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Trader's eye on majors - short term

Valeria Bednarik - Yen stronger, dollar weaker: European currencies take short term advantage.


GBP/USD: short term bullish above 1.5130 by FXstreet.com

Better IFO Helps EUR/USD But 1.30 Proves Elusive by BK Asset Management

The next phase of Abenomics by FOREX.com

Website improvements

Have you noticed? We have changed the organization of the Homepage and Technical subhome.

Latest from the Forex Social Network

photoDaologic commented a blog post 7 minutes ago EUR/USD & GOLD forecast 24.05.2013
I was out, I did not take this trade, unfortunately. Congratulations!

photoFrancesc Riverola created a blog post 8 minutes ago M&G Investments - Japanese investors are not buying foreign bonds, they’re selling
M&G Investments - "One of the stories that has driven global financial markets higher for the past few months has been about how Japanese investors ar...

photoFrancesc Riverola created a blog post 20 minutes ago BBH - EURUSD A weekly close above 1.3000 may help lift the technical tone
Brown Brothers Harriman - "The dollar is mixed against the majors heading into the US holiday weekend. The euro firmed a bit after the stronger than e...

photoLuke Sierpniak commented a blog post 33 minutes ago EU - Friday Intraday Time log
Hi Peter and all, just scalping this one up and down, not a bad day, FYI, 3006-3015 major res on mine, so a short from there good for at least 12-15 p...

Webinars Schedule

Ed PonsiUS Session Open
Expert: Ed Ponsi
Start: Fri, May 24, 13:00 GMT

Type of Session: Webinar


Andrei KnightFibonacci Friday
Expert: Andrei Knight
Start: Fri, May 24, 15:00 GMT

Type of Session: Webinar


Sponsored by
Fri, May 24, 12:00 GMTUS Pre−Market Open Ed PonsiWBNSponsored by
Fri, May 24, 13:00 GMTUS Session Open Ed PonsiWBNSponsored by
Fri, May 24, 15:00 GMTFibonacci FridayAndrei KnightWBNSponsored by
Mon, May 27, 05:00 GMTAsian Session: Live Market AnalysisDr. S. SivaramanWBNSponsored by
Mon, May 27, 09:00 GMTWeekly FX Briefing with WmdWill HuntingWBNSponsored by
[ View All ]

Current Session: Europe

EUR/USD: it's all in the eye of the beholder

EUR/USD Spot


Last week update, purely focus on a technical perspective, showed how dangerously close the EUR/USD was to the neckline of a big H&S pattern in the daily chart. However, price was not even close to test the base of the figure, around 1.2740/50...

USDJPY: Still in the range above 100.81 low

AUD/USD Spot

Charting the Market Movers

EUR USD, Hourly


EUR/USD

Event of the Day

US DURABLE GOODS ORDERS

Date (GMT)EventActualCons.Previous
May 2412:30Durable Goods Orders-1.5%-6.9%

Event of the Week

US FED'S BERNANKE TESTIFIES

Date (GMT)EventActualCons.Previous
May 2214:00Fed's Bernanke testifies---

Bernanke warns ‘premature' Fed tightening could stifle US economic recovery (FXstreet.com)

[ Full Story ]

Flash Comment - FOMC: QE tapering is drawing closer by Danske Bank A/S

Asia Market Open - USD stays well bid after Bernanke testimony by FXWW

Daily Forex Market Wraps - Bernanke speaks, US dollar rallies, stocks and bonds sell off by Vantage FX

Economic Events

Date (GMT)CountryEventActualCons.Previous
May 2408:00DE IFO − Current Assessment (May) 110.0107.2107.3
08:00DE IFO − Expectations (May) 101.6101.6101.6
08:30UK BBA Mortgage Approvals (Apr) 32.2K32.731.4K
10:00DE German Buba President Weidmann speech 
12:30US Durable Goods Orders (Apr) 1.5%-6.9%
12:30US Durable Goods Orders ex Transportation (Apr) 0.5%-1.4%
May 2604:50JP Bank of Japan Governor Kuroda Speech 
23:50JP BoJ Monetary Policy Meeting Minutes 
May 2700:00US Memorial Day 
00:00UK Spring Bank Holiday 
[ View All ]

Educational Resources

Setting the Stop Loss in a Breakout Scenario – Close or Far? 4 Factors

Forex Crunch − Where do you place your stop loss? Many traders struggle with this wonder, but it doesn't have to be so complicated. The answer to the question above depends on your system. Let's see what is a "close point", a "far point", and how you can better determine the placement.

Also Check:

Basic Trading Video: Stop Loss by Investopedia

Stop Losses by Brandon Wendell - Online Trading Academy

Forex Glossary

Candlestick

The candlestick symbol represents a narrow vertical rectangle (box) with short straight lines (called upper and lower "shadows" or "wicks") extending from the center of each end. The price range between the open and the close is plotted as a narrow rectangle and is referred to as the body. If the close is above the open, the body is white (or "unfilled"); if the close is below the open, the body is black (or "filled").

Renko Chart

A FOK order is used by traders wishing an immediate fill, but at a specified price. The dealer will Renko charts derived from the Japanese word renga, which means bricks, where each brick represents a fixed change in price. A Renko chart is similar to a Kagi chart except that the renko chart is drawn in the direction of the primary trend and has a fixed size. In this regard it is also similar to point and figure charts but without their asymmetric filter. This means, in order to generate an opposite color, the fixed brick size of the Renko must be exceeded. During a trend continuation, when the price goes above or below a previous price, a new brick is added to the chart.

This charts serve very well to analyze support and resistance levels as their show pure price action.
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