08Nov 2011
WHY
THIS FOREX TRADE loses?
How
I trade? Forex Trade Setup.
A) Analysis:
1) Forex Technical Analysis
a)
Key Level (Hourly Chart) @1.3825 (Previous day high)
b)
Bearish Engulfing Candlestick Chart Pattern
c)
Pivot Point Indicator @ Resistance Level 1
2) Forex Fundamental Analysis:
a) GLOBAL MARKETS-Stocks, euro pare gains after
Italian vote
Details:
Tue
Nov 8, 2011 10:55pm SST
(Reuters
Currency News)
·
Berlusconi
wins vote, but loses majority.
Berlusconi wins budget vote after opposition abstains; results indicate he has lost
majority
·
Italian
10-year yields tick higher
b) Euro rallies on news Italy's Berlusconi will
resign
Details:
NEW
YORK | Tue Nov 8, 2011 2:01am SST
(Reuters Currency News)
·
The euro
jumped versus the dollar in afternoon trade on Tuesday after Italy's president
said embattled Prime Minister Silvio Berlusconi will resign after the approval
of new budget law.
B) Forex Trade Position
Management
1) Trade
a)
Sell Market @1.37842 @11:25:35 PM @ 8-Nov2011 Tue
b)
Stopped out @1.3806 @2:48:40 AM @9-Nov 2011
Wed -22Pips
C)
WHY THIS FOREX TRADE loses?
Reasons:
1) Unexpected news as per A2b-
Euro rallies on news Italy's Berlusconi will resign.
2)
Late entry + chasing the market
Hello friend, regarding the above trade comment which you took.It was a nice trade that would have given you a good profit if you had digested the general bias of the market very well.Why do I say so, i believe that most rally northward that occurred during that period always fizzle out because fundamentally all euro economies are immersed in debt crisis-Lack of growth in most individual economies,high unemployment rate,high bond yield rate ie, cost of borrowing to finance its project....with exception of Germany.
ReplyDeleteI look to always sell EURUSD at rally using daily time frame.....why fundamentally euro economies(excluding GERMANY)do not offer any growth potentials for now and also USD has always serve as safe haven currency when there is uncertainty and loss of confidence in the global financial market as result of recession or depression in any of the advance economies.
Except EURO re-establishes growth,job and confidence in its market investors will always look for an opportunity to sell EURUSD at rally.
Remember forex is trading strong currency against weak currency.
A very informative post for traders this is. Traders with a good knowledge of market are most likely to perform better in stock market. There are Financial Advisory Services providers as well who suggests trading tips which supports in earning more profitable returns .
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