January 2010

Daily Forex Market Commentary 1-4-10

Daily Forex Market Commentary:

The first trading day of 2010 was met with a continuation of the 2009 rally on Wall Street. Major indexes rose more than 1.5 percent today as a slew of positive manufacturing news out of China, Europe, and the U.S. gave investors new hope that the global recovery is picking up speed.

Currencies:

The U.S. dollar weakened against the major currencies today with the exception being the British pound; intense euro/pound strength resulted in the pound being the only major currency to lose ground to the U.S. dollar today. Crude oil was up $2.15 to close at $81.51, Gold rose over 4$ an ounce.

Pair in focus: EUR/USD

Despite today’s volatile upward correction the downtrend in euro/dollar is still intact pending a decisive close above 1.4450-1.4500. The pair is now seen as being in a range between 1.4450 and 1.4250 with weight being given to the downtrend. Other currency pairs are analyzed daily in the member’s area.

For a more in-depth analysis of the Major FX Pairs and Price Action analysis please check out my price action trading course.

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Forex Trading Psychology Basics 101

Forex Trading Psychology Basics 101 -Psychologists have made profiles of many professional groups such as the police, pilots and firemen. It is becoming more and more frequent that businesses of all sorts are beginning to request job applicants to undergo psychometric tests to see if they are suitable for the job. In these tests, certain personality qualities are seen as more desirable than others for particular lines of work.

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Price Action Trading – The Most Adaptable Forex Trading Method

Trading using price action analysis is much more conducive to the relaxed and objective mindset that is required to prosper in the forex market than any other method you will find. This is because when your method is adaptable to all market conditions and makes logical sense within the context of the market there is no second guessing your self before you enter or spending large amounts of time over analyzing numerous lagging indicators.

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Daily Forex Market Commentary 12-31-09

Daily Forex Market Commentary:

On Wall Street today the Dow closed down 1.15% or 121.29 points on light volume. The Dow closed out the year up nearly 20% however; its biggest yearly gain since 2003.

For a more in-depth analysis of the Major FX Pairs and Price Action analysis please check out my price action forex trading course.

Currencies:

The U.S. dollar closed marginally higher against the Euro today but made nice gains against the Japanese yen. The U.S. dollar lost ground to the British pound, Australian dollar, Canadian dollar, and New Zeeland dollar. Most of the major FX pairs appear to be at important correction levels and U.S. dollar strength is expected to resume after the New Year holiday.

Pair in focus: EUR/USD

Nicely formed bearish pin bar today on euro/dollar. This pair is setting up for further downward movement into next week.

For a more in-depth analysis of the Major FX Pairs and – check out my price action trading course.

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