http://www.candlestickforum.com/ppf/parameters/16_20_/candlestick.asp. This site actually gives all the shapes and shadows and its to the point. Get the book it is free. Remember that the candlesticks gives us incite into the market lets us know who is buying and selling. So when the candlesticks are tall , white and narrow it means there is strong buying pressure. So at this point we want to sell. This help help drive the price down from the buyer. Then we can buy. Is that an OK example. This is when we stop and study the charts for a little while and practice so You get the hang of it. trust me when you take in a lot of info you just get confused when looking at your chart. Little bits of info at a time will help you remember. Work on this see what work and what doesn;t if I'm wrong Well.. I know I will hear about it:) !
Dollar Weakens Prior to Fed Funds Release
The Euro was higher following the lunch break in the European trading session. Boosting the European currency was positive economic data from the euro zone. The pound was also stronger after the Bank of England released its meeting minutes which showed disagreement concerning Britain's interest rate policy. Traders will now be anticipating the release of the Fed Funds rate at 18:15 GMT today.
Dollar weakness was prevalent this mooring as the EUR/USD was trading up at 1.2280, after an opening day price of 1.2262. The GBP/USD is higher at 1.4935, following an opening day price of 1.4819. The USD/JPY was lower at 90.20, from 90.92
boosting the currencies against the dollar was positive economic data from the euro zone.
Both the German Flash PMI along with the German Manufacturing PMI were stronger than expected. This created a positive environment in the forex markets and had traders selling the dollar.
This afternoon the Fed Funds rate is expected to be released along with the accompanying rate statement. The Fed is expected to hold interest rates steady, but the statement may show a cut in U.S. growth forecasts due to recent weak U.S. housing data and the European sovereign debt crisis. A cut in the growth rate or a change to the wording in the rate statement may cause the dollar to weaken further in the major pairs. The next resistance line for the EUR/USD is 1.2380.
Economic News
USD - Dollar Up vs. EUR for 2nd Straight Day
The US dollar gained for its second straight day against the EUR on Tuesday as new concerns about the funding needs of European banks offset stronger-than-expected German economic data. Against the Japanese yen, the Dollar fell to 90.56, from 91.97 late Monday.
The greenback had been higher earlier in the session as a downgrade of a major French bank resurrected worries about the European economic outlook, and as enthusiasm over China's revised currency policy faded.
Also affecting the foreign-exchange market, analysts have said that investors trimmed their expectations that China's plans to loosen its so-called peg against the US dollar will boost global economic growth.
Beijing's weekend announcement had spurred a sharp rally in US stocks, commodities and currencies highly sensitive to economic growth, such as the Australian dollar, to start the trading week, while weighing on investments seen as safety plays -- including the US dollar. Now, however, the initial euphoria appears to have faded.
EUR - EUR/USD Pulls Back from 1-Month High
The European currency retreated from a one-month high against the US dollar on Tuesday, tracking a pullback in the Yuan a day after China's pledge to allow its currency to trade more freely had spurred risk demand. The EUR barely reacted to the German Ifo business climate index, which came in slightly higher than expected at a two-year peak in June, while the expectations index fell.
The upward momentum seen on Monday in the EUR and higher-risk currencies, including the Australian dollar, petered out as investors acknowledged that a more flexible Yuan policy would not lead to a sharp appreciation in the currency. The euro traded at $1.2271, down 0.2% on the day after falling to $1.2259. The EUR pulled back from $1.2490 hit on Monday, its strongest since May 24, after failing to break into the $1.25 region.
Analysts have said that a ratings downgrade of French bank BNP Paribas by Fitch, and Standard & Poor's announcement that it was raising its estimates for loan losses for Spain's banking sector on Monday, also weighed on the EUR. The single currency extended losses after Moody's Investor Services cut two Greek government sponsored ABS. Market players said the EUR would face more losses, but technical analysts said near-term support was seen at $1.2253.
JPY - Yen Rises vs. Major Currencies
The Japanese yen rallied against all 16 of its most-traded counterparts after a report showed existing-home sales in the US unexpectedly fell in May, spurring speculation that growth may be slowing in the world's largest economy. It rose 0.6% to 90.57 per dollar, from 91.11 yesterday.
Japan's currency also gained against the EUR in more than two weeks amid speculation that European banks will struggle to raise money. The JPY rose 1.2%, the most on an intraday basis since June 7, to 110.86 euro before trading at 111.14 up 0.9%.
Technical News
EUR/USD
The Bollinger Bands on the hourly chart appear to be tightening in expectation of a volatile movement. The price seems to be floating in the over-sold territory on the 4-hour chart's RSI, and the weekly chart's Momentum oscillator is still pointing upward. The chance exists that the volatile movement will be upward as a result. Traders can take advantage by going long with tight stops in place.
GBP/USD
This currency pair appears to be continuing its cyclical movement within the current bullish channel. After a recent upturn there is a chance that we will see some downward pressure on this pair to conform to the present trend. The price already looks to be entering the over-bought region of the daily RSI which gives us an indication that it is expected to depreciate in the near future.
USD/JPY
After a modest downturn, the USD/JPY now appears to be expecting an upward correction. The current price of 90.50 seems to be a solid support level which this pair has found difficult to breach. The 4-hour Stochastic (slow) is showing a fresh bullish cross, and the weekly chart's Momentum oscillator has flattened out from its previous downward direction. It seems as if an upward shift could take place soon and traders can take advantage by entering long positions early.
USD/CHF
The Stochastic (slow) indicator on the daily chart for this pair seems to be showing a recent bullish cross. After breaching the lower border of the daily chart's Bollinger Bands, this pair now appears to be undergoing its expected bullish correction. Going long with tight stops may not be a bad idea today.
I realize I have not discussed the robot so far. I will be getting more into depth a little further on . I will tell you I took off fap turbo 50 for a couple of days because I have been setting the Fap 49. Great reviews. Lets see what Happens. It is really important for you to learn to trade yourself first . If you can not trust yourself to trade how will you trust a program that you know nothing about to trade. Fap Turbo or any robot is not something you can just download and it will make you money . There are a lot of settings and a lot of tweaking you must do or you will loose money . Look at what happened to me , I must have fucked something up on the parameters and it was trading like mad and not profitable trades.
Carefully Reading the updates I supplied to you I just could not help making some trades:)
USD/JPY SELL @ 90.11
CHF/JPY SELL@ 81.155
EUR/JPY SELL @ 91.55
I will let you know when I close out the trades and what the profit will be or loss.
have a great day
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