Wednesday, October 19, 2011
We began today's webinar by discussing the recent price action for the EUR/USD currency pair and it's current rangebound activity. It has been held within a consolidation pattern of ~300 pips, awaiting news from this weekend's EU Summit, on whether to short or long the currency pair. Most of the market is sitting on the sidelines hoping that some kind of resolution would be agreed upon for the European Sovereign Debt Crisis & the Expansion / Leveraging of the EFSF (European Financial Stability Facility). Yesterday's Germany ZEW data fell to -48.3 from -43.3 in September which proved that investor confidence is growing worser, so many traders are anticipating some kind of action from the leaders of the Eurozone.
We also discussed the use of the 100 & 200 SMA (Simple Moving Average) in the Slumdog Forex Trading System and placed a few live trades within the market.
Thursday, October 6, 2011
News out of Europe is still driving the forex market prior to tomorrow's September Non-Farm Payroll report and we began the webinar by discussing the central bank announcements from the BOE (Bank Of England) and the ECB (European Central Bank) and how these statements effected the price of currencies, in particular the EUR/USD currency pair. We also discussed the importance of confirmation from all of your different indicators (RSI, Slow Stochastic, Price Action, Moving Averages, etc.) before entering a trade. Since we are only looking for scalping opportunities in the market, it is necessary that we identify the short term trend and determine whether price action, momentum, and acceleration is signaling a good trading opportunity.
We also placed a few live trades in the market using the Slumdog Forex Trading Approach.