Australian Dollar Stubbornly Higher
Daily Bars Prepared by Jamie Saettele My preferred AUDUSD count suggests that the ending diagonal from 8070 is a 5th wave within a 5 wave advance from the 2008 low. With price testing the upper diagonal line, expectations are for a top and reversal. Also, wave 5 would equal wave 1 (in %) at 9660. Equality among these waves is common. It is possible too that the rally extends much higher to test …
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FOREX Contract Size FOREX currencies are traded in a standard contract lot size of 100,000 units (ex: 100,000 US dollars) of the base currency. A unit equals one (1) or single unit of currency (ex: 1 unit = 1 US Dollar). Cambio Forex Euro Dollaro Usa
FOREX Trade Pairs All FOREX trades are made up of a foreign currency pair, for example the EUR/USD pair.
Let’s assume we’re trading the Eurodollar and the US Dollar FOREX pair (EUR/USD). The first currency in the pair (EUR/USD) is called the base currency, which is the Euro in this case. The second currency is called the quoted currency (EUR/USD). In this example it’s the US Dollar.
FOREX Pair Price/Quotes All FOREX currency pairs have a corresponding price/quote. So, when trading or viewing a price quote of a FOREX pair, using our example, you would see this:
- EUR/USD 1.2526/2528 - - often shown as EUR/USD 1.2526/28 - - with the latter price showing only the last 2 digits.
(These price/quote numbers are for example use only, and do not reflect actual or current pricing)
The Bid/Ask The price/quote of our FOREX pair example - EUR/USD 1.2526/28 - is referred to as the bid/ask. In currency trading, think of a forex pair as a single unit, even though it has two currencies. You can either buy the pair or sell the pair. So, in our example here, if selling the EUR/USD pair, you would sell (1) EUR unit, and this would equal to simultaneously buying or receiving 1.2526 US Dollars. Cambio Forex Euro Dollaro Usa
PIPs PIP’s (aka: Price interest Point) are another very important and unique part of a FOREX trade. In the FOREX market, currency pair quotes/prices are quoted out to the fourth decimal point.
Different currencies don’t all go out to 4 digits. The Japanese Yen for example only goes out two decimal points like this - 123.17 - the “7″ being the PIP.
In this example (EUR/USD = 1.2526/1.2528 - the PIP in each price/quote is the last digit (6 & in the price/quote number. The difference between the two prices/quotes is called the PIP spread, and in our example it is a 2 PIP (= 0.0002) spread. This spread is how the FOREX brokerage firm handling your trade makes money. They buy slightly lower than the ask or selling price, and profit off the difference.
This can be confusing at first. But the more you learn about FOREX trading, the clearer this will become. Just stick with it, and eventually the fog will lift on better understanding the simultaneous buying/selling of a currency pair, calculating PIP’s and trade profits, the bid/ask, etc. Cambio Forex Euro Dollaro Usa
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www.fxtrainingzone.com EUR long trade based on the Non Farm news candle showing strong upward momentum: -4H strong support zone off a rising support channel. - Price has found strong support off the 61.8 retracement level on the daily chart.. - 5M chart indicating more upward momentum.
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If you are looking for a Forex trading strategy which can make you big profits in around 15 minutes per day then, the strategy we will look at here is for you. Even better news is this trading method is very simple to understand and can be learned quickly, so lets take a look at it.
If you want to make money in currency trading, you should focus on the big trends which last for many weeks or even months and if you do, you will spend less effort on your Forex trading strategy and make bigger profits.
If you want to get in on all the big trends when the odds are on your side, there is a simple Forex trading strategy which will catch them all and its a breakout trading strategy. If a currency is bullish it will start by breaking through overhead chart resistance and continue doing so, as the trend evolves and develops. Best Forex Trading Strategy
You can look at a chart and see this is true in ANY currency pair, so if you buy breaks of valid resistance levels, not only will you have the odds on your side, you will make a lot of money. Obviously, not every breakout follows through in the direction of the break, so you need to decide the best breakouts to trade. The criteria for getting in on breakouts I use is - look for six or more tests before the break and check at least two of the tests, are spaced apart by at least six weeks.
The more times a level has been tested and the further apart the tests are in terms of time, the higher the odds of the breakout being a good one.
Another point to keep in mind is if you have a breakout to the upside and the news and other traders are bearish, the better the breakout is likely to be. If you think about it this is logical - the majority of traders lose money, so being in the minority is good.
Breakout trading can be learned by anyone and all you need to do is to look at chart resistance and use a few confirming indicators, to check price momentum is on your side and your all set for big gains with this Forex trading strategy.
Many traders think the way to make money is to buy “low and sell high” but to buy a low, you need to predict where it might be and that’s doomed to failure. Breakout trading allows you to buy the move when its been confirmed with no guessing and is the method the professional traders use. So if you want to make money in Forex “buy high and sell higher” and you will make a great income in just 30 minutes a day or less. Best Forex Trading Strategy
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in the price/quote number. The difference between the two prices/quotes is called the PIP spread, and in our example it is a 2 PIP (= 0.0002) spread. This spread is how the FOREX brokerage firm handling your trade makes money. They buy slightly lower than the ask or selling price, and profit off the difference.
