Thanks to FOTM

Make about 100 pips today from shorting cable as well as the FOTM announcement which saw the EURO plunged more than 60 over pips. It has definitely been a great trading day these 2 days. Will try to update more often.

Free Forex Ebooks Webbie of the Week

Before I sign off to enjoy the weekend, here's a free site which I chanced upon providing free lessons / etutorials to the new or seasoned trader. Not sure how legit it is, but it seems clear to access.

http://www.earnforex.com/forex-e-books/

Enjoy!!

Are FX Books really worth buying?

It depends. There are zillion of stuffs on the internet that teaches and refines Forex trading. Take a look at babypips or any other popular websites and chances are you are probably gona get great tips and charting tutorials for the absolute newbie. However, I have only bought a fx book once and most of the information in the book are probably found online too except for the author's reading of charts may differ from each other.

One sample is :

http://forexpdf.info/2011/01/what-is-foreign-exchange-market-who-are-its-participants-what-are-its-functions-pdf-forex/

Return to Pokerstars

I have stopped playing at pokerstars since last year after I bust my account on cash tables. I had a little success on SNG / Tournaments though and I'm back this year after a year's hiatus and constantly reminding myself to stay out of cash tables. I'm just seriously bad at it!! There's only $16 in my poker account now and I can only try and see if I'm able to lift it up(mission impossible). On a sidenote, I won't have much time to track the forex movements and shall leave it aside for the time being.

3rd in $3.50-Rebuy SNG 180 players

Took a break from Forex as the currencies were behaving like a rockabye baby and ended up on the final tournament table. Managed to get a 3rd placing prize money of USD$211.82( for 2.75 hours worth of effort)! I'm a little disappointed that I couldn't go further than 3rd though.


Continue reading to see the stats of my final hand which had me knock out.

Mirror Mirror on the Wall - EURUSD H&S

Saw something on the H4 chart that somewhats look like a mirror image of the PA / CS but this time on the sell side at 1.4323. Will be holding on to the shorts with tight SL at this point till the Employment and ISM Non-Manufacturing data are out which might prove my sentiments wrong. Till then.

Swiss Cuts Interest Rate

The swiss interest rate was cut at an unscheduled meeting and has caused the CHF to plunged with Euro/CHF taking almost 250 pips up. I closed my lot earlier than expected and would have probably made a neat and nice profit instead of a negative 30 pips. Tough luck.

Source : http://www.xe.com/news/2011/08/03/2070973.htm?utm_source=RSS&utm_medium=TL&utm_content=NOGEO&utm_campaign=News_RSS_Art1

I wanted to open a long at 1.0960 but didn't had the guts. I can only knock myself in the head because it rose by 100 over pips in mere minutes after I went off my desk to take some stuffs from the car. Must definitely been a good day for anyone trading against the Euro and Swiss francs.
On a fundamentals sidenote, the soaring Spanish and Italian bonds will yield weight on the Euro. We can also see that the Euro has been consistently following the direction of the gold and with intervention from the Swiss, will the bulls come for the EUR/USD again? Not quite, because the Swiss probably won't want to acquire any of the major currencies but GOLD! However, the retail news for EU will be out soon and I won't be trading on it. Will wait till U.S data tonight.

Thanks.