SIGNAL ON GOLD

SIGNAL ON GBPJPY

Double- Top on GBPJPY, though I saw this late but still made an entry to target 40 pips.

MORE PROVE TO BACK MY PREVIOUS SIGNAL ON USDCAD

I posted a signal in the morning on USDCAD and above you can see more reasons to follow the signal.

GBP/JPY Surged Following the Bank of England

GBP/JPY

• The dollar traded mixed against its G10 peers during the European morning Thursday. It was higher against JPY and EUR, in that order, while it was lower against AUD, NOK, GBP, NZD and CAD. The greenback remained virtually unchanged against CHF and SEK.

USDCAD TRADE SIGNAL FOR TODAY

Nice Double Top pattern forming on USDCAD to confirm my entry.
NOTE: Don't forget about Money Management Please.

BANK OF ENGLAND (BOE) MEETING TODAY

The Bank of England will have its monthly economic meeting this Thursday, the second one with the new methodology of releasing minutes right after the meeting, and not two weeks later, as they did for several years. 

NON- FARM EMPLOYMENT CHANGE (NFP)

What is this event all about?

Nope, NFP isn’t an acronym for numerous forex profits, although it could yield just that if you play your cards right. NFP actually stands for non-farm payrolls, which measures the change in the number of people employed in U.S. non-farming sectors such as manufacturing, services, or construction. This is reported on a monthly basis, along with the unemployment rate which indicates the percentage of the work force that is jobless and actively seeking employment.

Forex traders also usually pay attention to the underlying employment figures such as the participation rate or average hourly earnings, as these provide more insight on labor market trends. Aside from that, revisions to previous data also tend to affect the dollar’s overall reaction to the jobs report.

A 100 Year-Old Wall Street Veteran Reveals the Secrets of Her Success

100 years old Irene Bergman has some advice for enjoying a long career on Wall Street: Don’t do anything stupid.

SIGNAL ON EURUSD

Above is a chart of EURUSD, am anticipating a downtrend, though ECB press conference will be held today which might change the direction of the market, so I have placed a tight stop loss to prevent additional losses to my account.

ECB Meeting: Two Reasons To Be Dovish

The European Central Bank is having its monthly economic meeting next Thursday, September 3rd, and no changes to the ongoing economic policy is generally expected. Nevertheless, there are two main issues, the ECB will have to deal with, if not in this, over the upcoming meeting:

• A weakening outlook for global growth

• Subdued local inflation

A mysterious Japanese day trader claims to have made $34 million

While a lot of investors were hitting the panic button Monday, a Japanese day trader who’d made a big bet against the market timed the bottom almost perfectly and narrated a play-by-play of the trade to his 40,000 Twitter followers. He claims to have walked away with $34 million.

As financial markets got crazy this week, many people turned cautious. Some were paralyzed. Not the 36-year-old day trader known by the Internet handle CIS.

CHANNEL PATTERN ON USDCHF

If you have been following this blog, you will understand what the above chart is showing and the direction of the market you should be looking out for on this pair (USDCHF). Price keeps bouncing off the slope of the higher highs and higher lows.

ANOTHER CHANNEL PATTERN FORMED

Some days ago I explained a trading technique  (channel) which when properly drawn can generate a reasonable number of pips. Above is a chart of GBPUSD, notice when price broke the down channel it fell for more down 100 pips. Though further explanation of this technique was explained in the link attached to the post (BREAKOUT).

EFFECT OF THE DEVALUATION OF YUAN

This week we saw The People's Bank of China (PBOC) devalue the Yuan for Tuesday's trading that was 1.9 percent below Monday's level, and the biggest one-day change in a decade, which lead to the decline of the Yuan to 1.3 percent just after the start of trading. For the past three consecutive days the Yuan has been dropping in value.

ALL EYES ON GOLD

Who has his/her eyes on XAUSD (GOLD), there is a nice setup on that pair.
Best of luck. Thank me when you done making pips.

WHAT TO EXPECT FROM THE FOMC TODAY

The US Federal Reserve is having its two-day meeting, and will reveal its latest economic policy decisions this Wednesday. There's no press conference scheduled past the event, neither the FED will update its forecast, which means market attention will center in the accompanying statement, and at the same time that no action is expected. 

The FED will likely refrain from announcing a rate hike this week, and market is not expecting any explicit change in the wording of the statement. If it does, however, will be increasing the chances of a September lift-off which should trigger a strong USD rally. 

YESTERDAY'S TRADE SIGNAL CAME TRUE

Yesterday's trade signal came true, generating 80 pips. The strategy employed was by drawing trend lines to mark what is known as a CHANNEL ( Descending channel, lower highs and lower lows).

TRADE SIGNAL FOR EURUSD

Follow the direction of the arrow and be happy making pips. Best of luck.

PRECAUTIONS TO FOLLOW TO AVOID LOSING MONEY TRADING FOREX

The following are helpful tips to help traders avoid losing money trading forex:

(1) Knowledge Deficiency:

      For one to really be good in the act of trading forex, one should be very knowledgeable no matter the cost. In my years of experience as a trader and a broker, I have noticed this as the major reason why a lot of traders lose money on daily basis and the successful one's are those who are very knowledgeable. A lot of traders both new and old don't take the time to learn the factors that drive's the currency rates (primarily fundamentals). Forex is ultimately dependent on economic conditions far more than stocks or futures. Before engaging in forex trades, learn about trade imbalances, current account deficits and interest rates, fiscal and monetary policy. Trading without understanding these vital factors is a recipe for disaster.