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Forex Blog
My Forex experience and some Forex related information that might be useful to other traders
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18 Trading Champions Share Their Keys to Top Trading Profits
New ebook was added to the trader’s library on my site today — it’s 18 Trading Champions Share Their Keys to Top Trading Profits by FWN (Financial World News). The book offers 18 success stories of the famous professional traders of the 20th century. The list of the eighteen includes such well known-traders as Tom DeMark, Cynthia Kase, Linda Bradford Raschke and Larry Williams. Each of the success stories is concluded with an advice to the beginning traders. The ebooks is rather small — only 20 pages of which only 18 contain the real text — so each of the «trading champions» receives only one page. You won’t find any specific strategies or a «holly grail»-worth advice in this book, but it will certainly make your entry into the world of Forex much easier.
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Forex Technical Analysis for 02/02—02/06 Week

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

Floor Pivot Points
Pair	3rd Sup	2nd Sup	1st Sup	Pivot	1st Res	2nd Res	3rd Res
EUR/USD	1.2042	1.2403	1.2607	1.2968	1.3172	1.3533	1.3737
GBP/USD	1.2882	1.3214	1.3877	1.4209	1.4872	1.5204	1.5867
USD/JPY	86.03	87.14	88.52	89.63	91.01	92.12	93.50
EUR/JPY	106.98	110.35	112.79	116.16	118.60	121.97	124.41

Woodie’s Pivot Points
Pair	2nd Sup	1st Sup	Pivot	1st Res	2nd Res
EUR/USD	1.2364	1.2530	1.2929	1.3095	1.3494
GBP/USD	1.3214	1.3877	1.4209	1.4872	1.5204
USD/JPY	87.14	88.52	89.63	91.01	92.12
EUR/JPY	110.35	112.79	116.16	118.60	121.97

Camarilla Pivot Points
Pair	4th Sup	3rd Sup	2nd Sup	1st Sup	1st Res	2nd Res	3rd Res	4th Res
EUR/USD	1.2501	1.2657	1.2708	1.2760	1.2864	1.2916	1.2967	1.3123
GBP/USD	1.3992	1.4265	1.4357	1.4448	1.4630	1.4721	1.4813	1.5086
USD/JPY	88.53	89.22	89.44	89.67	90.13	90.36	90.58	91.27
EUR/JPY	112.02	113.62	114.15	114.69	115.75	116.29	116.82	118.42

Fibonacci Retracement Levels
Pairs	EUR/USD	GBP/USD	USD/JPY	EUR/JPY
100.0%	1.3328	1.4542	90.74	119.54
61.8%	1.3112	1.4162	89.79	117.32
50.0%	1.3046	1.4045	89.50	116.64
38.2%	1.2979	1.3927	89.20	115.95
23.6%	1.2896	1.3782	88.84	115.10
0.0%	1.2763	1.3547	88.25	113.73

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Dollar Continues to Gain as GDP Falls in 4th Quarter
EUR/USD continued to fall today for the fourth straight day as the advance GDP report for the fourth quarter showed a considerable decline of the economic output in U.S. The currency pair is currently trading near 1.2795.

GDP (advance) in the Q4 of 2008 decreased at an annual rate of 3.8%. The decline followed 0.5% contraction in the third quarter, but was significantly below the estimated 5.4% drop.

Chicago PMI declined from 35.1 to 33.3 in January, while a drop only to 34.9 was expected by the market participants.

Michigan Sentiment Index rose above the previous month’s value of 60.1 (which was revised down from 61.9) in January and was reported at 61.2. The average forecast for this index was at 61.9 for January.
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EUR/USD Falls Steadily as Economic Conditions Worsen in U.S.
EUR/USD posted a rather deep decline today after showing some weak drops during the previous two days. The U. S. macroeconomic reports from the employment, industrial and housing sectors were all negative today. EUR/USD is now trading near 1.2976 after opening at 1.3150.

Durable goods orders decreased by 2.6%, while the consensus forecast for the decline was at 2%. More than that, the last month decline was revised more than twice from 1.5% to 3.7%.

Initial jobless claims grew from 585k (revised down from 589k) to 588k last week. The market participants expected them to decline to about 575k.

The new home sales declined to the annual rate of 331k in U.S. in December. They fell from 388k reported for November (revised down from 407k) and are below the 400k estimate.
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EUR/USD Tumbles after FOMC Meeting
EUR/USD showed some really promising growth earlier today. The optimistic mood at the financial markets was based on the FOMC meeting’s expectations and the expectations that the «bad bank» plan will be approved soon. The Federal Reserve meeting showed that the committee is still sees the U.S. economic conditions as deteriorating. EUR/USD is currently down to 1.3125 — down from 1.3225 level. where it traded right before the FOMC statement release.

U.S. commercial crude oil inventories advanced by 6.2 million barrels last week. Considering 1.2 million barrels growth during the previous week, the oil inventories now show that the supply is significantly greater than the demand for this energy resource.

Federal Open Market Committee at its scheduled meeting, which ended today, decided to leave the interest rate unchanged in the range between 0% and 0.25%. The released statement says that the economy declined further since their last meeting in December and that they will need to expand the purchases of the troubled assets and the long-term Treasury securities as well:

The Federal Open Market Committee decided today to keep its target range for the federal funds rate at 0 to 1/4 percent. The Committee continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for some time.
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Forex Technical Analysis for 01/26—01/30 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	1.2075	1.2420	1.2696	1.3041	1.3317	1.3662	1.3938
GBP/USD	1.2447	1.2975	1.3387	1.3915	1.4327	1.4855	1.5267
USD/JPY	83.08	85.10	86.92	88.94	90.76	92.78	94.60
EUR/JPY	117.35	119.72	117.40	119.77	117.45	119.82	117.50

Woodie’s Pivot Points
Pair	2nd Sup	1st Sup	Pivot	1st Res	2nd Res
EUR/USD	1.2403	1.2663	1.3024	1.3284	1.3645
GBP/USD	1.2975	1.3387	1.3915	1.4327	1.4855
USD/JPY	85.10	86.92	88.94	90.76	92.78
EUR/JPY	119.72	117.40	119.77	117.45	119.82

Camarilla Pivot Points
Pair	4th Sup	3rd Sup	2nd Sup	1st Sup	1st Res	2nd Res	3rd Res	4th Res
EUR/USD	1.2631	1.2802	1.2859	1.2916	1.3030	1.3087	1.3144	1.3315
GBP/USD	1.3282	1.3541	1.3627	1.3713	1.3885	1.3971	1.4058	1.4316
USD/JPY	86.63	87.68	88.04	88.39	89.09	89.44	89.80	90.85
EUR/JPY	115.04	115.06	115.06	115.07	115.07	115.08	115.08	115.10

Tom DeMark’s Pivot Points
Pair	EUR/USD	GBP/USD	USD/JPY	EUR/JPY
Resistance	1.3490	1.4591	91.77	118.64
Support	1.2869	1.3651	87.93	118.59

Fibonacci Retracement Levels
Pairs	EUR/USD	GBP/USD	USD/JPY	EUR/JPY
100.0%	1.3385	1.4443	90.96	122.15
61.8%	1.3148	1.4084	89.49	122.13
50.0%	1.3075	1.3973	89.04	122.13
38.2%	1.3001	1.3862	88.59	122.12
23.6%	1.2911	1.3725	88.03	122.11
0.0%	1.2764	1.3503	87.12	122.10