Top Performers!
By Mike Conlon | March 3, 2010
Forex System Selector (FSS) Top Performers!
When considering any automated forex system providers, not only is it important to have good strategies, but also it is equally important to have a good platform. FSS has you covered on both fronts!
When investors select individual EAs to use, market conditions will determine how effective any one EA will be. If market conditions aren’t ideal, even the greatest strategies can have less-than-desired results.
And that’s the problem with the “one size fits all” approach. You wouldn’t take a sports car four-wheeling, would you? Nor would you want a golf cart on the Autobahn!
Not to worry, the FSS has you covered, as there are over 40 different systems that can excel in a variety of different market conditions. Now you have the power!
Well by now you must be thinking to yourself that, “these systems couldn’t possibly be any good”. Am I right?
Well how does earning 9000 pips in one month with a 95% winning rate sound to you? That’s the type of system you will find in the FSS.
Here’s a look at our top 5 performing systems from last month:
Are you skeptical like I am? Don’t take my word for it. Come see for yourself.
Sign up for a free, FSS demo account here and see what all of the excitement is about.
Say “good-bye” to individual EAs and MT4 and “hello” to FSS, the future of automated forex trading!
Tags: account, blog, demo, demo account, forex, forex trading, forextrading, free, fx, idea, Il, invest, investor, market, pip, pips, rate, ssi
Topics: What To Look At In The Market | No Comments »
Non-Farm Payrolls Disappoint!
By Mike Conlon | January 8, 2010
The US Non-Farm Payrolls Report (NFP) is usually one of the biggest market moving numbers in the currency markets. Today’s number is no exception. The report came in for December at -85K, a very disappointing figure. Estimates were expecting this number to be flat, that we neither gained or lost jobs for the month. Although I had seen some pretty wild numbers tossed around, anywhere from +/- 200K. The revisions for the prior two months showed a net loss of 1K jobs, a negligible but encouraging figure.
So what does this all mean? Well in a word: trouble.
The US economy is not adding jobs nearly as quickly as the government had hoped. With all of the enormous amounts of stimulus spending, we have little to show for it. As a result of this figure, the US dollar reversed course and immediately began to weaken. If anyone had any delusions about a US rate hike in the first quarter of the year, they can pretty much forget about it as its now off of the table. Unless the dollar tanks so badly that Bernanke HAS to do something.
My guess is that we’re going to be looking at Japan 2.0 here in the US, our own version of their “lost decade”.
Just to illustrate the volatility that can occur around this figure, take a look at this chart of EUR/USD: (click chart to enlarge)
Close to 100 pips in a few minutes!
This could make an interesting year for the US dollar. There are 2 basic ways that we will see dollar strength this year; either through interest rate hikes or risk aversion plays. So while this logic may be a bit counter-intuitive to some, it’s going to be very important to take our clues from the other markets to see which theme is playing out.
And of course don’t forget that the dollar can continue to weaken well into this year, the question is going to be that if things don’t get better on the employment front, at what point does that filter through to the other markets?
Only time will tell.
To learn more about how these government figures can affect your savings, be sure to check out our forex trading courses!
Tags: Bernanke, blog, cad, course, currenc, currency, currency market, dollar, economy, EUR, eurusd, forex, forex trading, forextrading, fx, fxedu, Il, interest, interest rate, Japan, Mike Conlon, minutes, nfp, payrolls, pip, pips, time, USD
Topics: What To Look At In The Market | No Comments »
Yen Weakness Persists!
By Mike Conlon | December 3, 2009
Yesterday I wrote here about how Japanese officials are attempting to jaw-bone the yen lower. Today it looks like its working. As of this writing, we’re looking at a move of almost exactly 1 point, or 100 pips in USD/JPY. Yen weakness is the theme of the day so far, with the yen depreciating 1.12% vs. USD, 1.38% vs. AUD, 1.35% vs. EUR.
Let’ take a look at today’s chart vs. yesterday’s on USD/JPY: (click charts to enlarge)
As you can see from the charts, today’s move in this pair is considered a “gap” up, meaning that there was strong demand to own this pair. This is likely the result of some short covering and unwinding of the carry trade, which has occurred due to the reasons I outlined in yesterday’s article.
This will show us if a new trend is emerging if price doesn’t return to “fill the gap”. I identified around the 89 level as the first layer of resistance yesterday so let’s wait to see if we can get to that level and then what occurs if we get there.
To follow this trade real-time in a free, practice trading account, click here.
To learn more about technical analysis in the forex market, be sure to check out our currency trading courses!
Tags: account, AUD, blog, charts, course, currenc, currency, currency trading, EUR, forex, forextrading, free, fx, fxedu, Il, Japan, jpy, lower, market, Mike Conlon, pair, pip, pips, practice, technical, time, trade, trend, USD, Yen
Topics: What To Look At In The Market | No Comments »
Trade Update- GBP/AUD!
By Mike Conlon | October 21, 2009
As I’m sure you know by now, GBP had a nice move overnight and is currently up vs. (USD & JPY). Earlier this morning, it was also up a lot vs. AUD (this trade) to 1.8. When I saw this this morning, I placed a protective stop at 1.795 for another piece of my position and got stopped out on that piece.
Since that time, GBP/AUD has traded down and is now at 1.782. Anytime I am in a position that has a significant move, the DAY AFTER, I enter a new or confirm an older position, I will always take some profits. 150 pips looked good to me.
The commodity currencies, particularly NZD and AUD, are having good days as Reserve Bank Governor Bollard stated that the fact that the Kiwi is already strong would not preclude them from raising interest rates. Similar thoughts were made by Australia’s Glenn Stevens as well.
So while that all but kills any further chance of this trade succeeding more than it already has, I’m still going to sit in this last piece and see what happens. So my stop is at 1.766, my entry price on the initial trade.
Let’s see what happens as the all bank-talk seems to be heating up!
Tags: AUD, Australia, bank, commodity, currenc, currencies, gbp, interest, interest rate, interest rates, jpy, Kiwi, lot, Mike Conlon, nzd, pip, pips, time, trade, USD
Topics: What To Look At In The Market | No Comments »
GBP/AUD Trade Follow-Up!
By Mike Conlon | October 20, 2009
I just wanted to give readers a heads up on this trade that I called out last week. To give you a little background, I don’t typically like to say that I am doing this or that, but rather like to point out “possible trades” with “theoretical results.” Whether I am actually in the trade or not is immaterial for discussion purposes on this blog, as I don’t want to be seen as recommending specific trades, but rather as just trying to point out some tidbits that may be unconventional to some.
The reason I say this (and have disclaimers LOL) is because right after I posted this initial trade idea, I got a call from a good friend of mine who asked me in no uncertain terms, “Are you Nuts?” When I asked what he meant he gave me the usual response of don’t fight the trend, the fundamentals don’t add up, the Aussie is benefiting from the carry trade, BOE trying to keep GBP low through further threats of more QE, etc. And while I was aware of all of these factors before I picked this trade, something told me I should investigate this a little further.
Perhaps it was yesterdays sell-off of this pair that had me second guessing myself, but I realized that when dealing with trend-reversals rarely do they happen and then go strait up. So I decided to do some multi-time frame analysis.
Now you may be asking yourself, why don’t you use technical indicators? Well, I do, but do after the fact as confirmation to see if it matches up with what I’m seeing from the price action on the chart. What I’d rather do is begin looking at shorter time-frames to see if any discernible patterns are emerging.
Voila! I dropped down 1 time-frame (which for me is the 4-hour chart) and noticed what I thought to be a possible cup & handle formation. This is a very bullish pattern if it completes properly. Let’s look at the chart (click to enlarge):
Now you’ll have to forgive my awful chart-drawing skills, but as you can see, there is a very rudimentary c&h formation in progress. Should this pair breakout above the “brim” of the cup at around 1.785, then we could see some momentum to the upside.
To come up with a target price, I added the height of the cup to the breakout price of the handle and came up with roughly 500 pips. But because I am already in this trade (half position- I took some profits), I don’t need to take any action at this point. But if this should breakout above the handle, then one could play the break-out by buying just above that price level.
So while at this point the fundamentals still don’t add up for this trade, stranger things have happened. Its amazing to watch how the technicals sometimes predict fundamental action. Whether or not it will in this case is anyone’s guess. But that is what trading is about, not trying to guess where the market is going, but rather trying to increase your odds that a particular action may take place and having sufficient risk management in place if it doesn’t occur.
So keep an eye on this pair to see if this formation “activates”, and if so, listen to the news to see if anything material has taken place. Or you can just check back here… as I will be sure to update.
Good trading to all!
To learn about these possible set-ups, be sure to check out our forex trading courses!
Or get a live demo account to follow in real-time!
Tags: account, AUD, Aussie, blog, course, demo, dow, forex, forex trading, forextrading, fundamental, fx, fxedu, gbp, invest, live, market, Mike Conlon, momentum, news, pair, pip, pips, ssi, technical, time, trade, trades, trend
Topics: What To Look At In The Market | No Comments »
GBP Still Strong!
By Mike Conlon | October 16, 2009
The British pound is still strong today, showing a little bit of follow through from yesterdays gains. Yesterday I called out a trade in GBP/AUD as a low risk opportunity based on some technical factors, despite the fact that the trade was “counter-trend”. Let’s see how its doing:
(click charts to enlarge)
As you can see, this trade is up about 169 pips from yesterdays entry price (1.7828-1.7659=169 pips). While you’re not going to be able to retire just yet LOL, this high probabilty set-up is showing some initial gains and looks promising going forward. To give you an idea of what this means, with just one lot, you would have made $169 if you were in this trade.
And the cost to get into this trade? Just $50 in margin. So in theory, you put up $50 to make $169. That’s pretty good coin! Now imagine what happens when you use the multiplier effect of leverage!
While its never a good idea to over-leverage your account, taking high probability trade set-ups can be extremely profitable if you know what you’re doing!
To learn about how to spot trade set-ups such as these, check out our currency trading courses here.
Want to test my calls in real time with a practice account of your own? Get started here.
Tags: account, AUD, blog, British, charts, course, currenc, currency, currency trading, forex, forextrading, fx, fxedu, gbp, idea, Il, lot, Mike Conlon, pip, pips, pound, practice, practice account, real time, spot, technical, tip, trade, trend
Topics: What To Look At In The Market | No Comments »
See What I Mean?
By Mike Conlon | September 23, 2009
It looks like the FED did as was expected and the market was kind enough to follow suit, by selling the dollar and buying up other currencies. But see what I mean about the volatility! Take a look at this 5-minute chart of EUR/USD. (click chart to enlarge) Over 60 pips in less than a few minutes!
Hopefully readers you took my advice and sold USD bought other currencies, or steered clear of the mayhem all together!
Want to learn how to spot forex trading opportunities based on the fundamentals? Click Here.
Want to get set up with a real-time practice forex trading account? Click Here.
Tags: account, blog, currenc, currencies, currency, dollar, EUR, fed, forex, forex trading, forextrading, fundamental, fx, fxedu, Il, market, Mike Conlon, minutes, mywealth, pip, pips, practice, spot, time, USD
Topics: What To Look At In The Market | No Comments »
GBP/USD Short Looking Good!
By Mike Conlon | August 26, 2009
Just wanted to post a quick update on this trade that triggered yesterday. We actually closed out a portion at 1.6175, for a 175 pip gain. This pair is the biggest loser of the day so far (-1.04%), so it appears that other traders may have recognized the H&S pattern as well. The reason we closed a portion was because of the doji that occurred on the 5-minute chart, and the stochastic cross that occurred as well. See chart (click to enlarge)
While this trade started out as a pattern on the daily chart, we chose to drop down to the 5-minute chart to manage the trade as our first profit target was hit. Our trailing stop for the rest of the position is now at 1.6275, which is just above the most recent area of resistance, and also represents a 75 pip gain. So basically this is now a risk free trade!
To learn how you can spot trades such as this one, check out our inexpensive currency course!
To get started with a live, free practice account, click here.
Tags: account, blog, closed, course, currenc, currency, dow, forex, forextrading, free, fx, fxedu, gbp, Il, mie, mywealth, pair, pip, practice, practice account, spot, trade, trader, trades, update, usd
Topics: What To Look At In The Market | No Comments »
EUR/CHF launches another 60+ pips and counting!
By Sean Hyman | July 30, 2009
Yesterday, I wrote an article and did a YouTube video for our partner, mywealth.com. Since the release of that article, EUR/CHF has launched forward another 60+ pips and counting. It’s literally hitting new highs as of this writing.
To view the full article and video, check it out here: http://www.mywealth.com/blog/post/potentially-safest-forex-play-entire-fx-world
Enjoy!
Sean Hyman
www.forextradingblog.com
Tags: article, blog, CHF, EUR, forex, forextrading, fx, Hyman, mywealth, pip, pips, release, Sean, Sean Hyman
Topics: What To Look At In The Market | 1 Comment »
AUD/USD broke higher as expected!
By Sean Hyman | July 28, 2009
AUD/USD broke higher as expected. It’s superior fundamentals have continued to cause it to head higher, especially when directly compared to the weak fundamentals of the U.S. and its dollar.
See the comments from RBA Governor Stevens below:
Reserve Bank of Australia Governor Glenn Stevens struck a decidedly hawkish tone at a speech in Sydney, driving home the point that going forward the central bank is now actively trying to time a return to higher interest rates. Stevens said Australia is faring better through the global downturn than other developed economies, noting that “confidence has recovered ground” and boasting that “unemployment is rising slower than expected”. He went on to stress that central banks should not relax their commitment to keep inflation anchored through the recession, a clear hint that global tightening of monetary policy should now be on the table. That said, Stevens conceded that some stimulus needs to remain in place for now and conceded that the timing of unwinding expansionary policy presents a challenge. The market greeted the RBA chief’s comments, with the Australian Dollar surging 50 pips in a mere 30 minutes.
EUR/CHF continues its overall ascent, as expected. The SNB continues to hold the pair above 1.52 and its only a matter of time before we see the high 1.53’s. Keep in mind too, that through our broker, you do earn some interest on this on a daily basis too (on their standard mini accounts). Not all have this on this pair right now.
Sean Hyman
www.forextradingblog.com
Tags: account, AUD, blog, central bank, CHF, dollar, dow, EUR, forex, forextrading, fundamental, home, Hyman, interest, lower, market, pair, pip, pips, rate, recession, Sean, Sean Hyman, ssi, time, U.S., unemployment, USD
Topics: What To Look At In The Market | No Comments »