Forex Profit Alert: July 31, 2008
July 31, 2008
Tomorrow we have a Movers trade that was triggered by the release of the Non-Farm Payrolls at 8:30 am ET. I trade the Movers system on the EUR/USD due to the small spreads and large volume that is indicative of this pair. Make sure to place your stop loss with your entry order, so that they go into the market together.
The GBP/USD has both a long and short pending pivot trade. The USD/JPY has a short pending pivot trade. The USD/CHF has a long pending pivot trade and the EUR/USD has a pending short pivot trade.
With the close of this week’s session, we have a possible gap trade this coming Sunday. Make sure that you are there to trade it if a gap occurs.
Members login to view this content. (Not a member? Join today!)
Forex Profit Alert: July 30, 2008
July 30, 2008
The GBP/USD pulled back during today’s session to close higher for the day. We are in a down trend in the pair and should see a break of our pivot low within the next session or two.
The USD/JPY has moved a little higher, but for the most part this pair is just moving side ways. Hopefully over the next two weeks we will have a new pivot high and a pivot low that is closer to the market.
The USD/CHF wants to move higher but today ran into some resistance that it couldn’t seem to get through. A pull back could give us a new pivot high order to place.
The EUR/USD is headed lower, so any pull back should create a new pivot high for us.
We currently have five pending pivot trades.
Members login to view this content. (Not a member? Join today!)
Forex Profit Alert: July 29, 2008
July 29, 2008
Oil went lower to close almost $3 dollars down for the day and the consumer confidence survey was better than expected. This gave fuel for the USD to move higher against the four major pairs. Due to this, the EUR/USD broke to the down side through our short pending pivot trade. The pivot trade made us a gross profit of 21 pips.
The pending short trades in the USD/JPY and the USD//CHF will most likely not be hit because they are far from the market. However, we will keep these trades pending until new pivot lows are created.
We currently have five pending pivot trades.
Members login to view this content. (Not a member? Join today!)
Forex Profit Alert: July 28, 2008
July 28, 2008
The GBP/USD gap trade was closed out at a profit and the other leg was closed out at breakeven.
No Movers trades for this next session. We will have one later this week, so keep an eye out for it.
The GBP/USD is two sessions away from creating a new pivot low point. This would signal a new pending short trade. The EUR/USD moved higher away from the pivot low, so we will have to wait until this pair decides on a direction. In another two sessions the EUR/USD could have a new pivot low created. We currently have six pending pivot trades.
Members login to view this content. (Not a member? Join today!)
Forex Profit Alert: July 27, 2008
July 27, 2008
The GBP/USD gapped up on the open, signaling a gap trade. The EUR/USD, USD/JPY, and the USD/CHF all gapped on the open, but the gaps were not large enough to warrant placing any gap trades. The USD/JPY gapped down on the open. The EUR/SD gapped up at the start of this session. The USD/CHF gapped down on the open.
At the end of this week we will most likely have a Movers trade due to the Non-farm Payroll.
There is a good chance that the pending pivot low trade in the EUR/USD will be hit during this next session. We currently have six pending pivot trades.
Members login to view this content. (Not a member? Join today!)
Lower Energy Prices Give Much Needed Strength To U.S. Dollar
July 25, 2008
This week was much quieter as far as the volume of news as opposed to last week. The Aussies, in fact, get to take this week off, while major news didn’t come for the USD until the Friday, and even though the numbers weren’t great it turns out to be some pretty decent news for the dollar. Several nations only had a few minor reports, but while there might have been far less reports coming out this week, that doesn’t mean the news wasn’t important or strong in affecting the world Foreign Exchange Markets.
Weekly Update:
Swiss trade surplus even bigger than expected…
The first major report to come out this week was the Swiss releasing their July trade balance report. The land of chocolate, clocks, and quality banking continues to do well. The predicted trade surplus for Switzerland was 1.6 billion CHF, but turned out to be much higher at 2.41 billion CHF. This was excellent news for the Swiss currency, and while many nations are struggling, the Swiss seem to be riding through with the least turbulence to this point: but it is a long flight yet.
Members login to view this content. (Not a member? Join today!)
Trading Platforms
July 24, 2008
MetaTrader 4
MetaTrader 4 is the platform that I use to execute trades. The software is free with several different Forex brokers. This platform allows for auto-trading.
CLICK HERE to go to the site.
Trade Station
Trade Station is the other platform that I use to execute trades. Trade Station started out as just software for testing trading stratagies, but has become a brokerage firm over the years. I use Trade Station for the majority of the research and testing that I do.
CLICK HERE to go to the site.
eSignal
eSignal is another software trading platform that can be used to back test trading ideas. eSignal can be linked to a broker of your choise and you can place trades through the software.
CLICK HERE to go to the site.
Forex Profit Alert: July 24, 2008
July 24, 2008
The pound had negative Retail Sales figures released for June. This helped the downward breakout that we saw in the GBP/USD during today’s session. The pair is currently between the pivot high and pivot low. We will have to see which direction it moves during Friday’s session. This might give us some idea where it’s going in the coming week.
The EUR/USD dropped within nineteen pips of our pivot low point before retracing fifty pips at the close. This retracement could signal the start of a reversal.
We currently have six pending pivot trades.
Members login to view this content. (Not a member? Join today!)
Forex Profit Alert: July 23, 2008
July 23, 2008
We had two pivot trades triggered during today’s session. They were both buy orders. One was in the USD/JPY and the other was in the USD/CHF pair. The USD/JPY was a winning trade, but the USD/CHF was stopped out before moving higher. The GBP/USD continues to move sideways within the current pivot high and pivot low of the past several sessions. I’m looking for a breakout to occur in this pair at any time. The EUR/USD moved down closer to our pivot low point. We could have a trade in this pair with a few sessions.
We currently have six pending pivot trades.
Members login to view this content. (Not a member? Join today!)
Forex Profit Alert: July 22, 2008
July 22, 2008
The USD/CHF came within twenty-five pips of a key breakout level. However, it closed fifty pips from this point. If the pair does not pull back, I’m looking for it to push through this point during the next session. The USD/JPY moved higher to close up for this session. By closing up, the USD/JPY form a new pivot low point.
All four major pairs formed an outside bar today, with the dollar showing strength across the board.
We have eight pending pivot trades. Remember to place your stop loss with your buy/sell orders. This will ensure that you are out if the market goes against you.
Members login to view this content. (Not a member? Join today!)
Recent Comments