Forex Day trading System - Yesterday's Non Farm Payroll (NFP) declaration

Forex Day trading System - Yesterday's Non Farm Payroll (NFP) declarationYesterday one of the biggest fundamental news in a calendar month, the non farm payroll or as people call it NFP came out..Like I mentioned in my earlier posts, its one of the biggest since the average pips movement in 1st few min. of this news come out is between 100-150 pips..But, yesterday when I was watching the market

Forex Day Trading System - Importance of correct stops

Forex Day Trading System - Importance of correct stopsOut of very limited % of traders who apply stop-loss when placing trade, majority don't knw how to apply stop losses..Majority place stop loss just for the sake of putting it..Stop losses are important to assure you against running steeply in your account balance incase the trade you made is running against you..For any trader its a very

Forex day Trading System - EUR/USD is looking bullish

Forex day Trading System - EUR/USD is looking bullishI was looking at the 1 hr chart today and it sooms that the EUR/USD is looking bullish.. Here are the reasons -1. On the larger trend (Daily chart), the currency pair seems to have made a double bottom.2. The support seems to be at 1.2900 levels which is a major supportg as well as 50% fibonacci level.3. So, the currency seems to be going up on

Forex day trading system - Its Non Farm Payroll Time again

Forex day trading system - Its Non Farm Payroll Time againThis friday is 2-feb-2007 and guess what its NFP time again..One of the most volatile 15 min. in any particular forex calender month..The average pip move is in the range of 100-150 pips in just few min. when the news come out..No wonder its one of the most favourite time for some of the traders and for rest its about the time when they

Forex Day Trading System - Continuing on Money management

Forex Day Trading System - Continuing on Money managementOne important point that I missed in yesterday's post is that trade with discipline..Which is about following the rules of your trade..If the technical indicator of your analysis such as EMA, RSI, fibonacci etc are saying to exit, then exit..Don't hold on to the trade thinking that it may yield more profit when indicators are saying that it