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EUR/USD made yet another fresh low within its recent medium-term downtrend at 1.2358 last week, almost reaching the 1.2330 low of Oct 28th, 2008.

The rate generally traded just above its lower Bollinger Band, and the consistent downward move again pushed the rate’s 14-day RSI into oversold territory at 27. Thus far, EUR/USD has shown little corrective activity since the 1.3093 reaction high of May 10th.

Support for EUR/USD shows at 1.2358, 1.2334, 1.2209, and the psychological 1.2000 level.
Resistance to the topside is seen at 1.2521, 1.2739 and 1.3093.

Overall, the medium-term outlook for EUR/USD remains distinctly bearish while the rate trades
below its 200-day Moving Average which is increasing its downwards slope and now comes in at
1.4153. Selling rallies is therefore preferred from this perspective.

On a short-term basis being short EUR/USD is certainly preferred in this apparent Fifth-wave
decline. Nevertheless, given the current oversold condition, traders should be cautious about
potential upside corrective activity back to within the 1.2591-1.3093 range of what looks to be
the fourth wave of one lesser degree.

Looks like another 2 wins today morning on our new EA for GBPUSD forex pair. It gained 46 pips and total profit is USD 138. Below is the screenshot from the MT4 results. We only used 0.30 mini lot for the 2 trades this morning.

Drop me an email if you are interested in our forex managed accounts on Fxprimus. We have a special offer for readers of this blog and we will throw in a free Virtual Private Server (VPS) to host the forex robots.

For more info on our FOREX MANAGED ACCOUNTS, please email to admin AT thesmsguide.com

GBPUSD and a lot of EUR/GBP forex pairs dropped like there was no tomorrow this week ending 7 May 2010. It was pretty crazy. GBPUSD has a range of 461 pips last Friday and if you sold that pair, you would have made around USD 4610 on standard lots (1.00).

I counted that there is a total of USD 601 gained on my investor’s forex managed accounts…Sounds good ? Yes. Pretty decent week I guess but it would have been more if the trades were longer. Nonetheless, my forex robots only scalp and don’t do long trades…

Drop me an email if you are interested in our forex managed accounts on Fxprimus. We have a special offer for readers of this blog and we will throw in a free Virtual Private Server (VPS) to host the forex robots.

For more info on our FOREX MANAGED ACCOUNTS, please email to admin AT thesmsguide.com

What is a Swap (Rollover) ?

Interest / Swap / Rollover refers to the interest traders may earn or be charged for holding open positions more than 1 day. Forex market calculates interest on a daily basis. At the end of each trading day at 5:00 pm New York timezone, traders will see the interest charged or interest income credited to their accounts To convert New York timezone to your local timezone please visit :
http://www.timeanddate.com/worldclock/timezone.html?n=179

When opening forex transactions, the actual value date is two days forward. A deal which is done on Monday is for Wednesday’s value. A deal done on Friday is for Tuesday’s value (Saturday and Sunday are not couted), and so on. Please note : On Wednesday the amount of swap is multiplied three times (tripled) to compensate weekend holidays which swap is not charged.

How to Calculate Swap:
Traders will earn positive swap if the currency bought has greater swap rate than borrowed one.

Example 1:
USD/JPY Pair. USD Swap Rate = 5.25% , JPY Swap Rate = 0.5%
Buy USD/JPY means a trader is buying USD by borrowing JPY. Since bought currency’s swap rate (USD) is greater than borrowed currency’s swap rate (JPY), the trader will earn interest income : 5.25% – 0.5% = 4.75% When a trader Sell USD/JPY (means borrowing USD to buy JPY), the trader will be charged by interest fee : -5.25% + 0.5% = -4.75%

Example 2:
EUR/USD Pair. EUR Swap Rate = 3.75%, USD Swap Rate = 5.25%
Buy EUR/USD means a trader is buying EUR by borrowing USD. Since bought currency’s swap rate (EUR) is smaller than borrowed currency’s swap rate (USD), the trader will be charged by interest fee : 3.75% – 5.25% = -1.5% When a trader Sell EUR/USD (means borrowing EUR to buy USD), the trader will earn interest income : -3.75% + 5.25% = 1.5%

Forex Broker usually provides a list of daily swap rates for every currency pairs available. Traders could find interest fee / earning based on Buy or Sell positions they will trade. (swap is usually in $ or pips value). If the swap value is quantified in pips, traders need to convert pip to dollar by calculating pip value of corresponding currency pair.

WOW…..I grabbed about 403 green pips this week from my forex trading. Most trades were on the GBPUSD as the SRS Trend Forex system recommends this forex pair on the 5TF and 15 min TF.

Some pips on my own fxprimus live accounts while some pips gained for some forex managed accounts that I handle. The excellent SRS Trend Forex system contributed to a lot of green pips and I hope the run continues.

Here’s a screenshot of my fxprimus MT4 look with the SRS Trend Forex system. I’ve added the ZPF and a EMA crossover indicator to make the SRS alerts clearer.

Forex Report :
266 pips + 79 pips + 58 pips = 403 pips this week ! That would mean if you traded 1 standard lot on this pips, you will earn USD 4030 in just one week!

Don’t forget to check out the excellent SRS Trend Forex system and the ongoing 50% credit promotion at FXprimus !

For more info on our FOREX MANAGED ACCOUNTS, please email to admin AT thesmsguide.com

Some live report screenshots of the pips that I got this week…

Vladimir Ribakov is a veteran Forex trader who already achieved his trading goals, enjoys the life he managed to provide for his family, and now looks to use his experience to help other traders achieve financial freedom.

He waited until the New Year to release his secret strategy and he puts his reputation and name that this is something that we haven’t seen until now.

Vladimir describes his strategy, the sRs Trend Rider, as a “Hybrid” strategy in the sense that it combines an accurate manual strategy he has been using for a long time, with additional trading tools that make it almost fully automatic.

Here is the 10% discount Coupon Code for sRs Trend Rider forex system: SRSLNC22 : see http://bit.ly/cc5Atk

The sRs Trend Rider is a Hybrid-Strategy and by this I mean that it is unlike any kind of manual or automated strategy you’ve ever seen!

The sRs Trend Rider components are:

The system is what Vladimir has been using for several years to extract impressive profits and support a life of high quality for his family. It is a highly accurate strategy that can be used all day and with almost all currency pairs.

Since Vladimir is a wizard when it comes to the Forex market he has been using this strategy manually without any additional tools. However, for us, he has perfected it and created 4 components to ease our use of his system.

Here is a short description of his 4 additional trading tools which come with the system:
A. The sRs Indicator – this is a simple to use but highly potent indicator developed by Vladimir. You don’t actually need to sit all day and watch this indicator, because it is automatically connected to the alert signal that you also get with the package.

B. Customized Template – a special template that eases and simplifies the use of the system. The template includes all the tools you need to quickly apply and master the system.

C. The sRs Money Management and Trade Management Robot – Vladimir uses this system together with his TWO-PHASE smart management system. Instead of relying on users to use it correctly and be negatively affected by emotions, he programmed his money management and trade management rules into a robot (Expert Advisor) to apply after you execute the trade according the system rules.

D. The sRs Alert tool – an alert tells you when to be prepared to enter a trade. This tool is very sophisticated and accurate and relies on Vladimir’s proprietary algorithm.

Here is the 10% discount Coupon Code for sRs Trend Rider forex system: SRSLNC22 : see http://bit.ly/cc5Atk

After adding in an EA for a superb trading signals provider, I managed to garner 218 pips profit as of 26th March 2010. The period actually starts from 16 March, so that’s about 21.8 pips average during that 10 days. Despite a big loss on the 17th, I’m sure I will be able to recover back the equity by the next 2 weeks by keeping risk to max 5% per trade. Best pairs for last week include Eurusd, Eurjpy and Gbpjpy.

If you are interested to see my investor account, please message me as I am now taking in forex money managed accounts. Email me at admin at thesmsguide DOT com

Meanwhile you only have 3 more days to enjoy the FXprimus 50% Bonus when you fund your live account by 31 March 2010. Don’t miss it out….

With so many bearish 1HR candles at piphut, maybe EURUSD is finally going to reverse down. There might also be a double top forming on the 1hr charts…

So I have also been sceptical of this new Forex Broker. There is plenty of scammers out there and when I found their legal certs from the Mauritius FSC, I was quite convinced. Now we need more people to come forward and tell us about their trading experience.

I emailed their support and this is the reply below

From : support@fxprimus.com

Dear….. ,

We are a Straight Thru Processing forex brokerage registered and regulated by the FSC and our operational and customer support office is in Europe & USA and registered office in Mauritius.

Let me share with you the benefits of working with FXPRIMUS:

1) We are a straight thru processing broker, which means we run NO dealing desk and we are NOT market makers. One of the main advantage of this is, we do not trade against the clients and do not book any trades in house as what other brokers in this space do. Our profits are made from client trade flow and we get a volume rebate from our counter party banks and or liquidity providers.

As you may have experienced before, when trading with many brokers out there in the market and since they are market makers and run dealing desks, in many cases when a client is in profit, they make it hard for clients to close positions and when it is a losing trade it is easy to close positions. This is because when a client makes money and if the broker is a market maker they lose money.
We at FXPRIMUS are proud to say that we do not practice such tactics. This is the reason all brokerages offer you different servers for DEMO accounts and different servers for LIVE accounts. This is so because DEMO accounts do not go thru their dealing desk, hence most clients make money in DEMO and lose money in LIVE accounts.

continue reading…

The euro dollar pair fell slightly after tow days of gains to record a low of 1.36331 and a high of 1.37124, having the union currency trading around 1.36502. Regarding the pound dollar pair, it is consolidating between a high of 1.51068 and a low of 1.50221, having the royal currency trading around 1.50327. Finally, the dollar fell slightly against the Japanese yen to record a low of 88.136 and a high of 88.629, having the pair trading around 88.424.

EUR/USD :The pair Euro against the dollar rose yesterday after it penetrated the resistance level at 1.36550, the pair completed the corrective movement as we expect , and we expect that the pair should be return to land again, these expectation requires closure of a candle one hour below the level of 1.36550. We must note the Economic data that will issue from Euro Zone about Minimum Bid Rate.

GBP/USD : Sterling against the U.S. dollar Succeeded to achieving the 61.8% Fibonacci at 1.51300 for the last decline, we expect today on a downward trend for a couple to first target level at 1.49600 then to the level 1.48800, these expectations requires closure candle four hours below the level of 1.50500. We must note the Economic data that will issue from United Kingdom about Official Bank Rate.

USD/JPY : We expect today for the pair U.S dollar against the Japanese Yen a bearish direction prevailing over an intraday basis; main targets start at 87.660 then 86.800. Chances of achieving this bearish direction will remain intact if the four-hour closing remains below 90.000.