Algorithmic Trading System (based on When To Trade? My Algorithmic Trading System Shows You article) Pre Algorithmic Trading System Analysis: This week has been a little wild as stocks pulled back due...
Crude Oil remains bullish on the intraday basis within wave (c) that may reach levels around 96 maybe even $97 before a contra-trend (a)-(b)-(c) move can be finished. Keep in mind that larger trend is still down, so dont be surprised by a bearish reversal from the levels mentioned above, probably next week. (based on forexminute.com article)
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This book shows how trading systems, computer-based models, and other analytical tools can be used to examine financial opportunities and help develop sound investment and hedging decisions. Treasury Operations and the Foreign Exchange Challenge covers global trading activity in foreign exchanges and its effects on the newly revitalized area of corporate treasury operations. Specific topics include the new world of treasury functions; treasury duties in risk management; facing the challenge of global risk; the ways and means of transacting foreign exchange deals; swaps, hedging, and currency management; the rise and fall of currency values; and the importance and likely future of the ECU. Illustrated by numerous examples drawn from the experience of leading financial institutions in the U.S., Japan, and Europe, Treasury Operations and the Foreign Exchange Challenge shows the diverse, sometimes ingenious, and sometimes catastrophic ways these institutions are responding to market challenges, designing new financial products, and using the latest technologies. Treasury Operations and the Foreign Exchange Challenge is an invaluable reference for bankers, pension fund managers, insurance executives, corporate treasurers, and all other financial professionals in treasury, Forex, and securities- or any management decision-maker who wants to fully understand the changes of the 1980s and the challenges of today.
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EURCHF Technical Analysis (based on dailyfx.com article)
Talking Points: Textbook Symmetrical Triangle in EUR/CHF Daily Chart Favors Upside Breakout Key Support Zone for Initiating New Longs
Today, the attention turns to EURCHF, which is famous for the fact that from time to time, intervention will force the pair toward certain levels. A look at the weekly chart below confirms the declining interest of traders as it forms a nearly perfect symmetrical triangle pattern.
For those uninterested in the technical jargon, the bottom line is that the zone of support can be identified as 1.2294-1.2307.
A global investigation into forex trading abuses is the latest legal headache for the banking industry. The [forex and Libor] benchmarks have a knock-on effect to all of these other markets," Kovel said. Assistant professor of law at Wake Forest University Andrew Verstein agrees.
Photographer and video artist Carrie Mae Weems was having a tough day at the studio last month when she learned that she had been named a MacArthur fellow.
"My assistants weren't doing some things they were supposed to be doing. And so I'm screaming at them, and just in the middle of my rant the phone rang," she tells NPR's Michel Martin. "I sunk into my chair, put my head down on my desk, and cried and laughed for about five minutes."
Weems says a MacArthur "genius" grant — and the $625,000 no-strings-attached prize that comes with it — was the last thing she thought would happen to her.
"I'm sort of a knucklehead, and not particularly smart," she says. "I'm very humbled because it takes a lot of people to agree that somebody deserves something."
Sale’s success is surprising because of lack of arts infrastructure, experts say
The African art market has hit a milestone. The Nairobi-based art consultancy Circle Arts Agency held the first ever auction of Modern and contemporary East African art in Kenya on 5 November. The 47-lot sale totalled 18.5m Kenyan shillings against an estimate of 14.2m-17.4m shillings ($216,030, est $164,000-$201,000)), with a sell-through rate of 89%. Kenyan collectors purchased more than half the works, with the rest going to international buyers, according to Think Africa Press.
Around 60% of the works on offer came from private collections, while 40% came directly from the artists. “We wanted to get things from existing collections because we are trying to create a secondary market, which we haven’t really had,” Fiona Fox, a director at Circle Art Agency, said. “Unlike a gallery, this format makes us more active rather than passive in terms of expecting people to come to us.”
GOLD Technical Analysis (adapted from dailyfx.com article)
Gold has come under renewed downside pressure over the past few days. With a clear head & shoulders looking topping pattern on the daily chart the technical outlook looks fairly ominous for the yellow metal here from a classic technical perspective. However, cycle analysis suggests some caution might be required as the next 48 hours or so are a clear medium-term cycle turn window from where the commodity could try to stage a reversal of some kind. Key support looks to be a convergence of the 2nd square root relationship of the year’s low and the 5th square root relationship of the 3Q13 high between 1248 and 1243. A failure to get below the latter on a daily closing basis by Friday would favor a general move higher next week.
USDJPY Technical Analysis (adapted from dailyfx.com article)
- USD/JPY is in consolidation mode below key Gann resistance at 100.65 - Our near-term trend bias is higher in USD/JPY while above the 5th square root progression of the year’s high at 98.60 - Traction over 100.65 on a daily close basis is needed to validate the latest move higher - A minor cycle turn window is seen around the end of the week - Only a daily close below 98.60 would turn us negative on USD/JPY
Bernanke Talks And The Dollar Drops (the source - Forbes)
Since the start of 2013, central bankers’ rhetoric has been the one dominating factor affecting the foreign exchange (forex) market, and talk, apparently, is what continues to lead capital markets. That gold suffering its first loss in more than 13 years has taken a backseat to central bankers’ silver tongues as the top financial story of the year ought to raise eyebrows. Alas, it has not. Regardless, diminished forex market volume and volatility is the order of the day (and year). Investors should expect this theme to rollover into the New Year. If there’s one positive to come from it all, forex traders can likely stick with last year’s trading plans, at least for the short term.
Forex Brokers (adapted from "Is Switching Brokers Ever a Good Idea?" article by dailyforex.com)
1. Most Forex brokers are not actually exchanging any currency on the market. They are simply providing a price feed, the movements of which their clients are allowed to bet on in exchange for two effective fees: the spread or commission, and a small overnight charge that is incurred every night any position is left open. These brokers are in adversarial relationships with their clients: they make money when their clients lose, and lose money when their clients win.
2. The remaining Forex brokers tend to monitor the trades of their clients that have records of trading profitably, and cover the aggregate positions of these traders with a bank. These brokers have a less adversarial relationship with their clients, but still can face problems in adequately covering themselves in fast-moving markets.
3. The real Forex market is dominated by four large banks that together make up about 85% of the market’s volume.
4. Much of the Forex industry has a bad reputation and is poorly regulated.
EURCAD Forex Pin Bar (based on dailyfx.com article)
Talking Points - Long Wicked Candles can mark significant reversal points at key areas of support and resistance - Long Wicked Candles show excessive bullishness and bearishness that can be faded - Though a lagging indicator, a MACD crossover can confirm a change in momentum
Traditionally, aggressive traders enter at market after a Forex Pin Bar is formed. However, the stop placed below the tail of a pin bar could be 200 or more pips. Many times, price will retrace back below the pin bar low stopping a trader out. In other instances traders end up getting chopped up in the market or face an opposing pin bar before exiting the trade at a loss.
Another approach would be to use a lagging indicator, like MACD, to confirm the reversal that was first indicated by the pin bar. Since the pin bar is short for Pinocchio bar, the fictional talking wooden puppet whose nose would grow when he told a lie, MACD can be used like a “lie detector” to confirm if the pin bar is “lying “ or “telling the truth”
Placing a stop below the area of congestion and targeting the November highs near 1.4413. We gave up about 90 pips on the trade in order to line up more confirming signals to take this trade but there is still close to 250 pips left and the risk to reward ratio is better than 1:2. MACD crossing over its signal line, combined with a continuation breakout following a bullish daily chart pin bar stack up for a solid trade.