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What Is Commodity Currency Trading

Commodity currency trading is a small section of Foreign exchange trading that is rather specialized but can offer great potential to the trader who takes interest in certain commodities like especially oil. In the Forex markets commodity currencies are currencies of countries whose main exports are in raw materials. There are three major commodity currencies, the Canadian dollar CAD, the Australian dollar AUD and New Zealand dollar NZD. All of these have enough liquidity to make them interesting for Forex traders. As you might expect commodity currency values are often closely linked to commodity prices. In the case of Canada, world’s second largest exporter of oil, changes in price of oil will affect the value of the Canadian dollar.
Any of these currencies can be traded with other major currencies either the US Dollar for a major pair or another major currency for a cross pair. If you have an interest in oil as a commodity then you could apply this to USD/CAD pair with profitable results. So adding commodity price movements into the equation can certainly be profitable.

Economic Calendar — December 18th 2014

Dukascopy brings you the Economic Calendar for the December 18th in this video.
We have Swiss Trade Balance for November at 07:00 GMT as Trade surplus grew more than expected in October as Exports outpaced Imports. German IFO Business Climate follows at 09:00 GMT. The Index returned to growth in November following 7 months of decline. UK Retail Sales for November at 09:30 GMT. The closely watched US Jobless Claims will be available at 13:30 GMT. US Preliminary Services PMI for December is at 14:45 GMT. The Index has been decreasing for the past 5 months although it remains well above 50.0 mark indicating growth. We have Philadelphia Fed Manufacturing Index at 15:00 GMT. We have NBNZ Business Confidence at 00:00 GMT. The UK GFK Consumer Confidence for December is at 00:05 GMT. The Japanese All Industry Index for October is at 04:30 GMT.

GBP/USD — Daily Forecast Technical Analysis — December 18th 2014

Hantec Markets brings you the latest technical analysis on the GBP/USD pair for the December 18th in this video.
GBP/USD — Sterling has been flying around for the last few days. Yesterday’s price action was a result of Fed Meeting which pulled cable lower. However support came in subsequently and today Retail Sales data came out of UK in the last few minutes strongly beating expectations with cable spiking higher and its pushing once again within the range. Hence playing the range is the strategy to go for cable. Looking at the hourly chart as you can see it has been in this range for the last 5 weeks and the moving averages look neutral. The hourly RSI indicator indicates range trading. Now near term resistance comes at 1.5660 mark. If you are playing long I suggest you to be cautious as it could fall to the downside. The outlook remains negative on the daily chart. Above 1.5720 we could start to see the key intraday resistance.

EUR/USD — Daily Forecast Technical Analysis — December 18th 2014

In this video the Trader Guy looks at currency pair EUR/USD pair for the December 18th session.
EUR/USD — As you can see on the daily chart, Wednesday session was certainly a sell off in the EUR/USD as we broke below the bottom of the shooting star which ofcourse is a very negative sign. The market then heads down to the 1.2250 level. I am still very bearish of the Euro and I am looking for short term rallies to sell off. I am hoping at this point of time to look at the 1 hour chart, may be a bounce to start selling off again. I am hoping to see some sort of bounce from here. If we break down below 1.2250 level then at that point of time we should head down to 1.20 level. Until we get above this yellow box seen in the chart, above 1.30 level I have no interest in buying this pair. I think there is enough noise between here and there. Even if we somehow rally upto that box, more than likely sellers are going to step in. I am very bearish of the Euro and will be for the rest of the year.

Micro Forex Trading Accounts — Can You Take Them Seriously

It is possible to open a Micro Forex trading account with only a tiny sum of money these days. Micro lot size is 1000 so FXCM is offering 400:1 leverage to allow you to trade from a $25 account. This kind of leverage means very large risk and makes it very likely that trading systems will almost wipe your balance pretty soon. So if you do want to start trading in this situation you must ensure that the system you are using is one that does not tend to involve large losses. These very small accounts can be useful for certain purposes even for those who have more money available but want to start small. A situation you want to open a micro account is to test your system or learn a new system on the real money instead of using a demo account. There is certainly something to be said for that. Atleast you have some risk which diminishes the overconfidence the demo account can bring. But you must watch out for losing your confidence too. So when you are ready to start trading seriously it is vital to begin with the right level of funds and the right amount of confidence. Understand that everything you do from the very beginning will be forming habits that will become harder and harder to break. Setup good habits from the start with your micro Forex trading account and you have every chance of success

GBP/USD — Daily Forecast Technical Analysis — December 17th 2014

Hantec Markets brings you the latest technical analysis on the GBP/USD pair for the December 17th in this video.
GBP/USD — Cable has had a bit of a rebound yesterday not so significant yet, but has been the latest one in this long line of Forex pairs that has broken the dollar positive trend. We are still trading below the 1.5825 mark which is the key resistance on this chart. In terms of price action we are still trading in this sideways range. Looking at the hourly chart we have been trading sideways with in this trading band and you can use the hourly RSI to do range trading. It seems to be the case yesterday and the day before. We had positive UK Unemployment data out of UK again and that has given cable bit of support. The major focus today will be on the US Inflation and subsequently the Fed meeting. In that case I would still continue to play the range. We started findng resistance again at 1.5760 mark and any sort of rebound today we may get is seen as a chance to sell and I think we are pulling back towards 1.56 level and we had so much volatility in the Forex markets and ultimately dollar will regain strength once volatility in the markets starts to subside and I expect the dollar to strengthen again and that would start to pull cable lower. I think cable has probably missed out on the recovery phase and the 1.5825 level is going to remain intact as resistance. Rallies are seen as a chance to sell and selling within this range is seen as a decent strategy.

USD/JPY — Daily Forecast Technical Analysis — December 17th 2014

In this video the Trader Guy looks at currency pair EUR/USD pair for the December 17th session.
USD/JPY — As you can see on the daily chart we have a hammer candlestick fored at the 115.00 area that has been a floor in this market for sometime. On top of that we can draw a Fibonacci retracement 38.2% is the level where it stopped and formed a nice hammer. Hence a break above 117.75 or top of this hammer candle is seen as buy signal with target at 120.00 level, perhaps towards 121.80 level again. I think ultimately we go towards 125.00 level again. I simply have no interest in selling this pair anyway. US Dollar continues to strengthen in general with Bank of Japan continue to work against the value of the yen in order to support exports out of the country. With that being said its not until we break below 115.00 level and until 114.50 we have support and the 112.00 level is seen as a floor in the market which is also seen as a trend changing floor. A break on top of this hammer candlestick is seen as a buy signal and I would like to add to the existing long position.

EUR/USD — Daily Forecast Technical Analysis — December 17th 2014

In this video the Trader Guy looks at currency pair EUR/USD pair for the December 17th session.
EUR/USD — As you can see on the daily chart we broke above the 1.25 level but failed towards the end of the day. We really sold off once we got close to 1.26 level. And we ended up forming a shooting star candle. If we break the bottom of this shooting star I don’t see any reason why we should not go back to 1.2250 level again, There is a significant amount of resistance between 1.25 and 1.26 levels. That could push the pair lower and continue to favour the US dollar. I have this yellow box marked as a significant region of resistance between 1.28 and 1.30 levels. Above 1.30 level I will change my mind and start considering buying this pair. At the moment I like selling this pair over and over on signs of resistance candles. On break down the daily candle is seen as a selling opportunity. I like looking at the 1 hour and especially the 4 hour chart there is something going on at 1.2475 level and a breakdown below this level is also seen as a selling opportunity.

Why Is the Economic Calendar so Important to Traders

Prices move fast in the Forex market. Because the market never closes and also because the value of currencies could be more sensitive to Macroeconomic global trends, the Forex market can offer significant volatility for retail and institutional traders. Volatility increases when major data announcement is delivered. Non Farm Payroll or NFP is traditionally a big mover in the Forex market. Its published on first Friday of every month and lists jobs of the US economy. for the month prior. This can bring massive volatility to markets around the world. When NFP gets announced prices can move very fast and volatility can increase massively before we even know what is happening. This is why it is so important for Forex traders to stay in touch with economic calendar. Bookmark the page where you have economic calendar and come back every start of the day before you start trading so that you can know significant volatility can impact your trades.

Automatic Forex Trading System

If you have been online or watching TV ads you may have heard about an automatic Forex trading system. This can be a good solution for you if you are attracted to Forex currency trading because of the money that can be made. There are many profitable systems for Forex trading developed by successful traders. Infact most traders have their own system which is a little different from others. These days with advances in Internet they can automate their system and run 24 hours a day. The computer program that does this is called Automated trading system. While some traders keep their automated systems to themselves others are happy to share for a price. The market is constantly changing and some systems are better than others. Forex trading is risky and there is no guarantee that any sysem will work in future even if it worked in past. Its worth to spend few dollars on one that works. You may be concerned about the idea of trusting your investment funds to a computer program especially if you do not understand it too well. In most cases you have a guarantee period of one or two months where if it does not work for you, you can get a refund. Almost all brokers offer demo account these days, so you need to find if your system is compatible with the software platform that your broker offers.

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