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.
Tuesday, October 4, 2011
We started this webinar by providing members with a brief overview of the recent fundamental landscape in the global market and how it is necessary that you understand the reasons for the risk averse sentiment during this trading week. China is currently experiencing a soft patch in their economy and this will worsen if Europe does not get its act together. We also talked about the potential trade & currency war that could be brewing between China & the USA as Congress pushes for a bill to enforce China to stop the intentional weakening of their currency. So, with all of the headline risk in the market, we are seeing a flight to safety move in different asset classes as investors begin to shift their capital to low yielding currencies, like the USD & JPY.
During the second half of this webinar, we also placed a few live trades for the EUR/USD pair using the Slumdog Forex Trading Approach.