Free money offers from eFOREX
To get free money offer from eFOREX, you must act quick because the offer will only available until 31 December 2009.
Here’s the complete offer:
Hurry, these offers end on December 31, 2009
Here at eFOREX, we are committed to helping our new clients make the most out of 2009! To help you maximize your new eFOREX trading account, we want to give you some of our money to help further your 2009 trading activities.
If you open a new forex trading account between now and close of trading on December 31, 2009, we will give you $25 USD* just for opening the account. That’s right, you can begin trading the forex with OUR MONEY.
The free money giveaway does not stop there. We will provide you with an account deposit bonus on your initial funding between now and close of trading on December 31, 2009. The following bonus amounts will be deposited into your account upon confirmation of your initial funding with eFOREX.**
Register for Act Trader account = Free $25
So you get total $50 for Welcome Deposit and you can start trading
Dollar Rally Ends
The US Dollar Index retreated below support at 76, warning of a test of 75. Failure of 75 would offer a target of 74*. Recovery above 76 is unlikely, but would indicate a test of 77.50. In the long term, the primary down-trend is likely to test the 2008 low of 71.50, while breakout above 77.50 would signal that the down-trend has ended.
US Dollar Index
* Target calculation: 75 – ( 76 – 75 ) = 74 Euro The euro respected its lower trend channel, indicating another primary advance with a target of $1.52. Reversal below $1.47 is unlikely, but would warn of a secondary correction.
Euro US Dollar
* Target calculation: 1.50 + ( 1.50 – 1.48 ) = 1.52 Pound Sterling The pound is ranging between $1.60 and $1.66, indicating active management by the two central banks. An ascending triangle, however, at the upper border indicates buying pressure. Breakout above $1.66 would offer a target of $1.74*. Reversal below $1.64 is less likely, but would signal a test of support at $1.60.
Pound Sterling
* Target calculation: 1.66 + ( 1.66 – 1.58 ) = 1.74
Japanese Yen
The dollar is testing support at ¥90. Respect of support indicates a rally to test the upper trend channel. Reversal below ¥90 would indicate a decline to the December 2008 low of ¥87.
Australian Dollar
The Aussie dollar found support between $0.89 and $0.90. Expect an advance with a target of $0.96*. Reversal below $0.89 is unlikely, but would warn of a secondary correction. Australian Dollar US Dollar
* Target calculation: 0.93 + ( 0.93 – 0.90 ) = 0.96
When The Market Goes Quiet
Many new traders come to the Futures markets with very high expectations of making lots of money on a daily basis. This is understandable based on the reputation of the Futures markets.
Futures are known to be like the Wild West with excitement, volatility, instant wealth and the truth is that there are many days when a trader’s account equity will not change much at all or just stay in a normal range of normal ups and downs. Traders who use a particular strategy consistently and adhere to very strict money management rules will find that these types of account equity doldrums are quite common.
New traders are known for coming into the market and using a multitude of strategies and have little if any money management skills. In essence, they are just gambling. This type of trading account will see equity spikes both on the positive and negative side on a very regular basis, not a very good way to run a business.
During these quiet times while you are patiently waiting for a setup based on your trading plan, there may be market rallies/declines, major news events or even the “talking heads” calling for a major trend change, but you as a disciplined trader will wait for your signal. As you wait, watching the markets fluctuate on a daily basis will make you feel like you are missing so many opportunities. It is during these times of sitting on your hands and waiting for your setup that the frustration runs high and the urge to just place a trade becomes stronger and stronger. This is known as a boredom trade and I can tell you, they will almost all turn into losing trades. This is the market’s way of pulling in the weak hands to commit their money and then the strong hands reverse the market quickly causing all the scared sheep to run for the exits. During these quiet times is when you must adhere to your trading plan and not make a trade just because you have not made any money lately. When you created your trading plan, it was based on a back-tested strategy and good money management.
Patience and confidence will come from knowing that if you wait for your setup, your percentages greatly increase for having a winning trade. Confidence in your trading plan leads to patience waiting for your setups.
Fed Pledges to Keep Rates Neat Zero for Extended Period
Nov. 4 (Bloomberg) — The Federal Reserve repeated it will keep interest rates near zero for “an extended period” and specified for the first time that policy will stay unchanged as long as inflation expectations are stable and unemployment fails to decline.
“Businesses are still cutting back on fixed investment and staffing, though at a slower pace,” the Federal Open Market Committee said in a statement today. “Household spending appears to be expanding, but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth and tight credit,” the FOMC said after meeting in Washington.
Chairman Ben S. Bernanke is trying to determine when the recovery is strong enough to withdraw the $1 trillion the Fed injected to avert a depression. The dollar declined as the Fed’s statement, which followed a report last week showing the economy expanded last quarter for the first time in more than a year, signaled growth alone won’t be enough to warrant tighter policy.
Officials kept their benchmark overnight lending rate at between zero and 0.25 percent, where it has been since December. The conditions they cited to keep it there are “low rates of resource utilization, subdued inflation trends, and stable inflation expectations.”
“What they’re saying is the economy is improving, but it’s still entirely dependent on stimulus,” said Chris Low, chief economist at FTN Financial in New York, who doesn’t expect an interest-rate increase until next September. Fed officials are signaling that “The test for when rates have to go up, or stimulus has to be removed, ought to be inflation.”
US Dollar Slides
The dollar slid as much as 1.2 percent, the biggest intraday decline since Sept. 8, before trading at $1.4876 per euro at 4:09 p.m. in New York, compared with $1.4724 yesterday
USD/JPY Swing Set Up
I’ve been watching the USD/JPY closely as the Dow and U.S. Dollar do battle because by watching which market the dollar-yen is moving with allows me to seek which is driving the market.
For those of you who are wondering: It’s still largely the psychology of the Dow that’s the driver which means the Dow is pushing the U.S. Dollar Index around. This is important to know because of the way economic data and event will be processed by traders and investors.
The swing set up is setting up as prices are once again nearing the resistance of the 34ema Wave low.
The support that prices are currently bouncing from was the Forecast from the “Last complete pattern” which was a Head and Shoulders. If prices can reach the 34ema low and trigger the swing short, keep an eye on the Forecast support once again which is at the major psychological level of 89.50.
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