* Spanish bond auction, Bernanke's testimony in focus
* Euro hovers near two-week highs, Aussie not far off parity
* Australian jobs data in focus
By Ian Chua
SYDNEY, June 7 (Reuters) - The euro hovered near two-week highs against the greenback early in Asia on Thursday, while the Australian dollar rose towards parity as hopes grew that Europe was moving closer to helping rescue Spain's stricken banks.
Speculation of more stimulus from the U.S. central bank also helped bolster risk appetite. A top Fed official said a softening U.S. economy is getting close to a point where he would call for more stimulus action from the Fed to revive growth.
As a result, both the safe-haven U.S. dollar and yen fell sharply. The dollar dropped to its lowest since late May against a basket of major currencies. That saw the euro climb as high as $1.2585 overnight.
The single currency last stood at $1.2568, with immediate resistance around $1.2600, followed by $1.2671, a level representing the 38.2 percent retracement of its May 1-June 1 fall.
Also helping sentiment, European Central Bank Governing Council member Ewald Nowotny told Austrian television any Spanish request to tap European bailout funds would be a "reasonable option" that could help restore trust in the country's banking sector.
Still, analysts warned that markets will remain choppy, with risk assets vulnerable to further falls.
"Market expectations for a new wave of quantitative easing in the major developed market economies have increased, but this might not tackle the cause of the current challenges or, indeed, allay market anxieties related to banking and sovereign solvency," said Koon Chow, strategist at Barclays Capital.
"Until these problems are tackled head on, it will be hard for emerging market assets to rally independently."
In the short-term, traders said further gains in the euro will depend on Spain's bond auction due later in the day. The sale of up to 2 billion euros of bonds is seen as a crucial test of Madrid's ability to tap the bond market.
It comes at a time when Spain's debt costs are at their highest since the launch of the euro and plans to recapitalise its banks are being actively discussed with German and European Union officials.
The ECB's decision to do nothing on the monetary policy front after its meeting on Wednesday has put the onus squarely on euro zone governments to solve the bloc's debt crisis.
Also in focus is Federal Reserve Chairman Ben Bernanke's testimony on the economic outlook before the congressional Joint Economic Committee at 1400 GMT. Markets will be combing through his comments for hints of any new stimulus.
The U.S. dollar also fell against many other currencies, including the Australian dollar, which jumped above $0.9900 , pulling well away from an eight-month trough of $0.9581 plumbed Friday.
The Aussie was already on fire after surprisingly strong first-quarter growth data on Wednesday dampened market expectations for deeper interest rate cuts.
The market's immediate focus is Australia's employment data due at 0130 GMT. Forecasts centre on a fall of 5,000 jobs in April and for the unemployment rate to edge up to 5.1 percent from 4.9 percent.
The U.S. dollar managed to outperform the yen, which was hit broadly as risk appetite improved. The yen was also dampened by recent threats from Japanese authorities to curb its strength.
The dollar climbed to a one-week high of 79.39 yen, putting even more distance from a 3-1/2 month trough around 77.65 set on June 1. (Reporting by Ian Chua; Editing by Richard Pullin)
Forex Trading Trainer and Mentor Craig Harris Trades Live in the Market with Students - PR Inside
Carson City, NV (USA), Tuesday - June 05, 2012 -- Veteran forex trader Craig Harris of Professional Forex Investments LLC recently introduced a unique approach to forex training and mentoring that makes it easier for participants to succeed. Unlike many other traders, Harris trades live in the market with his students to provide them an up-close, realistic experience with forex trading.
"Students benefit from forex training with a professional mentor because they get to examine the market live as it's moving," says Harris co-owner of Professional Forex Investments. "They can ask questions live in the market and get real time answers as to why I may take or pass on a trade."
Forex trading is a skill that takes a great deal
of time to develop, according to Harris, who has been trading for more than 10 years. But inexperienced and even more seasoned traders can expedite the process of their forex training by taking advantage of Harris’ Natural Flow System, which includes a variety of elements that students must master to become professional traders. Thanks to Harris’ live forex trading, students can learn by seeing and doing while minimizing their mistakes. Harris explains: "You can have a check list and still not get it right. Being live helps reduce the learning curve and prevents traders from making costly mistakes or developing bad habits."Novice traders can perhaps benefit the most from Harris’ unique style of forex training and mentoring. They can start out learning the proper fundamentals of forex trading and avoid forming any bad habits. Likewise, Harris helps people who already have some trading experience to unlearn some of the habits they may have already developed. Regardless of their level of forex trading expertise, Harris allows his students to virtually peer over his shoulder and watch him make trades in his Live Trade Room.
During the live trading sessions, Harris calls out his trades and explains why he did or did not take a specific trade. Students can ask in-depth questions as they engage in their forex training and receive real-time analysis to help optimize their results. They can also benefit from hearing other traders calling out trades and listening to Harris’ constructive feedback on their decisions. Dexter Meadows, Harris’ business partner, says practical trading in the market is essential to mastering the techniques required for making profitable trades. "Live Trading on a daily basis with a live mentor is the only way to reduce your learning curve in this profession," Meadows says.
Harris trades six hours a day live in the market with his students; he is available to his students six days a week. The live forex trading sessions are an integral part of the Natural Flow Trading System that Harris developed more than 10 years ago. Harris’ proprietary system combines training modules on topics ranging from trend identification and entry/exit points to money management and recovery.
For more information about Harris’ live forex trading and other training services, please visit www.craigharrisforex.com.
About Craig Harris:
A former construction worker, Craig Harris is a full-time, professional forex trader who provides a variety of forex training and mentoring services to students worldwide. Harris has spent nearly 10 years perfecting his Natural Flow System and the past five years teaching it to others. He distinguishes himself as a forex trainer by trading six hours a day live in the market with his students, explaining exactly how and why he completes certain trades. Having taught and trained hundreds of students, Harris is one of the most accomplished forex trading professionals in the industry. Based near San Francisco, Harris uses his unique trading system to help people learn how to do forex trading more quickly, effectively and profitably.
Press & Media Contact:
Dexter Meadows, Partner
CraigHarrisForex.com
Carson City, NV - USA
(510) 557-0852
craigharris@craigharrisforex.com
www.craigharrisforex.com
Forex Flash: Today's strategy for USD/JPY – Commerzbank and Danske Bank - FXStreet.com
Forex Pattern Trade to Take Every Time - Moneyshow.com
Huzefa Hamid, a contributor to DailyForex.com and co-founder of The Forex Room, reviews a recent forex trade inspired by a triangle chart pattern and some reliable Fibonacci price levels.
In my last article on MoneyShow.com, I wrote about the importance of a largely overlooked chart pattern, the triangle, and how it can produce accurate trades with excellent risk/reward ratios.
Here, we’re going to look at this concept tied in with a Fibonacci retracement level that I love: the 88.6 Fib percentage. To recap, the Fibonacci “golden ratio” is 61.8%. If you square root that percentage, and then square root it again, you get 0.886, or 88.6%. I often use a bounce off the 88.6% Fib level as a trade entry.
See also: Fibonacci Analysis: Master the Basics
Let’s dive right in and look at an example. This is a live trade that I took on the GBP/USD on a 15-minute chart.
The following chart is the point at which I saw the trade developing:
My logic was this: The price moved from a high to a low (marked by the 100% and 0% lines) and then moved back up to the 88.6% level (highlighted by the small blue line). The price bounced off that level to the exact pip. I felt the price would continue moving down and extend the previous down move past the 0% level.
I could have entered a short position immediately, but the nearest place for a stop was around 45 pips away (above the previous high). While the profit target was over 80 pips, which gave a decent risk/reward, I felt I could get a tighter stop loss on a consolidation.
As a result, I waited for a pullback or consolidation (such as a triangle) from which to plan the trade. The risk with waiting is missing the trade entirely, as price could just rocket down and not consolidate at all.
Getting into the Trade
When I checked the chart again, I noticed a triangle consolidation where price had just broken out and decided this made a good entry point. I used a 25-pip stop, which was just above the triangle.
In the following chart, I’ve marked just the initial high as Point X, the low as Point 1, and the 88.6% level as Point 2 (and removed the other Fib levels for clarity). The triangle pattern is marked with the red lines.
Getting Out of the Trade
My target was a 100% extension of Wave 1. This means you take the size of Wave 1, i.e. from Point X to Point 1, and measure 100% of that size from Point 2. That gave me a target of about 80 pips away from my entry. This was a risk/reward ratio of over 1:3, which I think is very acceptable.
When it hit the target, it broke it by one or two pips before rebounding and going through it firmly. See the following chart:
Trading Conclusions
- A Fib level can often produce a good set-up, but if you don’t see it quick enough, you may miss the trade or have to accept a wide stop
- The triangle pattern can give you a tighter entry, and therefore, a better risk/reward ratio
- In forex, the pips made only make sense when you compare to the pips risked
By Huzefa Hamid, contributor, DailyForex.com, co-founder, The Forex Room
What is the minimum risk/reward ratio you look for on your trades? Please share your thoughts in the Comments section below.
FOREX-Euro gains in aftermath of ECB rate decision and Draghi - Reuters
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
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Forex Signals - EURUSD Premature Breaks - International Business Times
All and all that was story of yesterday: S/R breaks that stopped before they ever truly got started. We are still bearish on the EU (bullish on USD) at the moment but the pair has been showing some bullish strength recently that we can't ignore.
Today's Important News Events:
Trading Idea: We will look to get short on a support break for our primary trade, with targets at 20/20/20/20 for 80 pips. We will keep our SL tight and look to close and get long on a resistance break if one develops.
Forex: US Dollar Index down ahead of Beige Book - FXStreet.com
Celebrating Victory Today, But Big Money Is the Big Winner - DAILY KOS
While celebrating the big victory, I keep in mind the defeats and what they mean, not just for our state, but for our country:
Big Money, Republican leaning Corporate Media, saturated RW hate radio and Faux Newzzzz have kept a lying, corrupt, extremist governor in office against the largest state-wide grassroots movement I've ever seen or read about.If this power combination can save someone as toxic as Scott Walker, every election in this country is vulnerable. Big Money will just roll in, local and statewide corporate media will pander to the Republicans and attack the Democrats, and hate radio with Faux Newzzz will just hammer away at the rest. If I was President Obama, I'd be very, very worried (and perhaps more than a bit regretful that I didn't step in to defend the principle of recalls and campaign for Tom Barrett) because they'll use this same strategy to go after him.
The Republican wins yesterday are very troublesome because they overcame a massive grassroots movement. This was a test of our very concept of democracy - that People Power could overcome Money Power. Money Power won.
It wasn't Money Power alone that won. Money Power was also helped by their previous establishment of a corporatized media with media monopolies once again permitted by the relaxation, lack of enforcement, or elimination of regulations that prevented it in the past. Our leaders either ignored history or failed to remember that history repeats itself unless we prevent it from doing so.
William Randolph Hearst, media mogul and RWNJ (do those 2 always go hand in hand?) controlled a vast media empire in a time when print media was the only game in town and radio was in its infancy. As a result, he had a massive political influence that went well beyond what it should. Rules were established to prevent another media monopoly after his collapsed due to his greed to own it all sent his empire into financial ruin. Had he been less grasping to buy every newspaper in sight, that empire might still exist today weilding enormous influence.
Instead, lack of enforcement and deregulation have allowed modern day RWNJ and media mogul Rupert Murdock to emerge. And Clear Channel with its vast holdings throughout the country continues to expand the reach of RW hate radio with a few progressive stations sprinkled in here and there for "balance".
Corporations, no longer happy just to buy favorable coverage (or at least prevent negative coverage) with advertising dollars (do they really expect you to buy one of those wind turbines, jumbo jets, or jet engines they advertise?) have now become media owners themselves. Don't expect to see stories on how many Fortune 500 companies pay ZERO taxes or how their armies of lobbyists keep people paying more so they can pay less. And don't expect to see any positive coverage of politicians who don't serve their interests.
Big Money didn't do it on its own yesterday. Big Money has also patiently created Corporate Media over the decades. The team of Big Money and Corporate Media won. Our corporate media in Wisconsin has ensured that most people in Wisconsin hadn't even heard about the John Doe or Scott Walkers criminal defense fund, that acted like stenographers for Scott Walker "It's Working" talking points, that failed to point out he's the first governor in history to keep a secret schedule, that accepted and printed Scott Walkers Miracle Math jobs numbers while denouncing the actual Bureau of Labor Statistics report, that promoted Scott Walkers We Have More Teachers Miracle Math Report (yes, we have more teachers if you just ignore the numbers of retirements, layoffs, and resignations, but count replacement teachers as new, additional teachers), and so much other phony claptrap they pass off as "news".
Not just print media, but electronic media is equally at fault. Celebrity gossip, sensationalized stories, and propaganda are all you get. Whether on the radio, television, or newspaper it's becoming all Pravda all the time. Climate change is debatable (stop believing your own lying eyes), "clean coal" is good, the oil companies always clean up after a major spill, the uber rich are "job creators", regulations are bad, taxes are bad, and, my favorite, work hard and save and you, too, will be "prosperous".
And then there's the RW hate radio that saturates every inch of this country and Faux Newzzz available on basic cable everywhere to gin up every wingnut within earshot with an endless parade of sensationalized stories and ideological memes.
A healthy, vibrant, truth-reporting media is vital to a democracy. So vital that Freedom of the Press is enshrined in our Constitution. If it no longer exists because it's been bought, can democracy survive?
I'm concerned about what the future will mean if this combination can save someone like Scott Walker.
MONEY MARKETS-Key dollar rate dips on stimulus hopes - Reuters
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
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YOUR MONEY-How couples sabotage their finances - Reuters UK
(The author is a Reuters contributor. The opinions expressed are his own. This is part of a five-story package on marriage and money moving June 4-7)
By Chris Taylor
NEW YORK, June 6 (Reuters) - With a wedding coming up, you'd think Jay Buerck would be obsessing about the usual details: Writing vows, choosing appetizers, or figuring out seating charts to accommodate challenging relatives.
But what worries the 29-year-old St. Louis marketing professional isn't any of those things: It's money.
Not that he and his bride-to-be Liz Downey won't have enough; they earn comfortable salaries. What really freaks him out is the inherent challenge of joining two people's finances.
"Money is the reason why many people get divorced," says Buerck. "I have a buddy who got married and didn't tell his wife about the extent of his debt, and they had a rough go of it when he came clean. That's something I want to try and avoid."
The couple has already taken steps to prepare their finances. That's a smart strategy, according to financial experts, especially now that U.S. couples are waiting longer to marry, and many people have thousands of dollars in student loans and credit card debt by the time they take their vows.
Money causes more arguments than other typical flashpoints, according to a recent survey by the American Institute of Certified Public Accountants and Harris Interactive.
A full 27 percent of respondents said their spats started over money, more than problems with kids (16 percent) or chores (13 percent).
Couples who lock horns over finances at least once a week are 30 percent more likely to get divorced, according to a 2009 study by researchers at Utah State University,
"I probably spend 15 percent of my time with couples actually talking about money, and the other 85 percent talking about personal issues," says Chris Kimball, a certified financial planner in Lakewood, Washington, who also has a Masters of Divinity degree.
"It all ties into money. It's a very powerful thing that can do great things in people's lives, or can really mess them up."
Shockingly, nearly one-half of all people have lied to their significant other about money, according to an April poll by Self Magazine and Today.com. (For a graphic representation of our financial State of the Union, click (link.reuters.com/zyw58s)
And a survey conducted this spring by CreditCards.com revealed that 6 million Americans have hidden financial accounts from their spouses or live-in partners.
The deception isn't usually malicious. Often it's prompted by guilt and embarrassment about spending. Compounding the problem is that financial behavior is very deeply set, and can't be altered easily.
So where do couples go wrong, when it comes to money -- and how can they make it right?
HAVE THE MONEY TALK
Only 43 percent of couples talked about money before marriage, according to a May 2010 survey conducted for American Express.
But lack of disclosure about your financial issues -- maybe you're struggling with $100,000 in student debt, or maybe you filed for bankruptcy at some point -- isn't really any different from lying. Be up front about your financial situation, have the "money talk" long before the big day, and tackle any challenges as a couple.
"My significant other didn't tell me about the money problems we were having, and then one day we had no credit left and had lost pretty much everything," says Holli Rovenger, an author and speaker in Greenville, South Carolina. "If we'd worked together, maybe our finances wouldn't have spiraled out of control."
Minor money differences can be overcome as long as you have the basics covered: You have your daily needs met, you're bringing in more than you're paying out, and you're able to build a nest egg for the future. But once overspending and debt enter the picture, all bets are off.
"I was always a black-belt shopper, and hated to miss a sale," says Jenny Triplett, an entrepreneur in Powder Springs, Georgia, who's been married to husband Rufus Triplett for 22 years. "I'd have bags full of new clothes in the closet, and only bring them out one piece at a time. But eventually we came to a compromise, and I got my spending under control."
That's exactly the right template for resolving money disputes, planners advise. Even with differing money styles, if both partners take strides toward the middle and agree on broad outlines of a budget, it could prevent countless disputes.
HIDING FROM HELP
Money is such an emotional issue that it could be difficult for couples to untangle all the knots on their own. A trained third party can help you figure out the core issues, and mutually agree on a financial plan.
"I've had clients yelling at each other in the parking lot, who came into the conference room and then wouldn't say a word to each other for the first hour," says Kimball. "But eventually we were able to work through it. Talking to someone can help air these financial issues in a safe environment."
Check out the website of the Association for Financial Counseling and Planning Education (www.afcpe.org), which has a searchable database of trained financial counselors.
BEING ON SAME PAGE
It's helpful to have basic guidelines in place that will keep you on the same page. For instance, purchases under a certain dollar amount can be left to each spouse's discretion, while larger ones should to be cleared with your partner.
Some couples might be comfortable pooling all of their money, and others may not; neither is the "right" choice, but that should be decided explicitly.
"Understanding your partner's values on money is so very important," says Andi Wrenn, a financial counselor in Boston with a master's in marriage and family therapy. "Talk about how they learned money management, and what they plan to do in the future with the money they have and earn. Not often do people marry that are from exactly the same background."
That certainly applies to Jay Buerck and his bride-to-be. She's traditionally been more of a budgeter, and he's more laissez faire when it comes to counting pennies. But since they set up a joint account and moved in together, finances have "actually become less stressful," he says. "It's all about being open and honest." (Follow us @ReutersMoney or here; editing by Jilian Mincer, Linda Stern and Jeffrey Benkoe)
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