Online Currency Trading Blog

Buy EUR/JPY

Buy EUR/JPY  @ 113.70, SL @ 112.40, TP1 @ 114.50, TP2 @ 115.60, TP3 @ 116.40

All analysis is based on the 8 hour chart.

Entry Level: 113.70

Forex Trading

Tags: automated systems, currency market, currency trading, currency trading platform, daily forex analysis

Currency Trading Tip: Sell GBP/CHF

Forex Trading: Limit order 16/07/2010. Sell GBP/CHF @ 1.5970 , SL @ 1.6145 , TP1 @ 1.5875 TP2 @ 1.5810 TP3 @ 1.5740

The pair has been  trending downwards and has made a small retracement upwards.

We want to enter the main trend which is still downwards but first wait for a confirmation the trend continues.

The entrance point is located below the last bottom the pair has made on the 4 hour chart.

More aggressive traders could try and short the pair from its current location but they should be advised the retracement upwards might continue higher and a SL of above 1.6170 is recommended for such traders.

 The RSI is near 50 in neutral territory.

SL is located above the last top the pair has made yesterday and above the 100 period moving average which is likely to act as a resistance for the pair.

TP’s are located  slightly above the support levels the pair has.

All analysis is based on the 4 hours chart.

Current rate: 1.6075

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Need of fully automated trading platforms

When you are really prepared to start up the process of your FOREX day trading then firstly you should get a tight grip or hold on the right way by which you are actually going to make all your FOREX trades. Most of the traders who are new to this trading world immediately think that they should go out and should search for a broker who can help them with their trading process. You can also go for a trading brokerage that will help you in making huge profits. You just need to trade on a continuous basis, and while this is a very much valid option of trading but many a times it is not at all practical.

If you are the one who is just starting up the process of trading with FOREX market then it is going to be much easier and more feasible option of trading that you can choose.

These options of trading consists of working on a fully automatic platform of FOREX trading, as one of these trading systems can actually remove all the basic needs of having to communicate personally with a human broker on regular intervals of time. It means that there is no need to contact a broker everyday; you can make use of these trading platforms in order to perform your trades. And the best part of these trading systems is that they can make all the mechanical work of currency trading really very easy as well as automatic.

Most of the people think that this is really a very difficult process. But it is not at all true.

It is not that difficult to get started with any of these trading systems, and once you are prepared to begin the process of FOREX trading you just simply need to go online and find a suitable trading platform for yourself. You need to search for the trading platform that looks quite promising, and one that can provide you all of the services of trading which you will need.

During this whole process you should take this into consideration that the price of the currency is going to cost you a lot. All these fully automatic trading systems are quite expensive and have various types of cost structures. Many a times these trading platforms have totally different plans for their payment.

Once you are able to find a system that look good then you just simply need to make a fixed deposit. After depositing that fixed amount of money, you have to install the trading software on your computer, and then you can start the process of trading. But don’t be fully dependent on these trading systems; as the need of human cannot be replaced by any technical system. By following all these guidelines you can earn a lot of money in FOREX market.

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