Market Stuck Await For Big News

06: 50 AM (GMT+7)
All pair moving on tight range awaiting for UK MPC statement and UK Official Bank Rate,and EURO minimum Bid Rate, and also tomorow The FED will shake the market with Non-Farm Employment Change,Unemployment Rate and Average Hourly Earnings wich will be the main concern all trader in the world. All moved slowly and boring. Eventhough EUR already break this week high at 1.4444 and make a new top last night at 1.4448, I don't want to take a risk stuck on the market.

My concern in Time Frame 4H does not give me the clear direction, that's also shown on time frame 1 H. I hate fundamental and this week full of big fundamentals,I just stay away on EUR/USD since it make sideaway for last fiew days.

TF 4H:

TF 1 H :

UPDATE - 06:09 PM (GMT+7)


As I said before, I see bullish but already loosing power and getting weak, and In my opinion EUR/USD need a downward for gain and collect more power to jump. Price action in Time frame 4H already touch parabolic SAR and EMA 20, and EMA 5 alredy curved down, this should indicated bearish will happen soon. On TF 1 H, price alreadi break EMA 20 and Parabolic SAR already formed above the candle, which mean it's bigger chance for price action push lower to EMA 250 at 1.4258, and if steady will contiue to 1.4212.


I already take one sell at 1.4389, I put SL at 1.4448 and my first target is 1.4265, and if this going to be as my view, my second target would be 1.4100



UPDATE: Friday, 07 August 2009 ( 08:27)

EUR/USD near on my target, but seems like NFP would make it higher. I'll try to keep on my plan, but for safety procedure I'm now adjusting my Stop Loss at 1.4379

What Are Forex Charts and How to Read Them?

Forex charts are important technical tools for traders to study if they want to have a success trading transaction. This chart is the primary tool for technical analysts as practitioners to watch for patterns or noticeable abnormalities in legendary price action. This could help them in order to predict what possible move they should take in the future. If you want to become a successful Forex trader and gain more profit you should be aware of how to read the charts which is very important and quite essential factor for any trader. These charts could show a single period of time and such period could range from one minute to one month to several years.
This chart is an exact illustration and representation of the price history of a currency. With the crammed scope of monitoring and trading global currencies, the importance of Forex charts for best investor cannot be estimated over. After glancing in a few Forex Trading Charts, you may recognize that there are few or little price gaps or there are also times where there are not especially on the charts having longer terms such as 3-hour, 4-hour or daily charts. Trading cannot be considered to be as easy as we think it is. It has been done with a lot of work, discipline, patience and education. Luckily there are also sites which give new set of tools to monitor and administer your Forex Trading.
One good thing about the Forex charts which others before are using, taken in hand in stocks day trading is their easiness for interpreting and understanding. These forex charts can give an in depth look when it comes to the relation of the movements of a certain economy of a country. This may show slow faction with day to day condition which concerns with company reports, and analysts from Wall Street and the demands of shareholders. Charts can be customized depending on your choice. Charting package may also be manipulated in order to view in several different ways.
There are kinds of Forex charts that show actions in prices. These are:
• Line Chart – this is graph which is a representation of the chronological exchange rate of a certain currency pair in a given period of time.
• Bar Chart – this is a currency chart that corresponds to the currency price, which forms vertical bars in a day like ever 60 minutes or others.
• Candlestick Chart – this chart is used to predict the present market which represents opening, closing, highness and lowness of prices as candlesticks with a wick at each end.
• Point & Figure Chart – this models are essentially the same prototype found in bar charts but Xs and Os are used to market changes in price direction.
Foreign currency charts are easy to understand, especially if you are a previous stock , future trader and investors. To view the history of a price of a stock in chart form, a stock trader has to settle on the ticker symbol of the stock, the chart period (1 day, 1 hour, 15 minutes, etc.). In the forex trading market, this process of using charts is no different, with the exclusion that instead of specifying a ticker symbol, the currency trader states the currency pair he wants to trade.
There are also such types of charts as:
• Equivolume charts
• Renko charts
• Three-Line Break
• Kagi charts

Interested in FOREX Trading?

The Foreign Exchange Market (Forex) has no central exchange location yet it is the largest financial market in the world. It is over 3x's the size of the stock and futures markets combined and operates via an electronic network of a banks, corporations and investors.
Foreign exchange consists of a simultaneous buying of one currency and selling of another. Currency is traded in pairs, in other words, one currency is traded for another. The major currencies are:USD — United States Dollar EUR — Euro members Euro JPY — Japan Yen GBP — Great Britian pound CHF — Switzerland franc CAD — Canadian dollar AUD — Australia dollar
There are 2 types of investors involved in the Forex market.The first type of investor is the hedger. The hedger is involved in International trades and utilizes Forex trading to protect their interest in a transaction from adverse currency fluctuations. The 2nd type of investor is the speculator who invests in currency solely for profit.
Currency prices fluctuate due to a variety of economic and political factors. The major factors are: Interest rates International trade Inflation Political stability
There are many reasons investors take a great interest in FX trading Some of the major reasons are: No fees No middlemen No fixed trade sizes Low transaction cost High liquidity Instant transactions Low margin / High leverage 24 hour market Online access via online trading platforms Always good opportunities to trade, unlike the stock market the market is never bullish or bearish. No one entity can control the market No insider trading can occur
To begin trading in the Forex market, an investor only needs a computer, a high-speed internet connection and an online trading currency account. A mini account can be opened for as little as $100.
These are some of the reasons why Forex trading has become quite popular in recent years. For more information on getting started in FX Trading visit http://www.fx-trading-guide.com/

Futures Versus Forex (Foreign Exchange Market)

Todays current futures market is quite unlike the futures of the 19th century. Todays future market is a worldwide one that includes manufactured goods, financial currencies and treasury bonds, and agricultural products.
When you speculate on futures it is not the actual good that is speculated upon rather it is the contract for the goods that is traded as value. Every futures contract includes a buyer and a seller. The following is an example of a futures speculation: A farmer agrees to deliver 1000 bushels of corn to a baker at a price of $5.00 a bushel. If the daily price of corn futures falls to $4.00 a bushel, the farmer's account is credited with $1000 ($5.00 — $4.00 X 1000 bushels) and the baker's account is debited by the same amount. Futures accounts are settled every day.
Using the above as an example this is how the contract settlement would play out: If the price of corn futures is still at $4.00 the farmer will have made $1000 on the futures contract and the baker will have lost an equal amount. However, the baker can now purchase corn on the open market at $4.00 a bushel — $1000 less than the original contract, so the amount he lost on the futures contract is made up by the cheaper cost of corn. Also, the farmer must sell his corn on the open market for $4.00 a bushel, less than what he anticipated when entering the futures contract, but the profit generated by the futures contract makes up the difference.
Speculators profit by daily fluctuations in the futures market by choosing to buy from the seller (buying short) or from the buyer (buying long).
The FOREX market has advantages over the futures market. FOREX is the largest financial market in the world. It is a liquid market and stop orders can be executed more easily and with less slippage than in other markets. The FOREX market is open 5 days a week, 24 hours a day. Traders can take advantages of opportunities as they become available. FOREX transactions are usually instantly executed. FOREX transactions are commission free. Brokers earn money on the spread.
Some investors feel that due to built in safeguards that FOREX trading is safer than futures trading.

Forex Market Offers Opportunity And Information

The forex market is what is called an international exchange currency market, where currencies are exchanged on a daily basis. There are five forex market centers around the world — New York, London, Tokyo, Frankfurt and Zurich. One does not need to be on the trading floor, so to speak to be involved in the forex market. Today, forex trading can be done from home on a computer.
The forex market itself is basically a worldwide connection of traders, who make investment moves based on the price of currencies, or their values relative to other currencies. These traders constantly negotiate prices with other traders resulting in the fluctuation or movement of a currency's value. The value of a currency on the forex market also corresponds with supply. If there is greater demand for the Euro, let's say, then there will be less supply of it on the forex market, which means, in time, it will make a Euro more valuable compared to let's say the dollar. In short, in this forex market situation, one Euro would yield more dollars, subsequently weakening the dollar as well. Analyzing the forex market's fluctuations allows investors to make predictions on how a currency will move in relation to another currency. They then can make predictions and buy and sell currency accordingly.
While some people view the forex market as a place to see what their exchange rate will be when they travel abroad, others view it as an opportunity to make great gains in their financial planning and future.

Reality of Online Forex Trading

Foreign exchange trading is the trading of currencies. Most currencies can be traded. Huge amounts of currencies are traded 24 hours a day, 5 days a week. On average $1.9 trillion is traded a day. The most traded are United States Dollar, Japanese Yen, Euro, Canadian Dollar, British Pound Sterling, Australian Dollar and Swiss Franc.
Many brokers will let you open an account with a starting balance of just $250. Though that may seem small, remember you will be trading on margin. Your $250 investment may let you control $25,000. As with all investments there are risks so make sure you take the time to study the markets and your exposure before making your first trades. I highly recommend that you do some paper trades first to make sure you have understood how the markets work. No risk training, just write down the trades you would have done for real and chart the prices. Buy and sell and see if you have the right strategy before making real trades.
A fast internet connection will allow you to do forex trading online. Your broker will give you many online tools to allow you to study the markets: Real time quotes, news feeds:
Visit different broker's websites and compare the services they offer. Some brokers give you the possibility to open demo accounts. Do so, to test their software and find the one you like best.
Before you start trading make sure that you have learnt the terminology: Market Order, Limit Order, Stop Order. You may find the definitions of these terms and more information at http://www.forex.value-guides.com/calc-forex.html Calculating Forex Profits And Losses.
All currencies have standard identifying code used worldwide, some examples are: EUR (European euros), GBP (United Kingdom pounds), AUD (Australian dollars). Of course you don't have to know them all but it may be good to be able to recognize all the major currencies codes so that you will be able to make quick decisions.
To make sound evaluations, you need information. Follow carefully the world's current events, economic and political news. You will be surprised to see how, what may seem to you as insignificant will cause the currencies markets to fluctuate wildly.

My Performance On July 2009

Day trading : 17
Number of Trade : 17
Profitable Trade : 7
Loss Trade : 9
BEP Trade : 1 pips
Amount profit : +351 pips
Amount loss : -581 pips
TOTAL LOSS : 230 pips

EUR/USD Break Strong Resistant

10:51 AM

Eur/USD alredy make a rally since Thursday and break strong resistant at 1.4437 and top at 1.4444 this morning. From that EUR/USD already comfirm the bullish still continue. But I think RSI and candlesticks configuration shows EUR/USD need downward first,possibility to 1.4328 area. And support seen at Friday's High which is 1.4280.

I'm not take any position today till EUR/USD break it High today or move to 1.4328, I think this week will move with tight range regarding this is early month and market await NFP from The Fed