A New Domain Name, A New Challenge

Today is a record-breaking day for the US dollar simply for the wrong reason. In my opinion, it is usually a tough trading time when market is breaking new high or near record high. Price swing actions are beyond the rationality and the logic of technical analysis.






Scoutforex dot com
Today also marks the first day of a new domain name for this site. And I have to put this statement down after almost 3 years of trying. There is definitely no easy way and surefire success in the field of forex trading. But, I am going to work harder on trying. I think I have seen enough "actions" in the forex market as well as its constantly-changing market behaviour in relation to both technical and fundamental developments . My immediate next step will be adopting a fully-mechanical approach in dealing with the market. This includes finding or even developing for myself a suite of intelligent diagnostic tools and autopilot trading systems. And most importantly, I am up for the task.

If you are re looking for a little more information about me, go here.

'Jobs' Done by Forex Killer

Today is the job report day (non-farm payroll Nov 07) for both US and Canada. It is the most important economic event of the month.

Today's price action (i.e strength begets strength) has played right into the strength of my latest software companion.

First, let's look at the USD/CAD. Straightforwardly, the CA job report favoured the sell signal issued by the forex killer software with a 100-pip move.



For GBP/USD, it's slightly tricky as the US job report came out strong and immediately against the system's buy signal. However, the market was resilient and quickly bounced off from the low and it scored another 60 pips at the end.



Tony Juste at FXstreet explained today's extraordinary NFP reaction in his weblog:

... is a clear example of what momentum trading means. We should've expected a good USD behaviour today, and indeed the initial reaction pointed in that direction, but at this very moment, what we see is not more and not less than just a poor soul (USD) left at the mercy of his enemies.

So the dollar woes continue..but it was a job well done by the forex killer signal software.

Related posts:
How to Cope With Price Volatility and News Event
Trading the News via Forex Killer

Commodity guru Jim Rogers's Views on US Dollar

Watch video.

Some of the points being made: FED should raise interest rate, not otherwise. Bailout is wrong. Let people fail. Inflation will be the the problem. Dump US dollar and do not sell China. Shunt oil and gold for now. Own Asian currencies, and etc.

Dollar's a Loser

On Friday, 28 September 2007:-

1. USD index made a new all-time low @ 77.66



2. USD/CAD set a multi-year low @ 0.9914

3. EUR/USD set a new all-time high @ 1.4274

4. Spot gold price rallied to the highest since January 1980 @ 746.7