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Nancy Pelosi, the Democratic Party politician who serves as the Speaker of the US House of Representatives, on Tuesday announced a formal impeachment inquiry into President Trump. She stated that “Today, I am announcing the House of Representatives moving forward with an official impeachment inquiry. The President must be held accountable. No one is above the law.
The European Central Bank (ECB) under President Mario Draghi has announced a massive new stimulus program in order to assist the ailing Eurozone economy. Besides cutting the deposit facility rate by 10 basis points to -0.50%, a fresh round of quantitative easing (QE) was announced. Starting November 1st 2019, the ECB will restart its bond buying program at a pace of €20 billion per month. The QE program is open-ended and will remain in place until inflation reaches the ECB target which currently stands at 2.0%.
UK Prime Minister Boris Johnson lost his sixth vote in Parliament after his second attempt to call an early election failed to satisfy the require majority. He final vote was 293-46 in favor of an early election, but the opposition Labour party abstained and Speaker John Bercow declared that the majority didn’t meet the requirements of the Fixed Term Parliaments Act. PM Johnson stated “I earlier urged the house to trust the people. But once again, the opposition think they know better.” A two-third majority is required in order to call for early elections.
Prime Minister Boris Johnson is facing a key vote this evening in Parliament as rebels from within his own party are expected to join ranks with the opposition in order to thwart a no deal Brexit. The UK is now scheduled to leave on October 31st 2019 and PM Johnson stated that he will not ask for an extension. He vowed to deliver Brexit to the people and honor the results of the 2016 referendum where 52% voted to leave the EU. Most recent polls suggest that the number rose to 56% after Johnson took over as prime minister only a few weeks ago.
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US President Trump decided last week to escalate the trade he started with China by announcing a 10% tariff on $300 billion worth of Chinese imports starting September 1st 2019. This would essentially tariff all Chinese imports to the US and sources claim that he acted against the recommendation of his top advisors. After Trump announced his decision, market entered a risk-off mood as traders awaited the Chinese response. It was delivered yesterday and send US equity markets into their worst sell-off of 2019 with the Dow Jones at one point almost off by 1,000 points.
As widely expected, the US Federal Reserve lowered its key interest rate by 25 basis points to a Lower Bound Rate of 2.00% and an Upper Bound Rate of 2.25%. The Interest Rate on Excess Reserves remained unchanged at 2.10%. Financial markets in the US saw a volatile move to the downside, closing off of their lows, as Fed Chief Powell struggled to signal a clear path ahead. He also struck a more hawkish tone than many anticipated in the wake of a global economic slowdown which resulted in disappointment across the board and criticism by US President Trump.
Welcome back everyone to another exciting update in the fascinating world of forex and cryptocurrency trading! Bitcoin eclipsed the $9,000 level and you may hear and read more about FOMO driving price action higher. Who or what is FOMO? It’s an acronym which stands for “Fear of missing out”, basically everyone was scared of Bitcoin below $4,000, then watched it more than double and are now scared that if the remain on the sidelines for a bit longer we will soon have new all-time highs above $20,000.
Welcome back everyone! Before we dive into today’s exciting edition of my Bitcoin - Forex Combo Strategy, let’s give it up to support levels in Bitcoin which repelled the bearish attack on price action. There is still a chance for another push to the downside, but as I outlined in last week’s update “Bitcoin - Forex Combo Strategy: Neo Upgrade”, I don’t see any sustained move below $6,380. At current prices, I am not adding to my existing Bitcoin position.
Welcome back everyone, I am sure most of you wonder how long the correction in Bitcoin as well as other cryptocurrencies will last. Before I answer that question, let me remind you that corrections are necessary for a healthy up-trend. I have mentioned a correction in last week’s post “Bitcoin - Forex Combo Strategy: What’s Next for Jesse Lund?” where I also explained why I took a 500 Bitcoins short position at $8,800.
The rally extends across the cryptocurrency sector! Welcome back everyone to this week’s edition of my Bitcoin - Forex Combo Strategy. At last week’s update “Bitcoin - Forex Combo Strategy: The Facebook Coin” I outlined that I closed my short position in Bitcoin at a nice profit and that I was willing to short if we would see an unwarranted spike in price action.
Welcome back to this week’s update to my Bitcoin - Forex Combo Strategy. After Bitcoin eclipsed the $8,000 mark we saw a spike in volatility and a drop in bullish momentum. Price action currently struggles with this level which is a normal development after the strong rally we have had. The markets are waiting for the next catalyst and some institutional investors may want to lock in some profits and re-enter after a short-term sell-off.
Welcome back to this week’s edition of my Bitcoin - Forex Combo Strategy. Let’s address the elephant in the room before we dive into Ethereum 2.0. Hackers stole 7,000 Bitcoins from Binance. CEO Zhao Changpeng stated “The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time. We must conduct a thorough security review.
Welcome back everyone to this week’s edition of my Bitcoin - Forex Combo Strategy. Last week I briefly touched on the Swedish Government hack which for 30 minutes claimed that Sweden has adopted Bitcoin as their official currency. This was obviously incorrect, but Sweden is leading the push into a cashless society and is exploring the issuance of a digital Swedish currency backed by the government.
A quintet of hackers took over the official Twitter handle of Sweden’s ruling Social Democrats on April 15th 2019 and tweeted about Bitcoin. The group convinced Twitter that they are the Swedish government which involved changing phone numbers, e-mails as well as submitting ID’s. Twitter was fooled and the hackers tweeted that the Swedish government is abandoning the Swedish Krona in favor of Bitcoin. One of the deleted tweets stated “We have abolished the Swedish krona and replaced it with Bitcoin.
The global economy has cooled in the first-quarter of 2019 and there are plenty of factors which keep downside pressure on growth. Some analysts are now seeing economic green shoots as spring is blossoming. The biggest focus has been progress in trade talks between the US and China in order to end their trade war. The Eurozone economy has suffered significantly so far in 2019 which kept the Euro in refined to tightening trading ranges. Will the economic green shoots materialize or falter as summer approaches?
The EU agreed to extend Brexit until October 31st 2019 amid a compromise reached. UK Prime Minister May asked for an extension until June 30th 2019 while European Council President Donald Tusk argued for a much longer extension hoping for a Brexit reversal. French President Macron remained the sole opposition and stated that a delay past June 30th 2019 would harm the EU. In the end he gave in an agreed to the October 31st extended deadline, but the UK may leave prior to that if UK Parliament can agree on May’s Brexit deal.
The US is falling behind in the cryptocurrency sector as other parts of the world, led by Europe and Asia, have taken a leadership role. This has led to the reintroduction of the US Token Taxonomy Act in the US House of Representatives. This bill was originally proposed in December of 2018 and is sponsored by Republican Representative Warren Davidson and by Democratic Representative Darren Soto. The US Token Taxonomy Act will exclude cryptocurrencies from being classified as a security under US law and amend the Securities Act of 1933 as well as the Securities Act of 1934.
In a sign that the US-China trade talks may be progressing to the point that an agreement can be announced which will please both sides, US President Trump is wasting no time. While many analysts have pointed to the EU auto sector, and Germany specifically, as the next target for Trump’s trade war, he may have just opened an entire new front. Germany is the key driver behind the EU’s export machinery and the auto sector a crucial component of it. It has been therefore expected that Trump will apply pressure on this sector in order to get the desired trade concessions.
The House of Commons voted on a bill yesterday which makes the even of a no-deal Brexit less likely. The measure passed by a single vote, 313-312. PM May voted against the bill, but she did reach out to opposition leader Corbyn, the Marxist leader of the Labour Party, in order to seek a Brexit compromise which will win over enough votes to pass a Brexit deal before May 22nd 2019. The EU stated that cross-party talks between May and Corbyn are a positive development as Corbyn seeks a soft Brexit which includes a customs union with trading bloc.
It appears that after April Fool’s Day, April 1st, Bitcoin decided to wake-up from hibernation as it surged double digit and sucked many of its peers up with it. Welcome back everyone to this week’s edition of my Bitcoin - Forex Combo Strategy! What a start to the week we have had and it appears that we could push a bit further. There have been no major fundamental developments which warranted the sudden surge in price action and many analysts have already dismissed this as nothing more than a temporary surge in enthusiasm surround the cryptocurrency sector.
Germany is the export powerhouse of the European Union, the largest economy on the continent and the driving force behind EU surpluses as well as fiscal and political policies. Chancellor Merkel is approaching the end of her political career and her as well as her party, the CDU, have already suffered losses in regional elections. Her own election victory marked the worst showing for her party since World War II. With a slowing global economy and a leadership change during the next German elections, Merkel’s team as well as other officials are undecided on how to proceed.
It is safe to state that the next few weeks before the official March 29th deadline will be chaotic. UK Prime Minister May was unable to push her hated Brexit deal through Parliament on two occasions and Parliament Speaker John Bercow told May that she can’t have a third vote on the same deal. This means in order for her to get a vote in Parliament, fundamental changes in the current deal need to be implemented.
According to the US as well as China, there has been plenty of progress made in the trade talks aimed at ending the trade war initiated by the US. Several reports suggested that both leaders may meet this month in order to officially end the trade war, but at least three officials with knowledge of talks have now come forward and stated that there won’t be any such meeting in March. President Trump and Xi may meet at Trump’s Mar-a-Lago golf resort, if they meet at all.
Hello and welcome back everyone! Since last week’s update “Bitcoin - Forex Combo Strategy: Crypto Index Product Launch”, where I discussed the launch of a new Ethereum based exchange traded product (ETP) listed on the main Swiss stock exchange, price action has been quiet and stable. This is a good thing as we don’t want those crazy moves which we saw as the bubble boomed and burst, leading to what is now known as the crypto winter.
Later on today the UK Parliament is set to vote on the Brexit deal which May has tried to modify following her historic defeat week’s earlier. The UK and EU have been in heated discussions, but UK officials emerged late Sunday and labeled the negotiations “deadlocked” as the EU refuses to make changes to the Irish backstop issue at the heart of the current impasse. Yesterday some MP’s urged May to scrap this evening’s vote as not enough changes have been secured from the deal which was voted down.
Hopes were not high for the second summit between President Trump and Supreme Leader Kim Jong-un, but the pressure to actually produce something meaningful and with substance was elevated. After the historic first meeting between the leadership of the US and North Korea last year in Singapore, there was plenty of positive commentary while nothing was actually accomplished. The second summit collapsed under the pressure as Trump walked out of the meeting after pressing North Korea for more concessions without success.
Forex traders received another healthy dose of global PMI reports which spanned from Australian through the Eurozone into the US. The trend which started in 2018 continued as more and more global PMI reports come in below expectations. This all points towards a steeper economic slowdown than many analysts and economists anticipated. A lot of traders have not fully priced in the effects of this slowdown. Central banks are likely to turn more dovish and follow the US Fed 180 degree policy change which will have ripple effects across the global financial system.
Welcome everyone! Before we dive a bit deeper into today’s topic of Bitcoin ETFs, let me take a moment and look at the price action recovery in cryptocurrency assets since last week’s update. During last week’s post, which you can read up on at “Bitcoin - Forex Combo Strategy: Digital Gold”, I pointed out that Bitcoin could quickly advance towards the $6,000.
Most forex traders don’t pay that much attention to the Reserve Bank of Australia and to the Reserve Bank of New Zealand. Both economies are big commodity exporters and have been riding the Chinese hunger for raw materials to the upside. The Australian Dollar and the New Zealand Dollar are both referred to as commodity currencies and forex traders also use them as a Chinese Yuan proxy trade with the Australian Dollar being the top candidate. The AUDNZD currency pair usually receives very little attention and has been trading well above parity.
Welcome back everyone to another exciting edition of the Bitcoin - Forex Combo Strategy. I am glad to see that support levels, not just for Bitcoin, came through and pushed price action higher over the past four trading sessions. The crypto-winter, as many have called the last few months, appears to be coming to an end as prices are thawing and expanding. Back on December 5th 2018 I have talked about the rise in fundamentals despite all the negative attention which was fixed solely on price.
Memories of the January 3rd 2019 Japanese Yen mini crash, which impacted the Australian Dollar as well, barely faded when forex traders are reminded that fluctuations in the world’s most liquid market can be drastic. The January 3rd mini crash and recovery didn’t leave any permanent damage and neither did yesterday’s mini crash in the Swiss Franc. The USDCHF initially spiked from 1.0004 to 1.0096, then reversed direction to dip below parity and eventually resumed its path to the upside.
Welcome back everyone to my weekly update on the cryptocurrency market and on my Bitcoin - Forex Combo Strategy. We had a very solid start to 2019 as far as fundamental developments are concerned, but as you all know the price of many cryptocurrencies did not follow through. Not yet that is. As Bitcoin is approaching the lows its bear market, volume has spiked in many local markets. This suggests that traders are preparing their wallets for what may come next. It is entirely possible that we will slide down to the lows, but what will happen once we test support?
The World Economic Forums is on its way in Davos, Switzerland. There are plenty of topics discussed and regardless of which financial market you trade in, Davos is always a great place for breaking news and developments which may ripple through all parts of financial markets. Bank of England Governor Mark Carney commented that companies aren’t able to full prepare for a WTO type Brexit. He stated that “There are a series of logistical issues that need to be solved, and it’s quite transparent that in many cases they’re not.
President Xi addressed the Chinese political elite in an unusual meeting which was later described as a “seminar”. This event took place on the same day the country reported its weakest GDP expansion in almost ten years and offered a fresh sign that the ruling party is worried about the social impacts of a slowing Chinese economy. Some analysts have pointed out that annualized GDP growth below 7.0% would result in social problems, especially in rural communities. GDP growth slowed down to 6.4% annualized in the fourth-quarter of 2018.
Roughly two weeks into 2019 and volatility is already rising across financial markets which impacts the forex market as well. Everything is connected in one way or another and successful forex traders understand that one needs to keep an eye out on developments in other sectors, such as equities, commodities and bonds, in order to get a complete picture. Understanding how they are connected can also offer great trading signals for currencies and improve overall profitability while it will decrease negative surprises.
Hello and welcome back everyone, what a start we already had to 2019! There have been some really exciting developments over the past week which only added to the overall increase in bullish fundamental news flow surrounding cryptocurrencies. While institutional traders often talk about the benefits of using blockchain technology in their operations, implementation has been rather slow and near absent. One of the biggest obstacles remains a more widespread adoption of the blockchain technology as well as cryptocurrencies by institutional clients in the financial service sector.
Delays, defeats and deadlines have been the norm since Prime Minister May brought back a deal from Brussels almost nobody in Parliament supports. Today’s vote was scheduled for last month, but May pulled it as it was clear that she would suffer a great defeat. Today appears to be no different, but many are now waiting to see by how many votes she will actually lose in order to determine the next steps. The EU could give more concessions if May loses by less than 60 votes.
With less than 80 days to go before the UK will leave the European Union, UK Prime Minister May is no closer to get her Brexit deal approved in Parliament. She lost a vote in the House of Commons yesterday in regards to the timetable following an expected defeat on her Brexit deal on January 15th 2019. After the defeat, James Slack, May’s spokesperson stated that “Our intention has always been to respond quickly and provide certainty on the way forward in the event we lose. That is what we will do.”
Some of the biggest appeals for cryptocurrency enthusiasts is the decentralized nature of the ecosystem, privacy and anonymity of the sector. Regulators have little space in this equation, but ultimately even hardliners in cryptocurrency need to find a way to accept some sort of regulation. The reason being is that if cryptocurrencies should be accepted as an alternative to other payment options, it will not happen without regulation. In general, regulators have so far reacted less favorable to cryptocurrencies and denied applications to make the sector more mainstream.
Welcome to the last 2018 update, post Christmas and pre New Year! Was Santa good to you? While cryptocurrencies are down across the board over the past 36 hours, it is only normal to take a breather after the powerful rally we have witnessed. Now some may view the most recent bounce as a “suckers rally” or a “dead cat bounce”, which means it is only a temporary advance within a larger move to the downside. While we would need more price action to get the real answer, for now it appears a healthy retreat inside a larger move to the upside as support levels are holding.
A wonderful winter day everyone, is the snow falling where you are or do you enjoy sandy beaches? Bitcoin has stopped falling and currently enjoys a solid increase in bullish momentum. Price action completed a breakout above its horizontal support area today and short-covering can push this cryptocurrency back above the $4,000 level rather quick. I am currently watching the $4,384.74 level to be exact which represents the intra-day high recorded on November 29th 2018. This is a very crucial level as a sustained move above it can extend this rally back above $6,500.
British PM Theresa May survived the no confidence vote from her own Tory Party yesterday evening as 200 voted that they do have confidence in her while 117 voted that they have no confidence. This was more than enough for her to stay on as PM as there can’t be another no confidence vote for twelve months from her party. The opposition Labour Party may decide to push through a no confidence vote in her abilities which could lead to a new general election.