Tag Archives: forex market

Forex Trading Systems

The purpose of a foreign exchange trading system is to create a standard of trading activity that determines when you start and end trades based on the price. Discretionary and mechanical are the two common types of trading systems. Discretionary systems have signals that the trader must contemplate. The trader may make a decision based on the demonstrated signals. There is a lot of flexibility with this system because traders can try to analyze the signals. Mechanical trading systems utilize set numbers of signals to determine if the market has changed and what should be done about a trade.

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Forex Market Commentary May 10th 2011

Forex Market Commentary—After significant correctional sell offs on most currency pairs, the Market tis in a small limbo waiting for breaks above and below previous highs and lows before trade positions will be revealed, Long or Short. Be very careful taking any position before this confirmation. If and when the Market determines to make the full break back up to higher ground, it will probably be with higher volume and happen quickly. The Market might come down a little lower but not necessarily very much before a full reversal back to the general up or down-trends.

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Forex Market Commentary May 06th 2011

Forex Market Commentary— JPY cross currency have been selling off in wave 5 of C in an a,b,c pattern through the Frankfurt and London sessions and are ready for the wave 4 of the 3 a C. USD/CHF finished its wave 5 downward and has turned back up-ward, opposite the EUR/USD and GBP/USD pairs that have sold off. USD/CAD and USD/JPY are correlated with the USD/CHF for now.

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Forex Market Commentary May 05th 2011

Forex Market Commentary—We are now in the wave 4 following the wave 3 that was spoken of in yesterday’s Market Commentary. Now the challenge will be to determine the depth of the wave C of this wave 4 on the GBP/USD. EUR/USD is likely in a complex corrective sideways ranging pattern. I may be about to complete a second X-wave and reverse for the third a,b,c down turn before resuming its general up-trend. JPY cross currency pairs are in their wave 4 and soon 5 of a C wave or a wave 1. We are waiting for final conformations to make that determination. USD/CHF is about to finish a wave 5 downward and then turn back up-ward, opposite the EUR/USD and GBP/USD pairs. USD/CAD and USD/JPY are correlated with the USD/CHF for now.

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Forex Market Commentary May 04th 2011

Forex Market Commentary—Caution was wise yesterday as the GBP/USD broke new lows and sold off in a dramatic drive to almost 100% of its prior wave 3, causing one to question whether or not that threshold will also be broken. Many other pairs are also selling off, not as violently however, and some lagging behind their correlated pairs. Leading trends are good windows of insight into their lagging pair. The 4 hour time frame is the best for visual perspective. Be cautious of the termination of wave 3 coming soon and the reversal or retracement of the wave 4 that follows.

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Forex Market Commentary May 03rd 2011

Forex Market Commentary—There is a common consolidation among most currency pairs waiting for a confirmation above previous highs for a wave 5 of to break below previous lows for a wave 3 of a wave C. Caution is advised in a potential Bull and Bear Trap market condition. Sideways ranging is due to barriers on upper time frames forcing lower time frame price action to range sideways for a longer period of time, also causing more challenging reading of Elliott Wave count alternates.

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Forex Market Commentary April 29th 2011

Forex Market Commentary—many currency pairs seem to be in a similar wave 4 consolidation, but should continue their general trends soon, perhaps today.

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Forex Market Commentary April 26th 2011

Forex Market Commentary—All JPY currency pairs are still on their wave 5 up-ward, seen best on the 4 hour time frame. EUR/USD and GBP/USD along with most other currency pairs are in a bit of a limbo phase waiting to see if they are about to complete a B wave or have begun a wave 5 already, after rather a sideways ranging correction. Beware of Bear and Bull Traps in some of these more complex corrective patterns forming. This is not a high probability trading environment until proper confirmations can be accounted for. USD/CHF and USD/CAD are in opposite correlated positions, but in the same quandary. This is a watch and wait game today until confirmations appear.

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Forex Market Commentary April 19th 2011

Forex Market Commentary—USD/CHF rises in a consolidation C wave of a wave 4 opposite most other currency pairs which are selling off to their C and/or A wave targets. Watch the 4 hour time frame for a burst of volume in falling price action as these currencies reach their targets and then reverse suddenly in deep retracing wave 4s of the C wave waiting for the final wave 5 of the C wave before full reversal up-ward (USD/CHF and any correlated pairs doing opposite).

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Forex Market Commentary April 14th 2011

Forex Market Commentary—All currency pairs appear to be in a type of a wave B of a sub-wave 4 correction. Volume is lower along with trading probability. Wait for confirmations of the Wave B rise or fall and be cautious of Bear and Bull traps in failed C waves of the B waves.

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