₦airaland Forum

@endfx1, Congrats for tripling your $500 account. That shows we are making progress.

from actionforex,
Mid-Day Report: Risk Off as Markets Weighed Further Down by Moody's Warning on France Rating

In addition to the concern on the failure of the US supercommittee, market sentiments are also weighed down by Moody's warning on France's rating outlook. Moody's noted in its Weekly Credit Outlook report today that rising bond yields for extended period would "amplify the fiscal challenges the French government faces amid a deteriorating growth outlook, with negative credit implications". The rating agency said "deterioration in debt metrics and the potential for further liabilities to emerge", pressure the stable outlook of France's AAA debt rating. Sluggish GDP growth, as the government's forecasts of 1% in 2012, and higher interest burden will give more difficulties to deficit reduction.

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.5729; (P) 1.5808; (R1) 1.5880; More.

GBP/USD drops to as low as 1.5616 as the fall from 1.6165 resumes. The break of 1.5631 support argues that whole rebound from 1.5271 is possibly over at 1.6165. Intraday bias is back on the downside and deeper fall could be seen to retest 1.5271 low. On the upside, break of 1.5887 is needed to signal completion of the fall from 1.6165. Otherwise, near term outlook will remain cautiously bearish now.

honeric01:
looooooooooooooooooooooooooool, enjoy the fall. This thanksgiving would be so sweattttttttttttttttttttttttttttttttttttttttttttttttttt!
^^^

shorting ej and uj asap.

Silver!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Be a good boy that you are. Will you? See fall. Now making my UCad 93pips GJ 74pips and other profit (about 4pairs) look like nothing! Regreting not taking that EurNZD trade because of GBP/AUD, see how i throw away 138pips already and its still rising. Gosh!

honeric01:
On weekly, EU and GU are so short HEAVY, even EJ is so short heavy

Join the bandwagon lets make the $$$ together. EJ retracement waiting for you to sell! Take it now or else, lol

see as gold and silver dey make yanga as if to fall nor be easy natural thing to do (gravity). gold respecting 1700 while his brother respecting 31.00 support. Make we dey look na., as if nor be longterm trader i don become. plus i don bank silver 1st profit wella, come enter another sell during slight retracement.

odiaero:
Just be careful when trading those pairs, they are damn dangerous, money management will help u succeed them

I will. thanks chief.

Kay1kay1:
I've been experimenting with UJ.

My observation: UJ movement seems to be on the slow side.

Is it the nature of the currency pair, probably not many traders?

Or is it as a result of the trading hour?

Or does the broker have an influence on this?


Anyone here is free to respond. Thanks.

I wonder y people trade that sluggish and very low volatile pair! It disgust me, I had to remove the chart from my platform. I guess the pip value is much, thats why but i prefer other JPY crosses like GJ and co to it and i believe they all ve same pip value. IMO

@aguiyi,I know you are a scalper but that your Support would be broken! trust me,
tonjoan is right, follow your fellow traders make money from the trend. Dont be another pip pim p abi na 370pips be your SL too?

odiaero:
Are we came yet , lol @ came

the week jst dey start now,

tonjoan:
Yes Alpari NZ has it and irs symbol is QM

thanks, have seen it.
Do you ve an idea how much is needed to trade it cos Alpari NZ doesn't allow me trade DJI and SP500 on my $3k micro account and I suspect they might not allow me too for Crude oil. (Although I can trade gold and silver).
Whats the point value ($$ per pip) for Crude and others?
I'd like to open an acc with fxcm? Any ideas are welcome!

aguiyi:
unto scalp or long term cos i dey see differently, looking at 4h TF like naijababes.
abeg i need answers to my questions above!!!
eu pending buy at 3444

What is the $$' per point/pip for Crude oil and Alpari Nz have it? if yes, what is the symbol?
Thanks

gbaga gbaga gbaga gbaga gbaga gbaga!!!!!!!!!
Welcome to another trading week, May the pips be with us.

Weekly Review and Outlook
Dollar Firmer on Weak Market Sentiments, But Markets Outlook Mixed

Dollar was broadly higher last week as sentiments were generally weak. Worries on European debt crisis contagion continued even though political turmoils in Italy and Greece were cleared. Weak both auctions in Eurozone provided no support to sentiments neither and investors' minds were also troubled as the dead line for US debt reduction plan approached. Nonetheless, we'd like to point out that while DOW was notably lower, it's kept inside recent range of 11630/12284. Dollar index lost momentum again after hitting 78.46 and retreated sharply. EUR/USD's fall was short lived as the back closed back above 1.35 level. Though, more notable weakness was seen in the CRB commodity index and commodity currencies. So, markets were just mixed with mild bias on the dollar's side.

Euro remained soft last week as Italian 10 year yield jumped over the 7% unsustainable level again. Spain also sold less than targeted 10 year bonds, with yield at 6.975%, very close to 7% level. Also, spread between Spain, Belgium, Austria and even France, to German bunds rose to Euro era records. Nevertheless, Spain and Italian yield then dropped back on persistent buying from ECB. There was also additional support to sentiments on talk of a mechanism for ECB to lend to IMF for sovereign bailouts that could have enough firepower to cover even the largest Eurozone country. And there are rumors that something would be announced at a EU summit on December 9. However, we must emphasize that German Chancellor has repeatedly expressed her opposition to using ECB as a backstop for indebted nations. Also, ECB President Draghi also rejected the call for the bank to take greater risks and emphasized it's up to politicians to resolve the debt crisis. So, European officials are far from having consensus on the ECB/IMF deal.

Over in the US, there are increasing worry on the lack of progress on debt-reduction by the congressional supercommittee ahead of the deadline on November 23, i.e., next Wednesday. The 12 member supercommittee is required to agree on a plan to reduce deficit by $1.2T over the next decade. But there are reports that the Democrats and Republicans are even moving farther apart as deadline looms. Some analysts expect minimal impact to the markets should the supercommittee fails. However, there are also talk that the lack of agreement on November 23 would trigger downgrade from Moody's and/or Fitch, which still give US AAA rating even though S&P has downgraded US back in August.

The BOE released a dovish quarterly inflation report Wednesday. The prospect of economic growth remained weak despite expansion on asset purchases in October. Having lowered the growth and inflation outlook, it appears likely that the central bank will loosen its monetary policy further in coming months while interest rates will stay unchanged until 2014. More in BOE's Outlook More Dovish, May Expand Asset Purchases in Coming Months.

Technical Highlights

Despite last week's sharp decline, DOW still managed to hold 55 days EMA (now at 11692) and 11603 support. Thus, recent price actions from 12284.31 are still treated as consolidation only and rise from 10404.49 is expected to resume sooner or later. Having said that, in case of deeper fall, we'd expect strong support from 38.2% retracement of 10404.49 to 12284.31 at 11566.22 to contain downside. An eventual break of 12284.31 is anticipated. Though, sustained break of 11566 fibo level will dampen this view and bring deeper decline back to 11000 level.

http://www.actionforex.com/action-insight/market-overview/weekly-review-and-outlook:-dollar-firmer-on-weak-market-sentiments,-but-markets-outlook-mixed-20111119153756/

Countdown, few mins to go!

The Week Ahead

Peripheral Eurozone bond yields will continue to be a main focus of the markets and risk would be sold off if ECB cannot stop Italian 10 year yield from breaking 7% again. Meanwhile, attention will be on developments of the debt reduction deal in the US supercommitee a the November 23 deadline approaches. In additional to that, focus will be on Q3 GDP revision from US and UK, as well as minutes from FOMC and BoE.
Monday: BoJ minutes, Japan trade balance, all industry index; UK rightmove house price; Eurozone current account; Canadian wholesale sales; US existing home sales
Tuesday: Swiss trade balance; UK public sector net borrowing; Canada retail sales; US GDP revision, FOMC minutes
Wednesday: China HSBC manufacturing PMI; Eurozone PMIs; BoE minutes; US durable goods orders, personal income and spending, jobless claims
Thursday: New Zealand trade balance; German Ifo; UK GDP revision
Friday: Japan CPI


Warming up for another big week, before thanksgiving.
My Bias is still south for the EU/GU/AU/NU/EJ/GJ/AJ/NJ.
and North for UCad and UCHF.

@odiero and co, which websites you dey use get Tech analysis/news for gold,silver and other commodities

pip love-vendor:
what you hope for and what is reality are two different things. . . . . .don't know about audusd but eurusd's target is 14000, . . . this overdenpence on indicators sef. . . . . . .the sooner you start seeing the big picture with a dose of patience the better for you'all. . . . .a lot of people most likely will lose all those pips gained on the pair just because of shortsightedness. . . . . .anyway, goodluck y'all.

I think the EU,AU and co are bottoming out, so we should get a reversal to your 14000 soon if not nx wk, but until then, enjoy the run while it last but be careful.

Thank God for another successful trading week irrespective of a reversal in trends today.
Thinking about the best place in/outside Tx to catch fun this wknd before heading home for thanksgiving,

FOREXMART:
Wow, here is what I see on gbpusd. I rather stay on the sideline than buy it.

thanks. Just my contribution tho. @ naijababe, Pip love-vendor, unclenna and co, how are yall doing? Happy Pipping.

Are all the TLs necessary or you just like some fancy look?
Analysis Paralysis!

tonjoan:
very crazy market. but i hold long on all pairs except nu which i dont trade

ok oh. I hope you are not holding long cos of losses and hoping for usa job data to rescue your positions?

toluxa1:
spanish yield up considerably 6.97% from prev 5.43%,

y is the EU still falling?

tonjoan:
Finally gu confirms for the long awaited long.

ehen, ?
Crazy mrkt indeed. AU,EU and NU falling,
GU still deciding weda to fall or rise!

tonjoan:
I don tire for the ping pong wen mkt de do but i no fit sell. i no wan go sell make these small boys in the name of pairs go blow dust for my face wen dem waka up. . really not easy anticipating.

Very true. Seems mrkt is waiting for fundemental to decide its direction. Just hoping the GBP retail sales number would support a crash of GU plus others.

Here comes the crash of GU,EU,AU and NU,
and heavily it comes, OMG, Will the Bulls be able to still hold their positionslosses. Dont think so!

Hope the fundemental supports this crash before the USA Job info comes out!

pip love-vendor:
wanna bet?

Even the real mourinho nor dey analyze chart ^match the way you dey do,
oh I forget say na 370pips SL you dey always use. Lemme know when your SL don hit ok cos by then my TP go don reach too. looolllllllllllllll
I bet u took these trades on ur trading contest demo accounts?

blkmum700:
Me self they wonder ooo bro because watin my chart they tell me na downward trend

Abeg Bears, lets ride it south, I wish i entered early enuf, 4505 wasnt too bad sha! Where be possible TP?

http://www.dukascopy.com/tradercontest/?action=standings&type=prizes_leaders
I forgot to paste link!

Suggested books for the week and season for serious traders!
By Van Tharp
1)Trade Your Way to Financial Freedom;
2)Safe Strategies for Financial Freedom
3)Financial Freedom through Electronic Day Trading,
4)Super Trader,
5)The Definitive Guide To Position Sizing
6)The Peak Performance Trading Course

Please, focus on the Psychology of Trading sections of these books and your trading would improve a great lot.
Success to us all as the festive season draws closer,

Martin Schwartz: ‘The Pit Bull’s Guide To Successful Trading’. Page 287:

I’ve said it before, and I’m going to say it again, because it cannot be overemphasized: the most important change in my trading career occurred when I learned to divorce my ego from the trade. Trading is a psychological game. Most people think that they’re playing against the market, but the market doesn’t care. You’re really playing against yourself. You have to stop trying to will things to happen in order to prove that you’re right. Listen only to what the market is telling you now. Forget what you thought it was telling you five minutes ago. The sole objective of trading is not to prove you’re right, but to hear the cash register ring.

‘Worst Fears Not Realized’

I have stated before that whenever your worst fears are not realized about a trade and the market is letting you out better than you expected, it is not just luck. Rather your position is most likely correct and should not only be held but perhaps added to.

Add to your winning positions. Reduce your losing positions.

Welcome all to pips-filled week!

Where Odiero?
Welcome All.

stagger:
De way u dey follow me around for this thread,  me I no be woman o! I fit dash u my sister make u dey follow am!  

Dash am ur sister abeg!lol

cristog120:
a big sell on eu/usd.sell and forget

Thank God say I leave the swimming pool come check and close all my positions with profit (Them hit Resistance before my TP),
make I enjoy the rest of my day jor. Where the champagne again. Obaby, where we stop abeg? na you get me today!

How did I miss putting a TP on my GU trade. See how I missed sweat 51pips move.
Anyway, I am done for today. 336 pips is not bad at all for a Monday morning.
Borrowing Odiaero's slang, Are we there yet for today?

pip love-vendor:
the only pair that has completely showed signs of reversal is the eurnzd pair. . . . .i am not saying it will not go up a bit in the next few days but there is a 90% certainty that it will fall to 16310 since the reversal pattern is already complete. usdchf looks like it is retracing for a further southward nose dive to at least price 8854. . . . .i hope it doesn't retrace, i'd rather it just continues it's journey. . . .sigh!!. . . .if only wishes were horses. . . .anyyywaayyy. . . . . usdjpy is also about to complete it's reversal pattern for the upside (not too sure about that pair though) if and when it does do that then we might see uj go as high as 8200. mind you these are all long term projections though. Any thoughts?. . . . .anyone?. . . . .anyone?. . . . .no?,  . . . . really?. . . . .damn!!!

looooooooooooooooooool always at the bolded. Why forex tension nor go fly from my body. Abeg, continue jor,,,,nothing do you.

it is do
Nor be every trader get time to post calls or show off here.
We are all learning, no chairman, no pikin!
Take news seriously along with ur technicals, thats the point.