Thursday, August 25, 2011
During the first half of this webinar, we discussed the fundamental outlook for the EUR/USD pair prior to Bernanke's announcement following the 2 day Jackson Hole Symposium meeting. For most of the week, we were in a consolidation zone between 1.4500 and 1.4400 as the market waited to hear what the Fed chairman would reveal about the current state of the global economy and whether he will issue a third round of quantitative easing (QE3). There was a strong break of the 1.4400 major support level due to a rumor that Germany was at risk of having their credit rating lowered and there would be an additional ban on short selling for financials in the Eurozone. Although both of these rumors were not true, risk aversion was definitely the tone of the day due to more troubling news coming out of Greece and, as a result, we saw the greenback strengthened during the London & New York Trading Sessions.
In this webinar, we also discussed the role of the 200-period Simple Moving Average and it's role in identifying trend direction or overall market sentiment.
Friday, August 19, 2011
In this webinar, we briefly discuss the importance of trading in the direction of the major market sentiment for that day. One of the indicators that we use in the Slumdog Forex System is the RSI (Relative Strength Index) indicator and we share in this webinar how this indicator can be used to determine trend strength & direction. We also explain how it is important to wait for confirmation before you enter your next trade. It is important to have a solid understanding of support & resistance, candlestick patterns, and momentum in order to identify good points of entry in your trading. It is also necessary that you learn about the psychological role of patience when locating reentry points. You should NEVER BE AN IMPULSIVE TRADER!!