Hello everyone. Alan here with an update on my latest ZuluTrade forex adventures. So like I said a few posts back, I got into “auto-trading” again on the ZuluTrade platform and so far so good I’ve made some money. My live account is up ~$3000 which is not bad for a month or so of trading. I thought I’d share my current signal provider portfolio in case any of you guys are curious. Please do not assume that since I’m using a signal provider that I’m also endorsing it. Do your own research and make your own decision before you add any signal provider that you see here to your account.
Greetings everyone! Here is a cool new feature introduces by ZuluTrade just a few days ago. They call it “social charts” and it’s precisely what it sounds like. Social charts allow you to comment and see other traders’ comments on what price action is doing at specific points. So if you feel the inkling to let the world know your interpretation of what price action is doing, you now can!
|Here’s a few highlights of what you can do:|
Hello everyone. I just wanted to let you know that I started testing the new Fapturbo 2 forex robot. I have known about and used the fapturbo series of forex robots since they first came on the forex scene. I used to use their first version 1 product a while back, but when I took a break from forex I stopped trading with it as well. Now that I’m back I though it was worth a shot to revisit the old systems that I used to use. I’m glad to see that the fapturbo crew as still at it. This new version 2.0 remains unproven to me, so that’s why I decided to put it to the test on a live FX Choice account. It’s a humble $240 account that I’m using to test both the BTC version of Fapturbo and the standard forex currency pairs version.
I’ll post updated on how it goes. If you have any questions or comments leave them below. Thanks for dropping by my blog.
Hello everyone! I am not sure how many of you are still following my blog still, but I’ll make the post anyway. After a very long time away from the forex trading game I am seriously considering getting back into active trading both manually and via automated systems (EAs). I’m going to also start to slowly test and review some of the latest forex products I can get my hands on.
Right now the field of possibilities is open to me and I haven’t decided on what I want to focus on more. I am leaning to initially start with a bit of autotrading via social trading tools like ZuluTrade, and then revisit my manual trading systems and some of the old classic EAs that I used to use (like Forex MegaDroid, etc)
So anyways, I shall end this post here. I am almost officially back in the challenging forex game. Wish me luck!
Monetary “Yentervention” did not cause the currency’s depreciation — it only COINCIDED with it
By Elliott Wave International
Talk about “star” wars.
“Asia’s biggest action star” Donnie Yen was just cast in the next installment of the never-ending Star Wars movie franchise. Mr. Yen, in case you aren’t aware, is known as “the strongest man in the entire universe.” (Huffington Post)
It wasn’t that long ago you could say a similar thing about the Japanese yen. Count three years back, to 2012, and the yen looked like the strongest monetary unit in the financial universe, standing at an all-time record high against the mighty U.S. dollar, the world’s “reserve” currency.
Flash ahead to now (circa September 2015), and the yen is down 30% whilst clinging to its lowest level against the dollar in 12 years.
So, what changed?
Well, that depends on whom you ask. According to the mainstream pundits, one main “force” has drained the yen of its superstar status: the almighty “Light S-ABE-R.” Or, in non-geek terms, Japan’s Prime Minister Shinzo Abe, who’s been shaping the country’s monetary policy. See:
“Abenomics Propels Yen’s Weakness” (Financial Times)
And: “Japan Bulls Rest Hopes for Yen Weakening on Abenomics” (Bloomberg)
There’s just one flaw in that logic:
The yen’s record-shattering bull run ended in late 2011 — more than a year before Abe took office in January 2013!
What’s more, Abe did not implement his “three arrows of fiscal stimulus, quantitative easing, and deregulation” — the factors widely held “responsible” for the yen’s weakness — until later in his term as Japan’s Prime Minister.
Now, let’s go back to the very beginning, to late 2011, and examine the yen’s broader trend through the lens of Elliott wave analysis. Here, we come to our November 2011 Global Market Perspective (GMP), where our Senior Currency Strategist, Jim Martens, identified a historic, decades-long Elliott wave “ending diagonal” pattern on the yen’s price chart.
As its name implies, an ending diagonal is found at the termination points of larger wave patterns, indicating exhaustion of the larger trend. When an ending diagonal … well, ends, the prices reverse and carry to the pattern’s origin — or even further.
The terminal nature of ending diagonals fortified the November 2011 Global Market Perspective’s bearish yen/bullish U.S. dollar forecast:
“USDJPY has been falling since June 2007 in a thrust from a [4th-wave] triangle that would end an impulsive decline lasting at least 40 years. The thrust [lower] has been unfolding as an ending diagonal, and as such, an abrupt turn [higher — towards weaker yen and stronger dollar –] should come as no surprise.”
The rally indeed took off the 2011 low, yet took a while to warm up. But, by January 2013 — coinciding with Prime Minister’s Abe taking the office — Global Market Perspective confirmed a long-term reversal was now underway:
“The recent advance in USDJPY since September  is typical of third waves. There will undoubtedly be pauses along the way but next year or so [i.e., in 2014] should easily see USDJPY in the 124.16 area.”
This final chart captures the full extent of the USDJPY’s three-year long, 30%-plus uptrend:
Bottom line: Abe’s monetary “Yentervention” did not cause the yen’s depreciation; it coincided with a terminating Elliott wave ending diagonal pattern on the USDJPY’s price chart, which called for an upward reversal (towards weaker yen and stronger dollar).
You’ve just seen how invaluable Elliott wave analysis can be in clarifying long-term trend changes before they occur — and regardless of the political and economic factors.
Now, you can see how equally useful our technical analysis model is in anticipating near-term trend changes in EURUSD, Chinese yuan, and more — 100% FREE!
Right now, our free-membership Club EWI is featuring an exclusive new interview with EWI’s Senior Currency Strategist, Jim Martens.
In this compelling one-on-one ElliottWaveTV interview, Jim walks you through multiple labeled price charts of the world’s leading currency pairs — including the USDJPY.
You’ll watch Jim focus on the recent USDJPY “nosedive” towards a stronger yen and give you specific price levels which, if breached, would tell you if the yen is to get even stronger.
So, here’s what you need to know:
- This 6-minute Club EWI interview with Jim Martens is absolutely FREE to all Club members
- Besides USDJPY, Jim also shows you the “exciting” road ahead in the EURUSD and China’s yuan.
Fresh insights from Elliott Wave International’s Senior Currency Strategist, Jim Martens
By Elliott Wave International
Jim Martens is one of the few forex Elliott wave instructors in the world and a long-time editor of Elliott Wave International’s forex-focused Currency Pro Service. A sought-after speaker, Jim has been applying Elliott waves since the mid-1980s, including two years at the George Soros-affiliated hedge fund, Nexus Capital, Ltd.
Below is an excerpt from his latest interview. To read the full interview — and get Jim’s latest big-picture forecast for EURUSD, tips on how to learn Elliott fast, and practical ideas on how to treat your forex trading as a business — complete your free Club EWI profile. It only takes 30 seconds.
Jim, thanks for joining us today. The U.S. dollar recently hit its highest level in many weeks. Were you surprised by that?
Jim Martens: The strength in the U.S. Dollar Index came as no surprise. And that’s not just me bragging. We track its Elliott wave patterns daily, even intraday. Since the dollar’s peak back in March of this year, the decline has taken a decidedly corrective Elliott wave look: The price action has been choppy, overlapping, and generally lacking direction, as you see on the circled portion of the chart below. Any time you see that on a price chart, that’s your first clue that the market must be taking a “breather” before the larger trend resumes. In this case, the larger trend has been higher, so when the dollar popped back up recently, to us it meant that the correction must be over.
For Elliott wave fans among your readers, it looks like the correction since March took the shape of a pattern called a “double zigzag,” labeled in circled green “abc”-“abc” on this chart:
As you can see, we have labeled the entire correction as a wave 4 within a basic 5-wave Elliott wave pattern called an “impulse,” with wave 5 most likely starting now. So, the USDX has higher to go — much higher, in fact, because by the looks of the Elliott wave pattern underway, the latest dollar strength is only the start of the move. We are expecting the Dollar Index to move well above 100.
And, because the U.S. Dollar Index moves inversely to the euro-dollar, looking at a EURUSD chart, we are expecting significant weakness in this key forex pair… [EURUSD chart with a forecast follows — Ed.]
(To read the full interview, complete your free Club EWI profile. It only takes 30 seconds. You’ll learn: Jim’s latest big-picture forecast for EURUSD, tips on how to learn Elliott fast, and practical ideas on how to treat your forex trading as a business.
Already a Club EWI member, access the full report now >>
Examples from Whole Foods Market (WFM) and Reynolds American, Inc (RAI) show you what to do (or not) to trade successfully with Elliott.
By Elliott Wave International
After 20 years of experience applying Elliott wave analysis in real markets, our Senior Analyst Jeffrey Kennedy says that it remains the only tool that will tell him — down to the tick, to the pip, even to the penny – when his forecast is no longer viable.
That, according to Kennedy, are two most important keys to successful trading:
- “Know where you are wrong,” and
- “Don’t pick tops and bottoms”
See the logic behind Kennedy’s wisdom by reviewing these two timeless lessons from his Trader’s Classroom service: Whole Foods Market, Inc. (WFM) and Reynolds American, Inc. (RAI). Then, see how you can get more free lessons during Kennedy’s popular Trader Education Week, going on now!
WFM’s forecast was right and RAI’s was wrong. While price evidence was compelling for both issues, the forecast in WFM was in the direction of the trend and RAI’s incorporated top picking. Here’s what happened:
Price evidence called for new highs in Whole Foods Market, Inc. on May 1. We had a clearly defined uptrend, a three wave move in the direction opposite the primary trend, and the move to the downside was contained within parallel lines:
Additionally, we had a double closed-key reversal when the low was made, as well as some bullish divergence on the smaller timeframes. Price evidence was very strong that this market would continue to new all-time highs, so my outlook was bullish.
The bullish outlook in WFM required the April low of $81.39 to hold. The trend was clearly up from 2009 into 2013. From an Elliott Wave perspective we knew that this was a countertrend move with an A-B-C structure (a corrective wave pattern within a larger trending market). We had the wind at our back and were not “picking a top.” We simply looked at the price evidence in support of a further rally.
Conversely, the following example in Reynolds America, Inc. did not work out.
On March 22, I anticipated a move to the downside in Reynolds American, Inc. as a five-wave decline and the subsequent advance as a three-wave move. I was looking for a tradeable selloff to the downside in wave (C) or wave (3):
Unlike the successful WFM example, I was not trading with the trend. Instead, I was looking for a “top.”
Yet I was able to prevent a losing trade from becoming a devastating trade because I could use the Elliott Wave Principle to “know where I was wrong.”
This bearish wave pattern was viable only as long as prices held below the February high of $45.17.
Once prices exceeded critical resistance, I knew not to look to the downside — that my outlook was no longer viable:
Get more trading lessons from EWI’s Jeffrey Kennedy:
Join us for a FREE trading event that will teach you how to spot trading opportunities in your charts. Spend this week getting free trading lessons that you can apply to your trading immediately — from one of the world’s foremost market technicians, Jeffrey Kennedy.
Whether you are new to trading or have years of experience, you’ll benefit from Jeffrey’s easy-to-understand style and clear presentation. He’ll cover topics such as:
Greetings everyone! I just got some news from my (current) favorite trading signals marketplace – Zulutrade – that they now support binary options. I am surprised it took them this long to get this up and running but I always knew it was bound to happen. A ton of forex brokers hopped on the binary options bandwagon and since there is now a growing market for this style of trading it seems like a wise decision for zulutrade to allow their users to dabble with these “exotic” binary options.
For those of you who are not aware what binary options are, please allow me to clue you in. Essentially binary options are a form of bets. A binary option is a type of option in which the payoff can take only one of two forms (hence binary – ie two) , either some fixed monetary amount or nothing at all. So it’s an “all or nothing” type of deal.
Why Binary Options?
|FAST & SIMPLE||Clear payouts, no commissions||Trade hot assets such as Google, Apple, S&P500 etc|
So from the above table you can see that binary options do have some neat benefits. You can trade a wide variety of assets like popular stocks, precious metals, or anything that can be considered a financial asset or commodity.
|The largest network of talented Binary Options Traders for you to follow||User-friendly
|It’s free! Zero fees, zero commissions and no hidden costs|
Zero fees is a huge deal. Personally I haven’t played around with binary options yet but I may be tempted to. Currently my zulutrade adventures have been limited to (by my own choice) JPY cross pairs trading. So far so good that’s worked out great for me.
Until next, time I wish you all happy and profitable trading. Sorry for not posting frequently anymore. I’ve been busy with a lot of other things lately.