Archive for July, 2007

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Forex daily market comments Tuesday July 31, 2007

Posted in Daily market comments by Practical trader on July 31st, 2007

Tuesday July 31, 2007

EUR-USD 1.3697. It should test 1.3776 area after which a sell off down to 1.3636 or extended to 1.3576 area is expected.
GBP-USD 2.0247. It should test higher than 2.0298. Entry point are at 2.0215 and 2.019. A break of 2.0132 is bearish.
USD-CHF 1.2028. There is bearish potential for a fall to 1.199 or 1.1951 while 1.2065 - 1.2084 resist. After this fall a recovery up to 1.2065 or 1.2084 is expected.
USD-JPY 119.06. It looks set for gains to above 119.48. Supports at 118.54 and 118.75. A break of 118.33 will damage this bullish structure.
EUR-JPY 163.09. Market should hold major support at 161.43 before rising towards 163.97 or even 164.86 limit.
EUR-GBP 0.6764. A correction down to 0.674 followed buy a move up to 0.6767 or 0.6778. A break above 0.6793 would accelerate this bullish move.
EUR-CHF 1.6477. It should stay in a range trading between 1.6429 and 1.6509 for a while.
AUD-USD 0.8563. Is expected to fall lower than 0.8415. Entry sell point are at 0.857 or 0.8607 . Stop loss above 0.8607.
USD-CAD 1.0672. One move lower to 1.064 or 1.0609 is anticipated while below 1.0671 - 1.0687 area. Stop loss above 1.0702 zone.

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Forex daily market comments Monday July 30, 2007

Posted in Daily market comments by Practical trader on July 30th, 2007

Monday July 30, 2007

EUR-USD Overall structure is bearish. Decelerating momentum could attract it towards supports at 1.3617 or 1.3594. Major support is clustered around 1.3528 limit.
GBP-USD Market should not go lower than 2.0145. After this move down it should go up to 2.0253 - 2.0333 area.  
USD-CHF It should be subject to more sell off towards 1.203 or 1.1973. Corrective upward swings should face resistance around 1.2107 area. A break of 1.2165 is bullish.
USD-JPY It should test 119.13 area after which a sell off down to 118.12 or extended to 117.42 area is expected.
EUR-JPY Current fall is near an end of wave around 160.43 - 160.71 zone, a rally should then proceede to above 162.91 or 163.35. Fall below 160.31 would cancel this scenario.
EUR-GBP Currently uptrend should end around 0.6758 - 0.6744 area. A correction down to below 0.6714 is expected. A rise above 0.6754 will abort the expected correction.
EUR-CHF It may meet resistance in 1.6486 - 1.6507 zone for a drift down to 1.6424 zone, after which bounce to 1.6523 is anticipated.
AUD-USD Market should not go lower than 0.8434. After this move down it should go up to 0.8523 - 0.8604 area.
USD-CAD A correction down to 1.0555 followed buy a move up to 1.0621 or 1.0653. A break above 1.0687 would accelerate this bullish move.

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Forex daily trading comments Friday July 27, 2007

Posted in Daily market comments by Practical trader on July 27th, 2007

EUR-USD 1.3746. It should test 1.3774 area after which a sell off down to 1.3702 or extended to 1.3659 area is expected.
GBP-USD 2.0490. Current fall is near an end of wave around 2.0375 - 2.0483 zone, a rally should then proceede to above 2.0526 or 2.0560. Fall below 2.0355 would cancel this scenario.
USD-CHF 1.2038. While below 1.2070 - 1.2094 it might drop to 1.1989 or below 1.1941 zone.
USD-JPY 118.68. Overall structure is bearish. Decelerating momentum could attract it towards supports at 118.31 or 117.88. Major support is clustered around 116.79 limit.
EUR-JPY 163.15. Market should not go lower than 161.72. After this move down it should go up to 163.01 - 163.84 area.
EUR-GBP 0.6709. It should trade lower to 0.6689. Resistances are at 0.6711 and 0.6721. A break of 0.6735 is bullish.
EUR-CHF 1.6548. Market should meet resistance at 1.6581. Expect then an extended move down to 1.6526 -1.6450 area.
AUD-USD 0.8711. Market should meet resistance at 0.8761. Expect then an extended move down to 0.8707 -0.8560 area.
USD-CAD 1.0537. Current rise seems to be over near 1.0546 or 1.0593 for a retracement towards 1.0499 - 1.0471 area.

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Forex Free Video

Posted in Forex Video by Practical trader on July 24th, 2007

I love watching video about Forex trading.

Some free Forex video is very good and informative. Other video is just teasers (they tease you with little info and then try to sell you the rest or offer paid subscription). But both of the video: complete and teasers are a perfect studying resource that I use to my advantage.

How do I use those incomplete Forex lessons and previews - I look at setups, charts that were used for video and the topic introduction, in other words I try to take all the information from that very little piece of video and use it to my advantage - to study the possible trading outcomes, figure out some hidden ideas or sometimes Google the topic and see what printed resources I can find about it.

Many many times teasers actually gave a good inspiration and food for thought to tryout some other techniques and ideas.

This all creative process I’m talking about may probably not be suitable for a very Forex newbies… They need to start with full lessons and have some practice to be able to see things that were skilfully hidden by traders whose purpose was to sell you the video course.

The best of luck in your discoveries!

Below are few first links to Free Forex Video lessons, briefing, etc know to me:

Market Traders Institute Beginner Video. The introductory information on Forex for beginners.

Preview Lessons from MTI. These are just previews, but I was able to learn a lot from it.

Index of lessons from Mark McRae. Navigate the directory and watch the Free Forex lessons.

Few free video from Trading-Strategies.info. You will be able to watch free the lessons marked with one red star. Others require subscription…

More links are coming…

Practical Trader


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