Dollar Bears Continue To Dominate the Currency Market.
A day away from the Independance Day of the world's second largest currency exchange, United States has proved once again to be bearish and dollar against major crosses. This week started with a slight bullishness in the market for the greenback due to the rumors speculation that the ISM Manufacturing Index in June will show economic growth trading the EUR/USD as low as 1.2762 earlier.
Along side with the ISM Manufacturing Index, the reports earlier were all USD bearish with Tankan Survey reported that Japan's largest companies plan to increase investment at the fastest pace in 16 years, strengthening the central bank's case for raising interest rates as soon as next week. However, the market ignored the data because the issue is not the interest rate but it's when and partially the Governor Of Japan Fukui's investment scandal is left unsettled. This has caused Yen to lose some ground to the greenback in the Asian and early London Session. For the Euro-zone, Italian PMI, German PMI and Eurozone PMI were all reported higher than consensus except France remains flat from the previous month. The reaction to this releases were kind of slow mainly because the attention is now turned to the US economy growth and how the Fed sees inflation. But these data will show the ECB that growth in European manufacturing accelerated in June, evidence of a strengthening economy as the European Central Bank signals it may step up the pace of interest- rate increases. Some future traders are forecasting the hike could be as early as next week. Finally for the US ISM Manufacturing index, fell to 53.8 in June from 54.5 the previous month. This has caused dollar to return whatever they've gained in the earlier sessions against the euro and pared an advance against the yen after an industry report showed U.S. manufacturing slowed in June. Overall review would still be bearish on USD and prices has breached 1.2800 for EUR/USD in the early NY sessions today.
For my economic analysis this week, I would expect overall Eurozone(EZ) data to be supportive starting from June as signs are showing from the previous months that the EZ economic is robust. USD will continue it's bearish sentiment and chances of it reversing is there IF Non-Farm Payroll is reported around 150'000 to show employment picked up speed indicating possible accomodation for higher interest rates. Personally, I wouldn't expect 150'000 as these weakness from the US economic is just starting to surface. I'm expecting a number of 55K-85K for the NFP this week. With the pretty free kick-off week for the month of July, I'm not expecting the dollar to have any significant recovery unless miracle happens.
I'm beginning to do a demo testing today with a new leverage and testing, purely on scalping the market and tight stop losses. I started with USD$200'000 demo money. I bought XAU/USD @ 620 & 619.30 with only 9% leverage in the early Asian Session. I also bought 2 NZD/USD trades, 1 EUR/USD trade and sold 1 USD/CHF trade. For NZD/USD and EUR/USD trades, I followed 9% leverage while seeing USD/CHF is pretty strong during the Asian Session, I decided to be a contrarian and Sold USD and bought Swiss Franc with maximum leverage which amount to 6'333'112 units equilavent to $517 per pip. Things didn't really start out well and I waited patiently for the prices to go over mainly because I strongly beleive that my economic analysis for USD is right. No way the sentiment is gonna change without any convincing reports from the US. Scalping the market for a minimum 10 pips for each trade, I did not took profit when I reached the price, instead I follow tight stop losses for every 10 pips advances to my direction. Securing my minimum profit. Doing this in from of the computers today MAX of 5 hours only. I made USD$23'100... Cool no? I'll be continue to report my profit and losses in my practice account due to that I will be responsible my for company's foreign investment in a few months time. And I would definately need to get used to the big numbers. I'll be seeking to make at least USD$9500 daily, amounting to USD$190K per month. I'll not withdraw any money for at least 3 months or at least reaching 1 million mark and I'm very confident to reach it in less than a year's time using $200K as a start up capital.
For my live accoumt, I'm still holding multiple trades of EUR/USD most of them shows positive numbers. My negs are slowly diminishing now as the EUR/USD increases significantly daily and I'm expecting it to breach 1.30 this time. Hopefully on this coming week everything will be smooth sailing and so would be my project investment. A turning point in my life where everything gets better.
Along side with the ISM Manufacturing Index, the reports earlier were all USD bearish with Tankan Survey reported that Japan's largest companies plan to increase investment at the fastest pace in 16 years, strengthening the central bank's case for raising interest rates as soon as next week. However, the market ignored the data because the issue is not the interest rate but it's when and partially the Governor Of Japan Fukui's investment scandal is left unsettled. This has caused Yen to lose some ground to the greenback in the Asian and early London Session. For the Euro-zone, Italian PMI, German PMI and Eurozone PMI were all reported higher than consensus except France remains flat from the previous month. The reaction to this releases were kind of slow mainly because the attention is now turned to the US economy growth and how the Fed sees inflation. But these data will show the ECB that growth in European manufacturing accelerated in June, evidence of a strengthening economy as the European Central Bank signals it may step up the pace of interest- rate increases. Some future traders are forecasting the hike could be as early as next week. Finally for the US ISM Manufacturing index, fell to 53.8 in June from 54.5 the previous month. This has caused dollar to return whatever they've gained in the earlier sessions against the euro and pared an advance against the yen after an industry report showed U.S. manufacturing slowed in June. Overall review would still be bearish on USD and prices has breached 1.2800 for EUR/USD in the early NY sessions today.
For my economic analysis this week, I would expect overall Eurozone(EZ) data to be supportive starting from June as signs are showing from the previous months that the EZ economic is robust. USD will continue it's bearish sentiment and chances of it reversing is there IF Non-Farm Payroll is reported around 150'000 to show employment picked up speed indicating possible accomodation for higher interest rates. Personally, I wouldn't expect 150'000 as these weakness from the US economic is just starting to surface. I'm expecting a number of 55K-85K for the NFP this week. With the pretty free kick-off week for the month of July, I'm not expecting the dollar to have any significant recovery unless miracle happens.
I'm beginning to do a demo testing today with a new leverage and testing, purely on scalping the market and tight stop losses. I started with USD$200'000 demo money. I bought XAU/USD @ 620 & 619.30 with only 9% leverage in the early Asian Session. I also bought 2 NZD/USD trades, 1 EUR/USD trade and sold 1 USD/CHF trade. For NZD/USD and EUR/USD trades, I followed 9% leverage while seeing USD/CHF is pretty strong during the Asian Session, I decided to be a contrarian and Sold USD and bought Swiss Franc with maximum leverage which amount to 6'333'112 units equilavent to $517 per pip. Things didn't really start out well and I waited patiently for the prices to go over mainly because I strongly beleive that my economic analysis for USD is right. No way the sentiment is gonna change without any convincing reports from the US. Scalping the market for a minimum 10 pips for each trade, I did not took profit when I reached the price, instead I follow tight stop losses for every 10 pips advances to my direction. Securing my minimum profit. Doing this in from of the computers today MAX of 5 hours only. I made USD$23'100... Cool no? I'll be continue to report my profit and losses in my practice account due to that I will be responsible my for company's foreign investment in a few months time. And I would definately need to get used to the big numbers. I'll be seeking to make at least USD$9500 daily, amounting to USD$190K per month. I'll not withdraw any money for at least 3 months or at least reaching 1 million mark and I'm very confident to reach it in less than a year's time using $200K as a start up capital.
For my live accoumt, I'm still holding multiple trades of EUR/USD most of them shows positive numbers. My negs are slowly diminishing now as the EUR/USD increases significantly daily and I'm expecting it to breach 1.30 this time. Hopefully on this coming week everything will be smooth sailing and so would be my project investment. A turning point in my life where everything gets better.
posted by 4xTrader at
1:54 PM
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