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-Euro gains in aftermath of ECB rate decision and Draghi - Reuters
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Forex: US Dollar Index down ahead of Beige Book - FXStreet.com
Forex Flash: Today's strategy for USD/JPY – Commerzbank and Danske Bank - FXStreet.com
Europe ready to rescue Spain's banks - Daily Telegraph
Despite the optimism on financial markets, there was no sign of immediate change in policy, nor any relief from the advancing crisis.
The ECB held interest rates for the sixth month in a row.
Pierre Moscovici, French finance minister, said the eurozone is ready to "mobilise very rapidly". Mario Draghi, president of the European Central Bank (ECB), admitted the markets were "rightly alarmed" in recent weeks but declared: "We stand ready to act."
Luis de Guindos, Spain's finance minister, said he had "absolutely not discussed any intervention in Spain's banks" and insisted that Madrid would unveil a rescue plan for the banks within two weeks. "In no more than 10 or 15 days we will have the report [on the banking sector] from the independent auditors," said Mr Guindos. "From there the Spanish government will take the decisions it has to take in terms of recapitalising the institutions."
But Madrid may not be given that much time. Thursday Spain faces a big test on the bondmarkets as it tries to raise €2bn (£1.62bn) at a debt auction. Economist Nicholas Spiro said: "Even though the size of the auction is modest, it will be the most challenging sale of the year given the mounting speculation that a bail-out is imminent. The lead-up to the auction has been a shambles, with the government itself conceding that it has lost market access."
Barack Obama and David Cameron discussed the advancing debt crisis in telephone talks on Tuesday night. The American president and British prime minister "agreed on the need for an immediate plan to tackle the crisis and to restore market confidence, as well as a longer-term strategy to secure a strong single currency", Downing Street said on Wednesday.
Mr Draghi admitted there was more risk, more uncertainty and little momentum in the eurozone, but still said the decision to hold rates had "very broad consensus". He conceded: "A few members would have preferred to have a rate cut today. I would say not many."
Economic data showed the eurozone was only saved from recession; the EU statistics office confirmed eurozone growth was flat in January to March, quarter-on-quarter.
Spanish industrial output slumped to its lowest level since 2009 in April. German industrial production fell 2.2pc in April, wiping out gains in the previous month. Berlin was dealt another blow as Moody's downgraded six German banks.
Meanwhile, France took a step away from the German-led austerity plan by cutting the retirement age to 60 for some government workers.
More than 800 bankers and policymakers are due to meet at the Institute of International Finance (IIF) annual conference on Thursday to discuss the eurozone's escalating banking crisis.
Charles Dallara, head of the IIF who negotiated on behalf of private bondholders in the Greek debt restructuring, is expected to announce his retirement after 19 years.
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:
Click to Enlarge
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.
Click to Enlarge
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.
Click to Enlarge
When it hit the target, it broke it by one or two pips before rebounding and going through it firmly. See the following chart:
Click to Enlarge
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: EUR/USD falls below 1.2500 on Draghi's comments - NASDAQ
FXstreet.com (San Francisco) - The Euro has reacted down to the lack of information given by ECB's president Mario Draghi about the next movements in central banks policies across the Eurozone. After managing all the day to maintain the 1.2500 level, finally the EUR/USD has declined to 1.2450 in the last few minutes.
The EUR/USD is extending, thus, its decline from intra-day high at 1.2525 reached in the European session to break 1.2470/80 support and reach levels below the 1.2450 frontier. Currently the pair is pricing at 1.2445, turning in the negative field in the day.
Pair looks "Slightly Bearish" and "Overbought" according to FXstreet.com technical studies. "Technically, the pair is bullish in the 4 hours chart as indicators head higher while price stands above 20 SMA. A break above weekly high set at 1.2545, should favor a continuation rally towards the 1.2600/20 area for the upcoming sessions", says Valeria Bednarik, analyst at FXstreet.com.
"On contrary, I see primary support in the 1.2440/50 region. If the news disappoints, and the pair falls below that level, we may see a bearish continuation towards the 1.2380 price zone," Bednarik concludes.
Finance Minister downplays lower deficit - radionz
Finance Minister downplays lower deficit
Updated at 9:35 pm on 6 June 2012
Finance Minister Bill English downplayed a $1.4 billion improvement in the Government's latest monthly accounts, saying it does not lessen the Government's need to keep control of its spending.
The deficit before gains and losses on the Government's investments was $5.9 billion to the end of April, $1.4 billion dollars less than forecast in the Budget in May.
The deficit was smaller due to a higher than expected tax take and lower than expected spending.
The tax take was $770 million more than forecast. But Mr English says tax is still nearly $1 billion down on the Treasury's pre-election forecasts in October last year.
Mr English says a tight rein on spending is still needed to hit the Government's target of a surplus by 2014-15.
The minister says the Government knows where the money is going, but the revenue is uncertain and this month it has been higher than expected. The big task is to do everything possible to lift economic growth.
Returns from State Owned Enterprises and Crown Entities were $300 million more than forecast, while spending was $320 lower than predicted.
The Green Party says the new figures showing stronger-than-expected returns from SOEs is further proof the Government should retain them in full ownership.
The Treasury says company tax was $450 million more than it forecast in the Budget. Crown expenses were 0.6% lower than expected. The debt balance is slightly better than forecast at 25.9% of gross domestic product.
Infometrics economist Benje Patterson says the better-than-forecast deficit does not signal a dramatic turnaround in the Government's books and more spending cuts will be needed to hit the surplus target.
Copyright © 2012, Radio New Zealand
Finance directors’ income at average of £1m - WalesOnline
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