myfxpedia Posted April 3, 2013 Author Report Share Posted April 3, 2013 28 Mar 2013 Daily review by myfxpedia.com Project Summary ( click here to update online ): Duration: 08 Months , 03 Weeks Number of Closed Trades Total | This Month: 248 | 7 Winning Trades Total | This Month: 199 | 6 Pip Gain/Loss Total | This Month: +7346.9 | +452.4 28 Mar 2013 Daily review by myfxpedia.com: Cyprus banks is schedule to open for business today after almost 2 weeks of “sick leave”. Starting at 10 GMT to 4GMT today and will be closely watch by many market participants. They have imposed a tight control on banks today with Polices, Security guards on full alert and there is only limited withdrawal of 300Euros per account per day. They also put in a tighter control on the border as no more than 3000 Euros is allow to be taken out of the country. This action in our view is only buying times for the Authorities, Politicians, spin Doctors to come up with some sort of idea to sooth investors, account holders. In other words, they are trying to minimise the impact of sudden collapse or at least control the running of cash in the orderly manner. It’s now a tad too late and any restriction now bring put in place is just buying times and when such restriction is lifted, as normally is required in any free market and open society, the big account holders will soon demand for their dough to be moved to somewhere else where they feel safe and sound. To add on to this uncertainty we have Italy, a country that currently has not form an elected Government and its appalling market data keep hitting the market as well as their bond yields creeping up again as investors are starting to feel the effect of the Cyprus uncertainty that could be contagious and catch on to most part of Europe. Also, today is going to be the last day of the month for Equity markets before we head off for Easter Break. Note also, today is the last day of the quarter and so a bit of big boy’s portfolio will be shuffle around and since we had have a strong run at the beginning of the year it would not be surprise to see a “risk off” day today on the Equity market which will also directly affect the FX market especially on the “risk” currencies that have been buoyed of late and do not be surprise to see a strong pullback in the first 2 weeks of April and any push higher over the next few trading days is just window dressing. We are not at all bearish or doom about the market but we think that if we do have a good pullback over the next 2 weeks than it will be much healthier for the market in the latter half of the year. Impact News today: 08:30 am (NY) CAD – GDP 08:30 am (NY) USD – Unemployment Claims Technical Analysis: Yesterday we exit 2 positions on AUDCAD as prices reached support and H4 being oversold. Since we exited 16 hours ago, prices just oscillates in a tight range. EURGBP has playing out nicely. we will what development will be made tonight before making our decision. GBPNZD – As we had said many times this pairs is in the process of forming bottom and once 1.8430 is taken out will have a strong advance to the upside. Yes, the spread on this pair is pain but remember, the journey to success in the Trading for Living is not all smooth and painless. We have our rough patch here and there, it’s how we overcome that and what we have learn is worth much more than a few bucks here and there each month. Be patience and we wish everyone a very Happy Easter. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Quote Link to comment Share on other sites More sharing options...
myfxpedia Posted April 3, 2013 Author Report Share Posted April 3, 2013 2 Apr 2013 Daily review by myfxpedia.com Project Summary ( click here to update online ): Duration: 09 Months , 01 Weeks Number of Closed Trades Total | This Month: 248 | 0 Winning Trades Total | This Month: 199 | 0 Pip Gain/Loss Total | This Month: +7723.1 | 0 2 Apr 2013 Daily review by myfxpedia.com: Welcome back and we hoped that everyone had has a very happy Easter. Last Thursday the banks in Cyprus reopened for business, on surface it looked calm and well under control but deep down is the worrying sign for all account holders and we will not see the true picture of people reaction until all the strict Terms and Conditions being lifted. The few points of highlight of the Terms and Conditions of Banking Restriction in Cyprus are: 1) 300 Euro withdrawal per day from any one bank 2) No more than 1000 Euro to be taken out of the country. 3) No cashing of cheques unless issue by bank from another country 4) Any cash payment or Money transfer above 5000 Euro up to 200,000 will have to seek Central Bank approval 5) Term Deposit account holders unable to break their term unless being used to offsetting (pay off) loan of the same bank 6) Capital control apply to all accounts, all kind of currency 7) Capital control will not apply to new money deposited from over-sea after March 27 Of all the points summarised above we cannot stop giving a bit of a chuckle on point (6). Wow, although they give no incentive for new daring and brave enough to open new accounts in any banks in Cyprus and deposit large chunk of money. Well, at least they have given the new account holders the exemption of not being stuck to the Restricted conditions....not yet anyway. Think about it. This Capital control obviously breached the very basic principle of the EU, which allow freedom of labour and capital movement and now with the restriction in placed it has created the inequality value of the Euro, don’t you think? Obviously, the Euro in Cyprus at the moment will be of lesser value than the Euro in France, Germany...etc. and the longer the restriction is in place we will have the “Cyprus Euro” which Cyprus will eventually leaving the Euro. Now let leave the Cyprus issue aside for now and see what the market will be doing this week. Today, we will soon have the Australian RBA rate decision and many of the leading economics are tipping that rates are to stay on hold. We just wondering if the RBA would surprise the market and take on proactive roll and join in the currency war instead of sitting on the fence with the theme of wait and see which often than not is too late when they have to go in defensive mode. The Aussie dollars has been 1 of the strongest currency over the last 4 to 5 years, the last time it was at 0.60 was in 2008 in the mid of GFC since then it had been a stellar performer. But don’t forget that we are now in global trade competition and higher dollars will put you in a disadvantage trade competitions, killing your exports industry and eventually will kill your manufacturing. In this global trade environment where most of the developed country want to have lower currency to take advantages of market share and there is also a way to kill an economy, slowly bleeding to death is to push their currency up high. Thus, if the RBA decided to take proactive roll and join in the currency war that has been lead by US, England, Japan, Switzerland (peg against the Euro)...etc. they will start to take action now instead of playing passive fence sitter. Impact News today: 03:45 am (NY) EUR – Italian Manufacture PMI 04:30 am (NY) GBP – Manufacturing PMI 08:30 pm (NY) AUD – Trade Balance Technical Analysis: Our pending on USDCHF triggered. Chart below The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Quote Link to comment Share on other sites More sharing options...
myfxpedia Posted April 8, 2013 Author Report Share Posted April 8, 2013 4 Apr 2013 Daily review by myfxpedia.com Project Summary ( click here to update online ): Duration: 09 Months , 01 Weeks Number of Closed Trades Total | This Month: 253 | 0 Winning Trades Total | This Month: 253 | 0 Pip Gain/Loss Total | This Month: +7723.1 | 0 4 Apr 2013 Daily review by myfxpedia.com: Equity market plunged yesterday for fear of tension between North Korea and the US. The “big” chubby boy from North Korea is once again talking tough and according to reports from KCN, its army has the final approval for nuclear attack on the US. The US in turn has take a precaution measure to actually deployed the anti missile defence systems to Guam. Add on to the negativity we have San Francisco Federal Reserve Bank President, John Williams saying that he is expecting the cutting back in asset buying program and potentially wind up altogether later in the year. That was enough to spook the market. The market has been on fire that keeps heading higher and higher of late on volume-less, just wondering with this rhetoric threat from the chubby boy will do the trick to cool down the hype from the mums and dads investors since the negativities that came out of Europe has no significant impacts: we still have the Cyprus issues and the talk of the market is that Slovenia is next on the chopping block as well and, unemployment in the Euro zone has been much deteriorate from latest reports and yet, Italy is still without Government and potentially could go to the Poll again. All this negativities has been mostly ignored. Today and tomorrow we are going get the whole lots of high impact news hitting the market with Friday where we will get the mother of all news for FX traders, the Non-Farm Payroll. Today we are going to have Official Bank Rate from Great Britain where leading economics expecting no change. Then the European Rate decision coming up next and with much deteriorate economic condition within the Euro Zone the ECB could lower rate to boost economy but at current the expectation is unchanged. We will also get a gleam into what the ECB President, Draghi has to say......oh yeah, we know:”....will do whatever it take..”. All in all, we are seeing strong signs of market reversal over the coming days and over the next 2 weeks we might have erratic movements in the markets before the correction we have to have or at least a healthy pullback will eventuate. Impact News today: 04:30 am (NY) GBP – Service PMI 07:00 am (NY) GBP – Asset Purchase Facility; Official Bank Rate 07:45 am (NY) EUR – Minimum Bid Rate 08:30 am (NY) EUR – ECB Press Conference 08:30 am (NY) USD - Unemployment Claims 10:30 am (NY) USD – Chairman Bernanke Speaks. Technical Analysis: GBPNZD – base on Daily chart we are currently in the process of forming Bullish Divergence. We still of the opinion that NZD is over rated and a good correction is on the card. But that’s not to say that Mr Market Makers will not trying to take advantage of current market tension and doing erratic moves to clean out stops before correction take its course. Our Entries on the pair, although under the water but are still in our risk parameter. Depend on market conditions we might adjust our stop, profit targets as long as our total risk is within our parameter. AUDUSD – After news of RBA to keep rate unchanged and with good retail sales yesterday the pair pushed higher during Asian session but gave back most of its gained during NY session. With the tension going on in Asia, Korea, Japan as well as the dropped in commodities the pair finds it hard to break 1.0500. NZDUSD – Chart Below. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Quote Link to comment Share on other sites More sharing options...
myfxpedia Posted April 8, 2013 Author Report Share Posted April 8, 2013 5 Apr 2013 Daily review by myfxpedia.com Project Summary ( click here to update online ): Duration: 09 Months , 01 Weeks Number of Closed Trades Total | This Month: 261 | 4 Winning Trades Total | This Month: 210 | 0 Pip Gain/Loss Total | This Month: +8569.3 | 0 05 Apr 2013 Daily review by myfxpedia.com: What a yoyo day of trading yesterday with many majors going back and forth during the London and early New York sessions. Anyway, the BOE and the ECB had decided to left interest rate on hold and BOE also continue its QE program. On the other news we have Bank of Japan came out with statement of strongly committed and stand ready to assassin their YEN with unlimited QE until they get their inflation back to 2%. This immediately send the YEN into a sink hole, such an aggressive move by the BOJ could potentially has its ramification when wealthy Japanese realise that their dough is being depreciate in values as time goes by and this could prompt them to move their dough abroad. In the US yesterday trading session we got the private ADP unemployment report reporting a jump in unemployment, this did not fare very well with many economics expectation of strong recovery in the US. As a result, the USD lost its shine. Tonight, we will have the Non-Farm payroll with many leading economics expectation of 198,000 jobs created in the month of March. If the numbers came in below 150,000 that’s not anywhere near market expectation we will see further retracement to the downside on the USD. Impact News today: 03:00 am (NY) CHF – Foreign Currency Reserves 08:30 am (NY) CAD – Employment Change; Trade Balance; Unemployment Rate 08:30 am (NY) USD – Non-Farm Pay Roll; Trade Balance; Unemployment Rate 10:00 am (NY) CAD – PMI. Technical Analysis: GBPNZD – Base on Daily chart we are now having a double bottom with a false break to the downside and MACD giving us a big Divergence *as well as Stochastic sharply turned up above 20 suggest a strong retracement to the upside over the coming days. AUDUSD – from our charts yesterday, our TP1 reached. We exited the trade and put on another pending Sell order which also triggered last night. It then also went our way and reached our TP1 again during Asian session today. We collected that as well due to we now have Divergence on H4 which suggest of potential retest of the resistance. On closer look we can see that the pair is forming a short term ascending triangle. Now, if the pair decided to breakdown from here we will go in on market *once the uptrend line of ascending triangle is violated and stop will be above the triangle (says, 1.0503). The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Quote Link to comment Share on other sites More sharing options...
myfxpedia Posted April 17, 2013 Author Report Share Posted April 17, 2013 8 Apr 2013 Daily review by myfxpedia.com Project Summary ( click here to update online ): Duration: 09 Months , 02 Weeks Number of Closed Trades Total | This Month: 261 | 8 Winning Trades Total | This Month: 210 | 7 Pip Gain/Loss Total | This Month: +8569.3 | 846.5 08 Apr 2013 Daily review by myfxpedia.com: What a dismal number from the Non-Farm Payroll last Friday. Only 88,000 jobs created last month as opposed to expectation of 198,000. This does not fare well for the USD at all but soon stabilised as tension building up in North and South Korea with reports of the North had loaded their missiles into the launch pads. With the uncertainty in Korea we will see market jitter over the coming days and risk currencies will be under bearish pressure, especially AUD, as Asia is the key market for Australia. Earlier today we also has breaking news from South Korea that warn of possible fourth Nuclear Test from the North and the FX market opened with a gap down on the risk currencies. Would the North be daring and dumb enough to fire the missile? On common sense and we have been used to the rhetoric of the North this could just be another bluff but hey, they are unpredictable and is a bunch of 1 Party dictatorship that will do exactly what their “Supreme” leader orders them to do and that make them hard to comprehend. So, the world just have to take precaution to stand ready for war against the fourth largest army in the world. Yes, they are the fourth largest army in the world but lucky enough they do not have friends (except China)and the firepower. So, if they decided to play game and press that “button” the Allies will probably dump every possible artilleries onto North Korea, especially onto the “chubby” boy hide out. If we have to say to Kim we would tell him: if you dare then you better duck and duck deep. Impact News today: 06:00 pm (NY) NZD - Business Confidence 07:15 pm (NY) USD – Fed Chairman Bernanke Speaks 09:30 pm (NY) CNY – China CPI. Technical Analysis: GBPNZD - after a false break to the downside last Wednesday, on Friday this pair gave us a bullish run to the upside. On daily chart there are still lots of momentum for this pair to push higher but on H4 we now have a hidden divergence and overbought. We will buy in on pullback and looking for the pair to retrace much higher to the upside. USDCGD – Daily Chart below The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Quote Link to comment Share on other sites More sharing options...
myfxpedia Posted April 17, 2013 Author Report Share Posted April 17, 2013 9 Apr 2013 Daily review by myfxpedia.com Project Summary ( click here to update online ): Duration: 09 Months , 02 Weeks Number of Closed Trades Total | This Month: 261 | 8 Winning Trades Total | This Month: 210 | 7 Pip Gain/Loss Total | This Month: +8569.3 | 846.5 09 Apr 2013 Daily review by myfxpedia.com: This overheat market just refuse to lie down yet as it keeps trying to push higher and higher on limited volume. From our experiences this sort of behaviours always spell trouble and is an outset of a perfect storm to come. We are now approaching May and as the old phrase from many market participants use to say “Sell in May and Go Away”, we think this year will be of no different yet it could happens sooner than we think when we examines charts of many indexes we can see negative divergences are being created at many level of time frames. Take a look at the S&P: there are negative divergences on Daily, Weekly and even Monthly are being play out. This rally in the market is long overdue for a pullback but do not rule out further push higher overly extended and then comes the deeper the correction. Also, the US is now entering company reporting season and as we have seen over the last few months, on surface, the US has been making progressive recovery and many expectation of exceeding forecast. So, if companies meeting forecast or exceeding we will most likely see further push higher before correction leading into May but if earnings are bad, not meeting expectation or come with a dismal figure then correction, nervous investors that has been sitting on profits at beginning of the year will quickly cash in. Now when people are running away from the equities market they usually look for another vehicle to get on to put their money somewhere and that’s usually the bond market. And bond market of which country that they would likely park their dough? Currently, we think that once correction starts, most risk currencies will head lower, particularly the AUD could head back to parity or a tad lower but then will recover strongly throughout the second half of the year due to higher yield with almost zero sovereignty risk and yet is one of a few developed nation that still enjoy the AAA rating from all 3 biggest rating agency. All that said, we will watch the AUD closely once correction is being content to buy into the AUD. Impact News today: 03:15 am (NY) CHF – CPI 04:30 am (NY) GBP – Manufacturing Production 08:30 am (NY) CAD – Building Permits Technical Analysis: GBPNZD – This pair does really test our patience. As we have many times saying that this pair is in the process of forming bottoms and we just have to be patience and that is why we are currently only playing with small lots size and the profits can be very rewarding. We believed NZD at current price level is way overrated and this is doing no favour to the bottom line of economy. USDSGD – Yesterday we looked at this pair on Daily time frame, today we will look on a smaller timeframe. Chart below we can see that this pair is currently trading in a ascending triangle. On daily chart we have upside momentum. Although H4 we are having Bearish Divergence but H1 we got bullish Divergence formed and base on Daily chart this pair has been in a strong uptrend since December and so we are Long bias and look for it breaks out of the ascending triangle and resume the uptrend. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Quote Link to comment Share on other sites More sharing options...
myfxpedia Posted April 17, 2013 Author Report Share Posted April 17, 2013 11 Apr 2013 Daily review by myfxpedia.com Project Summary ( click here to update online ): Duration: 09 Months , 02 Weeks Number of Closed Trades Total | This Month: 261 | 8 Winning Trades Total | This Month: 210 | 7 Pip Gain/Loss Total | This Month: +8569.3 | 846.5 11 Apr 2013 Daily review by myfxpedia.com: Just a short note for today. As said the other day, this bull market just refuse to lie down as seen yesterday S&P has now entering the uncharged territory and people are all hype up. What we see in this current environment is that it’s unsafe to long stocks or risk currencies at the moment. The way this bull has run and over the last few days has all the ingredients of a perfect storm in the making, from experience prior to crash/correction taking place market always spike as though if you don’t join you miss the bus and then when then out of blue you unexpectedly catch the flu because of sudden crash. We just do not buy into this bull market just yet, not until we see a good sizable correction in the equity market. The theme and safest bet currently is shorting the Yen pair, that is buying into Yen cross on any sizable pullback as the BOJ has pledge to assassinate its Yen with its printing machines being turn on full force and this can only further weakening the Yen as days go by. The AUD yesterday was not deter at all with the unexpected Trade Deficit number came out of China. It power on taking out 1.05 resistance level. Many leading economics even see that the AUD will stay above 1.00 as long as the US competing with Japan in printing and Aussie interest rate stay above 3%. You can’t keeping hold back the chuckles or amaze at how Politicians are keeping blind eyes or are totally in denial. What Japan did to their Yen is truly engaging in what so call “Currency War” and yet there are Politician(s) still don’t think that the Japanese’s Government are aggressive in manipulating its currency. Take Wayne Swan, Aussie Treasurer, who thinks the Japanese turning on their printing machines and print trillions does not necessarily mean they are manipulating the Yen. Oh, my God.....speechless. We are currently under the water with many of our holdings but still manageable within our risk parameter. We will not adding more trades unless it’s is prevailing and from what we see, anytime now within the next 2 weeks we will see a sharp cycle turn. Due to circumstances we are currently relocating our main office, so don’t be surprised if we miss our daily updates from time to time for the next 3 weeks. Rest assure we constantly monitor our trades. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Quote Link to comment Share on other sites More sharing options...
myfxpedia Posted April 19, 2013 Author Report Share Posted April 19, 2013 17 Apr 2013 Daily review by myfxpedia.com Project Summary ( click here to update online ): Duration: 09 Months , 03 Weeks Number of Closed Trades Total | This Month: 267 | 14 Winning Trades Total | This Month: 214 | 11 Pip Gain/Loss Total | This Month: +8665.5 | 942.4 17 Apr 2013 Daily review by myfxpedia.com: At the start of the week last Monday we have got one of the biggest day drop in the Equity market as commodities take a plunge, especially the heavy 1 day sell off that has not been witness for a very long time. The sell off was initiated by one of the Hedge Fund selling big on gold yet the weekend news from Cyprus decision to sell its gold reserve to pay down its debt put even more pressure on to gold. Gold was in a freefall on Monday until 1320 before finding initial support. Is it time to long Gold? We doubt it is the time just yet; remember Cyprus has not even start cashing in their Gold Reserve. Poor Cyprus, some dark knight was just one step ahead of them and if they are selling their reserve now they will not get as much as they would have hope for if they were sold last week. Bargain hunters might find it cheap at this prices to buy into gold but the reality is this not over just yet and currently 1200 price tag is on the lookout if the Cyprus Government decides to liquidated the shine metals for cash as they are now truly in need. As for the market, last Monday we saw risk off day in the S&P and risk currencies being trade lower, noticeably were AUD,NZD, CAD..etc. Although yesterday we have a good rebound as bargain hunters coming in but this in no mean that the correction is over, what we are witnessing is just the blip, a warning of what’s to come if market is not as rosy as the picture being painted by Central Banks around the globe then nervous investors will not hesitate to take action as seen last Monday. Impact News today: 04:30 am (NY) GBP – Claimant Count Change; MPC meeting Minutes 10:00 am (NY) CAD – BOC Monetary Policy Report; BOC Rate Statement; Overnight Rate 11:15 am (NY) CAD - BOC Press Conference. Technical Analysis: Since mid February we have many times emphasizes that we are in entering the jittery phase of the market and advice our members to enter position with only small lots size and leave rooms for stop loss being hunt or taken out as long as our risk stay within the risk parameter. We do not fear of holding negatives before market turn and for many of our members that has been with us for a while have all seen this happens before and most of the time we come out winners and even set new record pips gain for the month. This style of trading has once again demonstrated to many of you this week; last Friday we were in negative and we received many emails regarding the drawdown being 8-10%. Yes we know it’s not a nice feeling to have when looking at the account but let us assure you that in anyone trading careers, as long as DD is below 20% with steady equity growth month after month then they are doing great job. Now, at the beginning of this week DD has been reduce substantially, less than 1%, and even exiting a few trades with average positive gains for the month. So far we have gained 942 pips for the month and if we are going to have a risk off days leading into the weekend we might even see ourselves breaking our own records pips gain before month end. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Quote Link to comment Share on other sites More sharing options...
myfxpedia Posted April 19, 2013 Author Report Share Posted April 19, 2013 18 Apr 2013 Daily review by myfxpedia.com Project Summary ( click here to update online ): Duration: 09 Months , 03 Weeks Number of Closed Trades Total | This Month: 267 | 14 Winning Trades Total | This Month: 214 | 11 Pip Gain/Loss Total | This Month: +8665.5 | 942.4 18 Apr 2013 Daily review by myfxpedia.com: We are definitely entering the most challenging market for traders with up and down like yoyo within a day and so far no definitive trend being set. The bear has come out last Monday but yet the bull just refuse to lie down and so we are still in the struggling mode between bull and bear and base on what’s happening over the last 3 months we believed for the 1st half of this quarter the bear will come out of hibernation with a vengeance so be very vigilant if you are long on Equities or long on risk currencies. Impact News today: 04:30 am (NY) GBP – Retail Sales 08:30 am (NY) USD – Unemployment Claims 10:00 am (NY) USD – Philly Fed Manufacturing Index Technical Analysis: Yesterday we set a Sell limit on EURGBP @ 0.8650, we miss our entry by about 15 pips. Now base on our Daily chart we have set another Sell Stop on this pair if prices trade below yesterday low. we still keep the other order Sell Limit if prices decided to retrace from yesterday run down and if reach 0.8650 to take us in which will created continuous bearish divergence on H4 while on Daily we already have bearish hidden divergence. From Daily Perspective we can see that our TP2 that we projected since last February has not been reached. TP1 was reached and we had already booked profit last month and over last 2 weeks or so it has retraced to the upside of 61.8% Fib level and now has filled the Gapped created back on the 18th March and possibly has finished wave 2 and possibly starting a wave 3 down. EURGBP – Daily The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Quote Link to comment Share on other sites More sharing options...
myfxpedia Posted April 22, 2013 Author Report Share Posted April 22, 2013 19 Apr 2013 Daily review by myfxpedia.com Project Summary ( click here to update online ): Duration: 09 Months , 03 Weeks Number of Closed Trades Total | This Month: 269 | 16 Winning Trades Total | This Month: 216 | 13 Pip Gain/Loss Total | This Month: +8862.4 | 1139.3 19 Apr 2013 Daily review by myfxpedia.com: Not much news today on the currency market do all eyes will look forward to German BundaBank President Wiedmann speaks, what would be his tones, hawkish or dovish and that normally would give a short term direction for the Euro. With the last few reports we doubt if Weidmann in anyway providing a slice chance of hawkish view if not to say he would probably lean to dovish side or at best try to be neutral. So far from the Equity market, the major indices like Dow and S&P has found support at 14500 and 1500 respectively. While gold and commodity are under pressure and China recovery is not that all rosy of late and reporting season in the US with a fair share of companies miss expectation, an indication of the US is still not out of the wood just yet. That pose a question as to has the market been overshoot itself in the last 3 months. We think it did overshoot and why not? When you have all these Central Banks printing money like no tomorrow that create greed as investor/trader runs for grabs and so the economy has actually blossom on Central Banks debts. Anyway, the behaviour of the market this week, although is erratic but if you are in the market long enough to see this sort of prices reaction prior to a deep sell off will take place. If history or prices pattern behave accordingly as to what we have seen many times before. We will definitely see a deep sell over the next week or two but in this race of money printing of Central Banks around the world there is no certainly of the pullback that we need to have as they might decide to print even more, bigger amount of money per month just to avert the correction. In our view that would be a suicidal. Impact News today: 07:30 am (NY) EUR – German Buba President Weidmann Speaks 08:30 am (NY) CAD – Core CPI. Technical Analysis: Late NY session yesterday we decided to exit 3 positions on GBPNZD as we find it met Resistance so we expect the pair to retrace a bit before making another thrust upside. We exit 3 positions and has now add on another pending buy limit. Our yesterday pending Sell Stop on EURGBP triggered and so we are now in a sell position, therefore we cancelled the other pending sell limit on this pair. We also entered our Short position on EURUSD as base on Daily chart. Chart below. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Quote Link to comment Share on other sites More sharing options...
myfxpedia Posted April 24, 2013 Author Report Share Posted April 24, 2013 22 Apr 2013 Daily review by myfxpedia.com Project Summary ( click here to update online ): Duration: 09 Months , 03 Weeks Number of Closed Trades Total | This Month: 269 | 16 Winning Trades Total | This Month: 216 | 13 Pip Gain/Loss Total | This Month: +8862.4 | 1139.3 22 Apr 2013 Daily review by myfxpedia.com: It’s going to be a relatively quiet this week on the news front. What traders/investors will be looking at are the companies reports that is going into full forces this week. So far only one fifth of companies in the S&P reported their quarterly earnings and only 43% so far beat the forecast, so it’s not at all rosy for the US economy as many have hope for which give an indication to investors that companies are actually struggling to meet the top line. From seasonal perspective that often happens around this time of the year that market usually pullback and that’s where we have the market phrase of “Selling in May and go away”. We don’t think this year will be of any different, add on to that we are currently experience softness in the commodities front, especially Gold that has been out of favour of late. The market can be side ranging for a while before making a plunge as many of traders are looking for excuse, for signs of weakness to put out the bull. Another caution we like to make to our members is not to fall in love with the yellow metal just yet. Yes, it looks very cheap now compare to 6 months ago but remember “things look cheap but it can be cheaper”. Yes, we have an initial reaction from the market to throw out the yellow metal upon announcement of Cyprus that intends to sell their Gold Reserves in order to pay down debts and stabilise the country financially in turmoil. Remember, they have not sell any yet, not that we know if they have or have not but we are sure if and when they do we will hear about it and since we hear nothing yet therefore it is ok to assume that they haven’t. So, any bounce on the shiny metal to a certain level is an opportunity for Cyprus to unload their Gold and that certainly will create an oversupply of Gold in the market and thus, lower prices on the Shiny metal is a certainty. From charting perspective we will look into buying gold only when 1150 – 1200 is being tested and hold. In the worst case scenario it could fall as low as 1000.00 which is the major Resistance level that has been broken back in October 2009 and that has not ever been challenge as support. Impact News today: 10:00 am (NY) USD – Existing Home Sales 09:45 pm (NY) CNY – HSBC Flash Manufacturing PMI. Technical Analysis: GBPNZD – We have many time saying that $NZD is overate and we still hold that view. Last week we collected 2 of our entries for profit and put on another Pending Buy limit. Our Pending Buy ordered has been triggered this early Asian trading session. Looking at H4 chart we can see that the pair is in the process of forming Inverted Head & Shoulders pattern. So, upon 1.8250 being clear and price closed above that level our target will be the inverse duplication of the inverted H&S which then bring us to about 1.8750 level. Chart below. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Quote Link to comment Share on other sites More sharing options...
myfxpedia Posted April 24, 2013 Author Report Share Posted April 24, 2013 23 Apr 2013 Daily review by myfxpedia.com Project Summary ( click here to update online ): Duration: 09 Months , 04 Weeks Number of Closed Trades Total | This Month: 271 | 18 Winning Trades Total | This Month: 218 | 15 Pip Gain/Loss Total | This Month: +9203.7 | 1480.6 23 Apr 2013 Daily review by myfxpedia.com: The most noticeable new that came out of Europe yesterday was the newly elected President Giorgio Napolitano of Italy and the Euro react favourably to the news but soon lost its ground as trader soon realised that the newly elected President still have a mountain to climb to sort out the country Financial and Political basket case but then at least we now have a President for Italy that’s alone has somehow removed the political uncertainty for Italy. Today on the news front we are focusing on Manufacturing front of the 2 largest economy of Europe, France and Germany and many leading economics do not expect much have change. The retail sales of Canada is also expected to be unchanged while the US new home sales data will be closely watch as this is an indication of how well is the country on its recovery path. Later in the afternoon of US session or Early tomorrow Asian session we will have the New Zealand Official Cash rate which is also expected to be no changed. Impact News today: 03:00 am (NY) EUR – French Flash Manufacturing PMI 03:30 am (NY) EUR – German Flash Manufacturing PMI 08:30 am (NY) CAD – Core Retail Sales 08:45 am (NY) CAD – BOC Governor Carney Speaks 09:00 am (NY) USD – New Home Sales 05:00pm((NY) NZD – Official Cash Rate; RBNZ Rate Statement 09:30pm(NY) AUD - CPI Technical Analysis: This morning we realised another 2 positions on GBPNZD and now put another pending buy limit order. The reason for exit was base on H4 and H1 charts which is extended so a minor pullback is a possibility. It might not pullback to the level that we have our pending buy order and just consolidate sideway to ease the momentum before making another thrust upward. Currently we are only about 20 pips away from setting another record month of pips gain and our current holding positions is less than 1% drawdown, so it’s all good and since this is the last week of the month we will be selective and minimise our open positions. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Quote Link to comment Share on other sites More sharing options...
myfxpedia Posted April 30, 2013 Author Report Share Posted April 30, 2013 24 Apr 2013 Daily review by myfxpedia.com Project Summary ( click here to update online ): Duration: 09 Months , 04 Weeks Number of Closed Trades Total | This Month: 273 | 20 Winning Trades Total | This Month: 220 | 17 Pip Gain/Loss Total | This Month: +9290.6 | 1567.5 24 Apr 2013 Daily review by myfxpedia.com: Again not much impact news driving the market today. Looking at yesterday price behaviour, particularly on the Euro when we had manufacturing reports for France and Germany. France came out with a better than expected manufacturing compare to last month but Germany, the largest and the driving force behind Euro came in worst than expected and the Euro took a 180 degree turn to the downside as oppose to the initial reaction when the French manufacturing report came out. While still in the Euro Zone we have the Swiss National Bank reiterated that it will defence the 1.20 EURCHF, that is will buy Euro to hold down its CHF in order to support its manufacturing. This in turn push the USDCHF north. The Reserve Bank of New Zealand this morning decided to hold rate steady at 2.5% and that has put in a support for the NZD. The CPI report from Australia was also relatively mute with not much change. If the CPI came in with less than 2% then we will have a better chance of rate cut next week and as of today it stands 50/50 chance. In our opinion if the RBA are going to take a pro active roll then they will use this chance, while the Aussie is lower than last month, to actually cut rate which then will push further downward pressure to the AUD, maybe to parity or even lower. If they are not going to do that and just sit on the fence playing game of wait and see then we will soon see the AUD start to appreciate much higher. Impact News today: 04:00 am (NY) EUR – German Business Climate 08:30 am (NY) USD – Core Durable Goods Orders 04.15 am (NY) CAD – BOC Gov Carney Speaks. Technical Analysis: As of today we have set a new record monthly pips and our holdings are at about just over 2% drawdown so it’s all good. Early this morning our pending Buy order for GBPNZD @ 1.8035. Although prices came down as low as 1.8013 yet, due to spread early in the morning Asian session at around the time of our broker end of day shut down, the wide spread and end of day market close for Axi broker so our Order is still pending. If any of you with different broker and has your order filled then good on you because you should be sitting on profit on that order as of now. Yesterday we re-entered EURGBP at 0.8540. See chart below. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Quote Link to comment Share on other sites More sharing options...
myfxpedia Posted April 30, 2013 Author Report Share Posted April 30, 2013 26 Apr 2013 Daily review by myfxpedia.com Project Summary ( click here to update online ): Duration: 09 Months , 04 Weeks Number of Closed Trades Total | This Month: 277 | 24 Winning Trades Total | This Month: 224 | 21 Pip Gain/Loss Total | This Month: +9545.0 | 1821.9 26 Apr 2013 Daily review by myfxpedia.com: The current market condition is just so annoying, the agitation of traders looking for market direction must have been frustrating especially over the last 10 trading days or so. Just like yesterday when we have Spain announcing its unemployment rate has raised to a record 27.2% which was just ignore by market participants and push the Euro up early in the day during Asian session. This was due to the immediate news of German Chancellor Merkel saying that raising interest rate by the ECB would be good for Germany. For whatever the reason that Merkel was base on we think she must probably had just smoking pot prior to coming out with such ludicrous statement. We have France’s unemployment also hitting fresh high and Spain at record high and crippling nations like Greece, Cyprus, Portugal, Ireland, Italy and now there even talk of Slovenia might just as well throws in the towel, moreover, German manufacturing has been sliding at an alarming rate and here we have Merkel saying raising interest rate is good for Germany....damn, can we have what she have had? Anyway, during the London and NY open there were more speculation of Euro under downward pressure when Goldman Saches forecasted the ECB to cut rates by 25 basis point. Market then reacted to the news and sent Euro down over 50 pips immediately on the news. It seems that Euro is at the cross road on rate decisions so one minute we have a Pollie coming out saying rate cuts another minute we have another Pollie saying hand on, maybe rate rise would be of better choice. For Christ sake, make up your mind Pollies. Over to Japan, we had CPI that once again fell 0.5%, this is the 5th straight month of falling CPI. So, maybe it’s too soon to know if their action by crank up the press is working or not but a month has pass and currently it’s not working. They are targeting 2% inflation so maybe they will have to crank up the press harder, printing more Yen to push spending – yeah folks spend your Yen now before it become dirt cheap. Impact News today: 04:00 am (NY) CHF – SNB Chairman Jordan Speaks 08:30 am (NY) USD – Advance GDB Price Index Technical Analysis: Before we go into our trades let us take a look at performance for this month as month end approaching. Since we went public back in July 2012, Nine months into the business we have so far achieved consistent pips gain on a monthly basis: August’12 – 878 pips September’12 – 1035 pips October’12 – 1432 pips November’12 – 938 pips December’12 – minus 186 pips January’13 – 1492 pips February’12 – 1174 pips March 2013 - 828 pips April 2013 - ? (as of today stands at 1821 pips and just over 1% drawdown on) So, for the last 9 months we only have 1 month of negative pips gain and as of today and for the last 9 months we have make a total of 9412 pips gain, about another 600 pips we will reach our 10,000 pips gain for the year. We think that we are doing reasonably ok and we are happy with that. Hope you all do too. Cheers. Now back to the trade we took yesterday: AUDNZD – Yeah, we know, we probably hear some of you saying: NZD AGAIN? Yes, folk, NZD again. Well, we have the legendary George Soros shorting millions of dollars on the Yen months before it is corrected. He spot the Yen was overrated and do not mind of being contrarian to the majority by shorting the Yen early. Well, unlike the billionaire legendary George Soros but we do believe the NZD is also overate. The last 2 or 3 months the NZD was overpowering if not to say it was the best performance currency among the so call risk currencies. It’s certainly overvalue in a country with population of just over 4 million with major industry is Farming and Tourism. So, a small country with high currency and not much of heavy industries will soon find itself in trouble when their goods can no longer compete with other nations that have lower currency. In this current environment where the currency war is gathering speed, the best way to destroy an economy is to push its currency as high as you possibly can.....just look at Japan and South Korea. South Korea was enjoying their low WON for so long and so their manufacturing, the like of Hyundai, Samsung, LG....etc. were blossom on the cost of Japan high currency that hurt Sony, Hitachi and many well brand cars manufacturer. Anyway, let get back to our technical on AUDNZD. AUDNZD – Weekly The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Quote Link to comment Share on other sites More sharing options...
myfxpedia Posted May 1, 2013 Author Report Share Posted May 1, 2013 30 Apr 2013 Daily review by myfxpedia.com Project Summary ( click here to update online ): Duration: 10 Months , 01 Weeks Number of Closed Trades Total | This Month: 277 | 24 Winning Trades Total | This Month: 224 | 21 Pip Gain/Loss Total | This Month: +9545.0 | 1821.9 30 Apr 2013 Daily review by myfxpedia.com: The Equity market once again push higher, S&P yesterday challenge the high created early in the month. This bull just refuses to lay down although the general economic data do not back up for this bullish move. Investors just ignored all bad news and why is that? It got to come down to Central Banks, FED keeps cranking up the press to support the economy and so the economy just thriving on this Central Banks everlasting Christmas. We suppose investors and traders alike will just have to enjoy this bitter sweet candy handing out from Central Banks while it last because as soon there is sign or any hint of printers shutdown we then will quickly see the melt down. Although we don’t have much of high impact news today but we do have a whole lots of news from Euro zone: German Retail Sales; Consumer Climate, unemployment Change; French Consumer Spending; Spanish Flash GDP; EURO CPI ; Unemployment rate. These data will give an indication of the health of the Euro Group economy. Today is the last day of the month and this month we set a new record on our monthly pips gains at 1821 and hold a numbers of open positions with 2% drawdown at time of writing. Impact News today: 08:30am (NY) CAD – GDP 10:00am (NY) USD – CB Consumer Confidence 09:00pm (NY) CNY – Manufacturing PMI Technical Analysis: Yesterday our pending Sell order for EURAUD triggered so let have a look at the technical for this particular pair today. Base on Daily – this pair was in a major downtrend since early February until early this month it found support and retraced to the upside. Noticed last week we have 5 days that priced tried to go above the 50% Fib level and fail to close above that level each time. Now on the 23 April we had a false breakout that closed with a big juicy red candle below 50% Fib level with Momentum being overbought as well as MACD given us a hidden Divergence suggesting of potential resume of the downtrend and so we set our pending Sell Limited. Let’s go to H4 chart. EURAUD – Daily EURAUD – H4. Prices broke the uptrend line. In the immediate scenario it found support at 1.2620. If prices close below this level on H4 it would put further pressure for the pair to head south with TP1 @ 1.2530 and TP2 @ 1.2375. Chart below The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Quote Link to comment Share on other sites More sharing options...
myfxpedia Posted May 3, 2013 Author Report Share Posted May 3, 2013 1 May 2013 Daily review by myfxpedia.com Project Summary ( click here to update online ): Duration: 10 Months , 01 Weeks Number of Closed Trades Total | This Month: 277 | 0 Winning Trades Total | This Month: 224 | 0 Pip Gain/Loss Total | This Month: +9545.0 | 0 01 May 2013 Daily review by myfxpedia.com: It’s kind of mind boggling about yesterday prices movement on the FX market. We had bad data from Euro and good data from the US and yet, the USD went south while Euro went north. We were scratching our heads and wondering has the world been turning upside down on its head? First, data from Euro zone were disappointing, from consumer confidence fell, Italy unemployment fell, even though, the Euro zone unemployment rate being stead it still points toward nothing has been done to improve the unemployment. Moreover, we also have the inflation reading of 1.2% for April. Now most leading economist forecast a reading of 1.6% and the ECB has its target of 2% and so with the weak inflation number would have point out the more possibility of a rate cut on Thursday. Anyway, traders/investors ignored on that and push the euro higher, is this a fake bull, a bull trap before disaster happens or traders/investor just give a hoot about rate cut, as they see a 0.25% rate cut just do no good for the Euro ailing economy anyway. If that is people perception then the ECB has to come out with a bazooka tomorrow to surprise everyone and keep the lower Euro to gain market competitiveness to support its declining manufacturers. Secondly, traders/investors just banking on the FED will keep cranking up that printing machines of $85 billion every month and no sign that it’s going to end any time soon and so they just ride the wave of cash splashing by the FED to cushion the market. Thirdly, could this be the fake move by market makers to trap people in and to clean out scalpers with tight stops? Ah well, that’s what we can only come up after scratching our head, pulling our hair just to make sure we are not standing on our head. Impact News today: 04:30am (NY) GBP – Manufacturing PMI 08:15am (NY) USD- ADP Non-Farm Employment Change 10:00am (NY) USD – Manufacturing PMI 02:00pm (NY) USD – FOMC Statement 09:30pm (NY) AUD – Building Approvals. Technical Analysis: Another Pending Sell Limit Order triggered last night. This order we had put in about 10 days ago and now we are live with NZDUSD Short. Base on Daily chart we can see after a heavy sell down back on the 15 April this pair has move in range and yesterday gave a solid breakout touching our Sell Limit order. Although the momentum is overbought this still could push higher to challenge previous peak or even push over that to create false break and a Negative Divergence before a big run down taking place and that’s the reason we entered with a small lot size and wide stop to avoid being stop hunt by MM. NZDUSD – Daily NZDUSD – H4. Let look at H4, we can see that we already have a negative Divergence and Momentum overbought and prices at currently stands at around 72% FIB level retracement. Usually on this level of retracement is what we call the Terminal Zone but from the Daily Chart this could still push higher to run stops before making a serious down move. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Quote Link to comment Share on other sites More sharing options...
myfxpedia Posted May 3, 2013 Author Report Share Posted May 3, 2013 2 May 2013 Daily review by myfxpedia.com Project Summary ( click here to update online ): Duration: 10 Months , 01 Weeks Number of Closed Trades Total | This Month: 283 | 6 Winning Trades Total | This Month: 227 | 3 Pip Gain/Loss Total | This Month: +10345.7 | 800.7 02 May 2013 Daily review by myfxpedia.com: Our first milestone has been achieved much earlier than we have expected. Currently we just surpass our 10,000 pips gain in the period of 10 months, although we still holds 5 opens positions at time of writing and even though they are in negative but it’s all within our Risk parameter, at the moment we are holding with just above 1% drawdown. So, cheers to all. Yesterday we see the equity market is under pressure, the S&P failed to break previous peak. This market is currently very fragile and as we mentioned over the last few updates, this market is being fed on Central Banks QE. The evidence can be seen if we look closely into the sectors of the market: on the normal economy recovery we often see the Industrial, Technology and Manufacturing being the market power house to drive market higher. But, guess what? Not this time around, the market recently being drive up by what we call the defensive stocks, such as Healthcare, Consumer Stables. It’s defensive due to the nature of higher and stable dividends. In summary we currently experienced an invert market sentiment this time around, that is on normal practice people would only invest in defensive stocks when they expect the market is going to be lower and not higher like what we currently see and the only reason for such twist is because of the QE program in place. So, now we are having defensive stocks trading at significant premium to the overall market and yet the general economy fundamental do not stack up as we see from yesterday news from CNBC that Private Sectors employment has dropped significantly (This can correlate to the fall in USD). We are not saying that the high is already set, what we are saying is this could be the high for sometimes or false breakout that will set the temporary new high before a deep correction taking hold. At 7:45 am N.Y time we will have the ECB rate decision which currently widely anticipate or a rate cut and if the ECB really serious in keeping the Euro low to get the market competitive edge then they should come out with something big or at least surprise the market....yeah, Mr. Draghi the druggy with the bazooka will certainly spook the market. Impact News today: 03:15am (NY) EUR – Spanish Manufacturing 04:30am (NY) GBP – Construction PMI 07:45am (NY) EUR – Minimum Bid Rate 08:30am (NY) CAD – Trade Balance 08:30am (NY) EUR – ECB Press Conference 08:30am (NY) USD – Trade Balance; Unemployment Claims 09:30am(NY) AUD – PPI. Technical Analysis: Yesterday we exited all our GBPNZD pairs for a total average win of over 700 pips. The reason for the exit is as follow. It has taken much longer than anticipated for the retrace to the upside and base on H4, H1 we have breakout from the ascending triangle and at time of exited, momentum indicators are at extreme and so we decided to exited and put in a fresh pending buy limit. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Quote Link to comment Share on other sites More sharing options...
myfxpedia Posted May 6, 2013 Author Report Share Posted May 6, 2013 03 May 2013 Daily review by myfxpedia.com Project Summary ( click here to update online ): Duration: 10 Months , 01 Weeks Number of Closed Trades Total | This Month: 288 | 11 Winning Trades Total | This Month: 229 | 5 Pip Gain/Loss Total | This Month: +10404.9 | 859.9 03 May 2013 Daily review by myfxpedia.com: OK, just a quick update for today, last day of the week and first week of the month and guess what? Last month we set a new record of monthly pips gain and now just in the very first week of the month we already banked 859 pips and currently having 2 open positions with less than ½% Drawdown. We are comfortable with that and so we suggest you too should take a day off from the desk, have a relax day, have a long weekend, go out and enjoy times with your family, there much more life out there to experience and fulfil rather than Forex. Beside, today is a big news day for the month, the Non-Farm Payroll, unless you are trading the news as one of your strategy we highly recommend you to take a day off. Just to recap of what happens yesterday, Like we mentioned in yesterday update that is unless the ECB bring out the bazooka to surprise the market to be able to keep Euro down because a rate cut of 0.25% won’t do the job. That’s exactly happened last night if you noticed the prices action such that when new came out with a rate cut of 0.25% as widely expected, the Euro went up and dance around the 1.3200 area. It’s only start moving south when the ECB start the conference where super Mario Draghi (the Druggie) opening his mouth and show the market that he still have and carrying the bazooka in his sleeve and stands ready to fire if need to. This bazooka of his is that the ECB will, if need be, apply Negative Rate deposits, oh yeah, you will be tax if you put your saving in banks, great, and although he only said so without actually apply that instrument yet but that’s enough to spook the market and south it went. But after 4 hrs of heading south prices was quickly found support and have been trading sideways for the last 12 hrs or so (if you look at H4 chart) at around the prices we exited last night. We actually think that the euro will not heading south with any meaningful drop unless something drastic happens within the Euro Groups and Traders will properly trying to push it higher, testing super Mario to see if he is true to his words just like the SNB of Swiss in defending the CHF against Euro. So, unless super Mario de “Druggie” lit up his bazooka EUR will just stubbornly stay in range. Impact News today: 08:30am (NY) USD – Non-Farm Payroll; Unemployment Rate 10:00am (NY) USD – Non-Manufacturing PMI. Technical Analysis: No Technical for today, Enjoy your weekend and ready for the battle comes the second week of May. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Quote Link to comment Share on other sites More sharing options...
myfxpedia Posted May 7, 2013 Author Report Share Posted May 7, 2013 06 May 2013 Daily review by myfxpedia.com Project Summary ( click here to update online ): Duration: 10 Months , 01 Weeks Number of Closed Trades Total | This Month: 291 | 14 Winning Trades Total | This Month: 232 | 8 Pip Gain/Loss Total | This Month: +10544.8 | 999.8 06 May 2013 Daily review by myfxpedia.com: Welcome to the First day of 2nd week of May. Last Friday we advised you all to take a day off from trading yet, we just couldn’t help ourselves after the NFP news hit the market, especially when our Pending Limit orders triggered. As soon as we got alert that our orders are in the market we then constantly monitor the trades and within 1 hr we closed those open trades for almost 200 pips and as of now it seems that was a right decision. Early in the month of May yet we have already net 999 pips, so, let us raise the bar and look forward to set another new monthly record. Back to the market, in general, the Equity market on Friday pushed to a new high with most of the indices are now over extended. Can it push higher? Definitely it can, but the push higher will further extended and the market will coming to the exhaustion phase. As we has mentioned many time before such that the rally has now being long for a decent pullback, on top of that this rally does not stack up with the fundamental of the general economy. Most and many of private companies do not get or even meet the general expectation of the market and being riding high on the back on defensive sectors in which traders/investors will on put their money in those defensive sectors when they think the market is heading lower, not higher. In this case we are having market standing on its head laughing at the FED cranking up the printers. This, surely cannot be stable. Tomorrow, the Reserve Bank of Australia (RBA) will come out with Interest Rate decision. Currently there is a split of 50/50 chance of a rate cut among leading economists. From all the data we have seen lately over the last 2 weeks it would prompt for a rate cut, especially with the recent inflation reading of only just above 2% rather than 2.5%. Moreover, the drop in the mining investment, soft commodities prices and the China recovery is not at all that great. So, if the RBA is going to play a proactive roll then we expect a cut is on tomorrow but if they still stubbornly sitting on the fence and play game of wait and see then we will have rate on hold again tomorrow. In our view, we do expect them to play a proactive roll and give us another 0.25% cut and drive the Aussie down lower and if rate is on hold then do not surprise to see the Aussie back above 1.0400 or even 1.0500 over the coming days. Impact News today: 08:30am (NY) CAD – Building Permits 09:00am (NY) EUR – ECB President Draghi Speaks 10:00am (NY) CAD – PMI 09:30pm (NY) AUD – Trade Balance. Technical Analysis: We are currently in AUDNZD and GBPNZD that triggered last Friday. This early morning we put another pending buy limit for AUDNZD at 1.2015, the prices came as low as 1.20122 but because due to spread in the early Asian trading session our pending order did not trigger. If you are with ECN or with other Broker(S) that triggered the trade then please be mindful that you are to manage that trade yourself. Our pending order still stand at 1.0215, so if you like you can now ext the position for 18 pips profit (at time of writing) and reset the order like ours. GBPNZD – base on H4 prices is currently at support and short term uptrend line support as well. Also we have hidden bullish divergence and momentum cross over from being oversold. Chart below. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Quote Link to comment Share on other sites More sharing options...
myfxpedia Posted May 15, 2013 Author Report Share Posted May 15, 2013 7 May 2013 Daily review by myfxpedia.com Project Summary ( click here to update online ): Duration: 10 Months , 02 Weeks Number of Closed Trades Total | This Month: 291 | 14 Winning Trades Total | This Month: 232 | 8 Pip Gain/Loss Total | This Month: +10544.8 | 999.8 07 May 2013 Daily review by myfxpedia.com: Most of the major currencies yesterday just ranging in a tight range on daily charts, the only currency that had a sizable move lower is the AUD. It’s either traders are factoring in the bigger chance of a rate cut today at 2:30pm Sydney time or the rumour ring true that the legendary George Soros is shorting the Aussie. We have doubt on this rumour but you can read it here from the Sydney Morning Herald: http://www.smh.com.au/business/markets/is-soros-shorting-the-dollar-20130506-2j3nr.html Base on what we have seen in the past – the RBA like to sit on the fence and play catch up, they rarely act proactively but this time, maybe, because of the low inflation figure came out last month and the action of the Japanese Government to push their Yen lower and the ECB, Draghi trying his best to talk down the Euro and so, this time, we said, maybe it’s going be a game changer for the RBA as they will take a proactive roll and at least stuck their foot in the door of the so called Currency War. Over the Euro Group we have the ECB saying that they will examine the EU data closely over the course of next week and if necessary they will act again – this can be understood that the ECB will go for negative rate on deposits. Well, unless they come out with something big, the Euro wont slip below the 1.3000 for long. Fundamentally the Euro Group cannot be on a healthy economy recovery while the EURO is strong. If the Euro is staying at the level they are or push any higher the whole Euro nations will be flush with over-sea goods in no time and that will slowly kill their already ailing Manufacturing and Export sectors. Impact News today: 12:30am (NY) AUD – Cash Rate; RBA Rate Statement 03:00am (NY) CHF – Foreign Currency Reserves 05:00pm (NY) NZD – RBNZ Financial Stability Report Technical Analysis: The market is ranging and we are now in 2 open AUDNZD positions and 1 GBPNZD and they are currently just trading in a tight range. We are of believe that the Kiwi is overrated and that have got to be corrected. It is currently building a top and we just have to be patient for the cycle to take shape. The AUDNZD has now entering what we call Terminal Zone and the pair has been oversold, yes it still can push lower but it will not be a deep and we are of the view that any push lower is an opportunity to go long. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Quote Link to comment Share on other sites More sharing options...
myfxpedia Posted May 15, 2013 Author Report Share Posted May 15, 2013 8 May 2013 Daily review by myfxpedia.com Project Summary ( click here to update online ): Duration: 10 Months , 02 Weeks Number of Closed Trades Total | This Month: 296 | 20 Winning Trades Total | This Month: 238 | 14 Pip Gain/Loss Total | This Month: +10.986 | 1441 08 May 2013 Daily review by myfxpedia.com: Not much high impact news for today and unless something that is unforeseen happens we expect the FX market to be relatively quiet. It seemed the rumour were spot on regarding Soros shorting the AUD 2 days before official rate announcement. As according to the rumour Soros spent some 18 million dollars shorting the Aussie to net a cool 60 million dollars. Well done George Yesterday the RBA dropped 25 basis point to bring the official cash rate to 2.75% and hinting that the RBA is stand ready to drop rate further if the Australian economy deteriorate further. Four hours later after the rate announcement from the RBA the Governor of New Zealand came out saying that the Kiwi is significantly overrated and guess what? Governor Wheeler isn’t just the man of talk only, as it now has confirmed that the Reserve Bank of New Zealand has officially intervene in the currency market(you can read it here http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10882325&ref=rss . This is exactly the case that we have been saying and did exactly that over the last 3 months. Although our timing wasn’t as meticulous as George Soros but we have had make goods out of short the NZD somehow and has now further confirm our strategy where we have to incorporate the fundamental knowledge with technical and sound risk management, the rest will take care of itself. Impact News today: 03:15am (NY) CHF – CPI 06:45pm (NY) NZD – Employment Change; Unemployment Rate 09:30pm (NY) AUD – Employment Change; Unemployment Rate Technical Analysis: Overnight we have banked 443 pips to bring our monthly pips gain to 1441 pips in the first 8 days of this month. Well done team, you all deserve a pat on the back. Cheers. We are currently only hold 1 position with a +135 pips. We now move our stop to protect our capitals and extend our target to 1.2375. If you recall from our analysis yesterday on this pair where we said that this pair has now entering the Terminal Zone and the downside is limited. This again hold true as prices pop down 70 pips at time of EBA rate cut announcement it quickly retrace to the upside and we has no hesitation of adding position into that drop which once again prove fruitful. Lets’ examine the charts: AUDNZD – Weekly AUDNZD – Daily The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Quote Link to comment Share on other sites More sharing options...
myfxpedia Posted May 15, 2013 Author Report Share Posted May 15, 2013 9 May 2013 Daily review by myfxpedia.com Project Summary ( click here to update online ): Duration: 10 Months , 02 Weeks Number of Closed Trades Total | This Month: 296 | 20 Winning Trades Total | This Month: 238 | 14 Pip Gain/Loss Total | This Month: +10.986 | 1441 09 May 2013 Daily review by myfxpedia.com: Equities market climb higher again overnight with most of the indices around the globe set new records on volume-less market. This is what we call exhaustion move, it will push and push and then by the time you know it, Bam, it crashing down. This is usually the case if you look back in history: before every crash we always have similar spike up and looks as though if you are not in you miss the bandwagon. But, this time could it of any different? The different is that this time, and is the first time in history that the Government, Central Banks are directly involve in the Financial Markets where the FEDs, Central Banks Printing money like no tomorrow just to support the economy from collapsing and there is no sign of them stopping doing this sort of practice in any near future. This will eventually create prices bubble and we all know giving times all bubbles will burst. The Euro is currently stuck in range of 1.3000 and 1.3200 any push higher will be a headache for Draghi and last week he did say that the ECB will not hesitate to go negative rate on bank deposits if economy deteriorate. Surely, high Euro cannot be sustained if he really want to revive the Euro Zone ailing economy. Overnight, New Zealand report with a rise in Employment to 1.7% versus estimate of 1.1%. This gave strength to the NZD but traders are cautious of not to push the NZD much too high as we had intervention from the Reserve Bank and since details of form of intervention has not been release to the market this put 2nd thoughts on any NZD bull as what’s stopping them from intervene again. Now the RBNZ also has other option and not of direct intervene is to lower interest rate. The problem is they are stuck in the dilemma because of the heat up property market in New Zealand with an average home prices has been rising up to 10% in the last 12 months. So, in actual of fact the RBNZ should have raise Interest Rate, not lower, in order to cool down the rising home prices. But if they raise Interest Rate it will add more strength to the Kiwi which in turn will hurt the economy. So, the only way for them to act to devalue the Kiwi is to directly selling the Kiwi, intervene in the FX market. Three hours after the employment report from New Zealand we had employment report that beats the market expectation by over 4 times: Market expectation of a number of 11.5K and the actual number was 50.1K. Unbelievable, this is the 2nd time that market expectation was way out. Either the leading economics are incompetent or there is a misreading by the Government officials. Anyway, news like this has give the Aussie a good comeback from the last few days bleeding. Impact News today: 04:30am (NY) GBP – Manufacturing Production 07:00am (NY) GBP – Asset Purchase Facility; Official Bank Rate 08:30am (NY) USD – Unemployment Claims 07:50pm (NY) JPY – Current Account 09:30pm (NY) AUD – RBA Monetary Policy Statement Technical Analysis: With the good employment number from the Aussie and the over the last 8 weeks the Aussie against Kiwi has been oversold and so we expect this pair to retrace to the upside over the course of next week or two. We therefore will hold on to the trade a bit longer. It’s ok folk, this pair has positive swap. Let take a look at the Euro – on the Daily chart, the pair is trading in a sideway range with downside bias, if you are trading the Wave then this pair is in the process of forming the top of wave 4 before the next leg down for wave 5. If it can break the 1.300 to the downside we will look for the revisit of previous low. from the charting perspective the upside is limited and on the fundamental perspective, a high Euro will dampen the Euro Zone economic recovery. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Quote Link to comment Share on other sites More sharing options...
myfxpedia Posted May 17, 2013 Author Report Share Posted May 17, 2013 10 May 2013 Daily review by myfxpedia.com Project Summary ( click here to update online ): Duration: 10 Months , 02 Weeks Number of Closed Trades Total | This Month: 298 | 28 Winning Trades Total | This Month: 240 | 16 Pip Gain/Loss Total | This Month: +11.061.3 | 1516.3 10 May 2013 Daily review by myfxpedia.com: Overnight the market bulls blinked for the first time this week after rumours that the FED might considering winding up the QE. Commodities, Bonds, Equities and all major risk currencies that peg against USD took a dive. This is exactly what we have been saying it all along over the last 2 months if you have follow our update regularly. This bull market at this stage is very fragile and it has been soldier on by Central Banks cranking up the printing press to support the economy. They have been doing this for the last few years and now or very soon they will face another problem that they themselves created. They have create prices bubbles and if this problem is not to be address soon this bubble burst is going to be too big to fix. This prices bubble and the state of the current bull run is becoming very fragile as evidence by overnight rumour. Elsewhere, the talk of Currency War is slowly emerge as being real although they all denying it and always come up with reason for their action in driving down their currency. Lately we have the RBA lower interest rate at record low and South Korea also cut their interest rate to offset Japan aggressive devaluation of the Yen and the RBNZ also joins in to directly intervene in the FX market to lower the Kiwi. So, now we are having 3 Central Banks that is willing to do direct intervention to devalue its currency, Japan is one that has been famous for this and the SNB which openly stated that they are committed to defend the 1.2000 level of the cross EURCHF and now we have the RBNZ. It looks as though the RBNZ will follow what the Swiss National Bank and defend the Kiwi peg against the AUD at 1.2000 level also. If one noticed prices action of the cross AUDNZD the day before such that as soon as price went below 1.2000 mark the RBNZ quickly step up and push the pair above it. Their action is understandable since Australia is its biggest trading partner and high Kiwi will definitely favour the Aussie on international trading scale: why do you have to buy goods from NZ for when you can get the same thing from Australia and on international scale, it is cheaper to ship goods from Australia than from New Zealand. Impact News today: 08:30am (NY) CAD – Employment Change; Unemployment Rate 09:30am (NY) USD – FED Chairman Bernanke Speaks. Technical Analysis: Yesterday we cut short EURUSD, in hindsight it was a wrong decision because 3 hours later the pair dropped another 100 pips. We exit the pair just 1 hour prior to impact new release from the US and looks for re-entry at the optimal higher prices. We did not get the push up that we were looking for instead we left 100 pips on the table. Sorry folks. We also exited USDCAD long for 53 pips profit and look for re-entry on retest of yesterday low. Today is the last day of the first week of May and we have so already bank 1516 pips. Only another 310 pips away from setting another monthly records. Well done team. We are currently in 2 pairs AUDNZD Long and GBPUSD Short and is in positive territory, zero Draw Down. GBPUSD – on Daily chart below you can see prices has formed a 3 waves down and a 5 wave sub-wave to make up Wave4 and prices is trading within a channel. So, if the wave is playing out then we should start to have wave 5 down. Our target 1 is at the duplication of the channel break down and TP2 is the retest of previous low. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Quote Link to comment Share on other sites More sharing options...
myfxpedia Posted May 17, 2013 Author Report Share Posted May 17, 2013 11 May 2013 Daily review by myfxpedia.com Project Summary ( click here to update online ): Duration: 10 Months , 02 Weeks Number of Closed Trades Total | This Month: 298 | 28 Winning Trades Total | This Month: 240 | 16 Pip Gain/Loss Total | This Month: +11.061.3 | 1516.3 13 May 2013 Daily review by myfxpedia.com: Not much high impact news for today except for an all day Euro Group Meetings and Retail Sales from the US and New Zealand. What we have seen last week is the strength in the USD as traders are seeing improvement economic condition in the US and there is a scope of possibility of cutting back the QE or even terminating the QE in the US all together in a very near future. So, if the US is to cut short its QE program as compare to England and Japan then the USD will certainly gain more upside momentum. Impact News today: 08:30am (NY) USD – Core Retail Sales; Retail Sales 06:45pm (NY) NZD – Retail Sales Technical Analysis: We are now in the mid month of May and is about 170 pips away from setting a new monthly record pips gain. We are now only holding AUDNZD, 3 positions, at about breakeven level. This pair is currently building a base and with the New Zealand government isn’t shy away from direct intervention, as we seen last week when the pair went below 1.2000. Nothing we have to add for today as it is still early in the week and as like every first day of the week it’s going to be slow so we see you all tomorrow for more update. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Quote Link to comment Share on other sites More sharing options...
myfxpedia Posted May 17, 2013 Author Report Share Posted May 17, 2013 14 May 2013 Daily review by myfxpedia.com Project Summary ( click here to update online ): Duration: 10 Months , 02 Weeks Number of Closed Trades Total | This Month: 298 | 22 Winning Trades Total | This Month: 240 | 16 Pip Gain/Loss Total | This Month: +11,209.7 | 1,664.7 14 May 2013 Daily review by myfxpedia.com: A sideway ranging market is getting bored and testing every traders patient and if you are not discipline and patient you will get stuck in the whipsaw action that’s eventually send you in agony and demoralise your spirit. It is best of all not to be triggered happy. Don’t let the whipsaw action chimp away your account. Be patient and let prices come to you, at your pre-determine entry level. Be discipline and be patient and most of all give the FX market the respect that it deserves. On the Equity market front we still have the Indices that is still hovering at all time high and look extended. We of the opinion that this thing will go for a short squeeze before fall out of bed. what we mean is that most trader will look at this as being extended just like us and so would position themselves with short positions. It will to be their surprise to see the market will get another shot higher to take out all the shorts and might even trap new buyers coming into the market afraid that they will be left behind and before they know it, we have a correction. So, do not get suck-in with this much extended move. Now what and how do we, as FX traders position ourselves and ready for this event when it happens? We will look to be buyer of the USD on weakness and seller of risk currencies such as Pound, Euro, AUD. On the AUD front we can see that over the course of last week AUD was heavily shorted and so it won’t be surprise to see a short squeeze on the AUD over the coming days, that is, AUD will retrace to the upside before another leg down, potentially toward 0.9600. The same scenario for NZD on this instance and we would say the same set up will also play out for the Euro and the Pound. We just got to look out for the optimal entry when the correction is taking place. Impact News today: 05:00am (NY) EUR – German Economic Sentiment 05:30am (NY) AUD – Annual Budget Release Technical Analysis: We have nothing to add at this stage as we have not add on any new positions and we will patiently wait for price to come to us with our pending orders. We will not chase prices and try our best to hold tight onto our pip gains that we have gain so far this month. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Quote Link to comment Share on other sites More sharing options...
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