Owner: Forex Blog @ EarnForex URL:http://www.earnforex.com/blog/ Join Date: Tue, 05 Jun 2007 08:06:28 -0500 Rating:0 Site Description: Forex trading information blog. This blog is used to share my Forex experience and any Forex related information that might be useful to others. Site statistics:Click here
FXcast - e-gold Forex Broker with Metatrader 4 Platform 2007-06-05 00:05:00 Another e-gold Forex
broker with a low minimum account ($1) and e-gold deposit option added to Forex brokers list. FXcast - a quite new broker in the on-line market. It also supports Metatrader platform (for accounts starting from $100) and a very high margin leverage (up to 1:400). One of the major drawdowns for this broker is that it is completely unregulated. But still - good choice for the new Forex traders who store their funds in e-gold or WebMoney. Read more:Broker
, Platform
Tough Times for USD 2007-06-04 11:29:00 Today were not the best times for USD bulls as the Factory Orders indicator increased only by 0.3% (against 0.6% expected). Low growth of manufacturing orders means a slower growth of overall economy, while U.S. economy is already slow as a turtle with 2007 GDP estimated at around 1%. Such bad macroeconomic data will push EUR/USD up, even if technical analysis will cry for a correction. On the other side, previous Factory Orders indicator was revised towards better side - 4.1% from 3.5% which might cause some support for dollar on Forex. Read more:Tough
, Times
Dukascopy Forex Broker 2007-06-04 11:12:00 Welcome a new ECN Forex
broker aboard - Dukascopy. It is one of the most notable Forex broker, but it is generally unknown to common retail Forex traders because of its extremely high minimum account - $50,000. One of the greatest advantages Dukascopy clients get for such high requirements is the ability to trade in their Swiss FX Marketpalce - a ECN of brokers, banks and large retail traders with high liquidity and low spreads. And second - hi-end Forex trading software (with web-based Forex trading support). Read more:Broker
EUR/USD Technical Analysis for 6/4-6/8 Week 2007-06-02 01:22:00 Floor Pivot Points: 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res 1.3260 1.3326 1.3387 1.3453 1.3514 1.3580 1.3641 Woodie's Pivot Points: 2nd Sup 1st Sup Pivot 1st Res 2nd Res 1.3325 1.3385 1.3452 1.35121.3579Camarilla Pivot Points: 4th Sup3rd Sup 2nd Sup 1st Sup 1st Res 2nd Res 3rd Res 4th Res 1.3378 1.3413 1.3425 1.3436 1.3460 1.3471 1.3483 1.3518Tom DeMark's Pivot Points:Resistance:1.3547Support:1.3420 Fibonacci Retracement Levels: 100.0% 1.3519 61.8% 1.3470 50.0% 1.3456 38.2% 1.3441 23.6% 1.3422 0.0% 1.3392 Read more:Technical
, Analysis
EUR/USD Bearish after Fundamental News 2007-06-01 09:02:00 EUR/USD broke through 1.3400 today on Forex market - showing a new 7-week low. Good macroeconomic data from U.S. was the reason for this break-through. Nonfarm payrolls - a major employment indicator of the U.S. economy - increased by 157,000 in May (22 thousands more than expected), while ISM Index - reported an increase by 0.3% up to 55.0% (against 54.0% expected). ISM Index means a lot in the U.S. economy because it describes its most powerful industries, and greatly influences FOMC rate decisions. Now it is quite possible to see an increase in U.S. interest rates by 0.25% this Fall, in my opinion. Read more:Bearish
, Fundamental
2 New E-Books about Forex Trader's Psychology 2007-05-31 13:11:00 Now you can download two more excellent Forex
e-books about a role of the traders' psychology in their success or failure (which is without a doubt a more often case) . These e-books are not very big or complicated, just an hour of interesting and useful Forex reading:25 Rules Of Forex Trading Discipline - as the title suggest, a set of rules that are necessary to be followed to be a successful Forex trader.Stop Losses Are For Sissies - there is a sarcasm in the title of this e-book, really :-). Read more:Books
, Trader
FOMC Minutes to Support Dollar? 2007-05-31 00:04:00 FOMC (Federal Open Market Committee) released its May 9 meeting Minutes on Wednesday, May 30. As it has been known since May 9 the conclusion of the meeting states that the inflation remains the main concern for the FOMC, while in future FOMC will outlook both inflation and economic growth. Statements presented in the released Minutes generally support this conclusion giving some more power for the USD bulls. This could be seen yesterday on Forex market when EUR/USD hit its new low since April 11 at 1.3406. Read more:Support
, Dollar
EUR/USD Rally and Rollback after Consumer Confidence 2007-05-29 11:42:00 Euro showed a really fast and heart-breaking (for some traders at least) rally of 100 pips today before the major daily fundamental event - May ConsumerConfidence
Index. After hitting its resistance level at 1.3517 EUR/USD calmed down a bit rolling back to 1.3500 level. May Consumer Confidence Index which came out to be 108.0 against 104.5 expected ended Euro rally moving EUR/USD to 1.3475 level. Many other macroeconomic indicators are scheduled for this week, so Forex traders must be aware of possible rallies and rollbacks similar to those seen today. Read more:Rally
Forex Trading and Islam 2007-05-28 08:55:00 The topic of Forex
trading prohibition in Islam
is vast and controversial. Many points of view exist on different aspects of on-line Forex trading including - spot trading, futures and options trading, margin trading, overnight interest, etc. The majority of the Islamic jurists agrees that Forex trading can comply with Sharia only if it is spot trading (while futures and options are considered to earn Riba) and if it doesn't involve any overnight interest (or interest hid by commissions, though Muslim traders should know that not all commissions are to hide overnight interest). One of the main point of debate lies in margin trading (almost every transaction in Forex is based on margin) and hedging (it is compared to futures trading usually). Dr. Mohammed Obaidullah of Universiti Tun Abdul Razak (located in Malaysia) discusses this topic in his article - Islamic Forex Trading
. It is a well grounded article covering every aspect of Forex trading and providing references to the fundamen Read more:Forex Trading
Another Forex Broker 2007-05-26 09:03:00 Another Forex
broker added to the list - PFG Forex - an on-line brokerage company operated by Peregrine Financial Group (founded in 1980). This Forex broker is registered with CFTC and is a member of National Futures Association. The good thing about it is that it's "only" $1,000 minimum account while giving the trader an opportunity to try high-end trading platforms (not only Forex, but futures and commodities too!). What's quite uncommon for such big brokers - one can open account on-line, sending only scanned passport ID. Read more:Broker
Bad Houses Sales Costs Pips 2007-05-25 11:24:00 Forex market was quite predictable today after the data on the Existing Home Sales
for April came in 15:00 GMT. This macroeconomic indicator showed very poor results - 5.99 millions against 6.13 millions expected (and 6.15 millions in March). After these data came out EUR/USD gained nearly 50 pips (up to 1.3572) as the low activity in the realty industry can mean a general weakness in the U.S. economy. EUR/USD has almost fully rolled back already. But the great thing is that every Forex trader can always use monthly Existing Home Sales report to gain some fast profit on this news reaction. Read more:Costs
Article about Protective Puts in Forex 2007-05-24 14:18:00 New article describing an interesting way of using Forex
options in a long term trading to improve trader's money management strategy. Article
is called "Protective Puts", it is written by Jogn Jagerson - an author of www.ProfitingWithForex.com.
Euro Down to 1.3416, while Pound Regains Strength 2007-05-23 14:04:00 EUR/USD touched new its new monthly low at 1.3416. That was a very important movement for Euro bears, but the currency pair bounced back up to high 1.3500 very soon and then flattened down to 1.3460 - showing its volatile nature. Nevertheless, mid-term trend for EUR/USD can be seen as bearish. At the same time GBP returned its positions today on Forex market after Bank of England spoke about increasing interest rates by .50% not the usual and expected 0.25% giving a lot of strength to the Pound
bulls. GBP/USD touched 1.9892 and then corrected a bit to 1.9850 level.
Additon to MT4 Expert Advisors 2007-05-21 11:44:00 I've added a new expert advisor to MT4 Expert
Advisors section of the site - myfxovereasy Expert Advisor + FXOverEasy Indicators. It's my own EA based on FXOverEasy indicators, or more exactly - on their combo by Shimodax from StrategyBuilder forum. Actually this Forex expert advisor trades against FXOverEasy strategy, but it showed very good results on EUR/USD M15 chart. But be careful, it is quite risky, don't trade the money you cannot afford to lose. Don't forget to leave your comment if you use this indicator ;-)
EUR/USD New Lows 2007-05-21 11:34:00 Today EUR/USD hit new monthly minimum at 1.3436 since April 12. The most probable reason for this dollar "mini-rally" is the U.S. bonds auction which provoked a lot of USD buying on Forex. Such auctions usually stimulate a demand for the U.S. currency and this time it helps to break the bullish daily EUR/USD trend.
Northfinance Adds New Currency Pairs 2007-05-20 07:13:00 Northfinace Forex broker now allows trading a few more minor currency pairs:AUDDKK - Australian Dollar vs Danish KroneAUDPLN - Australian Dollar vs Polish ZlotyCHFCAD - Swiss Franc vs Canadian DollarEURHKD - Euro vs Hong Kong DollarEURLVL - Euro vs Latvian LatsEURZAR - Euro vs South African RandGBPDKK - Great Britan vs Danish KroneGBPNOK - Great Britan vs Norwegian KroneGBPSEK - Great Britan vs Swedish KronaGBPZAR - Great Britan vs South African RandUSDHRK - US Dollar vs Croatia KunaUSDLTL - US Dollar vs Lithuanian LitasThese pairs can be interesting for aggressive traders who wish to take more risky and more profitable positions. Read more:Currency
, Pairs
Forex Broker with a Wrong Name :-) 2007-05-17 13:33:00 A new broker was added to the institutional Forex
brokers list today - ECN broker. It doesn't match its name (at least for Forex services), because it is a market maker broker, not an Electronic Communication Network broker. You'll still have to pay your spreads (it offers average spreads) and won't need to pay any commissions. The main reason why I've added this broker is that it is a good opportunity to start trading Forex with a regulated broker that has a low minimum account amount of $200 and allows high leverage - 1:400. Read more:Broker
, Wrong
CPI from US to Support Dollar? 2007-05-15 10:02:00 Today the April U.S. CPI data cam out a bit higher than the market expected - 0.6% against 0.5%. A higher CPI data can mean a fast increase of the U.S. interest rate by the Fed, which in its turn gives USD a support to rally higher against other currencies. But all in all 0.1% difference can be not enough to significantly move the Forex market in any direction, so it's better to wait for more macroeconomic data. Read more:Support
, Dollar
Serious Take on the Market Behavior 2007-05-13 11:52:00 Today I've added a e-book that describes the influence of the Forex traders' behavior, beliefs and psychology on the Forex market itself. The results of the study which is performed in this book indicate that:About 30% of Forex traders use mostly technical analysis.Macroeconimic news is reacted very fast to.Importance of individual macroeconomic parameters varies over the time.Fundamental economic parameters generally have a long term influence on Forex market.You can download this e-book from my site:Macroeconomic Implications of the Beliefs and Behavior
of Foreign Exchange Traders - by Yin-Wong Cheung and Menzie D. Chinn. Read more:Market
BunnyGirl Forex Trading Strategy E-book 2007-05-10 13:28:00 BunnyGirl - is one of the most popular technical Forex
strategies. Although it may look simple - a system utilizing WMA cross, it has a lot of additional conditions and tricks that are necessary for a trader to succeed with this strategy. You can download a quite short e-book describing BunnyGirl strategy rules along with some most important FAQ about this system:BunnyGirl Forex TradingStrategy
Rules and FAQ Read more:Trading Strategy
Download Free Forex Books
Now you can download 3 ... 2006-09-05 17:27:00 Download Free ForexBooks
Now you can download 3 new Forex trading e-books from www.earnforex.com:Introduction to Forex - by 1st Forex Trading Academy. This trading course intends to provide to all of the students analytical tools on the trading system and methodologies. In this respect, the purpose of the course is to provide an overview of the many strategies that are being used in Forex market and to discuss the steps and tools that are needed in order to use these strategies successfully. What Moves the Currency Market? - by Kathy Lien - Find out which economic factors help shape the short-term and long-term forex landscape. Fine-Tuning Your Money Management System - by Bennett A. McDowel. Make sure your trading system doesn't fail with capital managing. Develop your trading strategy accoring to short- and long-term risks.
Pivot Point Calculator
Here is the link with whic... 2006-06-13 05:13:00 Pivot Point Calculator
Here is the link with which you can download very cool Pivot Point Calculator:http://www.goforex.net/Pivot%20Calculator.zipIt is has very small size and is very easy to use. To get more info about pivot points in the forex trading you can read some articles on my site and some forex e-books. In a short way - pivot points are the special price levels on which the trend and its direction can be defined. Read more:Pivot
High Street Networking - On-line Forex Broker since 1999 2007-06-08 00:06:00 One of the oldest on-line Forex
brokers present on the current market - High Street
Networking (ForexHSI). It started its website back in 1999 and still remains a meaningful player on the market of retail Forex services. High Street
Networking supports deposits via WebMoney and has a very good browser based trading platform available to its clients. Despite of this broker being unregistered with any financial controlling organization, working with such an old and established on-line company is less risky than with one of the money new Forex brokers which are not rare nowadays. Read more:Broker
Focus of the Day: BoE Rates and U.S. Jobless Claims 2007-06-07 11:15:00 Bank of England voted to maintain its Bank Rate (interest rate) at 5.50% level - unchanged. It wasn't a surprise for Forex traders, but there was a slight possibility of interest rate hike from the BoE, so results are more bearish for the pound. From the United States the Initial Jobless
Claims data for the previous week came - 309,000 against 315,00 expected - good result which moved EUR/USD back below 1.3450 level returning to the bearish trend. Read more:Focus
, Rates
New e-gold Broker - Ava FX 2007-06-06 23:54:00 Today I am introducing a new Forex broker that allows e-gold deposits (not only, also PayPal, Western Union, credit card and Wire Transfer) - Ava FX. It doesn't support Metatrader platform but it provides traders with its own platform that is claimed to be very easy to use. Good thing about this broker is that it offers bonus on client's deposits - $50 on $100 deposit, $100 on $,1000 and $200 on $10,000. Read more:Broker
EUR/USD Unsure after ECB Speaks 2007-06-06 11:57:00 Today on 13:30 (UTC) ECB statement was released as the interest rates in the Eurozone were increased by 0.25% to 4.00% as expected. Jean-Claude Trichet spoke about current and expected situations in European economy and the main lines can be concluded in the following: economy is growing at a fast pace (better than expected), while inflation remains strong (because of oil prices) and the price index will be in ECB main view. This can lead to a conclusion that rates can be increased in near future. Despite of this, EUR/USD Forex pair continues its floating around 1.3500 level going nowhere for now.
New Payment Options on Marketiva 2007-06-06 01:11:00 Marketiva Forex broker now accepts WebMoney and E-Dinar web currencies as the payment options. This is a very wise step from their management team, since WebMoney is the most popular e-currency in Russia (with many potential Forex traders) and E-Dinar is a promising e-currency with a great potential in the Middle East and Asia. Read more:Payment
, Options
, Marketiva
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