This article written by Andreas Witt was originally published in the January 2013 issue of Traders' Magazine.
- Andreas Witt has been studying the forex market since 1998 and has developed several strategies for different products, including a fully automated forex-strategy-software program (Expert Advisor). In addition he posts daily signals for a forex-platform and trades on his own account.
The most difficult thing of manual trading is certainly depending on yourself. You decide whether or not to enter the market. There is no predefined signal or system that shows you the right time for your entry, therefore it is essential to prepare each trading day accurately. In advance of trading a signal you should extensively analiyse the economic data and its emphasis, because not every event has an effect on the market. However, this approach is not highly complex so you can even be successful with this strategy if you are a trading beginner.
Editors’ Picks
EUR/USD holds around 1.1750 after weak German and EU PMI data
EUR/USD maintains its range trade at around 1.1750 in European trading on Tuesday. Weaker-than-expected December PMI data from Germany and the Eurozone make it difficult for the Euro to find demand, while investors refrain from taking large USD positions ahead of key employment data.
GBP/USD climbs above 1.3400 after upbeat UK PMI data
GBP/USD gains traction and trades in positive territory above 1.3400 on Tuesday as the British Pound benefits from upbeat PMI data. Later in the day, crucial data releases from the US, including Nonfarm Payrolls, Retail Sales and PMI, could trigger the next big action in the pair.
Japanese Yen seems poised to appreciate further; awaits BoJ decision on Friday
The Japanese Yen maintains its bid tone through the first half of the European session on Tuesday which, along with a bearish US Dollar, keeps the USD/JPY pair depressed below the 155.00 psychological mark. The growing acceptance that the Bank of Japan will raise interest rates this week turns out to be a key factor behind the safe-haven JPY's outperformance.
Editors’ Picks
US Dollar weakens after mixed Nonfarm Payrolls data – LIVE
The US Bureau of Labor Statistics announced on Tuesday that Nonfarm Payrolls (NFP) rose by 64,000 in November. The report also showed that NFP declined by 105,000 in October, while the Unemployment Rate rose to 4.6% in November, causing the US Dollar to come under renewed bearish pressure.
EUR/USD holds around 1.1750 after weak German and EU PMI data
EUR/USD maintains its range trade at around 1.1750 in European trading on Tuesday. Weaker-than-expected December PMI data from Germany and the Eurozone make it difficult for the Euro to find demand, while investors refrain from taking large USD positions ahead of key employment data.
GBP/USD climbs above 1.3400 after upbeat UK PMI data
GBP/USD gains traction and trades in positive territory above 1.3400 on Tuesday as the British Pound benefits from upbeat PMI data. Later in the day, crucial data releases from the US, including Nonfarm Payrolls, Retail Sales and PMI, could trigger the next big action in the pair.
Gold retreats from seven week highs on profit-taking; all eyes on US NFP release
Gold price loses momentum below $4,300 during the early European trading hours on Tuesday, pressured by some profit-taking and weak long liquidation from the shorter-term futures traders. Furthermore, optimism around Ukraine peace talks could weigh on the safe-haven asset like Gold.
Ukraine-Russia in the spotlight once again
Since the start of the week, gold’s price has moved lower, but has yet to erase the gains made last week. In today’s report we intend to focus on the newest round of peace talks between Russia and Ukraine, whilst noting the release of the US Employment data later on day and end our report with an update in regards to the tensions brewing in Venezuela.
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