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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.

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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!

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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!

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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 7^th 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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Here is a list of the trades I have made so far this month.  I have used a .01 partial lot on these trades, profit and loss can be much greater using full lots.

Long @ 1.5192 and was closed @ 1.5233  +41 pips for $41.00
Long @ 1.5206 and was closed @ 1.5216  +10 pips for $10.00
Long @ 1.5211 and was closed @ 1.5196  -15 pips for -$15.00
Long @ 1.5246 and was closed @ 1.5264  +18 pips for $18.00
Long @ 1.5283 and was closed @ 1.5285  + 2 pips for $2.00
Long @ 1.5274 and was closed @ 1.5260 - 14 pips for -$14.00
Long @ 1.5272 and was closed @ 1.5277 + 5 pips for $5.00
Long @ 1.5358 and was closed @ 1.5348 -10 pips for -$10.00
Long @ 1.5366 and was closed @ 1.5375 + 9 pips for $9.00
Long @ 1.5366 and was closed @ 1.5376 + 10 pips for $10.00
Long @ 1.5380 and was closed @ 1.5390 + 10 pips for $10.00
Long @ 1.5347 and was closed @ 1.5359 +12 pips for $12.00
Long @ 1.5384 and was closed @ 1.5360 + 13 pips for $13.00
Long @ 1.5384 and was closed @ 1.5360 - 14 pips for -$14.00
Long @ 1.5342 and was closed @ 1.5345 + 3 pips for $3.00
Long @ 1.5348 and was closed @ 1.5352 + 4 pips for $4.00
Long @ 1.5342 and was closed @ 1.5354 + 12 pips for $12.00
Long @ 1.5362 and was closed @ 1.5372 + 10 pips for $10.00
Long @ 1.5485 and was closed @ 1.5496 + 11 pips for $11.00

15 winning trades and 4 loosing trades

I try not to let greed take over and usually keep a 10 pip target on my day trades.  Trying to hit the top and bottom of every trend is just flirting with disaster.  These trades were only open for minutes at a time.  Make sure and use stop loss orders to limit your potential risk, I like to set mine at about 15 pip risk.  Below is the banner link to ForexClub where you can get started if you havent already.  They have free practice accounts and free Forex training!

Tags: Forex by Contributor
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