Daily & Weekly Forex Market News & Currency Trends
The foreign exchange market (forex, FX, or currency market) is a global decentralized market for the trading of currencies This includes all aspects of buying, selling and exchanging currencies at current or determined prices. If you want to trade news successfully in the FX market, key considerations to keep in mind are knowing which releases are expected when, which ones are most important given current economic conditions and, of course, how to trade based on this market-moving data.
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I want to talk about a question that I’ve been emailed from Darren in the UK who said, Hi Andrew, can you talk about whether, or how to tell whether a market is trending, it’s pulling back or it’s in a reversal or a retracement?” It’s an issue that we all face as traders.
In this time of automation, the followers of automated trading suggest that we are fools to draw charts by hand and to examine each twist and turn of the market with eyes glued to the screen, particularly while the computer can be programmed to perform all these in our place and to do so with an effectiveness that is impossible to match for a human being.
Obviously any profits you make when using a demo trading account will not be yours to keep as they are paid out via additional demo credits but the upside of these types of accounts is that you will never risk losing anything whilst you are mastering the online or mobile trading environment.
A leading provider of unbiased technical analysis for market professionals, Trading Central currently serves over 100 financial institutions in over 30 countries with trading alerts and signals on foreign exchange, stocks, indices, commodities and bonds.
On top of that consensus versus result effect, a position squaring effect also emerges as those large market players who took positions ahead of the news event on rumors or analysis subsequently close them out once the actual result becomes a known fact.
Because the %R indicator measures where the closing price is in relation to the total price range of the selected number of periods, the argument is made that if the closing price is close to the recent highs, in which case the indicator is in the range between -80 and -100, then the market is oversold and a correction upward is likely.
On that release date, the forex market was expecting a rather upbeat 159K number consistent with a fairly buoyant U.S. economy, but the actual rather dismal result was the addition of only 38K jobs, and the previous 160K result was revised down to 123K.
No matter what method or trading system a trader may be using, it is simply impossible to have a 100% win rate The successful traders edge might be a 60% win rate over the market, but this does not mean that for every 10 trades there will be exactly 6 winners and 4 losers.