Yosh!
Today's trading idea:
Long USD/CHF:
Buy USD/CHF after a new candlestick open above the trend line.
Potential profit is around 250 pips.
Stop loss is at 1.0200
Short GBP/USD:
Sell GBP/USD after a new candlestick open below the trend line.
Potential profit is around 250 pips.
Stop loss is at 1.9850.
That's all for today. Thank you for visiting :)
Today's Trading Idea :)
New Trading Idea o.O
Yosh!
I'm sorry because I didn't update my blog for a few days. I'm just busy writing forex notes for my forex trading personal coaching. Because of some demand, I'm going to teach forex online. This is how it works - I have my own syllabus and I teach that for almost a year. I'll send my notes trough e-mail. I have divided my syllabus in few topics, so he/she can learn according to his/her own schedule. After he/she finished one topic, I'll send another topic until he/she finishes the coaching. My client can ask me what ever he/she doesn't understand.
I try to make the notes as simple as possible and it will be like what you see is what you get. Sample of the notes are here (but it is in Malay language):
1. Sample 1
2. Sample 2
By the way, if any of you guys interested, feel free to contact me. The fee is $100 for the first 100 clients and payment can be made through Paypal :) Please inform me if you are from Malaysia because the fee will be in Ringgit Malaysia (bagi murah sikit :p)
Next, my trading idea. Go short GBP/USD:
My trading idea is to go short when there is a new candle open below the trend line. Besides that, I'll go short if it goes up to 1.9850 which seems to me a good resistance level.
Target profit is 10-100 pips, stop loss is 100 pips and above.
That's all for today, thank you :)
Where Will USD/JPY Go? o.O (Update)
Yosh!
The market don't really move today because of the US and UK market are closed. UK's market was closed for Spring Bank Holiday and US' market was closed for Memorial Day. For the time being I will stay out of market until there is signal to go long USD/JPY.
Below are copied from my previous entry, posted last week:
It seems that lately I don't really have any idea to write about my life as a law student. This is another trading idea, and the pair is USD/JPY.
Look at above chart. Right now the price is below the trend line (red colour). If it breaks the line and open above the line, that it is a signal to go long for this pair.
Another thing that should be taken into consideration is the resistance-turn-to-support line (yellow colour). Previously the price has difficulty to break the area but later it did go higher. The price tested the area few times and until now, still don't go lower than that. If the price open below the line, then it can be a signal to go short. If the price just play around there, there is possibility for the price to rebound.
For the time being my trading idea is:
Buy limit @ 102.70, TP and SL depending on discretion.
That's all for today. Thank you for visiting :)
Weekly Wrap o.O
Yosh!
Information below is copy-and-paste from here.
Commodities:
Gold for June delivery is -7.82% off from its record close price of $1004.3/ounce set on 3/18/08, but it is up 10.48% year to date as Gold’s inflation hedging role increases with spikes in oil prices.
Currencies:
The dollar index, was down 1.29% for the week, trading at late-April levels.
The euro continued to gain momentum against the greenback on Friday after hitting a one-month intraday high of $1.5811/euro on Thursday. Midday Friday in New York, the euro was at $1.5773 from $1.5729 late Thursday.
Ahead of the long weekend in the United States, the greenback was at Y103.24 yen on Friday from Y104.06 late Thursday, while the pound sterling traded slightly lower at $1.9796 from $1.9810 late Thursday.
If you are interested to read further, you can read it here.
That's all for today. Thank you for visiting :)
Where Will USD/JPY Go? o.O
Yosh!
It seems that lately I don't really have any idea to write about my life as a law student. This is another trading idea, and the pair is USD/JPY.
Look at above chart. Right now the price is below the trend line (red colour). If it breaks the line and open above the line, that it is a signal to go long for this pair.
Another thing that should be taken into consideration is the resistance-turn-to-support line (yellow colour). Previously the price has difficulty to break the area but later it did go higher. The price tested the area few times and until now, still don't go lower than that. If the price open below the line, then it can be a signal to go short. If the price just play around there, there is possibility for the price to rebound.
For the time being my trading idea is:
Buy limit @ 102.70, TP and SL depending on discretion.
That's all for today. Thank you for visiting :)
FOMC Minutes from Meeting of April 29-30
Yosh!
As I expected EUR/USD went higher. This was because of higher crude oil price and earlier, based on the Fed Meeting Minutes which tell us that US economy might have slower growth, with higher inflation and unemployment plus, there might be no more interest rates cut in the near future.
The following is the text of the minutes from the Federal Open Market Committee's meeting of April 29 to 30, issued on Wednesday (copy-and-paste from here):
A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, April 29, 2008 at 2:00 p.m. and continued on Wednesday, April 30, 2008 at 9:00am ET.
The Manager of the System Open Market Account reported on recent developments in foreign exchange markets. There were no open market operations in foreign currencies for the System's account in the period since the previous meeting.
The Manager also reported on developments in domestic financial markets and on System open market operations in government securities and federal agency obligations during the period since the previous meeting. By unanimous vote, the Committee ratified these transactions.
By unanimous vote, the Committee extended for one year beginning in mid-December 2008 the reciprocal currency ("swap") arrangements with the Bank of Canada and the Banco de Mexico. The arrangement with the Bank of Canada is in the amount of $2 billion equivalent and that with the Banco de Mexico is in the amount of $3 billion equivalent. Both arrangements are associated with the Federal Reserve's participation in the North American Framework Agreement of 1994.
The vote to renew the System's participation in the swap arrangements maturing in December was taken at this meeting because of the provision that each party must provide six months' prior notice of an intention to terminate its participation.
In view of continuing strains in interbank and other financial markets, the Committee took up proposals to expand several of the liquidity arrangements that had been put in place in recent months.
Chairman Bernanke indicated his intention to increase the overall size of the Term Auction Facility under delegated authority from the Board of Governors, and he proposed increases in the swap lines with the European Central Bank and Swiss National Bank to help address pressures in short-term dollar funding markets.
Meeting participants discussed the possible costs and benefits of a proposed broadening of eligible collateral for the Term Securities Lending Facility (TSLF). On balance, the Committee agreed that expanding the range of eligible collateral for the TSLF might help to increase the effectiveness of the facility and so further promote the orderly functioning of financial markets.
If you are interested, you can read further here.
That's all for today. I won't short EUR/USD yet. Let the price go higher ;)
Shorting EUR/USD? Not Yet o.O
Yosh!
Today I'm going to share my trading idea. Since I love to see stronger USD, I always want to go short on EUR/USD, but not now. 
Technically, the price has broken out the upper trend line and at the same time closed above the moving averages. There are still possibility that the price will go higher, that means it is not a good time to short this pair.
So for the time being I just wait the price to go higher (maybe until next week) before shorting this pair.
That's all for today. Thank you for visiting :)
I'm Not A Loser o.O
Yosh!
If yesterday I wrote about analysis and what not, today I will write about losing money. It is very rare for any of us to find any writings relating to losing money in forex market, but in real life, most of us have lost our money.
Let me share with you guys a secret - I blown an account today.
But does that mean I'm stupid? Does that mean I know nothing about forex? Does that mean, what ever I do, what ever I said, what ever I have achieved before is worthless?
I would like to quote something from Dr. Brett N. Steenbarger:
"One of the real culprits, I have to believe, is in the difficulty traders have in separating the reality of a losing trade from the psychological sense of feeling like a loser. At some level, many traders equate losing with being a loser. This frustrates them, depresses them, makes them anxious—in short, it interferes with their future decision-making, because their P & L is a blank check written against their self-esteem. Once a trader is self-focused and not market focused, distortions in decision-making are inevitable."
I admit, I felt like that before. Feel like I'm loser and I know nothing. But is it true? Hell no. Having your account become zero because of bad trades does not mean you know nothing. Let me be honest with you - this is not the first time I blown up an account.
If in previous days I can consider it as a "fee" of an invaluable experience, why not today? Being a self-study trader, all the experience give me a better idea which way I should develop my trading plan. There might be some where wrong.
Sometimes, it is not because of the plan, but the emotion that disturb my rationality when doing some trades. Each mistakes I committed and every account I blown up means my knowledge and experience has increased some more. And every time this happen to me, I always have a better plan and a better knowledge of the market.
My mourning time is over. What I'm going to do next? Just keep learning and enjoy my trading. I'm sucks in giving up. I might lose my money, but I'm not a loser ;)
Technical and Fundamental Analysis and What Ever (Part 2)
Yosh!
Due to some demand, firstly I'm going to write about forex. Since October 2007 until today, everyday I would look at the market and watch closely what have happen to USD. And trough this observation, I slowly learn by myself, to do fundamental analysis.
I learn to know and understand each and every economic indicators and their effects. Rate cuts, unemployment rates, CPI, etc reflect some part of the economy. By understanding this, I slowly become less dependent to indicators, which most people use in doing their own technical analysis.
However, this does not mean, indicators are useless. It is just each of them have their own weakness and they are actually using previous data to predict what will happen in the future. When current data have the similar pattern like previous data, it is expected that the future data will be the same like what had happen in previous data. But sometimes, it does not work. That's why, when using the indicators, we are actually exposing ourselves to another risk - the failure of the indicator(s) to indicate which way should we go.
Back to the main topic, since last months, the Fed has been working to strengthen USD. So, until today, I'm still pro strong USD - and that's why I always go long for USD/JPY, USD/CHF, USD/CAD and go short for EUR/USD, NZD/USD and AUS/USD. For GBP/USD, I have no idea what is happening in UK but I have a bad feeling to go short for GBP/USD. So that will be out of my game play.
Just for a reminder - when I say I go long here and go short there, that does not mean I'll do it right away, at current price. I always observe, which price can be considered as suitable to start trading. But I admit, sometimes it does not really work, but I'm confident that in the long run, it won't be a problem to me.
That's all about forex, now, *what ever* (part 2).
In order to maintain my rationality - so that I won't decide based on emotion, I'm going to put what I'm going to do to solve my problems here.
I'm expecting there will be one problem coming to my life and I need to settle it fast. I have done some calculation, and the problem would cost me RM 200. Being a poor person right now (yes, I'm broke since early 2008 due 'other' problems) that amount is huge. So that's it. RM 200, and this problem will be gone, forever and I can tackle the next problem.
How to earn that much? Forex can be one of the solutions, but I can't really withdraw my money right now. If somebody joins my forex trading personal coaching (RM 400 per person, RM 600 for two persons), then this problem can be considered is solved.
As soon as all my problems are settled, I can sprint faster to reach my dreams.
That's all for today, thank you for visiting :)
What Ever -_-"
Yosh!
First, thanks to all visitors who keep coming to this blog even though I don't update this blog for a few days. I just don't feel want to update anything here. What ever.
There were more downs than ups in the past few days, I was kinda upset with what I've done and feel like my life sucks. *What ever*
I have few problems in my pocket right now and I'm expecting some more will come. I still try to formulate solution for all those things but what ever I have done just make it worst and right now, I'm stuck in a corner and I have no idea where to run, how to face them. *What ever*
I got migraine, sometimes my head feel so heavy and I can't really sleep at night - so usually I sleep after breakfast. Things end there temporarily. *What ever*
So what should I do now? *What ever*
Erm.. what ever.
Thanks for visiting. I'll update some more later -_-"
ABL Reached 80 Unique Visitors!
Yosh!
First thing first, today's trading idea.
I like EUR/USD (started to buy USD since April) so I'll go short for this pair. I won't target much, just 10 pips ;)
Second, thank you to all visitors! Yesterday this blog (ABL = Aku Budak Law) was visited by 80 different visitors! \o/
So right now I want to maintain that and if this blog consistently receive that much visits, I hope it will increase to 90 or 100 :)
That's all for today. Thank you for visiting :)
Innit - Before and After
Yosh!
(I'll put my trading idea below)
Since I'm still on my 3-month holiday (that's why I don't really share things that happen in my law school), for the time being I'm a fulltime forex trader and blogger. Today I wanna share with you guys what happen to my blog, when I was using innit, and when I was not.
Reminder: This is not a scientific research -_-"
Info:
I used innit on 6, 7 and 12 of May and I didn't use it on 8 - 11 of May because I have lost my glitterati (because of advertlets - now I change it to adbrite temporarily). Can you see the difference?
I tried to do the same using digg and reddit (when I was not using innit) - but, aiyo, so many people post new stuff there, my entry easily become top 100 then top 1000 - not so much traffic I receive.
Since I know you guys are smart enough to think - you make your own conclusion (hehe.. take for granted for a while :p). For me, no matter how crap you write in your blog, just use innit. Nothing to lose, the most people can do is just dang you (just ignore their comments or what ever - your blog, your stuff)!
Trading Idea for today:
I like USD/JPY, so I'm going long this pair. Won't take much profit, just 10 pips per positions.
That's all for today. Thank you for visiting, thank you for spending sometime to read this :)
Weekly Wrap
Yosh!
I don't think I can manage 2 blogs easily, so better I manage 1 blog only. Starting this week, only on Saturday and Sunday, I'll put my forex stuff here -_-"
This information below is copy-and-paste from CNBC. Original post is located here.
Economic Data:
International Trade: The US trade deficit narrowed to $58.21 billion in March from $61.7 billion in February, mostly helped by declining imports across the board.
The National Association of Realtors’ index of pending home sales slipped 1% in March to 83. The Realtor’s Index is 20.1% lower from its March 2007 level of 103.9. The index is not showing any signs of recovery.
Consumer Credit grew by a whopping $15.3 billion in March, compared to the previous month's revised increase of $6.5 billion. Consumer borrowing in March had the largest growth since November 2007.
Non-Farm Business Productivity and Unit Labor Costs came in better than expected for the first quarter as labor productivity rose at a 2.2% annualized rate, while economist had projected a 1.7% rate increase. Unit Labor Cost, a key gauge of inflationary pressure, also moved up 2.2%, a slower pace than the economists’ projection of 2.6% for the first quarter.
U.S. Wholesale Inventories were below expectations as inventories decreased by 0.1% in March compared to a 0.9% rise in February. Economists had estimated a 0.5% increase. The setback in wholesale inventories came from weakness in autos, furniture, and lumber.
Initial Jobless claims fell by a lower than expected 18,000 claims to 365,000 for the week of 5/03. However, economists believe that the data still shows a weak labor market.
The European Central Bank (ECB) and the Bank of England (BOE) left their benchmark rates unchanged at 4.0% and 5.0%, respectively to keep inflation in check.
EIA Crude Oil Inventories increased as stockpiles jumped 5.7 million barrels for the week of 5/02, compared to the previous week’s inventories of 3.8 million barrels.
Currencies:
During Friday afternoon, the U.S. dollar was mixed against the euro, yen, pound sterling, and Swiss franc, as crude oil prices continued to hit new records, and renewed credit worries prompted by the bigger-than-expected net income loss at AIG brought uncertainty back into the markets.
The euro traded at 1.5466 against the US dollar on Friday, from $153.92 late Thursday. The US dollar lost ground against the euro as the ECB left rates unchanged at 4%, and showed no signs of changing its current monetary policy outlook.
The US dollar fell against the Japanese yen, with one dollar purchasing Y102.94 on Friday from Y103.72 late Thursday. The dollar weakened approximately 2.35% versus the Japanese currency, trading at its lowest level since April 23 of this year.
The pound sterling traded at $1.9499 per pound on Friday from $195.40 late Thursday. The pound sterling lost approximately 1.11% against the dollar for the week, and is now trading at its lowest level since February 21, 2008.
The greenback declined versus the Swiss franc on Friday to 1.0412 francs per US dollar from 1.0510 francs late Thursday.
That's all for today. Thank you for visiting =)
Bloggers and the Right of Freedom of Speech
Yosh!
(Finally I write something relating to the law)
Today I'm going to share with you guys, what I have learnt in my law school - that is freedom of speech. I think that most of the bloggers know that, one of the most outspoken bloggers in Malaysia, Raja Petra Kamaruddin (RPK) was arrested, and charged with sedition, because of what he has written in his blog (if I not mistaken). But I'm not going to talk anything about him, I'm going to share what people (I intentionally make it in general term, instead of narrow it down into specific groups, i.e. lecturers, tutors, students, etc.) have taught me about "freedom of speech".
There was one guy taught me this, he asked me, "Do you know, as a citizen, you have the right of freedom of speech?"
"Yeah." I replied.
"What is it?" He asked.
"The right to express anything you one.."
".. But there are laws prohibit you from saying anything. Which means you have the right but with several limitations. In example, you cannot defame anyone or abet people to riot." He added me. "Do you think we really have freedom of speech?"
"I think so." was my answer.
"But then, why there are people arrested by the police, when they express something? Don't they have the right of freedom of speech?" He made me think for a while.
"Maybe because they've committed some offences? Like (breaking) the limitation of the rights?"
"What if they didn't break any law, they are arrested under ISA? People who are arrested under ISA are no criminal - they are just suspected that they can be a threat to the public safety - the crime is not committed yet, that's why they cannot be arrested by the police." He asked more.
"Yeah, everybody is innocent until proven otherwise."
"Don't they have the right of freedom of speech?" He asked me again.
"I have no idea." I really have no idea how to answer that.
He smiled and said, "It is true that we have freedom of speech, but, we don't have, the right of FREEDOM AFTER SPEECH!"
He added more, if someone stop you from saying or expressing something, then he is stopping you from exercising your right, freedom of speech. But what about after speech? There is no such right in the Federal Constitution, so after speech, it is different story.
I thought he was joking that day. But after what happen to RPK, I guess what he said (read: taught) was no nonsense.
That's all I wanna share with you guys today. Bloggers, know the law, know your rights =)
p/s: For your information, you can refer article 10 of Federal Constitution for the right of freedom of speech.
Advertlets - Not Worth It?
Yosh!
Yesterday I wrote about having a CPC and CPM ads and later I found an entry (I forgot to copy the original source) claiming that Advertlets (ADV) delayed their payments and in other occasion denied their payments.
I'm quite newbie with ADV - I put it in my blog this week so I have not much to say about it. Assuming that their claims are true, does that mean it is not worth to put ADV in the blog?
For the time being, I would say, just wait and see. I think it would be better for me to experience it first before making any judgment. Moreover, I read it from a blog, which means not concrete enough to set aside ADV away from my blog - but at the same time, I don't say they (the bloggers) are liars. Some people use blogs to express what they have experienced before, so still, what ever they write there will be put into consideration (did I sound like a lawyer? -_-").
This is my verdict (maybe I'll revise later, if necessary) - I'll let ADV stays in my blog - we shall see in a few weeks or months (maybe years) whether they really pay or not. It is like touching a hot iron - you never know the iron is hot until you touch it. If ADV pays, then it will stay there, if not, I'll change to others.
That's all my crap today. Thank you for visiting and spending some time to read this. I appreciate all comments and nangs.
Nuffnang vs. Advertlets
Yosh!
Reminder: This stuff most suitable for rookies
Last night I changed the content of my blog from forex to personal stuff (I don't delete previous entries) and now I would like to write something.
In the past few days I read in innit some posts relating to:
1. link exchange - to increase traffic to your blogs
2. earn money from your blog - how to increase earning
3. and some posts relating to how to get top 10 in innit -_-"
In this post I would to compare between two blog advertising network: Nuffnang and Advertlets. Roughly - I don't have much time to do it thoroughly and scientifically:
Let's start with Nuffnang (NN):
1. It depends on how many unique visitors your blog has - have a good content and promote your blog might increase unique visitors.
2. Then your blog will be arranged into specific "blogger bands" - the definition of "blogger bands" is not provided by NN, so I never know which band I'm in.
3. There will be ad campaign, payment is based on the "blogger bands".
I put the NN ads last week, and up until now, I only earn 25 cent. I don't have any ad campaign, so for the time being I just put global CPC ads (a.k.a. pay-per-click ads). I guess I earn my 25 cent from that.
Advertlets:
1. They have CPC and CPM ads! Others are quite similar with NN, just they don't have the "blogger bands".
In my opinion, if your blog traffic is quite low and you still working on it (exchange link, etc) I think Advertlets is a good choice. Why? Because of the CPM. CPM is also known pay-per-view, which means, every time people view your blog, you will earn some money even though they don't click the ads.
The weakness of CPM is, the rate is low, its like, you will get a few cents for every 1000 impressions (depending on the advertiser)
If you have regular visitors, then CPC ads should be the choice. This is because, one click will earn you more than few hundreds impressions. That's the good thing about CPC ads, but still, if the ad is not targeted and nobody cares about it (i.e. does not make people curious to click it) - you will earn nothing.
Which one you should choose? Ask yourself. Low traffic, low unique visitors, then go for CPM ads. High traffic, regular visitors (if they enjoy clicking ads, that will be an advantage), then go for CPC. It is always better to earn something than nothing.
For me - I choose both :p
Thank you for reading this, thank you for visiting, I'll write some more, later o.O
Budak Law Moving In -_-"
Yosh!
Since I can't wait for next week, I'm transforming this blog to my personal blog - Aku Budak Law.
Basically I'm going to write anything about me, my life and what ever pop up in my mind. Actually I have blogged about this when I was in matriculation back in 2004. The good old days.
Maybe in a few days I'll do some changes in this blog and what ever necessary. If you are my regular visitor, I placed the new link at the top left side bar.
That is all for today. I'll update this later :)
Off Topic: New Blog, Next Week
Yosh!
I would like to announce that, this blog (http://flizzoe.blogspot.com/) will provide forex relating content until this Friday. Starting next week, I will write about forex in other blog. I will inform you guys later the new address. And this blog - I will convert to become my personal blog, a continuation of an idea that poped up in my mind when I was in the matriculation, the title would be "Aku Budak Law". The content would be in English - have difficulty to understand? Not my problem o.O
Trading Idea for Next Week
Yosh!
Last week my trading idea on AUD/USD did not hit it's trigger, so today I redraw the chart, and here's my trading idea:
Right now the price is in between 2 trend lines, if the price breaks any of the two, I'll ride the momentum.
Potential profit is around 150-200 pips, but my target profit is 100 pips. Stop loss is the highest high.
That's all for today. Thank you for visiting :)
A Weekly Wrap o.O
Yosh!
This information is copy-and-paste from CNBC. Original post located here.
Economic Data:
The Federal Reserve cut its Fed Funds Target rate by a quarter point to 2.0% from 2.25% and lowered the discount rate by a quarter point to 2.25% from 2.50%. The Fed has lowered its key interest rate by 3.25 percentage points since it began cutting rates last September.
Nonfarm Payrolls declined 20,000 in April, falling for the fourth consecutive month but were better than the consensus forecast of 80,000 lost jobs.
The Unemployment Rate fell by 0.1% to 5.0% in April and came in better than the economists’ forecast of 5.2%.
ADP, non-farm private payrolls increased by 10,000 jobs in April, well above economists’ forecast of a loss of 60,000 jobs.
Real Gross Domestic Product (GDP) rose by a slight 0.6% annual rate for the first quarter, and matched last year’s fourth quarter rate of growth. Weakness in GDP was due to a decline in private investment and weak growth in personal consumption. Exports rose at an annualized rate of 5.5%
Consumer Spending rose 0.4% in March, at a rate that was double what economists had expected. Higher spending was led by higher costs in consumer products, such as gasoline. In contrast, Personal Income slowed to 0.3% in March compared to previous month increase of 0.5%.
The ISM Manufacturing Index remained flat at 48.6 in April, but was better than economists’ projections. Readings below 50.0 denote contraction in the manufacturing sector.
The Consumer Confidence Index declined to 62.3 in April from a revised reading of 65.9 in March and has fallen for fourth straight months due to ongoing inflation fears and a slowing economy.
S&P Case Shiller Home Price Index of single-family homes in 10 metropolitan regions showed no signs of a housing recovery, as the Index registered a record annual decline in home prices of 13.6% in February amidst increased inventories and slow home sales.
Commodities:
Crude Oil rose to a new record intraday high of $119.93/barrel on Monday after the shut down of a U.K pipeline and continued supply outages in Nigeria. However, oil pulled back on Wednesday after the EIA reported an increase in crude oil supplies of 3.8 million barrels for week of 4/25 and June contracts finished lower on Friday as they settled at $116.32/barrel or down 1.86% for the week.
As per AAA, the national average price of unleaded gasoline reached a new all time high of $3.623/gal as of 5/01. Diesel set a new average high of $4.251/gal as of 5/01.
EIA also reported a new all-time high for the average gasoline price of $3.603/gal on 4/28.
Gold for June delivery dropped 3.56% for the week to settle at $858/ounce on Friday as the dollar denominated commodity pushed through lower levels amidst a strengthening dollar.
Currencies:
During early trading on Friday, the U.S. dollar rallied against the euro, yen, pound sterling, and Swiss franc, helped by a less-than-expected decline in non-farm payrolls in the month of April and news that the Federal Reserve will increase liquidity in the financial systems while boosting its swap agreements with the ECB and the Swiss National Bank.
The euro fell to its lowest level against the greenback since March 24, hitting an intraday low of $1.5364 per euro. The euro has fallen below its 50-day moving average for the first time since February. The euro traded at $1.5398 during Friday morning, and is now 3.86% lower from its record high of $1.6017 reached in April 22.
The pound sterling fell against the U.S. dollar hitting an intraday low of $1.9706, but recovered to $197.51 during Friday midday trading.
The Japanese yen lost ground against the U.S. dollar, with one dollar purchasing as much as Y105.68 on Friday, or its highest level since February 28. The greenback has strengthened approximately 9.56% from its lowest level this year at Y96.15 hit in March 17. The U.S. dollar traded above its 80-day moving average at Y105.34 for the first time since December 28,2007.
The Bank of Japan kept its key interest rate unchanged at 0.5% for the 17th time this Wednesday.
The Swiss franc also weakened against the greenback, with the dollar trading at 1.0571 francs. The U.S. dollar crossed its 80-day moving average this week for the first time since December 26, 2007. The U.S. dollar has strengthened approximately 7.71% from its all-time low of 0.9729 francs reached in March 17 this year.
The U.S. Federal Reserve is also increasing its swap line with the Swiss National Bank to $12B from $6B.
Today's Trading Idea o.O
Yosh!
While waiting for the NFP tonight, I look at EUR/USD chart:
I'm not a fan of any indicators above, I just playing for fun, and this is what I see.
Reminder: I'm not good using any of these indicators, just have some basic knowledge how to use it.
First, there is lower low in EUR/USD chart, but in Awesome Oscillator and MACD there is higher high. That's what we call regular bullish divergence. So, there might be a trend reversal later. (I wonder if I do it right o.O)
Second, the Stochastic Oscillator shows that the pair is oversold. So there can be trading opportunity to go long for EUR/USD.
In short, the trading idea is to go long EUR/USD. Try to look at lower time frame chart to find some buying opportunities.
That is all for today. Thank you for visiting ;)
UPDATE:
The NFP ealier tonight was better than expected, causing the USD to strengthen - meaning EUR/USD will go down. I dump this trading idea o.O
Taking a Day Off
Yosh!
Today is 1st May, it's Labour Day, so I'm taking a day off. There will be no trading ideas for today, maybe tomorrow or I'll just wait for next week.
By the way, yesterday's trading idea did not hit the trigger, so I'll just leave it next week.
Due to a little demand from some visitors, I'm building another forex blog, but the content will be written in Malay language. Honestly I'm not really good writing in Malay, because the sentences would sound weird (I have no idea whether it is the language itself or how I construct my sentences o.O). What ever it is, I'll do my best. That's all for today.
Thank you for visiting :)