Following on from last week´s article I thought it important to step through some fantastic recent trades on the currency futures market
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On everybody’s lips at the moment is the strong performance of the Australian dollar.
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With Foreign Exchange (also know as FX or Forex) trading volumes exceeding $1.4 Trillion per day it is a Market that at the very least commands the interest of any serious trader. For those yet to experience Trading the FX markets, let us take a closer look at what is the most liquid market in the World today.
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Some may think I am obsessed with retracements. But I must persist as it is primary to understanding price movement. Just as markets retrace down when a market rises they also retrace up when the market is falling – this is part of the confusion and uncertainty as the tide changes.
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Recent times in both the index markets and normal shares trading have proven to be “interesting”. A slight air of uncertainty is creeping in especially when one looks at the financial press. The different political agendas in a number of the world’s major countries coupled with the ongoing tensions in the known hotspots, have only added to this overall feel.
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Anyone who has met me will no doubt know about my passion for trading currencies.
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Currency futures are traded in massive volumes by participants all around the world for a variety of reasons.
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It seems that just about every day in the currency markets there is an important announcement coming out.
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After rallying strongly for most of 2007, the British pound (BP-SpotV in Profitsource) copped a beating over November and December, falling over 1500 points to the current lows (in early January).
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Most traders are familiar with CFDs and the concept of paying interest on long positions and receiving interest on short positions.
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When you first decided to start trading the financial markets, were you thinking, “I want to be able to forecast so I can impress my friends”, or did you think “I want to make money and be financially free”?
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The British Pound (BP-Spotv in ProfitSource) experienced some heavy selling last week, including a drop on Wednesday of over 350 points.
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All Safety in the Market students should be familiar with the expression “Get to know your stock or commodity like a cow knows her calf”.
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There has been a lot of talk about the high prices of gold and oil in recent times, but most of the major currencies are also trading at or near record levels.
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To the new currency trader, it would appear that the entire world of foreign exchange revolves around the US Dollar.
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Few markets can lure a trader in like the Foreign Exchange market can.
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The Euro has continued its strong run into 2008, approaching the 1.6000 level last week during some volatile trading before selling off slightly last Friday night.
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One of my favourite quotes from WD Gann is “Make it a rule to quit wasting your time, because time is money.
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The Euro (EC-Spotv in Profitsource) pushed on to new highs in April, with the current All Time High coming in at 1.5985 on April 22nd.
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A common misconception is that in order for a trader to be profitable, we MUST buy very close to the bottom of the market, and we MUST sell very close to the top of the market.
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All Safety in the Market students should be familiar with David Bowden’s expression “Get to know your contract like a cow knows its calf”.
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As a Trading Tutor, I speak to a lot of students who tell me that they knew the market was going to move, but they are frustrated that they didn’t profit from it.
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I was reading through the Number One Trading Plan again on the weekend, and revisiting Section 11 – Price Forecasting, which is one of my favourite sections.
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Double Tops and Double Bottoms are one of the most commonly recognized patterns in technical analysis.
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When we think of Triple Tops or Triple Bottoms, we often think of tops or bottoms that are several weeks or even several months apart.
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A question that new traders often ask me is “How much money should I start out with?”
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The US Dollar has shown some strength over the past month, making strong gains against all the major currency pairs.
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In my article last week I looked at a potential setup for a short trade on the US Dollar/Japanese Yen currency pair (FXUSJY in ProfitSource).
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As I write this article on 18 September, 2008, the ASX200 has fallen 4%. You can almost smell the blood in the streets.
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Rudyard Kipling’s poem “If”, which Gann quoted in his romantic novel Tunnel Thru The Air, starts with the line “If you can keep your head when all about you are losing theirs…”
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If I had a dollar for every time I’ve heard a trading cliché, I could probably bail out the US Financial System myself!
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The recent fall in the value of the Australian Dollar, while painful for Australians looking to travel overseas, has proven popular with many traders whose trading accounts are denominated in US Dollars.
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Trading around Christmas time generally gives you one of two scenarios.
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There was a lot of talk in the media last year about the Euro replacing the US Dollar as the Number One currency of choice in the world.
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In my article last week, I wrote that I believed the Euro had finished its run down, and was now in a position to consolidate before continuing its move up.
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Trading is a business, but to me, it is also a  game.
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I hope all our readers have had a Merry Christmas and a Happy New Year and that 2009 will bring you all the happiness and success that you could possibly wish for!
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The Euro (EC-Spotv in ProfitSource) looks like it may have commenced its next move to the upside.
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Have you ever “fiddled” with a trade and then looked back later and wished that you hadn’t? So often we can get impatient with the market, expecting our move to happen today!
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I’m writing this article on Wednesday and the Dow Jones has fallen 381 points overnight. In these days 381 points doesn’t sound like much, but with the DOW trading around the 8000 level it did represent a 4.5% drop.
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David Bowden called his trading room his “War Room” and it often feels that way when we trade.
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In my last Trading Tutors Newsletter article I set students a challenge to find three reasons for price resistance in the US Dollar/Japanese Yen (FXUSJY in ProfitSource) around the 99 level.
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One of the reasons that traders tend to overtrade is that they are trying to make too much money, too quickly, with a trading account that is too small.
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Anyone who has studied a martial art such as karate, judo, or kung-fu would be familiar with a system of grades or "belts" that must be achieved and earned along the path to mastery.
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It should be an interesting week ahead. At time of writing (Wednesday May 27th) several currency pairs are trading close to major 50% milestones or “half points.”

In trading there are times when everything seems easy. Most of our trades are winners, our morale is up, our bank balance is overflowing and life is good! Then, there are times when the volume drops out of the market, trends aren’t as long or strong and money is harder to make. Sometimes we need to sit out of the market altogether if it is too volatile, or not volatile enough.

It’s been a very interesting time in the currency markets. Mind you, I can’t remember too many boring times since I started trading these markets!

Like many traders, investors, analysts and newsletter writers, I’m patiently waiting for the US Dollar to drop like a stone.
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Often in trading we will analyse a market using our Gann analysis, make some calculations and determine a price level that looks like it will provide support or resistance in the market.
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Markets are made up of people, who are either buyers or sellers of a particular stock, currency or commodity.
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Back in September 2008 I wrote an article for the Trading Tutors Newsletter called “Keeping Your Cool”.
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I’m sure we’ve all worked hard to achieve a certain level of success in a particular field.
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A doctor would be excused for declaring the Euro futures contract (EC-Spotv in ProfitSource) legally dead over the past two weeks.
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Each trading day I go through my routine of checking my charts and checking my markets and today is no exception.
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This week I wanted to touch on an old favourite of mine - the U.S Dollar/Japanese Yen currency pair.
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The Australian Dollar is powering onwards and upwards and once again talk is turning to the word “parity”.
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In response to an email I received from Vito, I will revisit an article I wrote in Trading Tutors Issue 321, from 14th August, 2009.
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It’s been a gloomy week for markets across the globe. At time of writing the local bourse has shed more than 5% for the week, the US dollar is in decline and energy prices are on the rise.
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I once heard David Bowden say that he would often wait for the market to give him a “first leg” or “first range out” from a top or bottom before looking to trade the move.
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The life and times of the US dollar are dictating much of what we are seeing in terms of the global commodities market as well as the equity market.
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I’m not a computer programmer by any stretch of the imagination. I have no plans to become a computer programmer either!
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A very important part of our trading is keeping track of our profits and losses. This is fairly straight forward for a share / CFD trader, as their profits will tend to be in the one currency (for example, if you are trading in Australian share CFDs, your profits and losses will be in Australian Dollars).
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Here we are near the end of 2009, another year of great trading opportunities gone by – at least on the currencies that is!
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It always amazes me when people tell me that techniques are too simple to work. I’m not pointing the finger here, I have done exactly the same thing myself. For example, take Gann’s rule of markets moving in equal sections.

Firstly I’d like to wish all of our Trading Tutors Newsletter Readers a very Happy New Year, with an abundance of good times, good memories and good trades for 2010!

The strong Australian Dollar seems to be common knowledge wherever I go. Everyone is talking about the magic word “parity” and wondering when the value of the Australian Dollar will exceed the value of the US Dollar.

2010 has been a negative year for the Euro so far. In recent times, concerns over the economic conditions in Greece have seen the value of the European currency deflated, but right now it is holding around a key level.
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This July I will have the pleasure of travelling overseas and visiting Switzerland, Austria, the Czech Republic, Ireland, England and the United Arab Emirates.

In last month’s Safety in the Market Newsletter I discussed some of the work that helped me to call the 2007 yearly top on the US Dollar / Japanese Yen currency pair (FXUSJY in ProfitSource).
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Nearly three months of 2010 have come and gone and so far, there haven’t been too many bulls to be seen on the Euro. They must be off in a paddock somewhere, enjoying the spoils of the excellent long trading of 2009!

Last week I was in Sydney presenting Safety in the Market’s Gann Jump Start Workshop and one of the highlights of the three days was the group trading session on the afternoon of Day 3.
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We’ve seen plenty of strength in the US Dollar in recent times and the Euro in particular has provided little resistance against the greenback. The Euro (EC-Spotv in ProfitSource) has gone from a high of 1.5144 in November 2009 down to a current low of 1.3266 on March 25, 2010.

As I write this article on Monday April 12th, the Euro (EC-Spotv in ProfitSource) has just surged up on the open on Monday morning and is now over four hundred points up from the March 25th low of 1.3266.
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Whether you have been around the markets for years or whether this is the first trading newsletter you’ve ever read, you will have been presented with various different tools and techniques for interpreting market action.
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After a somewhat frightening sell off in the second half of 2008, the Australian Dollar has virtually done nothing but rise in the eighteen months since its October 2008 lows.

As I write this article on Wednesday morning, May 19th, the Euro (EC-Spotv in ProfitSource) has smashed through its important October 2008 low of 1.2326 and is trading near the low of the day.
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Human beings can be very pessimistic at times. I recently read of a study conducted in the 1990’s in the USA which found that primary school children received an average of 14 negative messages for every positive message they received during the day.
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The Euro has been moving steadily up from its recent June 7, 2010 low of 1.1874 - a low which occurred around 60 days ago at time of writing.
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In my Trading Tutors Newsletter article last week I wrote about a setup on the Euro (EC-Spotv in ProfitSource) for a potential high.
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