Well yesterday was a great day for trading. The EUR/USD continued marching into record territory as the Dow shed its gains from Tuesday. Overnight the Euro has continued into the 1.5600 + range. Currently its trend seems to be turning down, or is at least in a period of indecision.
Currently I am refraining from any trades as I wait to see what’s going to happen. Being able to stay out and wait for the right buy/sell signals is another important quality to being successful at trading Forex. Sometimes it just simply isn’t the right time to take a position.
I would love to jump in and add more gains to the 80+ pips from yesterday but I also don’t want loose what I gained yesterday. Just as I have been writing this the Euro has fallen almost 40 pips, just when looking like it might try to go up. Its buy signal was to weak and for a good reason.
Today I have updated my trades for march.This has been one of the best months I have had trading Forex.I think it’s mainly because I switched trading pairs to using only the EUR/USD currency.I also have strictly stuck to my 10-pip system.Currently I am at 15 winning trades and 4 loosing trades.The Euro is continuing to march into record territory, as the USD is weaker than ever. Make sure and take the opportunity to open a free practice trading account and give your hand at trading money.If you learn the tricks, you may be able to trade currencies as a side job to make extra money or become one of the many others that do it full time.
Today’s news of the Federal Reserve pumping $200 billion into the financial markets to help ease the credit crunch has sent the Dow surging a 150 points in early trading and the EUR/USD has fallen from its record high at nearly 1.5500. Its looking like the pull back in this currency and the surge in the Dow may be short lived.
Currently I am watching the EUR/USD on the Fibonnaci charts and it is currently seeing resistance at the 61% level. I am watching today for the right time to take a position.
So far this month I am at +89 pips, with 13 trades for gain and 4 for loses.
Today I have found a company that specializes in software for investors. They offer their software for a free trial download for evaluation. It can be used with many different markets like the DOW, Forex, and many others. It uses historical data to plot buy and sell signals to help with placing trades. It can be used on long term trading and and short term swing trading. Check out the banner below for your free evaluation of the software today!
Here is a great video I found on youtube showing how you can use the Fibonacci technical analysis in your Forex trading.I have studied many of the different tools for technical analysis but this one seems to be the easiest for a beginner to understand and is incredibly accurate. Watch the video and then give it a try on a practice account to see if you can make it work in your favor like I have.Good Luck!
Today I have updated my EUR/USD trades for March. Currently I am in the positive by 78 pips. On the partial lots I trade with that equals $78.00. If I were using full lots it would be over $7,000. Not to bad for the 7th day of the month. I use the partial lots to minimize risk, if you chose to use full lots, make sure you understand the risk and have studied some of the technical analysis in the market. Many places will offer free training and support when you sign up. If you want to know more, check out ForexClub and get their free practice account, it also include free training and videos to teach you the art of trading on the forex market.
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