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| Forex Update 30th July 2009 | |||||||
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Hi All, Its a 100 degrees in the shade here in the Canary Islands, Just sneaked inside to send you this update !
As I have explained ad infinitum August is the quietest and most difficult time of the year to trade forex. My best advice is to take a break and relax for a few weeks. However I have explained in recent blog posts that if you still wish to trade (especially lmt followers)look for confirmed break outs on the 4 hour charts. Had you followed last weeks detailed blog advice you could have made 350+ pips on just 2 trades, euro cad & cad. This weeks advice was to look for a triangle break out on the euro/$. I pointed out that there was limited upside potential on the pair at 1.4300. Price hit 1.4303 and bounced back down.
Aggressive traders who shorted here would have made up to 300 pips on this move. I showed you how to look for a confirmed break out of the support line with a 1st target of 1.4000 (price hit1.4006)! For an almost 200 pip gain. My head & shoulders tip on the euro/gbp from 2 weeks ago, is actually still valid and is currently 60 pips in profit from the break of the neck line. The moral of the story is that there is money to be made if you follow my advice, but only if you are ultra cautious. I am on holiday at the moment, more importantly so are most of the big company traders. My best advice is take a chill pill,relax and maybe read a few forex books if you want to use your time constructively. This is an ideal time for you to learn Remember that the most important thing in forex is NOT to lose money. FapturboEvolution. Do I recommend it? This far NO. I still have about 5 weeks to go with this, but I have to say that thus far I am totally unimpressed! I will explain my misgivings at a later date. I only tried it as it had a 60 day clickbank guaranteed refund (as does everything I buy or recommend). I have been asked by a few of you what I think about the"latest greatest robot",
IVY Bot. Do I recommend it ? Not Yet, I've only had it an hour! I have bought it today (again the 60 day guarantee clinched it for me). I have set it running on a demo account and I will simply leave it for a few weeks and see what happens.
There is a strong likelihood that the price will be increased on this in the next few days (standard internet marketers trick) If you would like to give it a try I would be grateful if you would do so through my link, it all helps to cover the blog cost. Click on the link;
My philosophy with forex products and particularly forex robots is that most of them are over hyped & fail to live up to their promises. HOWEVER if you do not try them you will never know.For instance with the LMT, even though I knew Dean Saunders I still had doubts that it would do what it said in the marketing. It has over achieved for me. It will struggle for the next few weeks due to the erratic trends, BUT I honestly believe this will make serious money once the holidays are over and the trends return. I have also just got my hands on another Dean Saunders e book "10 minute forex wealth builder." This is on special offer at the moment. It has 2 systems included. The 1st is a simple method for taking trades off daily charts & the 2nd is a simple swing trade method. This ties in with my intention to reduce time spent at the pc and only trade longer time frames (4 hour & daily). In truth they are not revolutionary, but as with all Deans products it is very detailed, simple & has clear entry & exit rules. Do I recommend it? Yes. For beginners/people new to forex it goes in to great detail about what forex is and how to trade it.
For experienced traders you only need to start at page 38 (it's a 78 page book). As I say its not revolutionary, but it is clear & concise and gives clear rules. If you would like to check it out here's the link: Dean Saunders 10 minute forex wealth builder
I will try & provide you with some further analysis at the weekend (wife/holiday permitting)!
In the meantime enjoy yourselves,
Regards, Marc | |||||||
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