...]
GBP/JPY – Another Trade Idea
by: Back Bay FX GBP/JPY has been trading in a range that is well-defined by the 2 hour time frame Bollinger Bands. In the below snapshot, the pair has bounces off the midline and seems to be continuing it’s move higher. Yet that midline is a very important level. We will use a Buy Limit [...]