euro has recovered

Although euro has recovered after brief breach of y'day's NY 1.3762 sup to 1.3744 n sideways trading wud be seen, as long as Asian 1.3787 res holds, nr term decline fm Mon's high of 1.3857 to retrace recent upmove wud resume to 1.3730 n then 1.3712.

Sell on pullback with stop at 1.3795, break wud
risk stronger gain but 1.3854/57 res wud hold.

Range Forecast
1.3744 / 1.3770

Resistance/Support
R: 1.3795/1.3862/1.3900
S: 1.3730/1.3712/1.3693

http://www.acetraderfx.com

JPY to rise

Good morning to all.

We think that this week-next monday jpy pairs will make yearly low.
Yesterday made last ride upside. Trade with your minds charts.

Minimum targets gbp/jpy 127.
Eur/JPY 105
Usd/JPY 84/83
Aud/JPY 70/71
Cad/JPY 76/75

Good FOREX trades.

US Dollar Predicted to Lose

US Dollar Predicted to Lose Further Against Japanese Yen

I rather expext move higher to 100+.

and PPP reportedly 121.

FOREX: best dollar rise for month in 17 years

NEW YORK, Oct 31 (Reuters) - The U.S. dollar and yen posted sharp gains on Friday as investors turned more cautious after bleak U.S. economic reports heightened global recession fears.

The dollar, which was on track for its biggest monthly gain against a basket of currencies in more than 17 years, was also boosted by month-end demand from global fund managers seeking to rebalance foreign exchange hedges in their portfolios.

"The market expected poor October data, but the scale of it has reminded the market that even though we are at a phase where the liquidity risk is being priced out, the economic outlook is not particularly appealing," said Sebastien Galy, a currency strategist at BNP Paribas in New York.

Financial markets took little comfort from the Bank of Japan's interest rate cut, the latest monetary policy initiative after central banks in the United States, China, and other countries lowered rates this week to stem the negative impact of the credit crisis on their respective economies.

more...

Immigrant exodus leads to DIY cost hike

Immigrant exodus leads to DIY cost hike

The cost of home improvements has risen by about a fifth as eastern European tradesmen who have provided cheap labour return home, a new report shows.

Link

Euro has potential to go higher

I do think that the eur has potential to go higher in todays forex market, and most indicators i see are telling me that.
The only question is timing. It may be the time - it certainly looks like it right now. it may be in some time in the very near future.

I certainly dont see any usd strength as of now, in any denominator.

NZD/USD will remain under the gun of sellers today

NZD/USD will remain under the gun of sellers today as yield interest in Kiwi fails to make comeback, looks unlikely in near term, says ANZ Bank; tips support at technical level of 0.7777 to be critical today.

Notes with Kiwi briefly breaching important support of 0.7806 overnight, pair now vulnerable.

Plus weak commodities and euro's steep losses overnight also weighing. "If this combination continues - and the tenor of official NZ data turns out as lead indicators suggest - the bird (Kiwi) looks set to continue riding down the elevator."

Becoming Independent Minded

Becoming Independent Minded

Independence is essential for trading success. Or at least that's what authors of many books on trading psychology argue. Why must a trader be independent?

Joseph Schwab developed sophisticated arguments for teaching science as
"enquiry."An independent mind is one that is grounded in ‘enquiry’. Enquiry
demands the ability to develop significant questions and the ability to utilize
good judgment while separating the wheat from the chaff.

John Dewey, a great philosopher, psychologist, and pedagogy discussed the discrepancy between the skills valued in adults and the skills taught to children in schools. Dewey lamented the fact that independent thinking skills were demanded of adults but our children were being taught the converse in our schools.

Traders who can't think independently feel uncomfortable unless they receive support and confirmation. They are uneasy when dealing with uncertainty. And this sense of uneasiness often makes them act on impulse. The markets don't always provide you with confirmation for your decisions, however. It is difficult to trade in the short term if you wait for confirmation and require a sense of certainty. If you wait for a classic chart pattern to materialize completely, for example, you may be too late. Let's suppose that you wait for a head and shoulders pattern to develop. It may take some time, and by the time the full pattern results, and signals you to sell, it may be too late. You may end up selling as everyone else is also trying to sell. There are times when it is vital to anticipate the crowd and try to stay ahead of them. But staying ahead of the masses requires you to think independently.

If you are a successful person, you probably have some conforming tendencies. You have been able to identify important social rules and follow them. You may have a tendency to look for subtle situational cues to guide you, but universal rules or unfailing signals rarely exist in the markets. You must look inward toward your own personal rules and values. True independence is not the same thing as non-conformity. Just like the ultra-conformist, non-conforming rebels also allow societal norms to overly control their behavior; they merely automatically break the rules rather than automatically follow them. True individualists, instead, are willing to go against the crowd in effective ways. They don't break a norm just to be a rebel, but they break a rule because their own personal motives and values tell them that there is a valid, more compelling reason to go their own way. Complete independence means both the abandonment of conforming and non-conforming behavior. Individualists are free to conform or not conform; they do what they want. They strive for the optimal balance between complete self-reliance and identification with the broader group and societal norms.
How can you overcome the tendency to conform? Here's what you can do to compensate for the tendency to seek out assurance from others. First, learn to trust your instincts. Second, don't seek out or wait to receive the opinions of others. Third, accept the uncertainty of the markets; don't seek out confirmation and a sure thing. Conformists tend to want to seek the advice of others to relieve the unpleasant feeling of not being able to perfectly forecast the markets. But infallible experts are hard to find. They may be right for a while, but eventually they are wrong. And when they are, you get burned and feel disappointed. It's better to trust your own instincts and go your own way. Become aware of your desire to seek out and listen to other's opinions. Try not to, or at least wait until you have a clearly defined investment strategy before you do. By all means, though, don't follow the prevailing opinion if it contradicts your own. Look inward and go your own way. Making independent decisions isn't as difficult as it may seem. It just takes practice. Don't try to please anyone but yourself. Think independently and win.

thanks to marketwise.com

Closed GBP USD short trade

Method is more important than strength, when you wish to control your enemies. By dropping golden beads near a snake, a crow once managed To have a passer-by kill the snake for the beads.
Henry Wadsworth Longfellow

The trade from here got closed by Stop Lose (New trade GBP USD short) Profit 220 pips.
A good start of the year to everybody!

Old trade GBP-USD-short update

Want to update previous position with last actions:

1/4/2007 6:51:39 AM Sell GBP USD 1.9436
1/4/2007 6:56:25 AM Sell GBP USD 1.9440

Average positions now: SOLD GBP USD @ 1.9531
SL 1.9493 TP (to trail) 1.9113

Nice trading day today!
So much for the ADP!
NFP revision for prior month is higher to 154 from 132, very solid numbers. NFP is 167K (100K expected). Possible 1.91 next target for 1-2 sessions.

Good luck to all Forex losers.