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Sunday, February 03, 2008

Carnival of Forex Trading — February 3, 2008

Welcome to the February 3, 2008 edition of Carnival of Forex Trading.

Nate presents Scalping: Don't Lose Your Head posted at Legion Forex, saying, "Become a legionnaire!"

Raymond presents Invest In Gold As A Hedge Against Inflation, Recession, and The Weakening Dollar posted at Money Blue Book.

Jed Norwood presents Having Profitable Losses posted at Forex Strategy Secrets, saying, "Forex trading is a business that carries risk but that doesn't mean risk has to be a factor that scares you away. simply learn how to manage your risk and learn from mistakes." Another author from this site — ioventuresinc.com — presents How Much Should You Trade?, saying, "This post is just one of the tips and tricks offered to Forex Traders. Learn the ins and outs of Forex trading"

James D. Brausch presents TMI (Too Much Information) posted at Internet Business Blog, saying, "To succeed with trading (or any financial goal), you have to stop endlessly reading books, create a basic plan, and ACT."

Sagar presents 10 Reasons to Be Critical of the Federal Reserve posted at Currency Trading.net.

Vahid Chaychi presents How To Use Fibonacci Numbers in Forex and Stock Trading posted at Weboma.com, saying, "Fibonacci levels can act as strong support/resistance. We have to consider them in our trading strategies." The same author also suggests reading The Language of Japanese CandleSticks — The Only Real Time Indicators, saying — "Candlesticks are the best indicators of the market psychology. We have to learn their language."

That concludes this Carnival of Forex Trading edition. This month I've got more interesting articles than usually. So you can even chose from something. I hope that it would as interesting for you as it was for me.

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Saturday, February 02, 2008

Forex Technical Analysis for 02/04-02/08 Week

EUR/USD trend: sell.
GBP/USD trend: sell.
USD/JPY trend: sell.
EUR/JPY trend: sell.

Floor Pivot Points:
Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
EUR/USD 1.4390 1.4526 1.4662 1.4798 1.4934 1.5070 1.5206
GBP/USD 1.9230 1.9438 1.9543 1.9751 1.9856 2.0064 2.0169
USD/JPY 103.92 104.82 105.67 106.57 107.42 108.32 109.17
EUR/JPY 151.70 153.63 155.63 157.56 159.56 161.49 163.49

Woodie's Pivot Points:
Pair 2nd Sup 1st Sup Pivot 1st Res 2nd Res
EUR/USD 1.4526 1.4663 1.4798 1.4935 1.5070
GBP/USD 1.9438 1.9543 1.9751 1.9856 2.0064
USD/JPY 104.82 105.67 106.57 107.42 108.32
EUR/JPY 153.63 155.63 157.56 159.56 161.49

Camarilla Pivot Points:
Pair 4th Sup 3rd Sup 2nd Sup 1st Sup 1st Res 2nd Res 3rd Res 4th Res
EUR/USD 1.4649 1.4724 1.4749 1.4774 1.4824 1.4849 1.4874 1.4949
GBP/USD 1.9477 1.9563 1.9592 1.9620 1.9678 1.9706 1.9735 1.9821
USD/JPY 105.57 106.05 106.21 106.37 106.69 106.85 107.01 107.49
EUR/JPY 155.48 156.56 156.92 157.28 158.00 158.36 158.72 159.80

Tom DeMark's Pivot Points:
Pair: EUR/USD GBP/USD USD/JPY EUR/JPY
Resistance: 1.4866 1.9804 107.87 158.56
Support: 1.4594 1.9490 106.12 154.63

Fibonacci Retracement Levels:
Pairs EUR/USD GBP/USD USD/JPY EUR/JPY
100.0% 1.4933 1.9958 107.46 159.48
61.8% 1.4829 1.9838 106.79 157.98
50.0% 1.4797 1.9802 106.59 157.51
38.2% 1.4765 1.9765 106.38 157.05
23.6% 1.4725 1.9719 106.12 156.48
0.0% 1.4661 1.9645 105.71 155.55

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Friday, February 01, 2008

Falling Nonfarm Payrolls Fail to Support EUR/USD

Nonfarm payrolls is one of the most important indicators of the U.S. economy’s health. Market analysts expected it to grow up in January by 50,000. But in reality it didn’t grow at all, instead it dropped by 17,000. At first, this fueled dollar bears’ activity and drove EUR/USD up close to the historical borders, but then, after release of some other important indicators, it went down to about 1.4800.

The part of the employment report was the U.S. unemployment rate in January — it fell down from 5.0% to 4.9%.

Construction spendings in December fell down by 1.1%, faster than the analysts expected (0.5% drop).

Non-manufacturing ISM report on business activity in January resulted in PMI at 50.7%, showing an increase from the last month’s 48.4% and that it’s significantly better than the forecasted 47.5%.

Index of Consumer Confidence, reported by Reuters and University of Michigan, fell to 78.4 in January from 80.5 in December. Expected value for this indicator was 79.0.

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