Fr., May 2 End of week results -144 pips (Total: +3,030 pips)

May 6, 2014 at 7:33 pm

The up to date  results since the start of this blog are as follows:
Week 1: +231 pips
Week 2: – 19 pips
Week 3: +415 pips
Week 4: +366 pips
Week 5: +137 pips
Week 6: +150 pips
Week 7: + 20 pips
Week 8: +155 pips
Week 9: + 23 pips
Week 10: – 149 pips
Week 11: +465 pips
Week 12: +126 pips
Week 13: + 50 pips
Week 14: +306 pips
Week 15: +201 pips
Week 16: + 11 pips
Week 17: +325 pips
Week 18: + 80 pips
Week 19: – 133 pips
Week 20: + 380 pips
Week 21: – 32 pips
Week 22: + 66 pips
Week 23: – 144 pips

Total: +3,030 pips

Fr., May 2 Trades results +72 pips.

May 2, 2014 at 11:03 am

The USD surrendered its gains today. We were able to profit on all 3 units in the EURUSD trade. The total profit there was +66 pips.  See below:

EURUSD trade May2

 

In the GBPUSD trade the first unit reached its profit target for +22 pips profit.  The remaining 2 units were stopped out a little bit above the entry price. In total this trade brought a small profit of +6 pips. Therefore the total profit today is +72 pips.

GBPUSD trade May2

Fr., May 2 Forex Signals

May 2, 2014 at 9:05 am

The following signals were issued today. As you can see the EURUSD and GBPUSD orders performed as expected.

The EURUSD position has reached both profit targets already (+51 pips of profit). One more unit is open to capitalize on further price decline. The GBPUSD position has reached profit target P1 (+22 pips of profit) and we are keeping 2 units open.

FX signals May2

Th., May 1

May 2, 2014 at 9:01 am

The following signals were issued but none was triggered and they were cancelled later. There was no action in the market due to the holidays in Europe.

FX signals May1

Wd., Apr. 30 Forex signals

May 2, 2014 at 8:57 am

Today there were the following signals issued:

FX signals Apr30

 

 

Tu., Apr. 29 Forex signals

May 2, 2014 at 8:55 am

There were no signals on Monday and there are none today:

FX Signals Apr. 29

How do you short a currency?

April 28, 2014 at 10:33 pm

Answer by Dave Hughe:

There are basically 3 ways to short a currency:
1. You can sell a contract for that currency in a Futures Market.
2. You can sell an index of that currency. For example, if you believe that the US dollar is going to weaken, you can sell a US dollar index, which measures the value of the USD against a basket of currencies: U.S. Dollar Index
3. You can sell that currency against another currency in the Forex market.

In Forex all currencies are traded in pairs. Each pair’s name is an abbreviation of the names of its currencies. There are many different pairs but the main trading activity is concentrated in the following:

EUR/USD   –  Euro versus US dollar
GBP/USD   –  British Pound versus US dollar
USD/JPY    –  US dollar versus Japanese yen
USD/CHF   –  US dollar versus Swiss franc
USD/CAD  –  US dollar versus Canadian dollar
AUD/USD  –  Australian dollar versus US dollar
NZD/USD  –  New Zealand dollar versus US dollar

There are also pairs called crosses such as:
EUR/JPY    –  Euro versus Japanese yen
EUR/GBP   –  Euro versus British pound
EUR/CHF   –  Euro versus Swiss franc

The list goes on.

The price of the pair states how much the first currency is worth in the second currency denomination. For example, if the price for EUR/USD is 1.3500, this means that one Euro is currently worth US$1.35.

You are always long or short one side of the pair against the other side of that pair. When you buy the EUR/USD pair this means that you simultaneously buy the Euro and sell the USD. When you short the Euro, you basically sell the Euro and buy the USD.

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What is the link between technical analysis and psychology?

April 27, 2014 at 7:28 pm

Answer by Dave Hughe:

The whole idea of technical analysis was based on the premise that most of the time people would respond in the same way to similar situations. And that these similarities of responses are reflected in patterns on charts.

Whether this is true or not is a matter of opinion. But some chart patterns and other forms of technical analysis repeat themselves way too often for simple coincidences.

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How can one be a good forex trader?

April 27, 2014 at 4:47 pm

Answer by Dave Hughe:

The same way that one can be good at anything else. How does one become a good plumber or doctor or athlete? By learning and practicing. That is the only way really.

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