February 5, 2013
AU Employment Change
Australia Employment Change is similar to U.S. NFP (Nonfarm Payroll) and Canada Employment Change, this is an economic indicator for the Employment Changes in Australia, here´s the forecast :
7.30 pm ( NY Time ) Au Employment Change
Forecast 6,0k Previous -5.5k
AU Unemployment Rate Forecast 5,5%
Previous 5,4%
DEVIATION : 25k ( BUY AUD +31K SELL AUD -19K
DEFINITION “Measures the change in number of employed people during the previous month. A rising trend has a positive effect on the nation´s currency. Job creation is an important indicator of economic health because consumer spending, which is highly correlated with labor conditions, makes up a large portion of GDP.
The deviation that we are looking for is at least of 25K. Historically a 25K~30K of difference has produced about 40~50 pips of movement in the direction of the difference about 75% of the time. Expect to see the effect of this news to last minimum 45 minutes to 2 hours; typical news effect should last under 2 hours. One other important news to pay attention to is the Unemployment Rate, which is expected to be tick up at 5.5%. If we don´t get a conflict with the Employment Change, then we will proceed with the trading plan.
We´ll look to trade this using after news retracement trading method, we´ll wait for the market to retrace and stay out of the market during the release time. If we get a +25K of release, our bias will be to BUY AUD against other currencies; if we get a -25K of release, our bias will be to SELL AUD against stronger currencies.
Recommended Pairs : AUDUSD, AUDCAD
AUD/USD - Australian dollar / US Dollar
Resistances : Weekly 1.0415 ; Daily 1.036 ; Hourly 1.032
Supports : Weekly 1.02; Daily 1.023 ; Hourly 1.0295
BOOKS
Forex Essentials in 15 Trades: The Global-View.com
Guide to Successful Currency Trading - John M. Bland -
EUR 42,36
As a veteran currency trader for institutional clients, interbank dealing and proprietary trading, I find that the Forex Essential in 15 trades is an honest attempt to show how one can approach currency trading. The title itself shows that there is no one `correct method' in successfully trading currencies. Each person has to find what type of trading behavior best suits him or her. The message of the book is that there is no one-way to approach the market.
The book is filled with basic information about the currency market but the real insight is seeing the personality inside most of the 15 trades exemplified in the book. I found that Trade #2 regarding stop-loss orders shows the complexity and frustration of individual trades is just plain honest and to the point. Chapter 8's title of the "King Kong Syndrome" can describe the atmosphere on any interbank desk or hedge fund when one feels like the can always beat the market only to be set up for a big loss. I wish the book explored in more details the personalities behind the trades.
What the book fails to do is really promote the authors website in its proper context. I have been a global-view.com contributor since the site was created in the mid-1990s. Chapter 23 with Forex lessons from Shanghai BC is the typical posting and insight that one can retrieve from the GVI community. The site has some of the sharpest trading minds in the business and again like the title suggests, there is no one `correct' approach towards the market. If buying the book brings one into GVI, then I believe it is the first step towards understanding oneself in trading/managing money.
Forex Essentials in 15 Trades: The Global-View.com
Guide to Successful Currency Trading - John M. Bland -
EUR 42,36
As a veteran currency trader for institutional clients, interbank dealing and proprietary trading, I find that the Forex Essential in 15 trades is an honest attempt to show how one can approach currency trading. The title itself shows that there is no one `correct method' in successfully trading currencies. Each person has to find what type of trading behavior best suits him or her. The message of the book is that there is no one-way to approach the market.
The book is filled with basic information about the currency market but the real insight is seeing the personality inside most of the 15 trades exemplified in the book. I found that Trade #2 regarding stop-loss orders shows the complexity and frustration of individual trades is just plain honest and to the point. Chapter 8's title of the "King Kong Syndrome" can describe the atmosphere on any interbank desk or hedge fund when one feels like the can always beat the market only to be set up for a big loss. I wish the book explored in more details the personalities behind the trades.
What the book fails to do is really promote the authors website in its proper context. I have been a global-view.com contributor since the site was created in the mid-1990s. Chapter 23 with Forex lessons from Shanghai BC is the typical posting and insight that one can retrieve from the GVI community. The site has some of the sharpest trading minds in the business and again like the title suggests, there is no one `correct' approach towards the market. If buying the book brings one into GVI, then I believe it is the first step towards understanding oneself in trading/managing money.
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