With the recent departure of Moderator/David from the website. He is unlikely to be coming back anytime soon. It is important to keep the community up to date.
People have asked for VeriteFX to stay, so we will not be taking it off-line. Obviously with Mod gone we will lose the excellent in-depth daily market commentary and key level updates. Its pointless me even trying to replicate that analysis, its not an area i am admittedly not particularly strong in. However, I am happy to announce that I will once again be sending out live trade calls. Most of my calls will be on the Yen pairs as before. I won't rule out calls on other pairs like EURUSD and GPBUSD should any pertinent patterns present themselves.
I (fxr) have created some trading tools inspired by how Mod see's the market, these tools are capable of producing reliable high probability trade calls/scenarios. Effective immediately we will reinstate the live trade calls using analysis from these tools but with respect to current news flow and underlying fundamentals. These trade calls will be announced live in the chat and SMS/email when the high probability scenarios present themselves. In the light of the recent changes we have cleared the SMS/Trade call database, so if you wish to receive the new trade calls, please sign up again. If you need help signing up, contact one of the mod's in the chat, or send us an e-mail.
Don't be expecting a glut of calls, I am happy to wait for these high probability scenarios. These scenarios have dried up a little in the past few weeks during the lower summer volumes. As regards stops and drawdown, I dont use stops but I do take ocassional losses. I feel much more comfortable holding short dollar and short yen positions throughout whatever drawdown is thrown at me, I am convinced, barring some kind of systemic shock these markets are ultimately headed higher. I will therefore, be quicker to take losses on long dollar and long yen positions.
I use around 0.5% entries and i may stack upto 3 trades on any high probability scenario. Please ensure you have solid money management rules and that before taking any calls, they agree with your own analysis. You take them at your own risk. I tend to trade from just before London/Europe open, all the way through to early Asia.
In time, i may consider opening up some of my price tracking and statistical analysis tools for members of the site to look at. The site also needs a little work, a redesign and a rewrite. I do get quite busy so please be patient while I work upto looking at these issues.
At VeriteFX, we remain committed to providing an upbeat, friendly and knowledgable forex trading communitity and we thank all those who have remained with us, and welcome any new members. We will continue to keep everyone updated on the future of the site.
X from the chat and long standing member has wrote his thoughts on EURUSD fundamentals for the following week. Thanks to him for that and I may include more member contributions as we go forward:
"
*EUR/USD Fundamentals for the forthcoming week:*
This could be another crazy week. It's the first trade week of the month, we have a Euro Rate Decision in conjunction with Trichets' press conference shortly after on Thursday and Non-Farm Payrolls out on Friday morning. We need to keep these events in mind as they draw closer as we will most likely see increased volatility and they can set the tone for the few weeks that follow. Although those are the big market moving events, we do still get possible market movers earlier in the week.
Monday 0200 Est. German Retail SalesMonday 1000 Est. ISM Manufacturing PMI
Tuesday 1000 Est. U.S. Pending Home sales
Wednesday 0500 Est. Eur. Retail sales
Wednesday 0815 Est. ADP Non-Farm
Wednesday 1000 Est. ISM Non. Manufacturing PMI
Wednesday 1030 Est. Crude oil Inv.
Thursday 0600 Est. German Factory Orders
Thursday 0745 Est. Euro Min. Bid Rate
Thursday 0830 Est. ECB Press Conference
Friday 0600 Est. German Industrial Production
Friday 0830 Est. Non-Farm Employment Change
This week, as usual, I will be monitoring how the equity, commodity and bond markets are reacting to the list of fundamental events above, since we all know these correlated markets tend to influence the forex market greatly.As far as trading during these events is concerned, I will most likely try to be flat heading into the release of any of major news events because I really need to observe how the correlated markets react to the data, especially because other markets are in peculiar spots.
See, I find coincidence in any market hard to believe. What I mean is this, how is it that on the most anticipated week of the typical month we are lingering at such key levels? The S&P is nearing the psychological 1000 level, Gold is trying to sustain its break over $950, moving its way to $980 then $1000, and Crude, as I write this, is trying to sustain back over $70.
As the week progresses, the data released will cause these markets to either break through these levels or come back down, most likely bringing the Euro with it. These are the tones I will be looking at and thinking about as I prepare to enter the market.
X. "
I can be reached at fxr@veritefx.com or the chat if you have any questions.
Thanks.
- C.
fxr and x, thank you for the updates I look forward to working with you and this community. Let me know if there is anything I can do to help.
fxstir
I'm sure we'll all miss Mod's comments but it's also important to have a group of dedicated people with 20+ pairs of eyes monitoring significant events in the forex market and making others aware of anything that could make a difference in trading the currency pairs normally traded by veritefx traders. Good luck to ya Mod and hope you don't become a stranger.
FXR,
Thanks for the update.
Yes, let´s keep our community working together!
Fribeiro
I'm happy to see this community is going to continue, it has been a great help to me through out all of its incarnations over the years and has made me a better trader. I hope it has had the same effect on others as well. I see this community as an island of safety in an ocean surrounded by sharks.
I'm sure you'll continue to do well! FXR, you've been a rock all thru the whole "FX....." evolution so I know you have the experience & fortitude to go on. Hope everyone continues to make a little money here & there & continue to become better traders...... Can't wait to see what happens next. Good Luck!!!!
I hope Mod. and his family are well. He is a great asset to the community. Thanks FXR for keeping this site open. I have learn so much from this site. Can you please sign me up for the trade calls when you do start them. I tried to sign up on the web site but it doesn't work. Thanks and God Bless.