New Forex Fibonacci Calculator
I was searching the web for a fibonacci calculator that allows me to enter a high value, low value, and then gives me the fibonacci retrace values.
I couldn’t really find anything so I decided to write my own.
Calculating the retrace values is simple. For example, if the high price is 119.00 and the low price 104.20 and you want the 23.6% retrace value, the formula is:
(high price – ( (high price – low price) x .236 ) ) or
(119.00 – ( (119.00 – 114.20) x .236 ) ) = 117.8672
You can get to the calculator from the home page right menu or go to forex fibonacci calculator.
Popularity: 1% [?]
Trading Profit Today / ECB Interest Rate Decision
I gained nothing and lost nothing today. It really is tough to trade at my full-time job. I’m hoping that if I can successfully trade with my existing funds, I’ll quit my job and work for myself. I have a lot of fun trading and would love to do it full time.
I had EUR/USD positions that I opened and closed within minutes because of my inexperience. I forgot that the ECB Interest Rate Decision is in the early morning and the currency pair may be volatile.
The ECB are expected to raise rates to 2.25. This may have meant gains for the euro against the USD but with the bullish US reports this week, traders sentiment for the potential of more than 2 rate increases by the Fed has increased.
Popularity: 2% [?]
Yuan Sets High Against Dollar
With pressure from the U.S. on the Chinese, the Yuan set a high against the Dollar yesterday. This may just be a veiled gesture to the U.S. If it really meant anything, shouldn’t the Yen and other Asian currencies been boosted?
Yuan Sets High Against Dollar
Popularity: 2% [?]
Trading Forex Today
I have 2 open positions today that can be viewed at My Trade History.
The first was a short of GBP/USD 1.7310. With the 3 hour charts showing an uptrend, I was looking for a swing off of the 38.2% fibonacci at 1.7330. Currently it looks to be holding resistance there. If the bounce doesn’t occur, I’ll stop of the position at the 1.7348, a couple of pips above today’s high.
The second trade was a short of USD/JPY at 119.53. I was trading the bounce off the recent downtrend line. Mainly the 4 hour chart shows divergence in the high price peaks and momentum high peaks.
Both are stuck in neutral territory right now (albeit a bit down)
Popularity: 3% [?]
Back to work
I took off yesterday so I had the day to dedicate to currency trading. Today I’m back to my full-time job with limited time to trade. In addition, my Intellichart desktop doesn’t work through the proxy here so I can only use the limited web browser intellicharts which don’t give me many things that the desktop version does.
I’ve been looking for a charting package and nothing seems to beat the Intellichart Desktop for the price of $100 USD a month. I inquired about esignal but it is a little above my budget. The free charting varieties don’t quite cut it.
If anyone has any suggestions on charting platforms, it would be appreciated.
Popularity: 2% [?]
My trades today up $888.00
I’ve added a new section, My Trade History that lists all of my trades starting from today. You can find the link on the main menu on the left.
Today I am up $888 attributed to my EUR/USD shorts.
Popularity: 1% [?]
Actual Consumer Confidence 98.9
I was close with my estimate. I’m profiting from that guess as I write this with 3 short EUR/USD lots.
Consumer Confidence Report Here
Popularity: 1% [?]
My Consumer Confidence Guess 96.5
The consensus forecast for the 10:00 am U.S. Consumer Confidence report is 90.0. I am going to make an educated guess on what I think the announcement will bring. In November 2004, Consumer Confidence was 85.0. It seems like the consensus has typically been conservative with their expectations therefore with this information and the fact that I can obtain a gallon of gas for just over 2 bucks, I’m going to predict that the Consumer Confidence for November 2005 will be 96.5.
Popularity: 1% [?]
Reversal in the works
FT.com reports that the global hunt for yield has dominated foreign exchange markets in 2005, with currencies backed by relatively high interest rates such as the US and Australian dollars and sterling outperforming low yielders such as the yen, euro and Swiss franc.
But according to Merrill Lynch at least, that pattern will break down in the next few weeks, ushering in an environment in which this established pattern not only breaks down but reverses.
Popularity: 1% [?]
USD/JPY at 87.0 by end of 2006
Thompson reports that demand for JPY calls, inclusive of a 1mth 117.00 strike, has helped inflate the risk reversal curve"s downside strike premium. The 1mth 25 delta R/R is currently 0.4/0.55 JPY calls over, having been 0.3/0.45 yesterday (when USD/JPY was threatening 120.00). News-wise: a US investment house predicts USD/JPY will plunge to 87 by December 2006. The prediction is contained within an FT article headlined "Yield pattern of the leading currencies poised for reversal" (p42). According to the senior G10 FX strategist at the US investment house: "The evidence is overwhelmingly in favour of lower-yielding currencies appreciating against higher-yielding currencies in the coming months". The US investment house also forecasts a EUR/JPY decline to 116.
Popularity: 2% [?]
