Between 40-100 pips per Day

[njacobs]

Originally Posted by pipnailer

I'm giving up on joining the live lounge, since i've done all i can to download the conference room but just wont open on my system-its becoming really frustrasting.

I don't know what operating system you use, but have you called their support yet? I'm sure they can figure it out. Just a thought. Good luck!

[james]

Originally Posted by pipnailer

I'm giving up on joining the live lounge, since i've done all i can to download the conference room but just wont open on my system-its becoming really frustrasting.

Hi there pipnailer

If you wish to join the LIVE LOUNGE please email me and i will explain how to download the conefence.

Regards

James

[james]

Hi there James here

Markets are quietly in range today with dollar retreating some gains against Euro and Swissy. FOMC announcement was an anti-climax after strong dollar rally this week. Fed's statement was rather balanced and less hawkish than expected, noting risks on both growth and inflation. The Fed is believed to be firmly on hold in the near future and gave no hints on when the next move will be. Technically speaking, there is no sign of a top in dollar against Sterling and Aussie yet. However, intraday upside momentum is clearly diminishing against Euro and Swissy as traders are holding bets ahead of another big even risks, ECB announcement tomorrow.
One of the developments to note is yen's volatility. So far the Japanese yen has been extremely choppy in crosses. However, USD/JPY, EUR/JPY and GBP/JPY are all still holding above key near term support and the price actions are supporting the case that these pairs are just in consolidation. On the other hand, clear five wave pattern is now seen in AUD/JPY's decline from 104.43 high arguing that a rebound is due. Having said that, some weakness in the Japanese will likely be seen for the rest of the week with prospect of break out in particular in USD/JPY. Japanese leading indicator dropped less than expected by -1.7% in Jun.
Sterling continues to be pressured against dollar and in crosses. The National Institute of Economic Social Research (NIESR) forecasts that UK GDP growth will slow to slowest pace since 2005 at 0.1% in the three months to July. Nationwide consumer confidence in UK dropped further to 51 in Jul.


James

[james]

Hi there James here

Here are 2 £/$ Trades we did today in the live lounge for 90 pips


See below


James

[james]

Hi there James here

Can anyone tell me how to post a big picture in the main area rather than just at the bottom.

Many thanks

James

[oraqua]

for that you need webspace or a link where the picture is saved, but you cannot upload it like the normal way of attachments. if you have webspace then click on the button like described in the attachment and you can fill in a webadress this would work for this option.

regards

stefan

[james]

Originally Posted by oraqua

for that you need webspace or a link where the picture is saved, but you cannot upload it like the normal way of attachments. if you have webspace then click on the button like described in the attachment and you can fill in a webadress this would work for this option.

regards

stefan

Ok many thanks Will try it out

[james]

Hi there James here

What Do They Mean by Overbought and Oversold?

Many times in trading we here the terms overbought and oversold. We hear an analyst state that the EUR/USD is overbought and due for a correction or that the USD/CAD is oversold and due for a bounce. But how does one determine what is overbought and what is oversold and just what does that mean?
The terms are used to describe a market condition that is quantified by certain technical indicators. These indicators are called oscillators with two popular examples being the Stochastics and RSI. An oscillator is a commonly used momentum indicator that measures the current currency price compared to its historical price over a given time period. It looks to gauge the strength and momentum of a currency pair's move by measuring the degree by which a currency is overbought or oversold. The scale for the both indicators is 0 to 100. When Stochastics reaches a value of 80, the market is considered overbought and when Stochastics reaches a value of 20, the market is considered oversold. RSI uses the same scale of 0 to 100, but the value for overbought is 70, while the value for oversold is 30. The idea is when the market reaches either extreme, the chance for a reversal increases. However, a reversal is not imminent. Markets that are in a strong uptrend can remain overbought for long periods of time and markets that are in a strong downtrend can remain oversold for long periods of time.

This is why these oscillators have limited value in trending markets. However, when the market is in a downtrend and the oscillator moves up to overbought, there is a much better chance of a reversal. On the flip side, when the market is in an uptrend and the oscillator moves down to oversold, there is also a good chance of a reversal.
I use Slow Stochastics using values of 8,3,3. while the market is in an uptrend, the Stochastics will spend more time in an overbought condition and little time in the oversold condition. Also, when Stochastics moves down to an oversold condition, the market has a tendency to reverse. But the key here is that the market is in an uptrend. If the market was in a downtrend, the opposite would be true.


James

[pipnailer]

Originally Posted by james

Hi there James here

What Do They Mean by Overbought and Oversold?

Many times in trading we here the terms overbought and oversold. We hear an analyst state that the EUR/USD is overbought and due for a correction or that the USD/CAD is oversold and due for a bounce. But how does one determine what is overbought and what is oversold and just what does that mean?
The terms are used to describe a market condition that is quantified by certain technical indicators. These indicators are called oscillators with two popular examples being the Stochastics and RSI. An oscillator is a commonly used momentum indicator that measures the current currency price compared to its historical price over a given time period. It looks to gauge the strength and momentum of a currency pair's move by measuring the degree by which a currency is overbought or oversold. The scale for the both indicators is 0 to 100. When Stochastics reaches a value of 80, the market is considered overbought and when Stochastics reaches a value of 20, the market is considered oversold. RSI uses the same scale of 0 to 100, but the value for overbought is 70, while the value for oversold is 30. The idea is when the market reaches either extreme, the chance for a reversal increases. However, a reversal is not imminent. Markets that are in a strong uptrend can remain overbought for long periods of time and markets that are in a strong downtrend can remain oversold for long periods of time.

This is why these oscillators have limited value in trending markets. However, when the market is in a downtrend and the oscillator moves up to overbought, there is a much better chance of a reversal. On the flip side, when the market is in an uptrend and the oscillator moves down to oversold, there is also a good chance of a reversal.
I use Slow Stochastics using values of 8,3,3. while the market is in an uptrend, the Stochastics will spend more time in an overbought condition and little time in the oversold condition. Also, when Stochastics moves down to an oversold condition, the market has a tendency to reverse. But the key here is that the market is in an uptrend. If the market was in a downtrend, the opposite would be true.


James

Thanks for all your insight James. It's so painful that i cant join in the live lounge because i cant load the chat room on my system (was told that it usually gives a hard time to those on Vista operating system)

Considering getting a new system when i'm able to so i can join immediately.

[bhops]

Originally Posted by pipnailer

Thanks for all your insight James. It's so painful that i cant join in the live lounge because i cant load the chat room on my system (was told that it usually gives a hard time to those on Vista operating system)

Considering getting a new system when i'm able to so i can join immediately.

Hi pipnailer,

Sorry to read of your ongoing problems as I have followed this with a vista-ed interest.

Just wanted to confirm is that anybody in James' trading room that has Vista or has it just been particular problem with your computer?

I have Vista as well.

At the moment I'm trying to learn the basics of the system myself but am really looking forward to joinig the trading rooom to get James' insights into how to trade and the mental apsect of trading the system.

It would be a real blow to find out Vista would prohibit me from doing so.

If there is anyone that has manged to join the room with Vista I'd be keen to know.