Hi, guest presenter David gives us an Americans perspective of the current forex markets & suggests some possible moves today on Aud & the Cad. If you have been struggling this week with your forex trading then if it makes you feel any better then so have I This type of extreme moves after the Christmas holidays is not unusual and there have been a couple of times in the last 6 or 7 years that I have seen this occur straight after Martin Luther King day. Maybe the big guys don’t come back to work until then?

Anyway lots of pairs are at extremes right now, the Euro/$ has just broken a strong weekly trend line. The Chf broke its but is still hovering around this point. The Cad has reversed/rejected at its weekly trend line, the Euro/Yen at a daily & weekly double bottom. The Euro/Gbp is sat at 0.8700 with a daily trend line just below, so the bottom line is that many pairs are at extremes. Gold is breaking down which if it continues will drag down the Aud & Nzd. Other than the blip with the $/Yen there does seem to be some $ positive sentiment returning to the market, despite last months extremely poor NFP news.

Forum Update The forum www.forex-fxtrader.com/forum is now almost finished. We have two experienced, 25 year veteran, ex institutional professional forex traders coming on board to offer advice, reviews and some email support. Jay & Julie have started to post a few of their findings and we will have an “ask the experts” section where the best forex questions of the week will receive their undivided attention! So even more opportunities for you to learn from experienced forex traders. All free of charge.

Dean Saunders has released his new forex powerband dominator program & forex megadroid are having a major relaunch TODAY. The price of this forex robot goes up today, Friday, January 22nd 2010 (18:00 EST). There is a review of both products in the forum. I am not a fan of forex robots, but I have decided to have another go, so I Bought the megadroid yesterday and we will post our independent, no hype, reviews in the forum every week-end starting next week.

This is acopy of some of my post from last nights Forex mentor pro low cost subscription service that I run. Personally I am taking the day off today and waiting for moves to become a little clearer. If you would like to receive detailed forex analysis every evening for the day ahead then take a look at the mentor service. We have  5* reviews on forex peace army where many people have kindly said that they are learning & that it is excellent value for money:

M1: Look for trades at London open. Only take one at a time. There is still a danger of “fake outs” at the moment.

LMT: I can see no daily signals for tomorrow. Hopefully trends are starting to form and this will come back to its winning ways.

There are only a few possible trades I am considering from the daily charts for the reasons stated above. You can of course consider moves 20 pips beyond.

Gbp/$: Did look bullish now bearish! If closes tonights daily candle below 1.6200 then there is little in the way to prevent a decent move down. If it closes above it will be very unclear. The 20 pips below method did work well on this today but there is a HUGE spike on todays candle so do not use that Friday.

$/Yen: Again close of candle is important. As I write this price is below recent support/resistance line at 90.50. If it closes below would give more confidence about a short. Bollingers on daily are crucial here. If close more likley to go back up. If does close below 90.50 consider pullback to 90.80/90.90

Gbp/Yen: Finally broke below 147.00 Not recommended if you are relatively new to forex but pullback to there or 55/34ema at 147.50 which is also 50% fib would be a possible.

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