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Jobs Report Expected to Show Hiring Growth
Strong data could push back investor expectations for when the Federal Reserve might start cutting interest rates.
Jobs Report Today: Economists Forecast U.S. Added 190,000 Jobs in May
The unemployment rate is seen holding at 3.9%
Last Updated:
June 7, 2024 at 5:26 AM EDT
In other words: trade that at your own risk
XAUUSD 4 HOUR CHART – CHINA STOPPED BUYING
As can be seen on this chart, XAUUSD tumbled afer news reports that China’s central bank didn’t buy any gold in May, ending a massive gold buying spree that had run for 18 months after the precious metal surged to a record high.
This leaves the market in a quandry after the breakout to the upside saw a quick retreat on the news.
For the risk to shift back to the downside and the 2314 bottom of the range, XAUUSD would need to stay below 2354.
XAUUSD 4 HOUR CHART – CHINA STOPPED BUYING
As can be seen on this chart, XAUUSD tumbled afer news reports that China’s central bank didn’t buy any gold in May, ending a massive gold buying spree that had run for 18 months after the precious metal surged to a record high.
This leaves the market in a quandry after the breakout to the upside saw a quick retreat on the news.
For the risk to shift back to the downside and the 2314 bottom of the range, XAUUSD would need to stay below 2354.
USDJPY 4 HOUR CHART – ON THE ROPES?
USDJPY following lower US yields and a generally weaker USD.
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This has USDJPY staying on the defensive as long as it trades below 156.49
This sets the stage for a key Friday where the reaction to the US jobs report will dictate whether sub-155 can be established for a more serious run to the downside.
NAS100 4 HOUR CHART -no reason to guess
As I have been noting there is noireason to guess at a top unless there is a reason to do so.
On this chart I pointed out a level that would need to be broken to signal a pause.
On the upside, the only resistance worth noting is the most recent set record high.
Gold up at 2377
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Biden says
Biden reveals if he will ever let Ukraine use American missiles to strike Moscow or the Kremlin and dodges question on whether US weapons have already been fired inside Russia
The full interview with Biden will air Thursday at 6:30 p.m. on ABC’s World News Tonight with David Muir program.
A component to watch – If JP Morgan holds selling interest at 192 stocks are going straight up for a near term duration and would be sound a reflection of market interest. Currently 196.90 and under pressure. It can get there in a day. Euro would at a minimum benefit in terms of selling being not overly robust. Some say there is more to trading Euro than your MACD and moving averages.
EURUSD DAILY CHART – 17 DAYS AND COUNTING
EURUSD has been trading with ony a few exceptions in a 1.08-1.09 range FOR 17 DAYS IN A ROW.
This pattern will not go on foreever and while this chart shows a risk for an eventual move higher, during this period trading the range has worked better than betting on breakouts.
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What is Risk Management in Trading – Forex Forum
For any trader, managing risk is essential to success. But what exactly is risk management? In this blog post, we’ll explore what risk management is and how it can help you become a successful trader.
We’ll also look at some common mistakes that traders make when it comes to managing their risks. After all, if you’re not managing risk appropriately, you’re just a gambler. So if you’re ready to learn more about risk management, read on!
What is Risk Management in Trading?
Risk management is the process of assessing, controlling, and managing risk within a trading portfolio. This involves defining trading goals and understanding potential losses that could occur as part of the trading process.
It also includes identifying potential risks, such as market volatility or sudden changes in the market, understanding how these risks can affect your profits, and taking steps to limit potential losses.
In general, risk management should be a priority for all traders. By properly managing your risks and using effective strategies, you can minimize potential losses and increase the chances of making successful trades.
Common Mistakes When Managing Risk in Trading
Unfortunately, many traders make mistakes when it comes to managing their risks. Here are some of the most common mistakes that traders make when it comes to risk management:
Not Setting a Trading Plan:
Many traders don’t have a detailed trading plan, which is a key component of risk management. Without a trading plan, traders are more likely to take risks that could have otherwise been avoided. It’s important to establish clear trading goals and a plan for how to reach those goals.
Not Understanding Risk:
Many traders fail to understand the risks associated with certain trades, which can lead to serious losses if they don’t take the time to research and understand the risks involved. It’s important to have a thorough understanding of the markets you’re trading in before taking any risks.
Not Taking Advantage of Stop Losses:
Stop losses are an essential component of risk management, as they help to limit potential losses in the event of a market downturn or sudden changes in the market. However, many traders don’t take advantage of stop losses and end up taking larger risks than necessary.
Over-Trading:
Over-trading is a common mistake made by many traders. This involves taking too many trades, which can lead to losses if the market turns against you. Look, all traders love the price action. It’s exciting to take a position and watch your P/L go up and down. But don’t become addicted to the price action for the sake of just having a position. It’s important to only take trades when the setup is right and avoid over trading.
Not Diversifying Risk:
Diversification is another important part of risk management. By diversifying your trades, you can spread out risk and limit potential losses if the market turns against you.
Why is Risk Management Important in Trading?
Risk management is a critical factor in success when trading in the markets. It involves understanding and controlling what could potentially impact your trades and actively analyzing scenarios that may occur.
Without proper risk management, traders are leaving themselves vulnerable to potential losses which could be catastrophic for their investments.
Good risk management also allows traders to effectively assess opportunities and make better decisions that take into account volatility or leading indicators of future market performance.
Simply put, risk management can provide peace of mind so traders can enjoy the highs of profitable investments while minimizing losses when markets start to dip.
What are Some Common Risk Management Strategies?
Common risk management strategies used by traders include setting stop-loss orders, limiting capital exposure, and diversifying investments to minimize volatility.
Another essential approach for traders is to set predetermined targets for both profits and losses to help stabilize your exposure. To further limit potential losses and maximize gains, traders should always be aware of economic news and other world events that might affect the market.
How to Implement Risk Management in your Trading Plan
Implementing effective risk management into your trading plan is incredibly important for successful and profitable trading. It can help you to control the amount of draws you take in any given trade, and it can also protect against large losses which could potentially wipe out your entire trading account.
A good risk management plan should include determining the amount of capital at risk on each trade, setting predetermined stop-losses to limit downside exposure, and having a strict, disciplined approach towards minimizing losses:
never increasing position size
never risking more than you are comfortable with, and always controlling potential risk-reward ratios.
Taking the time to set up a comprehensive yet flexible risk management plan will put you in a better position when it comes to positive returns in the long run.
Risk management is an important part of trading. It allows you to trade with less stress and more confidence. There are many different risk management strategies, so it is important to find one that fits your trading style.
Proper risk management can help you make money in the long run by preserving your capital and preventing you from making careless mistakes.
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