₦airaland Forum

ismail25:
Chei, i traded gold for the 1st time and all my money is gone. Na like this the thing be? Wish i never did. feel like crying but nothing do me. atleast i've learnt my lesson. but the thing really pain me i must confess.

How did you trade this? lot size? account balance? Gold and other metals are very volatile, and it doesn't rally doing the period of recession.

aguiyi:
​​Hello,



We regret to inform you that your trading account has been permanently
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The accounts will be revoked, and there will be no refunds.

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nairaland,where do i go from here, i had just one account with this criminals

Aguiyi, take your loss of this account as a challenge, remember challenge create experience. You already have the skills which no one can take away from you. Your experience in this business will make your history thick, in turn your history will make you famous.

Remember you are an accountant, so you could cut your costs of doing business by getting laptop battery (even extra) that will last up 4hrs since electric power is the major constraint forex traders encounter in Nigeria. This shouldn't make you despair and give up all hope from trading.

@ Odiaero: Welcome to Naija. I hope say you don experience the suffer wey we dey go through for this country. I dey expect naijababe to come home soon too.

Anyone looking at USD/CAD, I think it is set to fall owing to a favourable GDP expected today for CAD

ATTN: blogicon, honeric, meshpip, aguiyi, and other traders

CALLING FUNDS MANAGEMENT ASPIRANTS

Please guys check the following links below to apply and send an email to the recipient:

1. http://www.forexlive.com/blog/2011/09/29/calling-funds-management-aspirants/

2. http://www.fxww.com/Home/ManagerDevelopment

I'm not a good chartist but as per attached, I'm waiting for a daily candle to close above the MA near a strong support before confirming the long trend.

Germany's bundestag has just approved the vote.

Please can someone post the latest price on EU since I'm not on the PC now. Thanx!

^^^ It is expected to last for 3 hours, so by 12 noon or there about we will know the outcome.

odiaero:
^^ Which local time, nigeria?

Na Naija time.

honeric01:
^^^^

 But why should a default on Greece spell doom to the whole world?

It's not about Greece default but how the eurozone will be able to manage their debts crisis if Greece leaves. Already Germany holds the largest percentage of the Greek debts while banks in France are the most vulnerable to this debt. These are the countries that have approved the expansion of EFSF:
1. France -- September 8
2. Belgium -- September 14
3. Luxembourg -- September 15
4. Spain -- September 15
5. Italy -- September 15
6. Ireland -- September 22
7. Austria -- September 27
8. Greece -- September 27
9. Slovenia -- September 27
10. Finland -- September 28

Hopefully it is expected that Europe's largest economy, Germany approves the expansion today which is set to begin by 8am local time. We might see EUR/USD rally to 1.3800/1.4000 based on the high optimism expected from Germany.

The euro debt crisis has been the greatest challenge so far. The greek govt has shown its seriousness to raise revenue by controversially passing the property tax even with protests against it. We also seen the troika accessing greece financial ability in order to release a 2nd bail out amount. Also the market is awaiting thursday's vote in germany to increase the EU bail out fund known as european financial stability facility (EFSF), while in finland the parliament had pass the vote approving its increment. I think the market is reacting to these by forming a new high of 1.3691 today. We might continue seeing retracements as traders are taking profit while awaiting the outcome of both the troika and german vote. If we see a negative outcome, then we may not talk about the 'existence' of euro thus a global recession II is here. On the other hand, the japanese are willing to support greece with funds so that its won't default. IMHO every hands will be on deck in order to save the world from recession.

When an oyinbo bizman makes 1m profit, he diversity his investment but a typical naija man would invite a musican to wax a record in his name and sing his praise with such profit. People no wan make from other mistakes. aguiyi & co I pity una

Thanx aguiyi, whether trading forex or not everything in life na risk but with the right knowledge & strategy you'll succeed. Even if I dey sell recharge cards for b/stop I go still make am.
@naijababe: I don't like my job anymore, the motivation is no longer there. I'm going to pass out time. I have to tweak the internet to run my mt4 even sef e dey slow.

I'm making up my mind to leave this goddam, peanut paying job. I have acquired enough experience & training from you guys which I will use to become successful. Imagine my pay for this month my mouth no fit talk am, na wetin Odiaero fit make within seconds and I can make within some days. God help us all in this country with the way dem they exploit workers.                

^^ Screenshot from your profile and attach as a jpg file.

JPY pairs are proving very strong today. Everyone is running to the safe-haven. Abeg BOJ make una intervene to help us wey don hook! lol

Please can anyone close to this area confirm what is happening there? Please Please , A daughter of my colleague called that they are being attacked.

There is speculation that the Swiss National Bank may be about to hike the EUR/CHF peg to 1.2500. They will release the bulletin by 9am local time.

It's high time we request a moderator specifically for this thread to bounce some people outta here. For christ sake we need trade alert & not marketers.
Be careful of EU short since the FOMC meeting might unveil QE3, remember that last week we saw a sign of this when the Fed bail-out the eurozone with dollar liquidity. In effect they are already buying foreign securities. Also at their august 9 meeting, most members were in favour of QE3.
Am already long on EU from 1.3661 for 300 pips TP. As blogicon always say "lose responsibly".

^^ Did you hold a short position as at friday? With this way the price is moving we may see 1.35xx before going up.

^^ It's already gap to the downside by more than 100 pips at the low of 1.3688 from friday's close

EUR/USD Trade Ideas

The non-commercials are already net short from the previous week and they added 10,553 contracts more into the position meaning that they are placing short trade in the futures market. As a result we should be looking for the trend to be bullish this week. My strategy is to wait for the market to retrace to about 50-80 pips from Sunday open price before placing the trade. I also use other indi to confirm the strength of the trend.

@blog icon: You've been doing a wondaful job on this thread, don't look at your age today but how you'll continue to touch people's lives even if it's for a short while on this earth. Always remember that age is just a number.

I always look at the H4 TF using an 'eagle eye' to see the general trend of the currency pair for that week by comparing the sunday evening open to low and high. Most times you'll see that once it's start trending in a particular direction, it will complete its range though with some minor retracements. I'll try to analyse the currency pairs before sunday open.

When it comes to analyzing information pertaining to currency futures in the COT report, it is generally more relevant for traders to focus on the non-commercial participants rather than on the commercial participants. The reason behind this is that they trade the futures contracts mainly for profits. This does not mean that I ignore the commercial participants outrightly because when they are net short, the non-commercial will be net long. PLEASE NOTE THAT THEY ARE DOING THE OPPOSITE WHEN IT COMES TO FOREX TRADING.

Now let’s look at the set-up conditions and criteria as it is interpreted in forex trading.

SET-UP CONDITIONS:

• FOR CAD/USD, CHF/USD, JPY/USD CURRENCY FUTURES

Where non-commercial hold net long position from previous week and they increase the contracts in the current week, the set-up condition will be:-
SET-UP CONDITION: long USD/CAD, USD/CHF, USD/JPY

Where non-commercial hold net long position from previous week and they decrease the contracts in the current week, the set-up condition will be:-
SET-UP CONDITION: short USD/CAD, USD/CHF, USD/JPY

N.B. It is the vice-versa of the above where they hold a net short position.

• FOR EUR/USD, GBP/USD, AUD/USD, NZD/USD CURRENCY FUTURES

Where non-commercial hold net long position from previous week and they increase the contracts in the current week, the set-up condition will be:-
SET-UP CONDITION: short EUR/USD, GBP/USD, AUD/USD, NZD/USD

Where non-commercial hold net long position from previous week and they decrease the contracts in the current week, the set-up condition will be:-
SET-UP CONDITION: long EUR/USD, GBP/USD, AUD/USD, NZD/USD

N.B. It is the vice-versa of the above where they hold a net short position.

SET-UP CRITERIA:

1. The change in open interest for the future contracts must be greater than 10,000.

2. The contracts added to/reduced from the net long/short position must be greater than 1,000.

3. The percentage of net long/short position to the total open interest should preferably be about 20% or more. But where it is less, as long as the first two criteria are met then this may not be necessary.

The COT (Commitment of Traders) is a detailed report of the open positions in the futures market which includes currency futures. It is released every friday by 8:30pm local time though the data is from tuesday thereby the information is delayed by 3 days. In the currency futures market, currency futures are mostly quoted as the foreign currency directly against the US dollar, so the price quotation is JPY/USD, CHF/USD, EUR/USD, etc. Please note that difference while analyzing the COT report. You can get the report from here: http://www.cftc.gov/dea/futures/deacmesf.htm
I use this report basically to decide whether to go long, short, or just standby. Let me briefly explain each data as per attached:
• Open Interest:- This gives the data of all open contracts, which represents the total volume.
• Commercial:- These are the open positions held by entities involved in production, processing, trading, etc which are especially for hedging to reduce risk.
• Non-Commercial:- These are the open positions held by speculators such as financial institutions, mutual funds, etc for profit purpose.
• Non-Reportable:- These are positions that do not meet the requirements for reporting.

I'll post the set-up conditions and criteria later.

Now I realise that FX has an insider trading but no one can be arrested, expect rallying in EU, GU & UJ. Has anyone ever analyse the COT report released weekly? That's where the money is especially for long-term traders. I've being following this report religiously. I'll try to do the little I can ahead of next week. If you hold a long position on EU, don't close it yet.

I need to catch some sleep after a tough trading week. God's willing see ya tomorrow.

Whao! You see EU jump. Heard the Fed is bailing out ECB with dollar-funding, in fx terms it means a weaker $

Guys please be prepared as I am hearing a rumour of significant sales (fixing flows) of EUR/USD at 16:00 GMT by real money players (asset managers, institutional investors etc). The last time this happened was on friday at 15:00 GMT and the EU went down by 100 pips.

Blog icon:
Good evening every one. I can see that the house is very busy here raking in pips.

Without much ado, I am dropping my 1st (and probably the only) trade for this week. The week has been slow with so many sharp and unidirectional movements; at least from my point of view. This trade in question is a 1:2.5 trade with a profit of 145 pips and stop of about 58 pips.

Just as I always do, I have put enough details on the attached chart below to explain the reason behind the trade call. Act according, but be warned on using strict money management. I am already live (on my pending order) and should get filled before morning.

Good night and have great trading day tomorrow to every one here! Loose responsibly!!

Thanks Blog icon I got +85 pips from your call using trailing stop. You are the man!!!

^^^ Okay make I catch you wetin be your username for FF?

sh**t!!! read a thread on forexfactory about a member who short EU from 1.3920 with 5000 lots and now he's long with 1 lot               

Waiting for the break of 1.3756 and 1.3728 then down goes the EU , lol

Thanx naijababe, simple things wan come dey difficult 4 me.

Why Bernanke no hit the nail straight, he just say dem get tools wey dem go use without mentioning any precisely. Well dem say when breeze blow fowl yansh go open. I'm waiting for their FOMC meeting later this month to see those tools.