Forex Brokers

Another set of chart patterns — this time for the EUR/JPY and GBP/USD Forex pairs. Only two patterns are presented this time because other interesting patterns are now in that stage when it’s already too late to enter any positions based on them. I hope that you can use the patterns shown in this post. They are not 100% profitable trades but still offer a good entry point for medium-term traders. Click the images to get the full-size screenshots of the charts.

1. GBP/USD, Daily, Ascending Triangle:

2. EUR/JPY, Daily, Rising Wedge:

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Read the rest of Forex Chart Patterns — EUR/JPY and GBP/USD (14 words)

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Making “anger” trades after either having a bad loss or making a bad decision is known to every trader, a beginner and a pro. As soon as emotions get a grip of a trader, useless trades are almost inevitable. Anger and revenge trades are so fatal that can wipe out a forex trading account within minutes. How to identify what triggers trader to emotional trading and what is the way to get out of self-destruction pass immediately with a minimal losses?
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A Forex trader looking to scalp the markets really needs to have as many factors tilted in his/her favor to have a chance in the long term. In addition to the markets posing its short term obstacles many scalpers also must worry about the firm they are trading with taking the other side or imposing scalping restrictions.  The solution for most of these traders is to look for a Forex ECN provider. Which begs a two part question, what is a Forex ECN? Why is an ECN better for Scalping? 
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EUR/USD trend: sell.
GBP/USD trend: sell.
USD/JPY trend: sell.
EUR/JPY trend: hold.

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All experienced forex traders will tell you not to overtrade. The question is, what is too much trading? Is it true that the less time spend in forex market, the better? Should you get out of trading the moment you have made your targets, or is it better to stick around to catch more opportunities?
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The  U. S. dollar fell against the euro today as the consumer price index report showed a positive revision of the April’s value and also a higher than expected value for May. EUR/USD is now trading near 1.3855.

CPI rose by 0.1% in May in the United States after remaining unchanged in Aprl (revised from -0.7% reported a month ago). The forecasts for May were averaged near 0.9% decline.

Current account balance deficit decreased to $101.5 billion in the first quarter of 2009 (preliminary value). Q4 2008 deficit was revised from $132.8 billion to $154.9 billion. Latest Q1 deficit is the lowest since the fourth quarter of 2001, but it’s still above the median forecast of $85 billion.

Crude oil inventories decreased by 3.9 million barrels last week after falling by 4.4 million barrels one week earlier.
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Read the rest of Positive Revision of CPI Spurs EUR/USD Growth (13 words)

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EUR/USD rose today after the yesterday’s deep fall. It’s still trading below the Monday’s open level but managed to recover more than a half of its loss. Good housing statistics from U.S. made Forex traders to bet against the dollar in favor of the high-yielding currencies. EUR/USD is now trading near 1.3882.

Building permits rose from the seasonally-adjusted annual rate of 498k to 518k in May on 508k forecast. Housing starts rose from 454k to 532k in May on 485k forecast.

Producer Price Index (PPI) increased by 0.2% in May, following 0.3% gain in April and 0.6% forecast.

Industrial production in U.S. decreased by 1.1% in May after falling by 0.7% in April (revised negatively from 0.5% fall). Expected decline was 1%. Capacity utilization reached its new record minimum level at 68.3% (down from 69% in April).
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Read the rest of Rebound in EUR/USD after Housing Data Release (13 words)

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EUR/USD trend: sell.
GBP/USD trend: sell.
USD/JPY trend: sell.
EUR/JPY trend: sell.

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Forex trading is a difficult profession. It takes a lot of time, patience, practice and learning. There are plenty of obstacles and many beginners simply give up. Those who don’t surrender that easily search for tips and tricks to avoid or at least minimize the pitfalls. What kind of advices can help beginners in forex?
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EUR/USD went up today after the yesterday’s decline as the U.S. fundamental reports showed some optimism for the global economy revival and the traders favored yield more than risk. It’s now trading near 1.4043.

Retail sales were reported with a growth of 0.5% for the month of May; the April’s decline was revised up from -0.4% to -0.2%. The reported value was the same as in the forecasts.

Initial jobless claims were at 601k last week — down from 625k a week before. The market participants and analysts expected them to be reported at 615k.

Business inventories dropped by 1.1% in April after falling by 1.3% in March (revised down from 1% drop). Median forecast was at 1% decline.
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Read the rest of EUR/USD Up on Signals of U.S. Economy Revival (13 words)

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