Dollar Remains Lower as Government Impasse Continues and Other Top Forex News

The U.S. dollar fell against most major currencies on Friday, as the government shutdown continued for a fourth day, with no sign of a breakthrough. There was no data released today due to the shutdown. The U.S. Labor Department was scheduled to report today, but said yesterday that Septembers report will not be released as normal and failed to set a new release date. Markets are also concerned how the U.S. political deadlock will impact negotiations......

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Top Trade Idea For October 4th, 2013 – EUR/AUD

EUR/AUD “Could Fluctuate” Are any other traders sick of analysts whose view is that a currency “could fluctuate”? When you read or hear “on the one hand…..but on the other hand” the response has to be “thanks Einstein”, because what the analyst is really saying is that they have no clue, or no cojones – or both. However, traders don’t need a directional view to trade where they recognise a good reward to risk set up. The EUR/AUD 4-hour chart is......

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The JPY had a very active Asian session and began to pull back hard in the UK session.  After it bounced at the previous day's Asian session low (Hint) an entry is found.  The stop loss was 14 pips and the idea was to get to the Asian session high for a retest.  As price moves up, we remove any risk from the trade and protect some profits.  This is critical to your trading success and peace of mind as a trader.  When price......

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An overall theme of USD weakness was evident throughout today's trading.  The EUR, GBP and CHF took off without us.  With the NZD having a much larger negative Trade Balance than expected, I was curious to see if I could find a reversal trade and ride it to the Asian session high or higher.The pair eventually set up - consistent with the USD weakness theme that prevailed.  An entry long is taken - allowing for a 17 pip stop loss and......

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A fairly light news session to begin our trading week.  The JPY moved down after an initial surge higher as the UK traders trapped breakout longs and stopped them out.  After a bearish reversal candle, and lower high, a short entry is taken.  The stop loss is 13 pips for a possible 74 pips to our Target 2.  This a great Reward to Risk ratio and stops of 15 pips or less are very attractive to us.Price moved down but stopped short......

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The AUD continues down retracing the post FOMC reaction.Once again as the UK session gets underway, there are no buyers above the Asian session high.  Price begins to move down and penetrates the Asian session low.  We wait for a retracement and find an entry with a Reward to Risk of greater than 3:1 to our Target 2.  There is no significant US economic news that we need to be concerned about.  Price makes its way down to our......

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After the FOMC announcement, the AUD moved up and today it moved back down.  It's good to be aware of the fundamentals, but it's more important to be able to read price, and exercise sound money management.  This involves limiting risk with small stop losses and ideally a Reward to Risk ratio of 2:1 or better - depending on the time of day.Looking at this particular setup, it was clear that you did not want to be a buyer above the Asian......

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