Chart of the Day: EUR/GBP

Happy Monday, all!Β  Everyone enjoyed their weekend, I hope. πŸ™‚

Today has been an odd day in the market. Not much of a fantastic move overall. There was some action from EUR/USD, EUR/JPY, USD/CHF etc but nothing major.Β  GBP/AUD moved approximately 300 pips which is great, definitely worth an honorable mention.Β  I tend not to trade that pair due to the large spreads and the pip value is roughly $0.70-$0.80, but today’s move was not a bad choice of trade, I must admit.

My pick for Chart of the Day is EUR/GBP. The pair moved 150 pips or so over the course of 9 hours. EUR/GBP usually has a spread of 5-6 pips, in comparison to 16-18 pips for GBP/AUD, and the pip value varies from $1.50- $2.00. As you can tell, it’s a good choice for trading when a proper trend is in place. Take a look at the chart below:

eurgbp-42709

Tonight/tomorrow, I will be looking for EUR/USD and EUR/JPY to start moving back to the upside and USD/CHF to the downside. Happy Hunting, my friends! πŸ˜€

Forexgal_1.

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Chart of the Day: EUR/USD

Hey guys! Did you happen to trade EUR/USD today? If so, you must have had an AMAZING trading day. For those of you who haven’t seen the charts, here they are:

eurusd-42409

The trend for EUR/USD has been ambiguous for the past month or so and in the past 2-3 days, it seems to have begun its ascent to the upside once again. Hurray! We’ve been waiting for this forever, it seems. πŸ˜‰ The pair rose approximately 400 pips since Wednesday. Hopefully this trend will continue next week. Keep your fingers crossed!

Have a wonderful weekend, everyone! Til Monday…

Forexgal_1.

Market Chopfest continues…

..except for moves in GBP/JPY, GBP/USD, GBP/AUD, and EUR/GBP. GBP/JPY moved most significantly of all dropping approximately 300 pips.

Nothing else to report today. Let’s see if any of the pairs rebound.

Forexgal_1.

Commentary: Market Chopfest

Hey everyone! Happy Tuesday to you all.

The market is pretty unstable at the moment, I’m sure you’ve all noticed. I decided early on that it wasn’t worth me risking capital to trade today. We shouldn’t chase every pip, sometimes it can cause regrets. In my experience, those kinds of regrets can sting really badly. Yowch. You have to know when to take chances and when not to. It’s all about money management, remember? πŸ™‚

There were a few pairs that did move like GBP/JPY, AUD/USD, EUR/GBP to name a few, but not significantly or with much stability. It was either a steep climb or not an unsteady descent. Yeah, so like I said…I didn’t trade today. Everyday, I have my mind ready and rearing to trade but at times, these things don’t perform the way we would want them to so it’s best to stay out and hold unto your money. I am not a scalper, after all. Grab a few pips here, a few pips there. That kind of trading is notΒ  my cup of tea, it’s too fickle and inconsistent for my liking.

Yesterday, I predicted that the market would stagnate and indeed it did. It’s the way of Forex market, it is expected that after a huge move, that the next few days things may cool off a bit. Here’s to hoping it doesn’t last for the entire week!

Til tomorrow…

Forexgal_1.

Commentary & Chart of the Day: GBP/JPY

HELLO FRIENDS! My apologies for being MIA the last week, I took a mini hiatus from blogging due to the Easter holidays and such. Hope you all had a great Easter. πŸ™‚

So, today was an AMAZING…let me repeat–AMAZING day trading Forex. Everything was moving so beautifully, it was really hard to choose which pairs to get into. I settled on GBP/JPY and made a nice chunk of change trading that. Pip-wise, it was the best out there, selling off at least 500 pips from market open yesterday. Take a look at the chart below:

gbpjpy42009

Fantastic, right? It was quite a surprise that the market took such a turn, there was no major economic news out to drive this reaction at all. I honestly didn’t expect it myself, I traded for about 3-4 hours and exited my position before heading to bed, with over 90 pips in my pocket. Now, my goal is building the confidence to hold my position when I’m in a positive trade and not exit just because I feel the trend might change. Then again, I cannot really blame myself for being overly cautious because lately there has been quite a bit of choppiness in the market. Still, I am happy…I was profitable. It took all the strength I had not to get back in later, could have gotten more pips but many times getting back in turns out to be a mistake.

Remember: We must be alert at all times, you never know when things are going to take off…or break down.Β  πŸ™‚

Expect a reverse of trend possibly for the next couple of days. Today’s move was dramatic, odds are it won’t last. What goes up, must come down.

Forexgal_1.

Review: Forex.com FOREXTrader

As promised, I will be reviewing various trading platforms. Today, I’m starting with Forex.com’s FOREXTrader, focusing mainly on their practice accounts. Hopefully, it will give those of you who are interested in Forex and would like to test drive some of these accounts to see if it appeals to you. Usually, the practice account platforms mirror the platform for live accounts. You won’t have to download a new application to trade in your live account but sometimes, the companies will offer features that are exclusive to live accounts.

To sign up for a practice account, you must go to the website and on the top right corner, the button for a FREE PRACTICE ACCOUNT is visible in orange. The account is active for 30 days with a balance of $50,000 to paper trade(demo trade) with.Click on the button and you will be directed to the sign-up page which asks a few details(8 to be exact) that must filled out. They ask for your telephone number but not to worry, they do not bombard you with many phone calls. When I signed up for their demo account, they called me once asking if I needed help figuring out the platform. They are actually very good with customer service, any questions you have, they’re ready and willing to help which is a PLUS. After clicking the ‘Get Started’ button, the page contains the download for the trading platform and also your login information. Follow the prompts and download the program to your computer to begin using your demo account. Very simple process overall.

Open the FOREXTrader platform and login.

Ok, so here’s where the real review starts: When the platform appears, there is quite a few things to take in. There is a dealing panel which shows several currency pairs and the spreads, not all that are available though. You can find those under ‘EDIT’ —> ‘Trading Preferences’ —> Rates, where you can add or delete whichever currency pairs appear on the platform. Entering an order is an easy one-click action which can be performed right from the dealing panel. Just enter the number of lots you want to trade, and click either ‘BUY’ or ‘SELL’ on the spread to enter a trade depending on if you’re going long or shorting. To exit a trade, you must click the opposite action of the one taken to enter the trade. For example, if you clicked ‘BUY’ to go long on EUR/USD, to exit, clicking ‘SELL’ will liquidate the trade.

Next, there is a chart where you will be able to do whatever technical analysis you want. It is a decent charting system considering that payment is not required to see and use the information provided. Several charts in tabs and switch between them as you wish and there is a long list of indicators, such as SMA, MACD, Stochastics etc., that may be helpful for those like such overlays. Practically everything on the chart is customizable so it is up to you to set and rearrange settings to your liking. On the bottom left-side, live market news and updates are available. I’m sure you guys are tired of hearing(figuratively) me talking about economic data yadda yadda yadda but this is a really great feature, better than most news offering by other platforms. There is also a window above the news where you can view the current market rates for each pair, your open positions, and the activity log. Below the chart, is a window where ACTIVE ORDERS are visible, this is where you can keep track of your stop loss and limit orders and also control when you want the orders to expire.

FINAL THOUGHTS
: Overall, this practice account has a wide array of features that any trader, no matter how advanced, could find useful. The platform is easy to use and I like the fact that it is all-in-one. No separate window for charting, everything is right before your eyes. Also, as I mentioned before, live support is always willing and able to help you by answering any questions you have and with technical support. There are links to ‘Live Chat’ with Forex specialists and contact info under the ‘Help’ dropdown list at the top of the platform page. Under ‘Reports’, it is easy to track all your transactions and account history and which is nice to have right at your fingertips. Can’t think of many cons about this platform, besides that sometimes the charts can be unreliable and show smaller increments of time than that of the timeframe you selected. For example, if I’m looking at the 1 hour candlestick chart, there have been a few occasions that 15 min candles are shown instead of 1 hour candles and of course, it can be frustrating. This is why some traders have a more savvy, in depth charting service that they use(and pay good money for) instead of using the free charts on most platforms. For demo accounts though, why complain? FOREXTrader is a great platform to start paper trading on.

Grade: B+

**Hope everyone enjoyed my review. I tried to touch on many aspects of the platform that in my opinion, should be useful to you all. In case anyone was wondering, I am writing this on my own initiative, I haven’t been paid to review any of these programs. This is all my honest feedback and I am not soliciting anyone to use ForexTrader or any of forex.com’s services.

Any questions or comments, I’d love to hear them. Thanks so much for reading! πŸ™‚

Forexgal_1.

Commentary Update, EUR/CHF, & CHF/JPY

Hi friends! Hope everyone having a great day. πŸ˜€

As you may have noticed, the market is still in rolling/consolidation mode. Be careful when trading during this kind of sentiment in the market because before you realize a change, it will just ‘roll’ away with your money. It isn’t wise to put on a trade and head to bed when there is no defined trend, or in this case, short term trend because it seems like for the most part, we are in an uptrend but dealing with some pullback at the moment. Up one minute, down the next…it can make your head spin.

Two of the best trades out there today were: EUR/CHF longΒ  and CHF/JPY short. Take a look at the charts below:

eurchf4809

EUR/CHF rose approximately 150 pips to the upside, not without some minor pullbacks, of course.

chfjpy4809

CHF/JPY moved approximately 160 pips to the downside earlier last night.

Check back tomorrow for my reviews on a few Forex Trading Platforms and their practice accounts! Also, I wanted to thank you all for reading my blogs, you guys have no idea how much I appreciate it! πŸ™‚

Forexgal_1.