Posts Tagged ‘new on forex’

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GBP/USD going up in correction?

June 3, 2012

When you look at the daily chart of GBP/USD  you can see that it tested the significant support at 1.5278 and rebounded, forming asymmetrical triangle. Read more

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AUD/NZD Weekly Elliott Wave Analysis

May 21, 2012

When you look at the weekly chart of AUD/NZD you can see that since August 2008 till now it perfectly formed uptrend Elliott Wave movement. It also formed Symmetrical Triangle. This can give us the signal that the price more likely will break the resistance levels at 1.3050 and 1.3270 and will target the strong resistance at 1.3720. So we recommend you to open long positions if it breaks the resistance at 1.3050. You decide where to put your stop loss!

Good luck!

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GBP/USD goes up for Head and Shoulders?

May 17, 2012

In the last 3 days Cable broke the trendline and  support at 1.6050 and tested the other significant support at 1.5770. Now we can see on the chart the left shoulder and the head, so if it rebounds from the support at 1.5770 most probably it will make a correction till 1.6000-1.6050 to form the right shoulder and after that  GBP/USD will continue the downtrend movement.

Trading idea: Open a position at 1.5780 with stop loss at 1.5705 and take profit at 1.6030. If you use high leverage better skip this idea!

If you want to know what we consider high leverage and how leverage and big risk affect your trading click here .

If you like this analysis feel free to follow us via email and to share it on Facebook!

Good luck!

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USD/INR is going down?

May 14, 2012

USD/INR reached the significant resistance at 54.00 and in our opinion it  more likely will rebound and will target the support at 53.20. So if you decide to open a short position we advice you to put the stop loss 10-15 pips above the resistance at 54.00 and to place your take profit order at least 10-15 pips above the support at 53.20. You should consider  that if the price breaks the resistance at 54.00 it most probably will continue the uptrend movement!

Tip: Always put your stop loss! Even the most experienced trader can make a mistake analyzing the market, so when you open a position always put your stop loss!

More tips you can find at http://newonforex.com/forex-tips/

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3 reasons why people loose money on Forex

May 13, 2012

1. Low start up capital + high leverage

Most forex traders think that Forex is an easy way to make fast money by using very small starting amount. Unfortunately most of the Forex brokers encourage their new traders to trade on high leverage which means on high risk. But guess what –   you must have some money to make some money. If you think that starting with 50$ you will make thousands you are totally WRONG! We advice you to calculate your interest(the expected profit) by percentage – not in dollars. So if your initial deposit is 50$ don’t expect to make 1000$ in 1-2 months. It is better to trade on low leverage(risk) and to put yourself a goal 100% profit in the next 6-12 months . However most of the traders who start with this kind of capital don’t appreciate when they make profits of 0.1-0.5$ with one position(based on their leverage) their goal is not to be on profit after 6 months, they want to make 1000$ in 1 month. That is why they start trading on high risk and most of them end up loosing their capital and  thinking that Forex is a scam. Forex is not a scam! But it is neither a casino! So it f you want to make 1000$ our advice for you is to start with 1000$ or more.

Advice: Do not use high leverage! Especially if you are a new trader your leverage shouldn’t be over 5! Calculate your interest by percentage, not by currencies!

2. Greed

Some traders are trying to take every last pip out of a move. And most of the time the market goes against them before they get their last pip. This can make you loose the good profit you already have.

Advice: When the market goes in your direction and you make 30-50 pips profit, but you don’t feel that it is enough just close part of the position and move your stop loss 30 pips behind. This way you will try to make bigger profits however if the market goes against your prediction you will insure the profit you have.

3. Indecisive Trading

People often suffer from trader’s remorse. This happens when you open a position and the price does not immediately go in your direction. Then you start thinking you have made the wrong choice, you reverse the position and… it again the market goes against you and you loose more money. If you regret your decision the best thing you can do is to shut the computer down and to go outside!

Advise: When you make a decision stick to it! Always put your stop loss and take profit levels and don’t jump around with every pip!

If you have questions feel free to ask in the comments below!

If you think that what is written here is correct feel free to share it with your friends on Facebook! It might be useful for them!

And of course if you are new on Forex we always recommend you to visit our website for more information and tips  – http://newonforex.com/

Good luck!

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Economic Calendar

May 10, 2012

http://newonforex.com/

Today you can see very important events on the Economic Calendar. Here you can see some of them:

Trade Balance – Canada 13:30 GMT – A higher than expected reading should be taken as positive/bullish for the CAD, while a lower than expected reading should be taken as negative/bearish for the CAD.

Trade Balance – USA 13:30 GMT – A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

Initial Jobless Claims – USA 13:30 GMT – A higher than expected reading should be taken as negative/bearish for the USD, while a lower than expected reading should be taken as positive/bullish for the USD.

Fed Chairman Bernanke Speaks – USA 14:30 GMT – His comments may determine a short-term positive or negative trend for the USD.

If you don’t understand anything or you just have a question just write a comment and we will answer you as soon as possible!

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Good luck !