Archive for November 27th, 2009
Daily Review 27/11/2009
USD Dollar (USD)
The Dollar climbed against all majors after Dubai’s attempt to reschedule its debt by 6 month caused Europe Stocks to drop heavily and spurred investors to seek the safety of assets perceived as lower risk. Stocks market in U.S were close due to the Thanksgiving holiday. Crude oil fell by 3% closing at 76.2$ a barrel. Gold (XAU) closed almost unchanged at 1191.85 $ an ounce but dropped during Asia session falling back to 1170$ levels. No economic data expected today.
EURO (EUR)
The Euro fell against the Dollar following the collapse of stock markets in Europe as a result of Dubai’s debt rescheduling. EUR/USD pair traded with a low of 1.4959 and with a high of 1.5141. Loans to Euro zone households and firms fell in October for the second month in a row, coming at 0.3% vs. 0.7% forecast. No important data expected today.
EUR/USD – Last: 1.4945
|
Resistance |
1.5020 |
1.5100 |
1.5144 |
|
Support |
1.4913 |
1.4830 |
1.4800 |
British Pound (GBP)
The Pound fell versus the Dollar as stocks declined and a proposal by Dubai to delay debt payments prompted investors to seek what they perceive to be safer securities. Overall, GBP/USD traded with a low of 1.6466 and with a high of 1.6725. CBI Realized Sales came out at 13 vs. 12 forecast.
GBP/USD – Last: 1.6406
|
Resistance |
1.6530 |
1.6648 |
1.6720 |
|
Support |
1.6376 |
|
|
Japanese Yen (JPY)
The Yen rallied to a 14-year high against the Dollar, climbing past the 85.00 level, on speculation Japanese monetary authorities will tolerate further appreciation of the currency. Overall, USD/JPY traded with a low of 84.81 and with a high of 87.48. Tokyo Core CPI came out better than expected at -1.9% vs. -2% forecast.
USD/JPY-Last: 86.37
|
Resistance |
87.00 |
87.70 |
88.62 |
|
Support |
85.80 |
85.00 |
|
Canadian dollar (CAD)
The Canadian Dollar weakened against its U.S. counterpart by the most in almost four weeks as Dubai’s plan to reschedule its debt spurred a sell-off in crude oil, gold and equities. Overall, USD/CAD traded with a low of 1.0450 and with a high of 1.0620.Today, Current Account is expected at -12.9B vs. -11.2B prior.
CAD/USD – Last: 1.0626
|
Resistance |
1.0641 |
1.0719 |
|
|
Support |
1.0587 |
1.0530 |
1.0450 |
Research by http://www.ufxbank.com
Introduction about Metatrader 4
The Forex trading market is one of the biggest trading markets in the world. Forex is a big market where big financial and corporation institution trade. It is definite trading market with the odds standing at 1:1. You either loose or win it. However, trading schemes make the trading market a little complex. The changes of getting victory in this kind of trading becomes smaller as many people are trading in it have developed trading strategies, which makes them to get victory.
You require working hard to be completive in Forex trading market. Forex trading business is not for the faint lazy people. In Forex trading, you need to take efforts. Many people may you believe that Forex trading is as easy as counting from one to ten. However that is not the truth. If you do not have much knowledge about forex trading then you need people to work with you. So that you will obtain best guidance about how to do Forex trading. You also need people to assist you in watching for trends as well as signals. Now that will be tough when you do it on your own. But it becomes easy if you make use of Forex trading software called Metatrader4.
This great trading software is especially made for those people, who wish to expand their working hours while they take a rest. It is an automation software application, which assists people to acquire data and do essential analysis. This will become basis for best defined execution of trades in the correct time. Metatrader 4 can be used with other software, which allows trading automation. The system offers charts, which one can make use of to do analysis and take decision. It will provide you indications when to make a purchase or a sell based on the latest situation as well as expected changes.
You are provided the option to develop your own trading strategy or to follow the system. If you wish to make the software more user-friendly then you require incorporating other programs, which translate all the signals that produced by this software to a workable solution and trading automation.
Numerous people have attempted and proven Metatrader 4 to be very efficient. It needs some expertise, which means that it is not projected for those, who know nothing about Forex trading system. This trading software is already used by a number of individuals as well as companies, therefore you will be ensured that your trading is secure if you follow the rules. One opportunity is waiting for you in the Forex trading world. The odds are payable and earning perimeter is huge. If you have the correct trading tool, which guides you and work with you then you are able to start earning a massive amount of money. You should make use of a system, which is already proven as well as tested to generate high possibility results.
Forex Money Management – best trading platform to get great profits in Forex trading
Many traders do not have good money management and that is a fact. They also do not have trading strategy to maximize trading profits. Best trading strategy is a platform through which traders can get big profits. However, traders do not spend much time on searching best strategy. In order to practice successful money management, traders must take money frequent small stops and attempt to obtain huge profits from some large winning trades following the big trends.
Many traders do not even do this. They insist on trading to get small gains in short period of time and place the stops in haphazard unpredictability. All day traders do this and as a result they lose money. The fact is that you will usually have more losses than winners when following the trend; however your gains will be great as compared to your losses. Numerous Forex traders hate being wrong and always with to allows a loss turn around. Hey also do not have stop in the first place however, if trading on leverage, this leads to adversity. Nothing wrong is there with losing. You are going to lose in Forex trading anyway, therefore accept it and try to keep your losses small.
In this article, we provide you some tips to help you in practicing proper money management. First you need to place your stop when you implement your trading signal. Therefore, you are not enticed to allow a loss run. Mental stops do not work for several Forex traders so do not try using them. According to many people, you must risk only 2%. It is simply practical on a small account so risk between 5 to 10%. You should be more selective with your all trades.
All Forex traders are similar in terms of potential. There is no definite fire trade so do not be lured to bet large and a certain fire trade. You need to risk more when you are winning. You goal is preservation of equity all times and it is easy to lose open equity than core equity. Do not trail stops to close and get stopped out by haphazard unpredictability. When it looks like a large trend then holds your stop back and take open equity dips. You have to run the large trends to cover your predictable losses.
If you want to get victory in trading business, you need to stay in the game and which means preserving your equity. When you do this, the trading market gives you big trends that you can run and make huge profits. You need to cut your losses and run your gains. This is a phrase that traders should follow. It is the only way through which they can earn a lot in Forex trading. With the help of these money management tips, you will definitely get success in Forex trading business.
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