Asian Power

This few days has been a tough forex market, as the range is getting narrow for some of the currency pairs. A very good market for scalper, and not a LT trader. Most LT trader are staying sideline for major pairs, until the market is clear of the direction. If there are news, they are only great for scalpers or professional fx trader.

The major fundamental report results:
Nov 9
09:30 GMT UK ! Trade Balance -6.6B (A) -6.5B (E) -6.7B (P)
12:00 GMT UK !!! Bank of England Rate Decision 5.00% (A&E) 4.75% (P)
13:30 GMT US !!! Trade Balance -64.3 (A) -66.0B (E) -69.9B (P)

Nov 10
13:45 GMT United States !! Fed Bernanke / ECB Trichet speaks

Economic growth in France stagnated in the third quarter of the year. Could this be a sign that USD might cover some ground, since next week is all about Euro fundamental. Or maybe this: Germany's trade gets export boost to maintain the USD at where it is on EURUSD. Very interesting isn't it? Because of this, Japan is moving EURJPY to a rate of 151.01, in order to gain competitive advantages through cost leadership in US market due to exchange rate. When EURJPY reached this 151 level, I was jumping out of my seat, so is any other traders. Many had to cut loss for this trade. Luck for me, I was not trading at that time, due to many big sharks lurking around the sea. Still waiting to read article about this, or maybe no one is writing this except me. :D

This week, Governor Zhou Xiaochuan gain popularity in the forex market. There were even rumours about BOC and BOJ invested lots of Euro to push the euro at this level, 1.2841, indirectly pushing EURJPY at a higher ground. How true is it? Not sure. Last time, BOJ used to be a major FX influence, now, BOC. It seems that more asian countries are taking forex as an interest after all. Wonder who's next?

Latest news regarding People's Bank of China Governor Zhou Xiaochuan: Dollar Drops This Week as China Says It Will Diversify Reserves

Ok, since this week someone from India is asking me for Ichimoku Kinko Hyo book, I might as well blog this a bit. Ichimoku is basically a technical indicator that is used to gauge momentum along with future areas of support and resistance. The Ichimoku indicator comprised of five lines called the tenkan-sen, kijun-sen, senkou span A, senkou span B and chickou span. It has the strengthen for trader to gauge an asset's trend, momentum and support and resistance points without the need of any other technical indicator. I know one of the bank that is good at this: Saxo Bank, where most analysis is based upon this. For those who are interested to learn more about this exotic indicator, try a newly setup forum where kumotrader gathered around for exchange of ideas and learn, http://www.boersmaandhunt.com/kumotrader_forum/.