The dollar may start losing next week Or Not

The dollar today has basically lost to the GBP and the Euro and CAD . So is it going to go down.

Memorial Day and Spring Bank Holiday

Well, Goodmorning all traders out there. Today is a boring day for us traders who trade on the major currencies. So what do you do on a day like today? Well, it depends  on alot: is your country on a holiday  or not, do you have money to spend or not. Alot!

So too bad for me because i have a flu and i hate flus. So am really feeling nasty.

During this events its best to just catch up on your paper work and other things you haven’t done for a while. If i didn’t have this cold i’d actually go play me some GOLF, (am trying to learn it and its really exciting).

So am stack in the office doing paperwork and this is actually boring.

have a good memorial day.

Eur on the 19th of May 2008

EUR/USD – Bullish Trading Condition. A bullish 60minute trend accompanied by bullish hourly indicators places the EUR in a suitable bullish trading condition. Just make sure the bullish cross on the 1 hour Stochastic is confirmed

GBP/USD – Bullish Trading Condition. The previous bearish 60minute trend has now been violated to the upside and therefore we identified a new bullish trend. As price takes out highs, the hourly indicators will cross accordingly. 1.9630 is still a significant resistance level (dashed blue line) as it resembles the previous Current Trend’s violated support line

How to avoid losing your shirt while trading forex.

ave you ever seen things like these on a website or in a review?
“I followed those trading signals, and my account dropped 70% in 3 days.”
“I tried this method and got margin called in less than a week.”

Let me put this simply. It doesn’t matter if some trading method, trading room, signals service, or anything else has a perfect reviews and a 5 year history showing that it never had a single losing trade.
DO NOT EVER RISK TOO MUCH OF YOUR ACCOUNT ON ANY ONE TRADE.
Risk Management is the concept of having a plan that sets a maximum amount of risk that you will place on any one trade. How much risk is “too much” risk is the subject of much debate. I’ve seen numbers ranging from 1/2% to 5%. Some of this will depend on the forward tested success rate of your system, and some will depend on what you consider to be an acceptable level of risk.

Let’s say you have $10,000 in your account. Then you decide to risk $5000 for the chance to make $5000 (a 1:1 ratio). If the trade goes your way, you have $15,000. That’s great, but what if it goes the other way? Then you only have $5000. Now, you need to double your $5000 to get back to where you started. If you risk half your account again and the “99% accurate” system fails you again, then you only have $2500 left. Now you would have to quadruple your account to get back to where you started. Fail one more trade like this and you have only $1250 left. You would have to have more than 5 perfect trades gaining 50% each time to get back to where you started. After 3 losses in a row wiping out over 85% of your account, would you really want to trust this trading method to work 5 or 6 times in a row now?

Let’s say you feel like using the highest end of typical risk management recommendations and risk 5% of your $10,000 account on each trade. Once again, we’ll use a 1:1 ratio just to keep the math simple. This means you’ll risk $500 on the first trade while hoping to make $500. If the first trade goes bad, you have $9500 left. You would have to lose many trades in a row to lose half of your account, and far more to go all the way down to $1250. It is true that you won’t be able to make money as fast, but what good is making huge sums of cash if you can lose most or all of your hard earned profits from a single bad trade.

If you want to try something new, first try it with a demo account, but remember that demo accounts get filled quicker and have little or no slippage. A real account is much more likely to have slippage and requotes, thus cutting into potential profits. If demo testing looks good, then move it to your live account and trade the smallest amounts possible, just to see how the trading works with your broker.

Remember, some brokers are better at closing your order exactly where you set the stoploss. Others frequently have very bad slippage and will fill your order at a price that is worse for you. If your broker does this too often, reduce your total risk per trade to compensate for the potential slippage loss and look for a better broker.

Always remember this. You can’t make your fortune if you lose most of your account on a few bad trades. To get rich trading forex, you must first learn not to go broke.

I can’t promise that following this advice will absolutely save you from losing all of your money, but at least you’ll lose it slowly enough that you’ll have a chance to improve your trading technique before blowing your account.

Keep your percentage Low and make a lot of money slowly. For More

Will the UK CPI & US Retail Sales Change this market

EUR/USD – Bullish Trading Condition. The bearish Current Trend Resistance line (Blue line) has been violated and confirmed early in the US session yesterday and therefore the new bullish 60minute trend which indicates the daily direction of highest probability. We also have bullish hourly indicators and as price takes out new highs, ample scalping opportunities can present itself. We might have a great European session on our hands today.

EURUSD Outlook
Yesterday the Greenback suffered huge losses. EURUSD topped at 1.5569, 34 pips higher than my 1.5525 target. My model remains long. Immediate support seen at 1.5480 area. Initial resistance at 1.5595 area. CCI in neutral zone on daily chart.

EURUSD Daily Supports and Resistances:

• S1= 1.5413
• S2= 1.5287
• S3= 1.5209
• R1= 1.5617
• R2= 1.5695
• R3= 1.5821

GBP/USD – No Trade Zone. Price violated the bearish 60minute trend yesterday due to the higher than expected PPI figure yesterday but found significant resistance at the violated sideways Current Trend Support line (blue line) at 1.9635 which is now serious resistance. Should price move back into the ranges of the bearish 60minute trend, the bearish probability will resume. Keep a close eye on the UK CPI figure released at 08:30 GMT today as the impact could be volatile and far reaching

GBPUSD Outlook
Yesterday the Sterling recovered from it’s losses against Dollar. My model goes long as the pair has violated my hourly trend line. Immediate support seen at 1.9490 followed by 1.9450. Initial resistance at 1.9620 area. CCI about to cross – 100 up on daily chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.9463
• S2= 1.9357
• S3= 1.9272
• R1= 1.9654
• R2= 1.9739
• R3= 1.9845

the euro on the 5th of MAy

The Greenback strengthened alot due to the better-than-expected fundamentals which were released last week. We are therefore definitely still optimistic about the dollar recovery. The BoE and ECB interest rate decisions are the most significant impact the market should experience this week and consensus are for no change therefore we might expect a technically driven market this week which is always a good thing

Herewith the Probability Studies for today:

EUR/USD – No Trade Zone. The previous bearish 60minute trend has been violated to the upside and therefore a No Trade Zone developed. We also identified an interim bullish 60minute trend and should this trend be violated to the downside and the violation is confirmed with bearish market rhythm, we will definitely have a closer look at possible shorts once again. If highs are taken out and the indicators stay bullish, the EUR will be situated within a Bullish Trading scenario. Just keep the Current Trend resistance line (Blue Line) in mind at 1.5510 as it should prove to be pretty significant

GBP/USD – No Trade Zone within a Bearish Probability. As soon as the indicators cross bearish, we will have a bearish condition on our hands

George Soros In Kenya

Don’t we all want to be the best in whatever we do…?

I believe i do, thats why last night when i was working it occurred to me-Do I know what the best in the industry of trading forex forex is…? Well i already had a clue about George Soros, (who immediately sold short more than $10 billion worth of pounds, profiting from the Bank of England‘s reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or to float its currency). He finally forced the Bank of England to withdraw the currency out of the European Exchange Rate Mechanism and to devalue the pound sterling, and Soros earned an estimated US$ 1.1 billion in the process. He was dubbed “the man who broke the Bank of England.

Don’t we all want to be the Bill Gates of Forex. I believe we can all make it in this market no matter what our backgrounds. For, this reason we have decided to make forex in Kenya a business that everyone can get into and in the long run we will be able to even trade the Kenya shilling online.

If you have any ideas on this contact us.

Kenyas Blog Catalogs

Most Kenyans feel that they don’t have a place to document what they have to say, well i guess they a re wrong today on a day i shouldn’t be online due to the stress of my work which requires me to be online all the time found these sites ( Kenya Unlimited and Blog Catalog) which has a list of almost all kenyan blogs.

But looking through and opening most of this sites most of the links were broken or the sites were updated a few months, other sites just had information that was not educative or up to date, leading me to ask why write a blog in the first place.

Well the reason i started this blog is to give information to Kenyans whether young or old on the advantages of trading online forex and also to give them an insight on what this is. The other thing i considered is that i had acquired some knowledge on trading online forex and why not mentor other kenyans in this art of trading.

The biggest challenge is probably the fact that the industry is still under scrutiny from most and also the fact that some companies like Genius Forex and Royal fortune have made this small industry look like they are the inventors and mastermind behind it.

We are willing to give the appropriate service to all Kenyans who are willing to earn a good living trading and also help them network will other Kenyans to improve and make this the largest foreign earner in Kenya.

EliteFX Weekend Seminars

We as EliteFX Solutions have a number of solutions that we have created to help our students interact with the market and also interact with other traders.

Our vision is simple, we hold weekend seminars that our clients have found informative and engaging. Each of our new students come for the basics seminars that we have at the begining of each month.

the students get a review of how the market will react and also give their input on this. This is quite an interesting lesson because us as the trainers we get to learn alot from the students.

We have had over 50 students since the beginning of the year and we still have these seminars to keep everyone up to date with what has been going on. Even our oldest students have really learnt alot from our recent students. The students also have networked with each other and incase they dont find us they often liase with each other.

We have encouraged this from our students so that they can be able to overcome their fear, network,make pips ,keep pips and repeat this over and over again.

Contact us for more information on our future seminars.

Currency Pairs

In the Forex market, trading is always in currency pairs, such as EUR/USD or USD/JPY. The base currency (the first currency listed in the currency pair) is the basis for the buy or the sell. As an example, the US Dollar is the base currency for USD/JPY (US Dollar/Japanese Yen). The current bid/ask price for USD/JPY could be 107.20/107.23, which means you could buy $1 US for 107.23 Japanese Yen, or sell $1 US for 107.20 Japanese Yen.