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by Phil Smulian

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Phil Smulian is a reviewer for experts in Forex trading strategy and will help you understand more about the forex signal.

More Thoughts On Forex

foreign exchange trading



One method used in forecasting foreign currency exchange is called technical analysis. This method uses predictions by looking at trends in charts and graphs from past Forex market happenings. This system is based on solid events that have actually taken place in the Forex in the past. Many experience Forex traders and brokers rely on this system because it follows actual trends and can be quite reliable.

currency exchange rate



For any prospective traders, hope this is not in anyway a discouragement. Trading is a hard mind game and not everyone is suitable to be engaged in such a hard game. Most have neither frame of mind nor mental fortitude to survive in this hard game. Mastering TAs or numbers or options business are at best a first tentative step into the right direction with no guarantee to any success. Training a right frame of mind is the most difficult but absolutely necessary part for success and most are simply not ready to go through that hard stage of the learning process because it is a very painful process. Trading is essentially about pain-taking-process in the end although most do not realize it. The process of overcoming fear, greed and mastering tranquility of mind in this hard school of speculation.

foreign exchange converter



In short, EUR/GBP and GBP/CHF are leading indicators for EUR/USD and USD/CHF, and GBP/JPY, EUR/JPY and CHF/JPY are leading indicators for USD/JPY. EUR/JPY plays a very important role in EUR/JPY direction too, while GBP/JPY plays the same role for GBP/USD. For example, yesterday?s EUR/USD weakness largely started from EUR/JPY sales keeping EUR/USD and USD/JPY downwards. As a rule of thumb, if EUR/USD does not move but EUR/GBP moves first, it is a good indicator that someone is maneuvering in EUR/USD front in the same direction later, and when EUR/USD moves but EUR/GBP does not move first or in tandem, then it is highly likely EUR/USD move is countered by its opponent and the opposite move is highly likely soon. Same applies in USD/JPY and EUR/JPY, GBP/JPY front in the same fashion. Imho. Good trades.

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GFT Daily Market Commentary

Wed, 23 Apr 2008 23:17:35 -0400
Forex Market Commentary for April 24, 2008 by Cornelius Luca

GFT Daily Market Commentary

The dollar has been traversing unusually murky waters in the past couple of days, as two trading days in the same direction have become a luxury. It’s basically trading in very fast and choppy conditions but remains within inside ranges. The oil remains in stratosphere, but gold is heading lower; EUR/USD and USD/JPY and USD/CHF are in short-term upmoves, while GBP/USD is consolidating. That’s sort of what I’ve been saying all along though. The dollar should consolidate today as well, and trade only if you got a strong feeling, can watch your position continuously and can trade very, very quickly. EUR/USD has downside risk due to an expected soft Ifo report.

Euro/dollar

Euro/dollar fell from above 1.6000 but remained in an inside range. My model went short in a timely manner and remains short. The uptrend remains in place for as long as 1.5793 holds, but choppy trading should prevail.

Initial support is seen at 1.5836. Below 1.5793, euro/dollar has support at 1.5760. Distant support is at 1.5670.

Above 1.5950, the next levels are 1.6018 and 1.6080. Distant resistance is still seen at 1.6185.

Oscillators are falling.

NEAR-TERM: Mixed
MEDIUM-TERM: Bullish
LONG-TERM: Bullish

Dollar/yen

Dollar/yen rallied on Wednesday to reverse Tuesday’s losses but remained comfortably within Friday’s range. My system is long. Today should see consolidation.

Immediate resistance is at 103.40 from a 50-point pivot, which targets 102.90 and 103.90. The next levels are at 104.50 and 105.20. Distant resistance is at 106.50.

Initial support is at 102.70. The next level is 102.30 from another 50-point pivot, which targets 101.80 and 102.80.

Oscillators are mixed.

NEAR-TERM: Mixed
MEDIUM-TERM: Mixed to slightly bullish
LONG-TERM: Bearish

Sterling/dollar

Sterling/dollar keeps on alternating up and down days (in wide ranges), and on Wednesday it reversed its previous day’s gains. My model went short. The initial move should be down.

Immediate support is seen at 1.9745. This is followed by 1.9690 and 1.9595. Distant support looms at 1.9365.

Initial resistance now comes at 1.9840. Above 1.9910 there is a pivot high at 2.0025. This is followed by 2.0085. Distant resistance is at 2.0260.

Oscillators are mixed.

NEAR-TERM: Mixed
MEDIUM-TERM: Mixed
LONG-TERM: Mixed

Dollar/Swiss franc

Dollar/Swiss held the trendline support and rallied to erase most of the losses encountered earlier in the week. My model remains long. Choppy trading with upside bias is expected today.

Initial resistance now comes at 1.0200. This is followed by 1.0283. The next level is 1.0390.

Immediate support is now seen at 1.0100. This is followed by 1.0000 and .9875.

Oscillators are rising.

NEAR-TERM: Mixed
MEDIUM-TERM: Mixed
LONG-TERM: Bearish

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