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Not much activity going on and it seems the market has calmed down after the rash amounts of news coming out from all the major currency players and it also looks like ECB and Bank of England will not be upping their interest rates anytime this year as well.
My previous open position in EUR/CHF is still open and is up +175 pips and I am aiming for the 1.6345 (261.8 fibonacci) for an exit point which is still 164 pips away.
I also opened up a new position on the CHF/JPY and am currently up +38 pips and will be looking to exit at prior resistance level at 101.50 which is still 100 pips away.
You know your a hit when blogs like Perez Hilton and stars like John Mayer (who also covered Chocolate Rain) are creating parodies of your videos.
Here’s the latest parody video of the hit internet sensation, 2 girls 1 cup.com. The link is not work safe, nor for viewers with a weak stomach, under the age of 18, or have a displeasure for scat porn.
But the below parody is fine for viewing:
and here’s a reaction video to the viewing of the infamous 2 girls, 1 cup video and more reaction videos can be found here:
NEW YORK (CNNMoney.com) — General Motors, no stranger to hard times and red ink, still managed to shock Wednesday when it reported an operating loss more than 11 times larger than expected and a $39 billion charge that was among the biggest profit hits ever reported.
The nation’s No. 1 automaker, which was hit with a soft U.S. auto market and a two-day strike by the United Auto Workers union during the quarter, lost $1.6 billion, or $2.80 a share, excluding special items.
Among the problems hurting GM results was a $2.3 billion loss in the home loan business at GMAC due to problems from the meltdown in subprime mortgages. GM sold a majority of GMAC but still owns 49 percent of the lender.
In addition, GM took a huge charge in the quarter related to the writedown of tax credits for losses over the last three years.
That caused it to post a net loss of $39 billion, or $68.85 a share, for the third quarter, compared with the net loss of $147 million, or 26 cents a share, in the year-earlier period. Only a gain from the sale of the Allison Transmission unit stopped the loss from being worse.
In addition, the charge is significantly larger than the $12.4 billion net loss posted by GM for all of 2005 and 2006, when the company was hammered by falling shares and labor costs far in excess of its nonunion rivals. The company had net income of $953 million for the first six months of the year before hitting the problems in the third quarter.
Revenue from auto sales rose to $43.1 billion from $39.6 billion a year earlier. That topped First Call’s revenue forecast of $40.3 billion. The automaker sold a record 2.39 million cars and trucks worldwide in the quarter, enough to edge back in front of Toyota Motor in the race to be the world’s largest automaker in terms of vehicle sold.
Cliffnotes (for those lazy mofos): GM posted a huge $39 billion loss in the third quarter due to accounting charges, even as its global auto operations reported a profit sending shares to new lows.
It looks like during overnight and New York sessions, the Yen gained in strength and with oil prices declining, the Canadian dollar lost strength however it did break in to the $91.00 region. The American dollar got pounded by the other majors (Euro, British Pound, Swiss and Yen) after reports from Chinese officials looking to diversify its $1.4 trillion currency reserves into stronger currencies, and explicit mention of the euro sent the single currency flying to fresh record highs. This in turn also gave the US equity markets their continued recent declines on a sharp rise in global risk aversion, with the Dow Jones Industrial Average a sizeable 200 points lower to 13,465.
Positions from yesterday:
CAD/JPY - trailing stop loss of 100 hit giving a profit of +186 pips.
NZD/USD - trailing stop loss of 80 pips hit gaving a profit of +91 pips.
EUR/JPY - stop loss of -34 pips hit after going up +35 pips.
Positions still open:
EUR/CHF - short at 1.6692, stop loss is at break even and up 81+ pips.
Possible long on EUR/JPY and AUD/JPY as the carry trades look to be kicking with the Dow Jones gained 0.87% today and with the recent cuts in interest rates, the Dow will possibly head up a lot higher within the next few days and weeks. Canadian and New Zealand pairs are exhibiting the most strength at the moment gaining on every pair they are against.
Long positions of CAD/JPY (opened on Sunday night) and NZD/USD (opened Monday night) are both still open with 220 pips and 120 pips gained respectively.
I stumbled upon a great site dealing with forex education as most of the commentary is video based which provides for great visual aid. Click here to access Profitting with Forex (PFX).
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