Gold Continues to Climb

While all the major currencies continue to provide mix results, there is still one extremely strong in the forex  market – the bullish Gold. During last night gold reached over $1,163 an ounce, making another all time high. However, a recovery of the Dollar, if indeed takes place, has the potential to put an end to Gold’s uptrend.

Forex Highlights

USD – Is the Dollar Recovering?

EUR - Euro’s Bullishness Halts

JPY – Yen Strengthens on Positive Japanese Data

OIL – Oil’s Range Trading Continues; Tension in the Middle East Rises

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Gold Continues to Rise, Reaches $1,129 an Ounce!

The strongest trend in the market appears to be the bullishness of gold. Gold continues to break new records on a daily basis, and with a week packed with publications from the U.S economy entering, the main question is, can gold reach higher?

Forex Highlights

USD - Dollar Continues to Weaken Following Disappointing Data

EUR – Euro Sees Mixed Results against the Majors

JPY – Japan’s Interest Rate Announcement Expected this Week

OIL – Crude Oil Drops on Weak U.S. Energy Demand

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Custom Software with Java from Dukascopy Broker

Dukascopy broker annouced a new solution for JForex users. JForex API provides the possibility to develop custom software applications using Java programming language.

API client library can be linked to customer systems. It communicates directly with Dukascopy broker trade servers over secure and authenticated Internet sessions. It’s not necessary to run JForex platform at the same time, but the platform can be used to monitor in real-time any actions taken by a customer’s system. 

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FXCM Forex Broker – Trade the News LIVE

FXCM forex broker invites traders to trade with DailyFX analysts who will take questions and provide analysis before, during, and after the news event. Live coverage starts fifteen minutes before the release. Some notable news release topics include NFPs and the ECB rate decision.

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Dollar Down on All Fronts Except JPY Following Fed Statement

After suffering a mild setback following the release of yesterday’s Federal Funds Rate policy statement, the USD now seems poised for a come-back. At the opening of the US market today at 12:30 GMT, forex traders will catch a glimpse of US retail sales and unemployment claims which are both expected to show a continuation of growth in the United States helping the USD regain some of yesterday’s losses.

Forex Highlights

USD – Dollar Down on All Fronts Except JPY Following Fed Statement

EUR – The Sterling Remains under Downward Pressure

JPY – Yen Falls on Low Safe-Haven Demand

Crude Oil – Oil Prices Rebound above $70 a Barrel

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Trade with Stop and Limits with US-based Forex Brokers

Due to new Compliance Rule 2-43(b), starting from 31 July 2009, traders with US-based forex brokers will be able to use entry orders to place stops and limits. Entry orders help to minimize the losses and provide the ability to profit. 

 In order to use entry orders for stop-loss and limits: 

For Buy Positions

Placing an entry order to sell below the price where you got into the position protects you from additional losses. Placing an entry order to sell above the price where you got in locks in profits.

For example, if you have a BUY EUR/USD position at 1.3900, you could place:

a stop-loss using a sell entry order (Stop Entry, SE) at 1.3800

 

or

 

a limit using a sell entry order (Limit Entry, LE) at 1.4000.

For Sell Positions

Placing an entry order to buy above the price where you got in protects you from additional losses. Placing an entry order to buy below the price where you got in locks in profits.

For example, if you have a SELL EUR/USD position at 1.3900, you could place:

a stop-loss by using a buy entry order (Stop Entry, SE) at 1.4000

 

or

 

a limit using a buy entry order (Limit Entry, LE) at 1.3800.

The National Futures Association (NFA), our industry’s self regulatory organization in the United States, has informed all Forex Dealer Members, which includes FXCM forex broker , that it has adopted new Compliance Rule 2-43(b) regarding forex trading. Read Compliance Rule 2-43(b)

FXCM Broker Offers Account Transfer to FXCM UK Due to New Compliance Rule

The new Compliance Rules 2-43(b) states that forex traders will no longer have the ability to place stop-loss or limit orders. Forex traders will no longer be able to modify or close trades from the ‘Open Positions” window. Hence, any existing stop-loss and limit orders will be removed from FXCM broker accounts after July 31.

While FXCM acknowledges the NFA’s concern and obligation to protect clients, FXCM would like to extend an option to those who would like to continue using stop-loss and limit orders and understand the implications. Traders can transfer their accounts to Forex Capital Markets Ltd. (FXCM UK) and continue to place stop-loss and limit orders and maintain the ability to modify and close orders from the “Open Positions” Window.

Deadline to Complete Transfer Form: JULY 21, 2009

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FXCM Broker Offers New Risk Management Option

The new Compliance Rules 2-43(b) states that forex traders will no longer have the ability to place stop-loss or limit orders. Forex traders will no longer be able to modify or close trades from the ‘Open Positions” window. Hence, any existing stop-loss and limit orders will be removed from FXCM broker accounts after July 31.

 

In order to offer an alternative risk management to traders, FXCM has introduced a new feature called OCO (One Cancels the Other) entry orders, which will provide traders with the same functionality as stop and limit orders except that they are not linked to any position.

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Chrysler Sale Delay Weighs in on Dollar

After gathering some positive momentum at the end of last week from US employment data, the US Dollar now faces a new ordeal. As the US Supreme Court attempts to block the sale of Chrysler to Fiat, recently gained confidence in the US economy has begun to show signs of wear. Forex traders may see added volatility to a market that was forecast yesterday to be flat. News events such as this tend to push markets in a way which traders can greatly benefit. Today is a great day to trade the USD!

 

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Can German Ifo Data Reverse EUR Trends?

Forex Traders witnessed one of the first vital pieces of information from the Euro-Zone which actually put a dent in the plans of the EUR. The German Ifo Business Climate report failed to meet expectations and slightly lowered investor confidence in the 16-nation currency. As a result, forex  traders may indeed see a reversal in the making for the EUR/USD unless today’s news puts a halt to the correction. Sticking close to the calendar today and betting on news releases would be a wise move for the weary trader today as the movements of the forex market are not yet stabilized.

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