EUR/USD Technical Analysis for the 7/16-7/20 Week

General trend: ranging or slightly bullish.

Floor Pivot Points:
3rd Sup	2nd Sup	1st Sup	Pivot	1st Res	2nd Res	3rd Res
1.3429	1.3512	1.3647	1.3730	1.3865	1.3948	1.4083

Woodie's Pivot Points:
2nd Sup	1st Sup	Pivot	1st Res	2nd Res
1.525	1.3673	1.3743	1.3891	1.3961

Camarilla Pivot Points:
4th Sup	3rd Sup	2nd Sup	1st Sup	1st Res	2nd Res	3rd Res	4th Res
1.3662	1.3722	1.3742	1.3762	1.3802	1.3822	1.3842	1.3902

Tom DeMark's Pivot Points:
Resistance:	1.3798
Support:	1.3580

Fibonacci Retracement Levels:
100.0%	1.3813
61.8%	1.3730
50.0%	1.3704
38.2%	1.3678
23.6%	1.3646
0.0%	1.3595

5 Things You Should Never Do In Forex

Revising my recent trades which were made during the last month I still find myself making the same mistakes I've been doing as a newbie trader. The amount of these mistakes lowered, but sometimes emotions overcome the mind and the strategy and as a result - pips are lost. Here is the list of most devastating and stupid things you can make in Forex trading:

1. Don't place stop-loss - sometimes I just forget to place, sometimes I hope for the price to eventually go in the right way and think that stop-loss will be an obstacle. This is wrong! Always place a stop loss - it's good to have it significantly lower than your targeted profit.
2. Trade in lots too big - even if you are100% sure that this position will be profitable, don't make it too large - 1%-5% is more than enough. Losing 20% of your deposit will require much more risk to recover.
3. Overtrade - everyone says that it is bad to overtrade, but for a trader it is always hard to stay away from market when there is "so many opportunities". Just try to set a limit of daily/weekly trades for yourself. Overtrading is a result of the mindless emotions, not your mind, so avoid it.
4. Closing the winning positions too early - it seems OK to get some guaranteed profit against risking to wait even more. But trading experience proves that early closing for winning positions and waiting for losing positions to go green - is completely wrong. Let your winning positions run and cut your losing ones early!
5. Following forecasts and signals - for some traders it's hard to avoid this, especially when there is some Forex guru they respect. Trading with your own strategy and full responsibility is the only way that can make you a professional and successful Forex trader.

I am quite sure that you've already read such advices a dozen of times, but they are always good to remember, so consider it just as a helpful memo.

EUR/USD Technical Analysis for the 7/9-7/13 Week

General trend: bearish.

Floor Pivot Points:
3rd Sup	2nd Sup	1st Sup	Pivot	1st Res	2nd Res	3rd Res
1.3419	1.3473	1.3550	1.3604	1.3681	1.3735	1.3812

Woodie's Pivot Points:
2nd Sup	1st Sup	Pivot	1st Res	2nd Res
1.3479	1.3561	1.3610	1.3692	1.3741

Camarilla Pivot Points:
4th Sup	3rd Sup	2nd Sup	1st Sup	1st Res	2nd Res	3rd Res	4th Res
1.3554	1.3590	1.3602	1.3614	1.3638	1.3650	1.3662	1.3698

Tom DeMark's Pivot Points:
Resistance:	1.3643
Support:	1.3512

Fibonacci Retracement Levels:
100.0%	1.3659
61.8%	1.3609
50.0%	1.3594
38.2%	1.3578
23.6%	1.3559
0.0%	1.3528

Employment Situation Data in U.S.

Some important macroeconomic data was released in U.S. today - employment situation in June from the Bureau of Labor Statistics. As it was expected by the financial analysts, the overall unemployment rate in June remained on 4.5% level - which is quite low and is a good indicator for the U.S. economy. Non-farm payrolls in June reached 132,000 which is 7,00 higher than the experts' estimations. May non-farm payrolls were also revised towards the better side - 190,000 from 157,000. Average hourly earnings came out at 0.3% level (as expected), but May data was revised from 0.3% to 0.4%. Overall, this is a good news for the U.S. economics and dollar as well. The Forex market isn't playing this data yet (or it won't) - EUR/USD returned to its 1.3600-1.3650 range, and no serious movement can be seen.

New Forex Book on Trading Psychology

Another free Forex e-book is now available for download from this site. It deals with trader's personality and emotions which are inevitable in such an activity as a financial trading of any kind. Various examples and stories are presented in this book to help a trader to better understand what he must to prevent losing money and gain them instead:

Your Personality and Successful Trading - by Windsor Advisory Services

Independence Day and Forex

Today EUR/USD was still as it was yesterday. As I said - this week will probably be flat until Friday at least (they tend to be quite unsettled, those Fridays). Independence Day in the United States of America is keeping the big U.S. Forex players out of the market, causing a lower volatility, especially on EUR/USD (while there some minor fluctuations on GBP/USD). It is quite clear that big holidays keep flat market even more flat, so I'd avoid expecting a high volatility Forex trading opportunities tomorrow. If you are for EUR/USD, just wait for 1.3600 or 1.3650 breakout and then jump in.

EUR/USD Slight Correction

Today EUR/USD retreated from its yesterday levels of 1.3630 down to 1.3600 level (with a failed try ground below 1.3600). Factory orders macroeconomic data for May came out better than expected but it still showed a decrease in this important indicator - manufacturers orders decreased by 0.5% (against 1.2% expected). But this data didn't affect Forex at all - the major bearish bars were seen four hours before it came out. It looks like EUR/USD will remain bound in 1.3600 - 1.3650 range for some time.

WebMoney Forex Brokers

A new addition to my Forex brokers section of the site - a list of WebMoney Forex brokers - those that offer WebMoney as the option to deposit or withdraw money to/from the trading accounts. Forex traders that prefer on-line payment systems, but don't want to deal with e-gold or other browser-security system might like WebMoney e-currency system for its hi-end security and good level of service. Here is the list of all brokers that accept WebMoney:

• LiteForex
• Marketiva
• FXEgypt
• FXcast
• Alpari
• Ava FX
• Real Trade
• IFC Markets

EUR/USD Hits Two Months High

Today Forex was a very unlucky place for U.S. dollar as the EUR/USD rallied to its two months high at 1.3630. Even good ISM index data (56% - a 1% rise - against 55% expected) couldn't help U.S. currency after last week losses. It is almost certain now that EUR/USD has broken the down-trend and is now heading north. Probable point of strong resistance can be seen at 1.3650 level, which if broken can mean a rally to 1.3800. While, stopping at 1.3650 will probably for a double-peak pattern with a new correction wave.

Carnival of Forex Trading - July 1, 2007

Welcome to the July 1, 2007 edition of Carnival of Forex trading.

Jimmy Atkinson presents How Does Terrorism Affect Your Trading? posted at Forex Blog.

George Courtney jr presents Go Global by Investing in Foreign Currencies posted at The Authentic Bartender Blog.

Mark25 presents Forex Exchange Rate - How Does It Get Calculated? posted at HotStrategies.com.

Ralph Morgan presents Enough Wealth: Adventures in Day Trading - 12 posted at Enough Wealth.

Bryan Moore presents How to Create Synthetic FOREX Currency Pairs posted at TheFinancialWhiz.Com, saying, "This article explains the principles behind creating synthetic Forex currency pairs. The problem a lot of traders run into is that they sometimes cannot directly trade a particular currency pair from their broker, this explains how you can dissect two currency pairs to create the one you need."

That concludes this edition. Submit your blog article to the next edition of Carnival of Forex trading using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

IFC Markets Forex Broker

Oh, God! Fifth Forex broker with ‘Markets’ in its name! And it doesn’t offer any other market for trading except Forex. They got to love this word to insert it the broker’s title. IFC Markets is good Forex broker if you want to start with a little money (deposits from just $1) and want to deposit it via e-gold or WebMoney. They offer their own trading software which has some professional features (like multicharting) but has nod custom indicators or expert advisors. Their site is quite informative – Forex market news, IFC Markets broker news, financial calendar – all in nine different languages.

Choosing the Right Forex Broker by David Thorpe

Choosing a right Forex broker is not an easy task, I've trade a lot of before I found several brokers that I can rely on. If your broker isn't fast enough you can miss profitable opportunities, or even lose money due to slippage. David Thorpe's articles is dedicated to this topic - how to chose a Forex broker that will satisfy your trader's needs and won't be to abusive or costly in its services:
Choosing the Right Forex Broker - by David Thorpe

EUR/USD Technical Analysis for the 7/2-7/6 Week

General trend: ranging.

Floor Pivot Points:
3rd Sup	2nd Sup	1st Sup	Pivot	1st Res	2nd Res	3rd Res
1.3332	1.3374	1.3458	1.3500	1.3584	1.3626	1.3710

Woodie's Pivot Points:
2nd Sup	1st Sup	Pivot	1st Res	2nd Res
1.3385	1.3479	1.3511	1.3605	1.3637

Camarilla Pivot Points:
4th Sup	3rd Sup	2nd Sup	1st Sup	1st Res	2nd Res	3rd Res	4th Res
1.3473	1.3507	1.3519	1.3530	1.3554	1.3565	1.3577	1.3611

Tom DeMark's Pivot Points:
Resistance:	1.3605
Support:	1.3479

Fibonacci Retracement Levels:
100.0%	1.3542
61.8%	1.3494
50.0%	1.3479
38.2%	1.3464
23.6%	1.3446
0.0%	1.3416

Some Important Data from U.S.

Today some important macroeconomic data came out in United States - final data on GDP and final chain deflator for the first quarter of the 2007. Though this data is very important for Forex markets its neutrality prevented any large affect on the market. GDP came out inside the expected borders - 0.7% which is by 0.1% better than previous value. Chain deflator was slightly higher than expected - 4.2% against 4.0%. Today data on initial jobless claims were also released - 313,000 against 315,00 expected - not much surprise here too. FOMC policy statement will be released today - maybe there will be something in it, that will move Forex market out if its flat condition.

USD Instead of EUR on FXcast Pro

FXcast Forex broker announced today that new accounts created on their Pro trading platform are now will have a basic currency USD. Existing accounts will stays as EUR accounts, but all newly created will be held in USD. All deposits are getting exchanged at the current daily rates.

CMC Markets – Forex Broker with a Sophisticated Trading Platform

CMC Markets is an international Forex broker based in U.S. which offers its own advanced trading platform. This platform is somewhat similar to Metatrader 4 in its main features, but is generally different software incompatible with Metatrader. To start trading with this hi-end software you’ll have to deposit a minimum $2,000 with no e-currency support for deposit/withdrawal. Demo accounts are available, but are limited to 14 days – a rather short term.

FXcast Lowers Minimum for Metatrader Platform

FXcast Forex broker announced that starting from today the minimum account size to use their FXcast Pro trading platform (based on Metatrader 4) is $10. The previous minimum amount was $100.

Dear Partner, we are glad to tell you that we have decreased the minimum deposit for our FXcast Pro platform to 10 USD. Please have in mind that the base currency for this platform is EUR. Due to customer inquiries we plan to change this to USD and we will inform you about the process.

Sinerely Yours,
FXcast Team

It is a good chance for the new traders to get the taste of real Forex without risking hundreds of dollars.

IFX Markets – Good if You are for Contests

IFX Markets is another broker with a ‘Markets’ in its name (strangely, such brokers offers only Forex market trading, without CFD or stocks). IFX Markets offers their clients a custom trading platform which is slightly above average, but can’t be compared to Metatrader 4 in any way. Financial side is quite poor – bank wire and checks for transfers and $500 minimum, with the rudimental trading fees – $1.25 for every 10,000 lot traded (overnight interest is also applied) – are rare thing in modern on-line Forex world. The good side is Forex trading contests which are available for demo accounts – prizes are usually quite generous.

NorthFinance Warns Traders

NorthFinance warns its clients that after July 1st it will stop supporting Metatrader 4 platform versions older than build 200. So, it is about a time to update your Forex trading software if you are trading with NorthFinance. Update can be automatically started on the program startup. Updating your Metatrader 4 platform not only will keep you up to date with NorthFinance, but also will remove some bugs (that are fixed in newer versions) and enhance your experience with expert avisors (that need to be recompiled with almost every build in pre-200 versions).

Bad U.S. Data Don't Bother EUR/USD

Forex seems to be ignoring todays macroeconomic data that came from United States - dollar is almost at the same level (slightly better even) as it was when the week started, a ranging week so far. New home sales disappointed U.S. optimists by showing a decline from 981,000 to 915,000 houses for May, it is even lower than experts expected - 925,000. Consumer confidence - one of the basic indicator of economical growth declined in June compared to May - 103.9 from 108.5, while it was expected to come just a little lower - 106.0. Such bad news for U.S. doesn't add any optimism to USD bulls and can cause some further EUR/USD growth.

IG Markets – a British (Again) Forex Broker with CFD

Great Britain looks to be rich on Forex brokers (probably, because of slightly less hard regulatory environment than U.S., but with great financial possibilities which London City possesses). IG Markets is Forex broker which started as a CFD broker and then added spot Forex trading to its on-line services. You can trade using both java platform and standard downloadable program. But with IG Markets you are limited to 1:50 leverage. The minimum to start trading with them doesn’t bite – moderate $200. Except standard ways of money deposit/withdrawal (bank wire, credit card, check) Moneybookers is also available.

Elliott Waves and Tom DeMark's Trendlines

A new addition to the articles section of the site - one article about Elliott waves theory (and their practical implication) by Joseph Plazo and another about Tom Demark's trendlines (or pivot points) by Michael A. Jones:

Discover Some Magic to Beat The Forex: The Elliott Wave Theory for Forex Markets - Elliott waves are one of the most powerful technical Forex tools; with proper use such indicator can help detect breakouts and currency pairs peaks with a very high accuracy level.

Forex Information: How To Draw DeMark Trendlines - DeMark trendlines are not difficult to understand and use, they might be of help for the basic support/resistance levels on both long and short term charts.

Trade at Man – Forex Broker Not for Beginners

Trade at Man is a British Forex broker (division of a Man Group company) with $10,000 minimum account size and a low leverage – 1:40. Such conditions are looking very unattractive to most Forex traders, especially beginners, who got used to 1:100 leverage with $1 minimum. But they have a newbie-friendly trading platform which is completely insufficient for professionals. So, it is kind of difficult to understand whom are they aiming for. But if you deposit $10,000 with Trade at Man, you’ll be able to trade not only Forex, but also CFD, options and futures with this regulated broker.

MGFOREX – Trading Contests But Limited Trading Control

MGFOREX is a Forex broker that offers its own trading platform for its clients. The main drawdown of this trading software is that it handles positions only in a FIFO (First In First Out) manner – so, if you just cannot close a new position if there is some another position for the same currency pair is still open. On first sight, this shouldn’t be a big problem, because this will limit only positions for the same currency pairs, but having different longevity and hedging position is very important for the professional Forex traders, and this limit will obviously make their life different. As for the good sides of MGFOREX, I can mention – first, Forex trading contests (on demo accounts) and the fact, that Muslims can open no-interest accounts, where overnight interest is removed with fees.

EUR/USD Technical Analysis for the 6/25-6/29 Week

General trend: bearish.

Floor Pivot Points:
3rd Sup	2nd Sup	1st Sup	Pivot	1st Res	2nd Res	3rd Res
1.3306	1.3339	1.3404	1.3437	1.3502	1.3535	1.3600

Woodie's Pivot Points:
2nd Sup	1st Sup	Pivot	1st Res	2nd Res
1.3347	1.3420	1.3445	1.3518	1.3543

Camarilla Pivot Points:
4th Sup	3rd Sup	2nd Sup	1st Sup	1st Res	2nd Res	3rd Res	4th Res
1.3415	1.3442	1.3451	1.3460	1.3478	1.3487	1.3496	1.3523

Tom DeMark's Pivot Points:
Resistance:	1.3469
Support:	1.3371

Fibonacci Retracement Levels:
100.0%	1.3470
61.8%	1.3433
50.0%	1.3421
38.2%	1.3409
23.6%	1.3395
0.0%	1.3372

EUR/USD Rallies at Trading Week End

Last day of a Forex trading week brought some good results for EUR/USD currency pairs, moving it past 1.3450 level (but still not breaking the recent downtrend). The main reasons of such behavior of EUR/USD can be seen in slightly better than expected April industrial orders which in year-to-year period changed by +12.2% against +8.7% anticipated by experts. Also, Jean-Claude Trichet, President of ECB, spoke about Eurozone economics marking it mostly in very optimistic epithets, that could give Euro bulls some hope for the faster interest rates increase by ECB.

ODL Securities – a No Minimum Broker with a $100 Minimum

ODL Securities is a Metatrader 4 Forex broker that states that you there is no minimum account size as well as no minimum amount to deposit, while the actual minimum is not zero – you’ll have to deposit at least 100$ to open the minimum lot size position available with 1:100 leverage. As to deposit options – traders are limited to credit card, check and bank wire. As with some other Metatrader brokers you can also trade CFD, but with ODL Securities you’ll have to open additional trading account specifically to trade CFD.

EUR/USD Unsure on Mixed Fundamental Data

EUR/USD is still ranging making this week pretty calm compared to some previous weeks which showed us an amazing volatility and trendiness. The main reason for this slow Forex market I can see in the rather neutral economic releases we've seen this week. While the number and the market importance of these releases were relatively low. Today the most important data were initial jobless claims which appeared 14K above expected number - 324K against 314K for the previous period (10K increase). Leading indicators, which usually don't do much for the Forex came 0.1% higher than expected - at the level of 0.3%. Federal Reserve Bank of Philadelphia manufacturers report showed a notable improvement in May.

Another MT4 Broker Hits My List

Royal Forex Trading is a relatively new broker that started its services in the end of 2006. It supports Metatrader 4 trading software, but it has not many features to attract Forex traders - $300 minimum deposit (which is not very low compared to some other brokers) and the fact that it is regulated by NFA and CFTC (which can mean a lot to some people, while be insignificant to others). To start trading with them you’ll need to deposit money with one of the following ways: PayPal, BPS, Wire Transfer, credit cards or check.

Another Still Day for EUR/USD

EUR/USD Forex pair was still today again. Some insignificant volatility didn't even break 15 pips corridor. This day was low on macroeconomic releases, except for major release by the Bank of England - minutes of their latest meeting in June 6 and 7. This publication added some more weight to pound moving GBP/USD slightly higher during the day. Minutes showed that there are two more possible interest rates adjustment for 0.25% by the end of 2007.

Questrade FX – Forex Trading in Your Browser

Questrade FX is a Canadian Forex broker that has a web based (java based) trading platform that allows you to trade just from your browser window. Just like with Oanda or Easy Forex you don’t need to install any additional software – so technically you can trade from any place with a PC, even a local library (though, that wouldn’t be wise for real Forex accounts, because of security problems). Questrade FX is a registered company and accepts only checks and Wire Transfer, but one can start with only $250. A reasonable choice for new traders from U.S. or Canada seeking a web based Forex broker.

Dollar Slow Even After Housing Data

EUR/USD was ranging between 1.3385 and 1.3435 levels undecided - to go for a correction or jump back to the bearish trend which is seen since the first week of May. Such a slow motion in EUR/USD Forex can continue for the whole week. Especially after today's U.S. housing data showed completely no effect on the Forex market. Although, the numbers came out in neutral level compared to the experts' expectations, but they showed a moderate decline compared to previous values.

RCG fxtrader - Heavy-Weight Forex Broker

RCG fxtrader doesn't possess any significant advantages the contemporary Forex brokers try to possess or at least claim. It even has disadvantages that are too unpopular nowadays - no mini Forex (you can start only with a minimum $5,000), no Metatrader 4 support, no other payment options except for Wire Transfer, etc. But the significant part about this Forex broker is that it is founded by a financial company Rosenthal Collins Group, which starts its days from 1922 and, being a registered member of both CFTC and NFA, it offers a great reliability to its clients.

SNC Investments – MT4 Broker with Custom Platform

SNC Investments is a Metatrader Forex broker that allows deposits via Wire Transfer, checks and BPS (Broker Processing Service). They utilize a customized version of MT4 platform; though, it is fully compatible with Metatrader (so the expert advisors should work with it without any problems). You’ll need to deposit a minimum of $500 to start trading with SNC Investments. This broker is registered with CFTC and NFA, but, in my opinion, there is many other brokers which deserve more attention than this one :-).

EUR/USD Technical Analysis for the 6/18-6/22 Week

General trend: ranging.

Floor Pivot Points:
3rd Sup	2nd Sup	1st Sup	Pivot	1st Res	2nd Res	3rd Res
1.3178	1.3220	1.3304	1.3346	1.3430	1.3472	1.3556

Woodie's Pivot Points:
2nd Sup	1st Sup	Pivot	1st Res	2nd Res
1.3231	1.3324	1.3357	1.3451	1.3483

Camarilla Pivot Points:
4th Sup	3rd Sup	2nd Sup	1st Sup	1st Res	2nd Res	3rd Res	4th Res
1.3319	1.3353	1.3365	1.3376	1.3400	1.3411	1.3423	1.3457

Tom DeMark's Pivot Points:
Resistance:	1.3451
Support:	1.3325

Fibonacci Retracement Levels:
100.0%	1.3388
61.8%	1.3340
50.0%	1.3325
38.2%	1.3310
23.6%	1.3292
0.0%	1.3262

Euro Rallies as the Fundamentals Are Not In Dollar's Favor

EUR/USD today on Forex rallied high to 1.3380 level as the fundamental indicators from U.S. came below expectations. First, May Core CPI came at 0.1% level, whereas expected value was 0.2% (though, overall CPI was 0.1% higher than expected). Then, Industrial Production showed completely no increase in May which can be very for the U.S. GDP. Industrial Capacity Utilization was also lower than expected - 81.3% against 81.6%. And at last - Michigan University Consumer Sentiments Index (preliminary) decreased in May to 83.7, whereas experts expected 88.0. Such a bad day for the U.S. macroeconomics can be a sign to FOMC, which might start considering interest rates lowering.

Socially Responsible Forex Broker - MIG Investments

MIG Investments is a Forex broker from Switzerland. It is one of the most legally clear broker for the serious traders. I say serious because the minimum account size is $2,000 with the Wire Transfer being the only billing option available. With MIG Investment you can use Metatrader 4 software and trade with their quite competitive spreads. One of the most remarkable thing about this Forex broker is that it shares some of its profits with the UNICEF organization, helping children all over the world. This is indeed a rare occasion that the rich help the poor in such aggressive and speculative industry as Forex trading.

EUR/USD Ranging while Macroeconomics Show No Surprises

Today, Forex was pretty calm for EUR/USD pair with the only spike to 1.3279. But this day was rich on the macroeconomic releases bot from Eurozone and U.S. Though, they were in the bounds of experts' expectation. European CPI came out to be slightly lower than expected in month to month representation. U.S. jobless claims were one thousand lower than expected, but the previous number was revised towards a bit higher value. Producers Price Index in U.S. increased better than expected - 0.9% against 0.6%.

Crown Forex – a Swiss Broker with Metatrader Platform

Crown Forex is a Swiss based Forex broker that supports Metatrader 4 trading software. Though, it greatly limits the use of MT4 expert advisors which almost kills one of the biggest advantages of Metatrader platform. To start trading with Crown Forex you’ll need to deposit a minimum of $300 which can only be transferred via Wire Transfer. But of course you can always try their demo accounts for free.

USD Bullish Trend Continues

EUR/USD continues on its way down and now it is a trend which must be taken to consideration even for long-term Euro bulls. Correction which has seemed to be trying to return EUR/USD back to bullish trend on 04/06 and 05/06 stopped too soon releasing EUR/USD to even deeper lows. Today on Forex EUR/USD reached new low since March and it doesn't seem to be stopping yet. Overall there are some good data from U.S. coming almost everyday. Today - Retail Sales came out to be more than twice as higher as expected - 1.4% against 0.6%, while oil and gas reserves remained on high levels.

Forex Club – a Regulated Forex Broker

Forex Club is a Forex broker that started its on-line business in 2000. It is currently based in New York and registered with National Futures Association. Forex Club doesn’t offer e-gold deposit option or Metatrader platform, but it has its own Forex trading platforms to offer and a very low account minimum - $10. It is a good starting Forex broker for those traders that can easily deposit/withdraw money via banks.

Treasry Reports on Budget while USD at Highs

Today on Forex EUR/USD showed us a moderate decline. Bears were happy to see the new two month low at 1.3312. Ten minutes ago, U.S. Treasury reported its monthly statement about the U.S. budget showing its deficit at 67.7B (billion) level which is an indeed a great sum of money, but slightly lower than predicted by experts - 68.0B. Which might positively affect dollar on Forex.

Real Trade – Forex Broker from Latvia

Real Trade is an established Forex broker based in Latvia which offers international Forex trading services using a Metatrader Forex platform. Aside from that Real Trade clients can deposit and withdraw funds to and from their margin accounts using e-gold and WebMoney (along with a good old Wire Transfer). Overall, Real Trade is a reputable (but more popular with Russian-speaking traders) Forex broker with market presence since 2003.

Forex Trading Using the Long-Term Charts

When it comes to Forex trading it is usually associated intraday trading or more rarely - intraweek trading. This is caused mainly by the high volatility of major currency pairs which makes them potentially profitable in the small amounts of time, while making it too risky in longer terms. Second reason for the short-term Forex trading being more popular is a high leverage margin accounts - 1:100 or even higher – this increases single position risk and profit making it deadly risky in a long term.

Long-term trading in Forex can be defined as deliberate maintaining of open positions for more than a week. Under one week term is still considered a short-term for Forex – position lives through just a few different news releases and is not caused by long-term forecasting. Whereas position which is kept open for several weeks usually lives through some news releases on the same topic (but with different) and thus requires some long-term forecasting and technical analysis on daily/weekly charts.

Success in Forex trading (like in any other financial trading) depends greatly on trader’s psychology and emotions. Some traders are comfortable with fast and exciting (if trading can be exciting) trading style when positions are open and closed within minutes. Others prefer keeping their positions open for several hours – watch them rise or fall and have some time to react to the market moves. Trying to trade in the time periods that don’t suit your character type won’t bring you any profit. To trade successfully one must be emotionally integral and calm. If trader is uncomfortable with intraday or daily trading he needs to try something different. Long-term Forex trading is good for:

1. Traders that don’t have time to sit in front of their terminal for the whole day.
2. Traders that like to spend a lot of time in fundamental or technical analysis.
3. Those that can spend more than one day when it comes to the actual trading decision.

If you feel that you fall into one of the above categories of Forex traders I suggest you at least to try long-term trading. Perhaps, it will dramatically improve your trading results.
The best charts for the long-term trading in Forex market are daily and weekly charts (and other charts of bigger periods). Personally I prefer using a weekly chart for EUR/USD pair, since technical analysis patterns can be clearly seen on such chart (unlike short-term charts that often behave against all possible predictions). Determining a trend or breakout is not hard on the long-term charts usually. But even if a trader fails to recognize a pattern and opens a wrong position he will have many days to close it, and often he will have a chance to close even a bad position with a small profit. Using fundamental analysis in long-term Forex trading isn’t hard too. Trader just needs to analyze general trades in central banks’ interest rates decisions and act according to possible carry trade trends. Long-term trader also shouldn’t forget about general global trends – like oil prices, commodities, political situation and others. Maintaining stop-losses is very important and especially if trader uses high leverage – stop-loss shouldn’t be to far away from the open price. Trailing stop is good, but it should be manual, not automatic. Stop loss moving should be based on the Forex market behavior. Position target should be set according to the trader’s plan – when analyzing the long-term chart it is really not difficult to determine the most probable targets for the currency pair to land.

So, if you think that short-term Forex trading doesn’t posses a good potential for you as a Forex trader – try long-term trading. In Forex it is still good as it is with stocks. Just don’t forget that you are trading with leverage, that main trends are caused by central banks’ interest rates decisions and that stop-loss/target-profit should be placed according to charts technical analysis.

Forex WebTrader

Forex WebTrader is the name of retail Forex broker maintained by Finexo broker. It offers web based trading platform and e-gold deposit – making this broker a good choice for the new traders who want to try themselves at Forex without installing any complicated professional trading software. This broker looks even more attractive because of possibility of mobile trading with PDAs or mobile communicators. But for professional traders this might be insufficient – both in terms of the trading platform and the broker reputation (for which it is too new to have one).

EUR/USD Technical Analysis for the 6/11-6/15 Week

General trend: slightly bearish.

Floor Pivot Points:
3rd Sup	2nd Sup	1st Sup	Pivot	1st Res	2nd Res	3rd Res
1.3045	1.3182	1.3278	1.3415	1.3511	1.3648	1.3744

Woodie's Pivot Points:
2nd Sup	1st Sup	Pivot	1st Res	2nd Res
1.3172	1.3257	1.3405	1.3490	1.3638

Camarilla Pivot Points:
4th Sup	3rd Sup	2nd Sup	1st Sup	1st Res	2nd Res	3rd Res	4th Res
1.3245	1.3309	1.3330	1.3352	1.3394	1.3416	1.3437	1.3501

Tom DeMark's Pivot Points:
Resistance:	1.3580
Support:	1.3347

Fibonacci Retracement Levels:
100.0%	1.3553
61.8%	1.3464
50.0%	1.3437
38.2%	1.3409
23.6%	1.3375
0.0%	1.3320

EUR/USD at Two Months Low

U.S. dollar rallied to its two months low at 1.3320 today. Surprisingly the United States Trade Balance Deficit for April 2007 was reported almost 5 billion dollars lower than predicted $58.5 billion, whereas March Trade Balance Deficit was revised to $62.4 billion (almost a billion lower than previous value). Trade Balance Deficit tightening was caused by both lower import and higher export which is a very good sign for the U.S. economics. But this wasn't the main reason for today's EUR/USD correction, the main reason was the higher yield for U.S. bonds which broke through 5.00% yesterday and now many long term investors need to buy dollars to get into the bonds.

High Street Networking - On-line Forex Broker since 1999

One of the oldest on-line Forex brokers present on the current market - High Street Networking (ForexHSI). It started its website back in 1999 and still remains a meaningful player on the market of retail Forex services. High Street Networking supports deposits via WebMoney and has a very good browser based trading platform available to its clients. Despite of this broker being unregistered with any financial controlling organization, working with such an old and established on-line company is less risky than with one of the money new Forex brokers which are not rare nowadays.

Focus of the Day: BoE Rates and U.S. Jobless Claims

Bank of England voted to maintain its Bank Rate (interest rate) at 5.50% level - unchanged. It wasn't a surprise for Forex traders, but there was a slight possibility of interest rate hike from the BoE, so results are more bearish for the pound. From the United States the Initial Jobless Claims data for the previous week came - 309,000 against 315,00 expected - good result which moved EUR/USD back below 1.3450 level returning to the bearish trend.

New e-gold Broker - Ava FX

Today I am introducing a new Forex broker that allows e-gold deposits (not only, also PayPal, Western Union, credit card and Wire Transfer) - Ava FX. It doesn't support Metatrader platform but it provides traders with its own platform that is claimed to be very easy to use. Good thing about this broker is that it offers bonus on client's deposits - $50 on $100 deposit, $100 on $,1000 and $200 on $10,000.

EUR/USD Unsure after ECB Speaks

Today on 13:30 (UTC) ECB statement was released as the interest rates in the Eurozone were increased by 0.25% to 4.00% as expected. Jean-Claude Trichet spoke about current and expected situations in European economy and the main lines can be concluded in the following: economy is growing at a fast pace (better than expected), while inflation remains strong (because of oil prices) and the price index will be in ECB main view. This can lead to a conclusion that rates can be increased in near future. Despite of this, EUR/USD Forex pair continues its floating around 1.3500 level going nowhere for now.

New Payment Options on Marketiva

Marketiva Forex broker now accepts WebMoney and E-Dinar web currencies as the payment options. This is a very wise step from their management team, since WebMoney is the most popular e-currency in Russia (with many potential Forex traders) and E-Dinar is a promising e-currency with a great potential in the Middle East and Asia.

Finexo Forex Broker

Finexo - interesting broker that provides Forex, stocks, futures and metals trading accounts. You can trade either through their full stand-alone trading platform or through web based terminal, which allows trading from practically anywhere. Mini Forex trading is also available with the minimum account size of $100, but you'll need to deposit it via credit card since neither e-gold nor any other web based currency is supported. Finexo definitely is a Forex broker you can trust - it began operating on-line back in 2004 and still provides first class trading services.

EUR/USD Surprising Peak

Forex market today brought another surprise to the traders as the USD unexpectedly fell to 3 weeks low on mixed data from Eurozone. While some major macroeconomic indicators failed to show any good data for the Eurozone, EUR/USD reached 1.3553. Although it's rolled back pretty fast, EUR/USD is still traded above 1.3500 (which was a strong resistance level and now is a support level). ISM Services index from U.S. came a lot better than expected - 59.7% against 55.5% expected - this factor might play its role in returning USD to bullish trend, but that would be difficult task to accomplish.

FXcast - e-gold Forex Broker with Metatrader 4 Platform

Another e-gold Forex broker with a low minimum account ($1) and e-gold deposit option added to Forex brokers list. FXcast - a quite new broker in the on-line market. It also supports Metatrader platform (for accounts starting from $100) and a very high margin leverage (up to 1:400). One of the major drawdowns for this broker is that it is completely unregulated. But still - good choice for the new Forex traders who store their funds in e-gold or WebMoney.

Tough Times for USD

Today were not the best times for USD bulls as the Factory Orders indicator increased only by 0.3% (against 0.6% expected). Low growth of manufacturing orders means a slower growth of overall economy, while U.S. economy is already slow as a turtle with 2007 GDP estimated at around 1%. Such bad macroeconomic data will push EUR/USD up, even if technical analysis will cry for a correction. On the other side, previous Factory Orders indicator was revised towards better side - 4.1% from 3.5% which might cause some support for dollar on Forex.

Dukascopy Forex Broker

Welcome a new ECN Forex broker aboard - Dukascopy. It is one of the most notable Forex broker, but it is generally unknown to common retail Forex traders because of its extremely high minimum account - $50,000. One of the greatest advantages Dukascopy clients get for such high requirements is the ability to trade in their Swiss FX Marketpalce - a ECN of brokers, banks and large retail traders with high liquidity and low spreads. And second - hi-end Forex trading software (with web-based Forex trading support).

EUR/USD Technical Analysis for 6/4-6/8 Week

Floor Pivot Points:
3rd Sup	2nd Sup	1st Sup	Pivot	1st Res	2nd Res	3rd Res
1.3260	1.3326	1.3387	1.3453	1.3514	1.3580	1.3641

Woodie's Pivot Points:
2nd Sup	1st Sup	Pivot	1st Res	2nd Res
1.3325	1.3385	1.3452	1.3512	1.3579

Camarilla Pivot Points:
4th Sup	3rd Sup	2nd Sup	1st Sup	1st Res	2nd Res	3rd Res	4th Res
1.3378	1.3413	1.3425	1.3436	1.3460	1.3471	1.3483	1.3518

Tom DeMark's Pivot Points:
Resistance:	1.3547
Support:	1.3420

Fibonacci Retracement Levels:
100.0%	1.3519
61.8%	1.3470
50.0%	1.3456
38.2%	1.3441
23.6%	1.3422
0.0%	1.3392

EUR/USD Bearish after Fundamental News

EUR/USD broke through 1.3400 today on Forex market - showing a new 7-week low. Good macroeconomic data from U.S. was the reason for this break-through. Nonfarm payrolls - a major employment indicator of the U.S. economy - increased by 157,000 in May (22 thousands more than expected), while ISM Index - reported an increase by 0.3% up to 55.0% (against 54.0% expected). ISM Index means a lot in the U.S. economy because it describes its most powerful industries, and greatly influences FOMC rate decisions. Now it is quite possible to see an increase in U.S. interest rates by 0.25% this Fall, in my opinion.

2 New E-Books about Forex Trader's Psychology

Now you can download two more excellent Forex e-books about a role of the traders' psychology in their success or failure (which is without a doubt a more often case) . These e-books are not very big or complicated, just an hour of interesting and useful Forex reading:

• 25 Rules Of Forex Trading Discipline - as the title suggest, a set of rules that are necessary to be followed to be a successful Forex trader.
• Stop Losses Are For Sissies - there is a sarcasm in the title of this e-book, really :-).

FOMC Minutes to Support Dollar?

FOMC (Federal Open Market Committee) released its May 9 meeting Minutes on Wednesday, May 30. As it has been known since May 9 the conclusion of the meeting states that the inflation remains the main concern for the FOMC, while in future FOMC will outlook both inflation and economic growth. Statements presented in the released Minutes generally support this conclusion giving some more power for the USD bulls. This could be seen yesterday on Forex market when EUR/USD hit its new low since April 11 at 1.3406.

EUR/USD Rally and Rollback after Consumer Confidence

Euro showed a really fast and heart-breaking (for some traders at least) rally of 100 pips today before the major daily fundamental event - May Consumer Confidence Index. After hitting its resistance level at 1.3517 EUR/USD calmed down a bit rolling back to 1.3500 level. May Consumer Confidence Index which came out to be 108.0 against 104.5 expected ended Euro rally moving EUR/USD to 1.3475 level. Many other macroeconomic indicators are scheduled for this week, so Forex traders must be aware of possible rallies and rollbacks similar to those seen today.

Forex Trading and Islam

The topic of Forex trading prohibition in Islam is vast and controversial. Many points of view exist on different aspects of on-line Forex trading including - spot trading, futures and options trading, margin trading, overnight interest, etc. The majority of the Islamic jurists agrees that Forex trading can comply with Sharia only if it is spot trading (while futures and options are considered to earn Riba) and if it doesn't involve any overnight interest (or interest hid by commissions, though Muslim traders should know that not all commissions are to hide overnight interest). One of the main point of debate lies in margin trading (almost every transaction in Forex is based on margin) and hedging (it is compared to futures trading usually). Dr. Mohammed Obaidullah of Universiti Tun Abdul Razak (located in Malaysia) discusses this topic in his article - Islamic Forex Trading. It is a well grounded article covering every aspect of Forex trading and providing references to the fundamental Islamic sources. Among other things, Dr. Mohammed Obaidullah proves margin Forex trading to be legal for Muslims, as long as it doesn't involve any Riba (unlike some other Islamic jurists who look at margin Forex trading as forbidden activity). In this articles the Forex hedging is also analysed and is seen as the source of Riba income. I strongly recommend reading this article to all Muslim traders and those who want to start trading Forex while remaining a lawful Islamic believer.

Another Forex Broker

Another Forex broker added to the list - PFG Forex - an on-line brokerage company operated by Peregrine Financial Group (founded in 1980). This Forex broker is registered with CFTC and is a member of National Futures Association. The good thing about it is that it's "only" $1,000 minimum account while giving the trader an opportunity to try high-end trading platforms (not only Forex, but futures and commodities too!). What's quite uncommon for such big brokers - one can open account on-line, sending only scanned passport ID.

EUR/USD Technical Analysis for 5/28-6/1

General trend: bearish or ranging.

Floor pivot points:
3rd Sup__2nd Sup__1st Sup__Pivot____1st Res__2nd Res__3rd Res
1.3272___1.3341___1.3392___1.3461__1.3512___1.3581___1.3632

Woodie's pivot points:
2nd Sup__1st Sup__Pivot____1st Res__2nd Res
1.3337___1.3382___1.3457___1.3502__1.3577

Camarilla pivot points:
4th Sup__3rd Sup__2nd Sup__1st Sup__1st Res__2nd Res__3rd Res__4th Res
1.3376___1.3409___1.3420___1.3431__1.3453___1.3464___1.3475___1.3508

Tom DeMark's pivot points:
Resistance: 1.3486
Support: 1.3366

Fibonacci retracement levels:
100% - 1.3531
61,8% - 1.3485
50,0% - 1.3471
38,2% - 1.3457
23,6% - 1.3439
00,0% - 1.3411

Bad Houses Sales Costs Pips

Forex market was quite predictable today after the data on the Existing Home Sales for April came in 15:00 GMT. This macroeconomic indicator showed very poor results - 5.99 millions against 6.13 millions expected (and 6.15 millions in March). After these data came out EUR/USD gained nearly 50 pips (up to 1.3572) as the low activity in the realty industry can mean a general weakness in the U.S. economy. EUR/USD has almost fully rolled back already. But the great thing is that every Forex trader can always use monthly Existing Home Sales report to gain some fast profit on this news reaction.

Article about Protective Puts in Forex

New article describing an interesting way of using Forex options in a long term trading to improve trader's money management strategy. Article is called "Protective Puts", it is written by Jogn Jagerson - an author of www.ProfitingWithForex.com.

Euro Down to 1.3416, while Pound Regains Strength

EUR/USD touched new its new monthly low at 1.3416. That was a very important movement for Euro bears, but the currency pair bounced back up to high 1.3500 very soon and then flattened down to 1.3460 - showing its volatile nature. Nevertheless, mid-term trend for EUR/USD can be seen as bearish. At the same time GBP returned its positions today on Forex market after Bank of England spoke about increasing interest rates by .50% not the usual and expected 0.25% giving a lot of strength to the Pound bulls. GBP/USD touched 1.9892 and then corrected a bit to 1.9850 level.

Additon to MT4 Expert Advisors

I've added a new expert advisor to MT4 Expert Advisors section of the site - myfxovereasy Expert Advisor + FXOverEasy Indicators. It's my own EA based on FXOverEasy indicators, or more exactly - on their combo by Shimodax from StrategyBuilder forum. Actually this Forex expert advisor trades against FXOverEasy strategy, but it showed very good results on EUR/USD M15 chart. But be careful, it is quite risky, don't trade the money you cannot afford to lose. Don't forget to leave your comment if you use this indicator ;-)

EUR/USD New Lows

Today EUR/USD hit new monthly minimum at 1.3436 since April 12. The most probable reason for this dollar "mini-rally" is the U.S. bonds auction which provoked a lot of USD buying on Forex. Such auctions usually stimulate a demand for the U.S. currency and this time it helps to break the bullish daily EUR/USD trend.

Northfinance Adds New Currency Pairs

Northfinace Forex broker now allows trading a few more minor currency pairs:

• AUDDKK - Australian Dollar vs Danish Krone
• AUDPLN - Australian Dollar vs Polish Zloty
• CHFCAD - Swiss Franc vs Canadian Dollar
• EURHKD - Euro vs Hong Kong Dollar
• EURLVL - Euro vs Latvian Lats
• EURZAR - Euro vs South African Rand
• GBPDKK - Great Britan vs Danish Krone
• GBPNOK - Great Britan vs Norwegian Krone
• GBPSEK - Great Britan vs Swedish Krona
• GBPZAR - Great Britan vs South African Rand
• USDHRK - US Dollar vs Croatia Kuna
• USDLTL - US Dollar vs Lithuanian Litas

These pairs can be interesting for aggressive traders who wish to take more risky and more profitable positions.

EUR/USD Technical Analysis for 5/21-5/25

General trend: bearish.

Floor pivot points:
3rd Sup__2nd Sup__1st Sup__Pivot____1st Res__2nd Res__3rd Res
1.3303___1.3384___1.3446___1.3527__1.3589___1.3670___1.3732

Woodie's pivot points:
2nd Sup__1st Sup__Pivot____1st Res__2nd Res
1.3379___1.3437___1.3522___1.3580__1.3665

Camarilla pivot points:
4th Sup__3rd Sup__2nd Sup__1st Sup__1st Res__2nd Res__3rd Res__4th Res
1.3429___1.3469___1.3482___1.3495__1.3521___1.3534___1.3547___1.3587

Tom DeMark's pivot points:
Resistance: 1.3558
Support: 1.3415

Fibonacci retracement levels:
100% - 1.3608
61,8% - 1.3553
50,0% - 1.3537
38,2% - 1.3520
23,6% - 1.3499
00,0% - 1.3465

Forex Broker with a Wrong Name :-)

A new broker was added to the institutional Forex brokers list today - ECN broker. It doesn't match its name (at least for Forex services), because it is a market maker broker, not an Electronic Communication Network broker. You'll still have to pay your spreads (it offers average spreads) and won't need to pay any commissions. The main reason why I've added this broker is that it is a good opportunity to start trading Forex with a regulated broker that has a low minimum account amount of $200 and allows high leverage - 1:400.

CPI from US to Support Dollar?

Today the April U.S. CPI data cam out a bit higher than the market expected - 0.6% against 0.5%. A higher CPI data can mean a fast increase of the U.S. interest rate by the Fed, which in its turn gives USD a support to rally higher against other currencies. But all in all 0.1% difference can be not enough to significantly move the Forex market in any direction, so it's better to wait for more macroeconomic data.

Serious Take on the Market Behavior

Today I've added a e-book that describes the influence of the Forex traders' behavior, beliefs and psychology on the Forex market itself. The results of the study which is performed in this book indicate that:

1. About 30% of Forex traders use mostly technical analysis.
2. Macroeconimic news is reacted very fast to.
3. Importance of individual macroeconomic parameters varies over the time.
4. Fundamental economic parameters generally have a long term influence on Forex market.

You can download this e-book from my site:

Macroeconomic Implications of the Beliefs and Behavior of Foreign Exchange Traders - by Yin-Wong Cheung and Menzie D. Chinn.

EUR/USD Technical Analysis for 5/14-5/18

General trend: slightly bearish or ranging.

Floor pivot points:
3rd Sup__2nd Sup__1st Sup__Pivot____1st Res__2nd Res__3rd Res
1.3282___1.3372___1.3447___1.3537__1.3612___1.3702___1.3777

Woodie's pivot points:
2nd Sup__1st Sup__Pivot____1st Res__2nd Res
1.3368___1.3441___1.3533___1.3606__1.3698

Camarilla pivot points:
4th Sup__3rd Sup__2nd Sup__1st Sup__1st Res__2nd Res__3rd Res__4th Res
1.3432___1.3478___1.3493___1.3508__1.3538___1.3553___1.3568___1.3614

Tom DeMark's pivot points:
Resistance: 1.3574
Support: 1.3409

Fibonacci retracement levels:
100% - 1.3626
61,8% - 1.3563
50,0% - 1.3544
38,2% - 1.3524
23,6% - 1.3500
00,0% - 1.3461

BunnyGirl Forex Trading Strategy E-book

BunnyGirl - is one of the most popular technical Forex strategies. Although it may look simple - a system utilizing WMA cross, it has a lot of additional conditions and tricks that are necessary for a trader to succeed with this strategy. You can download a quite short e-book describing BunnyGirl strategy rules along with some most important FAQ about this system:

BunnyGirl Forex Trading Strategy Rules and FAQ

EUR/USD Reaches 1 Month Low

EUR/USD reached its one month minimum level today during a fast dollar rally that has been influenced strongly by the yesterday's FOMC statements. Is it a bull trend break, or just a small correction before the new heights? The answer will lie in the next 2 weeks - the next one can be ranging, while the second - bearish, which will show Forex traders a new medium term trend for EUR/USD, bullish weeks will probably return EUR/USD back to bulls.

EUR/USD Ranging before FOMC Meeting Today

After retreating back down to under 1.3550 yesterday, EUR/USD is now slightly ranging while waiting for the FOMC statement (today, 19:15 GMT) - one of the most important and anticipated fundamental events in the Forex trading community. There is almost no doubt that the interest rates will be left intact (5.25% currently). But there are many speculations about what FOMC will say about U.S. economics, inflation expectations and its regulatory policy. Strong positive expectations from FOMC can empower USD for the new bullish trend, while weak or unsure statements made by FOMC may be used by the EUR bulls for the new EUR/USD long positions.

EFX Group and Hotspot FX ECN Forex Brokers

I've added another two ECN Forex brokers which might be interesting for traders focused on scalping strategies:

• EFX Group - good for mini Forex trading, since they allow accounts from $400.
• Hotspot FX - big ECN broker for big Forex traders, no mini Forex, but excellent trading platform and services.

EUR/USD Technical Analysis for 5/7-5/11

General trend: bearish.

Floor pivot points:3rd Sup__2nd Sup__1st Sup__Pivot____1st Res__2nd Res__3rd Res
1.3379___1.3457___1.3523___1.3601__1.3667___1.3745___1.3811

Woodie's pivot points:
2nd Sup__1st Sup__Pivot____1st Res__2nd Res
1.3454___1.3518___1.3598___1.3662__1.3742

Camarilla pivot points:
4th Sup__3rd Sup__2nd Sup__1st Sup__1st Res__2nd Res__3rd Res__4th Res
1.3511___1.3550___1.3564___1.3577__1.3603___1.3616___1.3630___1.3669

Tom DeMark's pivot points:
Resistance: 1.3634
Support: 1.3490

Fibonacci retracement levels:
100% - 1.3678
61,8% - 1.3623
50,0% - 1.3606
38,2% - 1.3589
23,6% - 1.3568
00,0% - 1.3534

Forex Strategy Books

New Forex strategy e-books are available for download from my site. Both books are more suited for Forex newbies than advanced traders, but are worth reading for both:

• Microtrading the 1 Minute Chart - it's about scalping on the shortest term chart and it won't mean a lot of new reading for experienced Forex traders.
• ICWR Forex Trading Strategy - this strategy e-book covers Impulsive/Corrective Waves Retracement strategy describing its rules and principles in an easy-to-understand way.

3 New Forex Articles

Three new articles covering two different Forex trading aspects have been added to the Forex article section today. These aspects are getting Forex education and Forex technical analysis. All three articles are written by the same author - Sacha Tarkovsky and are very professional pieces of Forex information:
FOREX Education - Thinking Of Buying FOREX Advice? Read This First - about how to stop yourself from buying something that will not help you become a good Forex trader at all and how to avoid losing precious time and money on wrong education courses.
Gann Angles - A Unique Powerful Tool For Trading Profits - Gann Angles as one of the prominent technical analysis system and its application in the Forex trading.
Fibonacci Numbers - Trade For Huge Profits With This Unique Tool! - Fibonacci numbers and Fibonacci retracement levels should be well known to all technical Forex traders - they are great tool to determine the important market levels in Forex.

Euro Unsure in front of New Records?

Euro is floating in a rather tight range since it hit its new long term high at 1.3688 on 04/27. The corridor for EUR/USD seems to be established between 1.3670 and 1.3590 levels. Even poor fundamental data seen on Monday hasn't provided any help for Euro in breaking the new record. Possible reasons for this I see in two factors. First - French elections, although their outcome is known with almost no doubts, this factor still possesses some threat to European currency. Second - technical resistances - current EUR/USD rate is near several resistance levels (from long term highs to various waves ends), while weekly RSI is showing an overbought condition. We'll have to wait for the next week to see if Euro is still able to rally and break new heights.

4 New Forex Brokers Descriptions

Another update to Forex brokers section of my site - 4 new descriptions of brokerage companies, each with their own advantages - Metatrader or e-gold, unique trading platform or stock market indices trading:

• FXEgypt
• Forex.CH
• Finotec
• Wester Capital Forex

8 Forex Brokers Lists

EarnForex.com now features 8 Forex brokers lists each containing Forex brokers with a special property making it useful to some category of Forex traders. This will help you to find a good broker that would fulfill your needs more easily. The new 8 Forex broker lists are:

• e-gold Forex Brokers
• Metatrader 4 Forex Brokers
• Forex Brokers with Web Based Platform
• Forex Brokers with Advanced Trading Platform
• Institutional Forex Brokers
• Forex Brokers with CFD Trading
• Muslim Friendly Forex Brokers
• ECN Friendly Forex Brokers

EUR/USD Technical Analysis for 4/30-5/4

General trend: bearish.

Floor pivot points:
3rd Sup__2nd Sup__1st Sup__Pivot____1st Res__2nd Res__3rd Res
1.3418___1.3480___1.3565___1.3627__1.3712___1.3774___1.3859

Woodie's pivot points:
2nd Sup__1st Sup__Pivot____1st Res__2nd Res
1.3486___1.3578___1.3633___1.3725__1.3780

Camarilla pivot points:
4th Sup__3rd Sup__2nd Sup__1st Sup__1st Res__2nd Res__3rd Res__4th Res
1.3570___1.3611___1.3624___1.3638__1.3664___1.3678___1.3691___1.3732

Tom DeMark's pivot points:
Resistance: 1.3743
Support: 1.3596

Fibonacci retracement levels:
100% - 1.3688
61,8% - 1.3632
50,0% - 1.3615
38,2% - 1.3597
23,6% - 1.3576
00,0% - 1.3541

Possible EUR/USD Reversal?

Jamie Saettele, Technical Currency Analyst of DialyFX suggests a soon EUR/USD reversal movement considering several Forex technical factors that can influence traders in the next few weeks. Saettele lists several Resistance levels which might appear to be quite impassible for EUR/USD bulls, while providing more in-depth technical analysis to prove his point. To read more of Jamie Saettele's article click here. I've tried to apply my own analysis combined with Wolfe waves theory and have came to the conclusion that the major turning point in EUR/USD is quite possible to happen this week:

Point "5" (see chart) is the point after which the strong bearish must follow. This wave (according to Wolfe waves rules) will last until it reaches a cyan line which goes through points "1" and "4" - this is 1.2700-1.2800 level, which is quite far below. Nothing can be guaranteed on Forex market, but I think that we've got a good probability of some bearish movements on EUR/USD.

EUR/USD Technical Analysis for 4/23-4/27

General trend: ranging.

Floor pivot points:
3rd Sup__2nd Sup__1st Sup__Pivot____1st Res__2nd Res__3rd Res
1.3417___1.3470___1.3529___1.3582__1.3641___1.3694___1.3753

Woodie's pivot points:
2nd Sup__1st Sup__Pivot____1st Res__2nd Res
1.3472___1.3531___1.3584___1.3643__1.3696

Camarilla pivot points:
4th Sup__3rd Sup__2nd Sup__1st Sup__1st Res__2nd Res__3rd Res__4th Res
1.3525___1.3556___1.3566___1.3577__1.3597___1.3608___1.3618___1.3649

Tom DeMark's pivot points:
Resistance: 1.3612
Support: 1.3500

Fibonacci retracement levels:
100% - 1.3636
61,8% - 1.3593
50,0% - 1.3580
38,2% - 1.3567
23,6% - 1.3550
00,0% - 1.3524

LiteForex - a Really Good Forex Broker

EarnForex broker list was updated with a new Forex broker - LiteForex. This broker offers 3 very important opportunities for the new Forex traders:

1. Metatrader 4 Forex platform - many has it, but it is really almost a must for a Forex broker.
2. e-gold - as a funds deposit/waithdraw method.
3. Only 1$ to open a mini Forex account - a really easy start for a Forex newbie, isn't it?

As to the disadvantages - LiteForex lacks phone support and is only regulated on British Virgin Islands (which is not very serious for solid financial institutions).

Marketiva Lowers Spreads

Marketiva has lowered its spreads for almost all Forex pairs. Now the spreads for all currency pairs traded on Marketiva are as follows (in pips):
EUR/USD - 2
USD/JPY - 3
GBP/USD - 4
USD/CHF - 4
USD/CAD - 4
AUD/USD - 4
EUR/JPY - 4
EUR/GBP - 3
EUR/CHF - 4
GBP/JPY - 8
AUD/CAD - 10
EUR/AUD - 10
EUR/CAD - 10
GBP/CHF - 8
CHF/JPY - 5
AUD/JPY - 5
NZD/USD - 4

Those are very competitive spreads in current Forex market, which makes Marketiva even more attractive as retail Forex broker.

New Forex Broker - ForexYard

I've updated the list of Forex brokers to add another broker that accepts e-gold deposits and offers a trading through a Java based platform (along with a Windows platform) - ForexYard. I think - it's good Forex broker for the new traders that do not want to download and install client trading software.

Pound Breaks $2 Level

Today after CPI report came out to be higher than expected (Consumers Price Index in March (YoY) reached 3.1% against expected 2.8%), GBP/USD broke through the historical $2 level and is floating now in 2.0030-2.0070 range - the highest since 1981. Looks like bad times for USD have came. On the other hand it's nearly a perfect time to enter long on USD, because the correction will certainly follow. Though, Forex market can't be treated that simple.

EUR/USD Reaches New 2 Year High

Today EUR/USD reached 1.3576 value - a 2 year high since the January 2005. It is currently at its 2 year resistance level. Breaking this resistance would result in EUR/USD going even farther - to 1.4000-1.4500 levels. But for now, USD is slightly gaining strength and rolling back 1.3350.

Marketiva Investment Funds

Marketiva Forex broker now offers its clients to buy shares of several investment funds which are diversified in various assets. This is no doubt a positive addition to any Marketiva members since now they can secure some of their trading money in these funds. Although such investment funds are risky, they are still a very nice opportunity for those who fail in traditional Forex trading or wish for some rest before returning to Forex trading. Let's hope that Marketiva will continue to develop and innovate themselves as a Forex broker and financial institution even further. More details on Marketiva investment funds can be found here.

Muslim Forex Brokers

Tadawul FX - a special broker, which provides Forex trading through Metatrader 4 platform and offers special accounts for muslim traders (with no overnight interest). You can get more information about this broker here.

Interactive Brokers Goes Public

Interactive Brokers - one of the most trusted on-line Forex trading brokers announces its plans for an IPO (Initial Public Offer). Interactive Brokers LLC is planning to auction 20,000,000 (twenty millions) shares with a price range of $23 to $27 per share, totaling in 46 to 54 million dollars of market capitalization. Shares will be offered through WR Hambrecht + Co and HSBC Securities (USA) Inc. system and will be traded on NASDAQ stock exchange (NASDAQ stock symbol - IBKR). Anyone can participate IPO through the IB Dutch Auction System or any other broker offering access to IPOs. Bids can be submitted starting from 04/16/2007, until 05/03/2007 orders will become effective and auction will close.
Personally, I think that it is a very great move for the whole on-line Forex community and Interactive Brokers in particular. To learn more about IB IPO visit this page: http://ipo.interactivebrokers.com/IPO/

EUR/USD Technical Analysis for 4/16-4/20

General trend: ranging.

Floor pivot points:
3rd Sup__2nd Sup__1st Sup__Pivot____1st Res__2nd Res__3rd Res
1.3183___1.3261___1.3395___1.3473__1.3607___1.3685___1.3819

Woodie's pivot points:
2nd Sup__1st Sup__Pivot____1st Res__2nd Res
1.3275___1.3423___1.3487___1.3635__1.3699

Camarilla pivot points:
4th Sup__3rd Sup__2nd Sup__1st Sup__1st Res__2nd Res__3rd Res__4th Res
1.3412___1.3471___1.3490___1.3510__1.3548___1.3568___1.3587___1.3646

Tom DeMark's pivot points:
Resistance: 1.3540
Support: 1.3328

Fibonacci retracement levels:
100% - 1.3551
61,8% - 1.3470
50,0% - 1.3445
38,2% - 1.3420
23,6% - 1.3389
00,0% - 1.3339

Update in Forex broker list

I've added information about ECN (Electronic Communication Network) broker - MB Trading. It’s an interesting Forex broker, which is a very good for those traders that are quite experienced in Forex trading and want to introduce themselves to ECN Forex trading (which is a kind of 'more real' trading). This broker has a low minimum deposit amount of $400. Some minor changes have also been brought to Forex brokers section - to Deutsche Bank FOREX, FXCM (thanks to Luis Gonzaga) and Marketiva (about withdrawal commission almost gone).

Forex e-books update

Now you can download one more e-book about money management in Forex market from my books page. The new e-book is called Money Management by Dave Landry (not very original, isn't it? ;-) ) . It is quite a short book for such an important topic - only 19 pages. It consists of four chapters and is written in a very easy manner which makes it a very good book for Forex beginners.