The strong rise in US yields was a chance for the US dollar to shine, but it largely failed to do so, merely backing up slightly over yesterday and into today as risk appetite staged a comeback and the slide in bonds and especially precious metals prices yielded to a bounce. Yesterday’s monster $38 billion 10-year treasury auction went off smoothly and is followed later today by a large 30-year auction.
Elsewhere, the rise in yields has proven more decisive for the Japanese yen, as USDJPY has now fully rejected the recent breakdown attempt (only placing it back in the range limbo higher and needing some heavy lifting before we can call this anything but a neutralization of downside threat). With the euro beating a path higher again this morning, this has EURJPY on a rocket launch trajectory and at its highest levels since early 2019, a move I find a bit mystifying. EURUSD for its part is launching a fresh bid at the cycle highs as we discuss in the chart comment below.
On the strong side, we find NOK leading the G-10 pack higher, followed by CAD, both of which are soaring despite only modest support from a bounce-back in oil prices (though many may see vaccine hopes feeding most quickly into oil prices on the assumption that a supply shock could await if demand normalizes more quickly than expected.)
In the trading business, you will need to study consistently. Sometimes, you must look for new trading strategies. Whereas sometimes, you may try to improve your errors in the trading plan. Either way, you need to spend a significant amount of time learning strategies and skills. Moreover, you must understand the market conditions too. With fundamental analysis, you must keep track of the price changes. Then when you will get an indication of a price change, technical analysis can be used to find appropriate entry spots for the trades. Aside from the market analysis, traders also do not have enough ideas about money management. So, consistent research on currency trading is necessary to develop your edge. Your Forex trading business may not provide big profit potential in the beginning but with an improved trading edge, you can manage it. And the most exciting thing is, profit potential will be consistent with an efficient trading strategy. This article is for motivating to the new Singaporean traders to spend time on appropriate research. With patience and concentration, any trader can develop an effective trading plan. So, focus on one is important to execute trades securely. After you have mastered a safe trading approach, increase the profit potential with an improved trading plan.
Improve the market analysis skills
To place any size trade, you need to understand the market condition. An effective process is to do the fundamental analysis first and then technical analysis. The fundamental influences help to identify the possible price trends. But you need to improve your skills to use valid news sources. If the information is not right and you are approaching a trade, it cannot manage a profit potential. So, rookie traders will need to time and research to improve the fundamental skills. Just focus on the news related to the price driving catalysts to predict the volatility. After the fundamental analysis, you also need to justify the market change with technical analysis skills. It is a calculative approach to justify the fundamental analysis. Moreover, you also get chances to position the trades properly. Using appropriate tools, you need to look for suitable retracement for the trades. The Fibonacci strategy is appropriate for this work. There are more important tools to be used for technical analysis. You need to learn about trend lines, pivot points, oscillators, indicators and chart patterns, etc. so, research and acquire knowledge on Forex market analysis.
Acquire knowledge about trading
There are more things needed for trading aside from the market analysis. If you just think of risk exposure, it will take months to develop a decent money management plan. Sometimes, rookie traders take a longer time than a month due to their negligence on risk exposure. To secure your trades from potential losses, it is important to manage the investment. You cannot trade with too big lots. According to the expert traders, a 2% risk per trade and a 1:10 leverage is enough to execute trades in Forex. After the money management, you need to focus on the profit targets. It must be set according to your trading method. If you choose 5R of profit while trading with scalping or day trading, majority of the trades will return potential losses. Big profit targets are for long term methods like the swing and the position trading process. If you do not research, our mind would not set the right profit target. So, you must spend a significant amount of time learning about currency trading.
Find appropriate entries and exits
With efficient market analysis, every trader must place the trades properly. It is another fact for a secured trading business aside from the money management. You need to scale the trades properly and find a solid trade setup. Without confirmation from the market analysis, you cannot place any trades. Your trading money will be unsecured if you place a random trade for a random signal. So, look for valid entry and exit points for the trades. Improve your skills with efficient market analysis strategies.
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How to Place your First Trades on SaxoTrader - YouTube
IMPROVE YOUR TRADING - How to profit from forex using #forexchartpatterns. Analyzing Chart Patterns to Improve Your Forex Trading. Most Commonly Used Forex C... How to Trade Forex - on Saxo Trader or BBY Trader http://www.TradingBook.net Oli Hille. An overview of how to open and use interactive charts in the SaxoTrader trading platform, modify chart settings and add technical indicators for trading Forex, stocks and other assets. John Hardy, head of FX strategy at Saxo Bank, examines a number of forex charts in a technical analysis of markets following last week’s Brexit vote by the United Kingdom. He examines trends and ... For more information about Master the Markets please visit our website: http://www.masterthemarkets.net