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Forex Trading Tips: Go with the trend!

Trend is your key. Trade with the trend to maximize your chances to succeed. Trading against the trend won't "kill" a trader, but will definitely require more attention, nerves and sharp skills to rich trading goals.

EUR/USD current price 1.4927

The currency pair has been trading in range between 1.4800 and 1.5020. It looks like after consolidation it may rise up 1.5000-1.5020.

Retail Sales m/m for GBP to be released today:

The British retail sales have not changed in the past two months and the expectations this time is rise to 0.6% which if it happens would be positive for the GBP. The data will be released at 9:30 GMT.

EUR/USD looks in consolidation:

Current price of the pair 1.4887 and it looks like the price may rise up to 1.5000 in a couple of days after consolidation.

GBP/USD technical analysis:

This pair has extended it's positive movement towards resistance. It looks like waiting at the moment is the best option.

EUR/USD looks in uptrend position:

The currency pair is trading in between 1.4850-14870. The first resistance level is located at 1.4878 and the first support level is located at 1.4860. As we move towards the market closing hour we may see less activity of the currency pair.

Industrial Production to be released today:

The Industrial Production data will be released today and if it shows positive results it would push the EUR up to about 1.5040-1.5050.

EUR/USD may test resistance at 1.5000

If the currency pair break the support level of about 1.5000 then we may see another rise to levels of about 1.5090-1.5100

Unemployment Rate to be released today:

The forecast is 9.9%. The current price of EUR/USD 1.4893 and it looks like the currency pair may reach levels of about 1.4950-1.4980 in a few days.

Strong buy GBP/USD:

Current price GBP/USD 1.6598. The currency pair is in uptrend position. Expecting to reach the price of about 1.6630-1.6650 later on today.

Positive news for GBP:

The Services PMI data showed the highest activity since August 2007. Possible uptrend on a 4 hour chart could push the GBP later on today.

1.4900 possible for EUR/USD:

The current price is 1.4758 and it looks that on a 4 hour chart the uptrend may continue to a possible target of 1.4900 later on today. There's ADP Non-Farm Employment Change and the ISM Non-Manufacturing PMI data to be released today which could be negative towards to American currency and my push up the EUR.

Services PMI for GBP:

The service PMI data will be published on Wednesday at at 9:30 GMT. It is expected to have a positive affect over the British currency. The forecast is 55.4 and last time it the actual data was showed better results than expected.

Strong sell EUR/USD:

Current price 1.4716 and on a 4 hour chart it looks like another drop to about 1.4650 is possible later on today.

Position closed at 1.4655 (profit 61 pips)

ISM Manufacturing PMI positive for USD:

Manufacturing in the US rose very fast in October the data shown today. The result was above the expected and the american currency has pushed the EUR a bit downwards. Current price EUR/USD 1.4767 and I suppose the currency pair could go down to levels of about 1.4600 in a day or two.

Halifax HPI m/m may affect the GBP:

The last release of the Halifax HPI m/m data was on Oct 06 and it was better than the forecast which had a positive affect over the British currency. The forecast for tomorrow 02 November is 0.8%. The data is a leading indicator of the housing industry's health.

How To Predict Forex Prices:

Many people think that forex market prices could be predicted by some scientific theory but that is definitely one of the biggest trading myths. I think that a good trader would always find a better way to find out how the market would move. If the forex markets could be predicted by some specific theory than all traders will be rich and no-one will loose any money. It does not make a sense, does it?

I will recommend that the best way to trade forex markets is to use the economy calender and forex charts. The most important thing for a trader is to analyse the news, not just to read it.

Unemployment continued to rise in Europe:

The unemployment in Europe remains negative. The data was released today and it has been pushing the EUR low to levels of 1.4750-1.4770

It looks like the currency pair EUR/USD may drop down to levels of about 1.4600 during the next week.

EUR/USD 1.4850 is next resistance:

If the currency pair breaks above 1.4850 next target could be at about 1.4950

Unemployment Claims report negative for USD:

Unemployment Claims data dropped to 530K which was below the expectations and it pushed the EUR up with about 40 pips and the European currency is still in uptrend position. Resistance could be seen at 1.4800

Core Durable Goods Orders positive for USD:

The orders rose up to 0.9% which was more than the forecast 0.6%. The release had a positive impact for the American currency vs. EUR.

CB Consumer Confidence negative for EUR:

The price of EUR/USD dropped with about 30 pips right after the data was released. Current price of the currency pair 1.4799

German Consumer Confidence Falls:

It declined for the first time in seven months as workers worried about keeping their jobs. The statement had a negative affect over the EUR.

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