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Forex Chart Patterns

misswallstreet — Sat, 21 Apr 2012 17:25:20 +0000

Four of the major forex charting patterns which are essential to understand a few chart patterns which aid traders in making beneficial decisions are covered in this article.

Symmetrical Triangles

On the charting system, indecision areas are represented by symmetrical triangles. These patterns generally take place when there is pause in the market and there is questions regarding future direction. The patterns represent a graphical illustration of equivalent forces of supply and demand. Pushing higher will be answered with selling and any dip is regarded as a bargain.

The new higher bottoms and lower tops show more shallow compared to the last and take on a sideways triangle shape. The volume of transaction generally diminishes until a breakout occurs. A symmetrical triangle variation is the ascending triangle.

Ascending Triangles

In a technical analysis, these are known to be bullish and when in uptrend are majorly reliable.
The triangle’s top is generally flat but can have an angle that is slightly turned upward. There is an upward slant at the bottom of the triangle. Here, the market is overbought and there is a fall back in prices. Buying returns and prices go back to past highs. Buying comes back at level that is higher than before.

Descending Triangles

In charting, the symmetrical triangle also has the descending triangle as a variation and it is usually known as being bearish, present in downtrends. The triangle’s bottom part seems flat or a small descending sloping angle is noticed.

There is a downward slant at the triangle’s top part. Prices are oversold at a fallen point. Buying trends of low volume appear in the low, having subsequent rising prices. Downward trends cause the higher prices to entice additional sellers making prices fall and test the old lows again.

Head and Shoulders

Photo via Wikipedia

Technical analysis explains the head and shoulders charting pattern as a reversal pattern that is seen mostly in uptrend where it is highly reliable. This pattern is seen when there is a slowdown in the market.

Sellers enter at the left shoulder (highs) and at the neckline beginning, there is a probe of the downside. Buyers then come back to the market and eventually thrust through to the latest highs which the head represent.

The recent highs are turned back quickly and there is a re-test of the downside – continuance of neckline formation. Buying emerges again and there is an upward move in the market but there is failure in taking out the earlier high. The right shoulder is regarded as the last top.

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breakout from descending triangle

Relative Strength Index RSI

misswallstreet — Wed, 28 Mar 2012 01:49:25 +0000

What is the Relative Strength Index?

The Relative Strength index (RSI) is a momentum oscillator used to track the strength or weakness of the S&P 500 or other index or asset. Based on the closing prices, and typically using a 14 day timeframe, the RSI will signal to a trader if they can trust the price trend. This oscillator measures the magnitude and velocity of directional price movement. 70 is considered the high level and 30 is considered the low level. If the RSI hits 80 or 20 as the high and low, the momentum is considered to be very strong, and if the RSI hits 90 or 10 as the high and low, the momentum is considered to be extremely strong.

RSI Helps Signify Overbought and Oversold Levels

The numbers 70 and 30 signify overbought and oversold levels, respectively. When a price is making higher highs and the RSI begins to hit 70, the stock is considered overbought and this presents a selling signal. Likewise, when the price is making lower lows and the RSI heads lower down towards 30, the stock is considered oversold, and this presents a buying signal.

RSI as Confirmation for Trend Reversals

When tracking a trend, traders typically check several indicators against each other. The Relative Strength Index can be used alone to check against the price to determine if the price highs or lows are valid. If the RSI swings above 70 then drops back down, that is considered a signal for a trend reversal from bullish to bearish. Similarly, if the RSI swings below 30 then back up, that is considered a signal for a trend reversal from bearish to bullish. However, if the price continues to make higher highs, and the RSI does not, that is potentially a hidden divergence and signals a false bull run. And if the price continues to make lower lows but the RSI does not, that is considered a hidden divergence as well and signals a false bear run.

How to Use RSI to Trade

Traders typically use the relative strength index along with another indicator to bolster their confidence in the signals they receive. RSI works well with the moving average convergence divergence indicator or MACD, as well as candlestick patterns.

Photo Credits: http://en.wikipedia.org/wiki/File:RSIwiki.gif

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Elliot Wave Theory

misswallstreet — Fri, 16 Mar 2012 10:09:42 +0000

The Elliot Wave Theory is based on the idea that, in general, groups of people tend to think alike. When investors are confident, prices tend to rise, and when investors are fearful, prices drop. Mass trade psychology swings from confidence to fear and back again in a natural rhythm. These rhythms create measurable patterns.

Elliot Wave Patterns

Also known as the Elliot Wave Principle, and named after it’s discoverer Ralph Nelson Elliott, it is best seen on line charts.

If you can spot these repeating patterns and figure out which number “wave” is occurring at the moment, then you can predict where the price will go. As an overall measure of investor confidence or fear, the Elliot waves measure investor psychology. Each wave is defined by the movement up, then back a bit, then up more, then back a bit and similarly when the price falls.

Investor Psychology

News also tends to drive investors to make decisions en masse. When news of a riot in Europe cause investors and traders to fear the stability of the Euro, then the price of european equities and the value of the Euro will fall. The same type of news that moves the price today will drive investors to move the price tomorrow and once again in the future. If you study charts using any time frame from today and into the past, you will notice this same pattern of prices moving in waves.

Reduce Trading Risk

By using the Elliot Wave Theory, you will be able to lower your risk in trading. As you identify the patterns and price movements, you will know what the markets are likely to do next and anticipate probable moves.

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Life Insurance for Day Traders

misswallstreet — Wed, 07 Mar 2012 01:12:17 +0000

Are you a full time day trader? Interested in becoming one? Then you will need to set up a financial strategy to manage various risks. This could be the risk of illness, accidents or even death. That’s why you will need to look into life insurance.

Comparethemarket is a UK price comparison site that can help you save money on a range of financial products. Whether you’re looking for car, home or life insurance, or a quote on a loan or a credit card, Comparethemarket are able to help you find the best deals without spending all your time looking.

Benefits of Full Time Trading

Let’s face it. There are several benefits to being a trader full time. You can set your own schedule, you can wake up and trade in your underwear and you can take time off whenever you need to visit the dentist. But what if you get sick? If you don’t trade you don’t make money. That is, unless you have an open position or a robot trading system. There are several full time traders that often need to get out for fresh air especially if you emotions start getting to you. Then you are more likely to make mistakes while trading. Those are mistakes that you can’t afford to make if you are trading as your day job. A full time day trader will need some type of insurance, health insurance and life insurance.

What is Life Insurance?

Life insurance is a type of insurance policy that typically will not pay out except in the event of death. Remember the movie It’s a Wonderful Life? George Bailey had that type of life insurance policy and when he couldn’t make the required reserve for the savings and loan, he wanted to cash out his policy. This can provide financial security for dependents or a spouse in the case that you are the only source of income. And if you are trading full time, you may want to look into options if your income is ever interrupted.

Low Cost Life Insurance

The price of life insurance will vary based on a few different factors. Your age, the amount of coverage you need, and your health are the major factors. Are you staying fit? You should be working out and breaking a sweat at least 3 times a week. Are you eating right? Make sure to eat fruits and vegetables every day. An actuary is the person who would calculate the price of your insurance policy based on these factors. If you’ve ever built an automated trader then you know about probability and statistics. That is exactly what actuaries do. They just use the information to project certain binary events concerning humans and not the market. If you are a smoker you can also lower the cost of insurance by quitting smoking.

Types of Life Insurance for Self Employed Traders

There are several choices when it comes to buying life insurance.

Term Insurance- This policy does not accumulate cash value
Universal Insurance- This policy includes a cash value
Whole Life Insurance- This policy offers a loan against the insurance contract
Endowment Life Insurance- This policy pays out at a specific date whether the individual lives or dies

Miss Wallstreet Says

You need your eyes to trade right? Check out Accidental Death and Dismemberment insurance for a way to manage that risk.

With this type of policy, benefits are available not only for accidental death, but also for the loss of limbs or bodily functions, such as sight and hearing.

Have you started shopping for insurance yet?

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What is Metatrader?

misswallstreet — Tue, 06 Mar 2012 01:12:18 +0000

MetaQuotes Software Cooperation developed MetaTrader, a trading API platform which specializes in manufacturing financial markets software. When this was written, the MetaTrader 5 or MT5 was the newest version but MetaTrader 4 or MT4 is used widely still.

The MetaTrader package has for brokers, a server backend and for clients, trading terminal. The whole software is certified to financial brokers and they distribute client software copies to customers. The server-client communication on the internet makes independent traders able today to receive the newest price information and carry out transactions in only seconds.

The Purpose of MetaTrader

MetaTrader was mainly created for traders in the exchange industry of Forex Robot retail. It enables local traders to consider and benefit from fluctuations and the movement of prices on the globe’s main currencies. In addition, it supports the creation of custom software that comes as scripts, professional advisors and indicators. MetaTrader programmers can code these software and they can utilized in the development of software which may aid the trader in making some tasks automatic.

Eligibility to Use Metatrader

Almost everyone can conduct trades in the Forex Robot market making use of foreign exchange retail platforms like MetaTrader. To adequately survive in financial markets, traders must register with a broker who is licensed for an account. However, persons speculating can test their strategies for investment on a demoaccount. With this, hopeful traders who have knowledge on financial markets trading but do not have adequate experience for doing it, will be encouraged to test and improve trading skills without having to compromise investment.

In spite of the guarantee and convenience that MetaTrader offers, however, majority of participants in the Forex market lose some money. Reports show that approximately 99% of the traders did not take home profits. Individuals aspiring to have an independent career as a Forex trader must carefully think about their choices and test thoroughly as well as improve trading abilities on the demo prior to changing to an actual account.

Where Can Metatrader be Used for Trading?

Majority of retail traders bring their own money when trading currencies and usually in their personal homes. In addition to computer software and hardware, an internet connection that is fast is required to create constant communication with the server of the broker.
Trading API platforms like MetaTrader have given much to Forex Robot retail trading industry. Local traders are given the option to be a part of the Forex market that was in the past, only available to institutional investors and banks.

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Yakezie Carnival Dr Seuss The Lorax Edition

misswallstreet — Sun, 04 Mar 2012 08:00:52 +0000

Welcome to the newest edition of the Yakezie Carnival! This is the Dr. Seuss Lorax edition. Have you had a chance to read the book or see the movie yet? So far it is doing very well at the box office. Never heard of the Lorax? Read on for the quick and dirty synopsis!
Ready to be included in the next edition of the Yakezie Carnival? Submit your post here.

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Kari @ Small Budget Big Dreams writes Is Your Bill Basket Making You Broke? – Is your bill basket a hot mess? Are you bills strewn across the house unopened, or opened and tossed in the basket? Have you ever lost a bill or forgot to pay a bill because you couldn’t find it? If you answered, “Yes” to one or more of the questions above, your bill basket might be making you broke!

Edward Antrobus @ Edward Antrobus writes Tax Reform Needs to Start with the W-4 – My personal income tax reform plan: change the w-4 to better capture the realities of two income families.

Savvy Scot @ Savvy Scot writes Our Wedding in Thailand Explained – The story of why we chose to get married in Thailand over the UK.

The Happy Homeowner @ The Happy Homeowner writes Confessions of a PF Blogger: Powerless – This post is part of my Confessions of a PF Blogger series where I’m recounting my financial past. In this edition, I elaborate on the time I spent as a homeless, jobless person and how I was able to bounce back.

My name is the Lorax, I speak for the trees!

Sicorra @ Tackling Our Debt writes Is It Too Early to Start Planning a Cash Only Christmas? – Do you find Christmas to be overwhelming because you spend too much? Why not plan a cash only Christmas and avoid all the stress of too much spending?

Melissa @ Mom’s Plans writes Debt Snowflake Challenge #9, Don’t Give Up When Progress Slows – If you don’t make much progress for a week, or a month, or two months, don’t give up. As long as you aren’t incurring new debt, you are heading in the right direction, albeit slower than you would like. But you’ll get there.

Kraig @ Young, Cheap Living writes Thoughts as Dow Closes Above 13,000 Again, Finally – I honestly don’t know if this means the economy is recovering, but I’m starting to feel better about it and I bet so are a lot of other people in this country as well. I’m also starting to feel like I’m missing out on the earnings by not having my money in the market and I discuss more on my thoughts here.

Jon the Saver @ Free Money Wisdom writes Making Term Life Insurance a Worthwhile Investment – Is life insurance really worth it? Instead of treating it like a burden, why not treat it like an investment? Life insurance is important.

John @ Passive Family Income writes My Weight Loss Program Update #3 – This is an update to my weight loss program

Ashley @ Money Talks Coaching writes How Does Your “Money Style” Affect Your Life – What is your money style? According to Wife.org there are 3 basic money styles; hoarder, avoider, or splurger. If you don’t know what your money style is you can take the quiz over on Wife.org. I don’t even need to take the quiz. I know I’m a hoarder. What are you? Think about your money style.

Crystal @ Budgeting in the Fun Stuff writes Our Meeting with a Tax Lawyer – As I have mentioned, Mr. BFS and I really didn’t know how we were going to proceed tax-wise now. So we scheduled a one-on-one m eeting with a tax lawyer.

Thanks for a great carnival!

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What is Heiken Ashi Indicator?

misswallstreet — Sat, 03 Mar 2012 08:07:16 +0000

Heiken Ashi candlesticks are similar to the typical Japanese candlesticks that you normally see in charting packages; however, they have a few basic differences. Also called Heikin Ashi candlesticks, they are used to interpret market trends.

What is the difference between Japanese candlesticks and Heiken Ashi Candlesticks?

Unlike regular Japanese candlesticks, which show the open price, close price, high and low price; heiken ashi candlesticks use a simple average formula to chart the trend of prices.

Although not entirely important because most of the charting packages will calculate and show the candlesticks for you, here is the method for calculating a heiken ashi candlestick.

Take the average of the open, high, low and close to get the heiken ashi close.
Close = (Open Price + High + Low +Close) / 4

Take the average of the open and close prices of the previous candlestick to get the heiken ashi open.
Open = (Average of Open Price and Close Price of the previous bar)

To get the heiken ashi high and low, take the maximum and minimum values, respectively of either the high, low, open or close.
High = (Maximum value of the (High, Open, Close))

Low = (Minimum value of the (Low, Open, Close))

When sellers are in control, the candlestick will be red. When buyers are in control, the candlestick will be green.As the power shifts from sellers, or bears, to buyers, or bulls, the composition of the candlestick will change.

A bearish trend consists of several red heiken ashi candlesticks with long upper wicks and no bottom wick. When the bearish trend is strongest, the candlestick will have a very long wick.

A bullish trend consists of several green heiken ashi candlesticks with long bottom wicks and no upper wick. When the bullish trend is strongest the candlestick will have a very long wick.

Once the trend begins to change or taper off, the candlesticks will begin to look like normal Japanese candlesticks with maybe both an upper and lower wick. A common trend reversal alert is a doji, with a small body and upper and bottom wicks.

Traders like the heiken ashi charts for their simplicity. It is easy to see who is in charge when you see several of the same color candlesticks in a row. Also when the wicks begin to get smaller and taper off, you will know that momentum is slowing in either direction. Heiken ashi candlesticks also eliminate excessive market noise because of the smoothing.

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How to Accept Losses With Grace

misswallstreet — Fri, 02 Mar 2012 04:00:43 +0000

The lack of a proper trading plan which includes precise rules for entering and exiting a trade will most certainly guarantee failure over the long term. Beginners usually suffer from the same common ailments. They abandon trading plans purely on impulse because things are not going exactly as how they had envisioned. Repeatedly they use unreliable methods that fail to produce a profit. Many traders hold on to losing positions telling themselves ìit is going to turn when every indicator says otherwise because they cannot bear the thought of a loss.

How to Become a Winning Trader

Why do they torture themselves? Why don’t they just identify whatís going wrong and make a change? For some people recognizing that a trade or even a trading method is not working and making a change is easy, but for others it is very difficult. They have to look at their limitations admit that they have made a mistake and that is hard because it hurts our ego. Psychologically itís risky, itís often easier to fool ourselves. Just keep going, living in a state of denial until your account is depleted. If you recognize any of these traits in yourself you must stop trading immediately.

Take a good look at what has been happening, try and identify the problem. If you look close enough you may see a pattern. This is why it is vital to record every trade and as much information about it as possible. You have to break out of old patterns and see things in a new light.

Trade with Confidence

You will never be a successful trader if you continue to live in a state of denial. What can be done to return to reality? There is a lot you can do. First of all make sure you are not trading under stress. When stressed out you canít see clearly, you become rigid and unable to see alternative views. One of the easiest solutions is to trade smaller. The smaller the trade the less the stress, especially for the beginner. If you are experienced and in a loosing streak reduce your contracts until you get your confidence returns. Some people need to take a break altogether. Get away from it all. Take your mind off the trading.

The second thing you can do is to make sure you have a life. Trading can be addictive especially when you are winning. Do not put all your emotional eggs in the trading basket. You need to have other roles that give your life meaning and purpose. By defining your identity in a variety of ways, you will not place un-natural importance on trading events. Therefore, you will be able to take losses in stride and look at your trading more objectively.

Finally, radical acceptance is a key mental strategy for coping with market uncertainty. Many traders make the mistake of thinking they can control the markets. Nobody can control the markets. We must learn to accept anything that comes our way and to trade accordingly. Adopt the attitude that trading is a journey and that all we can do is go where the markets take us.

To succeed on this journey you cannot afford to lose too much. Manage risk and just accept what you get and enjoy the ride. This way you will trade more freely and creatively. Donít live your life in denial. Accept your limitations, work around them, and become a winning trader. Write out your trading plan with precise entry and exit points. Most important set your stops and mentally decide you will not break them. Test your system on paper and when confident test in real time with the minimum contract size. You will have losing trades, accept them with grace and go on to the next trade.

The Advantages of Trading Forex

misswallstreet — Wed, 29 Feb 2012 04:00:30 +0000

When it comes to trading in just about any market, Foreign exchange trading has a huge advantage over other types of trading. Firstly, the forex market gives you the advantage of time freedom. In the foreign exchange market one can trade around the clock from Monday through Friday. In the stock market that is simply not possible since the market closes at 4 pm Eastern Standard time. This advantage of time freedom allows those who have not yet earned enough money trading in the forex market to maintain their day jobs while trading at night. It is also quite plausible to trade in the morning before a person goes to work. Trading currencies can become an excellent second job for you.

Unlike the stock market, the currency trading market does not require a trader to pay a commission to place a trade. This will come as a welcome sign of relief to those who have grown accustomed to the vast amount of money they must fork over to their brokers which go towards clearing, exchange and government fees. In the foreign exchange market you also do not have to worry about having a large sum of money in your account to sell your currency pairs. This concept of selling as you may already know is commonly called shorting in the equities world. You can buy or sell at will in the currency trading arena.

It is so amazing to be able to participate in this market right now. You can do so from the comfort of your very own home. As long as you have a computer that is connected to the Internet you are in business. You can begin trading with as little as 300 dollars. I will show you how to turn this 300 dollars into some serious money in no time at all. This should be a lot easier to do given the advantages that you know the forex market has over its competitors.

The FX market is traded by some of the world’s richest individuals including Bill Gates and Warren Buffett. You now have access to the same opportunities as they do. What is stopping you from getting on the road to financial freedom? You can start now. You do not have to wait. You have already begun the journey by choosing to educate yourself on the pros of the Forex market.

I personally love the fact that you can trade whenever you want to with the Forex. You see, in the stock trading world you are flagged if you are deemed to be a daytrader. In other words if a trader of stocks chooses to trade every day, he or she must have an account balance of 50,000 dollars to do so. There are no such restrictions when it comes to trading FX. If you work at night, you may trade in the daytime. If you work during the day, you may trade at night. You simply trade according to the schedule that works best for you.

I want you to think about money for a moment. Who uses it? The whole world does in some form or another. Another advantage that the forex market has is that there will always be a need for money. You are simply trading one currency for another in the currency market as the 4x is commonly reffered to. The Forex market is not going anywhere. It is here to stay. The only question is then who will be a part of it? We need money to buy the things we use everyday and so do those who live in the other parts of this world.

Another advantage that 4x has over stocks is the advantage of trading focus. Instead of having to choose between over 4,000 stocks you can deal with 4 main currency pairs. Any good business person knows that focusing on too many things is a recipe for financial disaster and this can hold equally true in the stock market. A stock trader also must grapple with the time issue doing research on all those potential stocks presents. It is also much easier to become familiar with four things as opposed to 4,000 things. Focus is the name of the game and 4x trading makes it much easier to do so.

The ball is now in your court. Will you take it and make the decision to win with currency trading? forex is indeed the winner’s game and those who win consistently know how to play it well.

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Tax Abatement: Definition and Use

misswallstreet — Tue, 28 Feb 2012 22:26:04 +0000

Tax abatements are a reduction or elimination of taxes for a specified reason and for a certain length of time. Tax abatements can also be referred to as tax holidays, tax reduction programs or tax subsidies and they can be short or long-term.

Tax Abatements: Business

There are numerous tax subsidies for businesses in America. A business may be issued a tax abatement if, for example, they can show the tax break would create a set amount of jobs or keep a set amount of jobs. Local, state and the federal government use tax subsidies as a tool for economic development as well. They offer tax abatements as an incentive to businesses that expand or build in certain neighborhoods to encourage growth and progress. Tax abatements may also be used to keep businesses from leaving certain areas.

The current US Tax Code allows for Corporate Tax Credits. Governments believe that by offering tax debt relief to corporations, it will help stimulate the economy, create more jobs or avoid eliminating jobs. However, many financial experts believe that tax abatements for corporations are just another form of corporate welfare and that corporations do not live up to the promises made when requesting the tax abatement.

Tax Abatements: Real Estate

In most states, in order to qualify for a tax break, the individual must supply the burden of proof. The process generally begins with an appraisal report. The process discourages individuals from applying on their own as it is fairly long, cumbersome and difficult to apply.

There are three basic reasons for which a taxpayer would file tax abatement for owned property or properties. The first reason is if the actual data provided on the property’s tax card is proven incorrect. The property would be reassessed with the current information and then the tax can be abated dependent on the new data. The second reason is the most popular tax abatement filed and although it is not the most difficult to prove a case for qualifying for an abatement, it is not the easiest either. As of the beginning of April, in the year the abatement is filed, if the equalized assessed value of the property is shown to be above the actual value of the property, abatement can be filed. The third reason is the least commonly filed tax abatement and is the most difficult to prove. If the taxpayer can prove their property is being over-assessed disproportionately to other like properties in their area, they may qualify for a tax break.

Tax Abatements: Individuals

With a tax abatement regarding an IRS tax penalty levied against an individual, the taxpayer can have the penalties and interest reduced or eliminated, but not the initial tax debt that incurred the penalty. With most of the IRS penalty abatements, the taxpayer can eliminate most of the penalty charges, but not the interest rate. However, just eliminating the penalties can still offer massive tax debt relief up to twenty five percent of the total tax liability owed.

Tax abatement for an IRS penalty may be right for the taxpayer that has the ability to pay off the initial tax debt, but believes he or she should not be held responsible for the penalties attached to the tax debt.

Common reasons for filing for tax penalty abatement are if the taxpayer has:

Undergone family problems such as a death of a family member or divorce
Suffered from a natural disaster such as a tornado, hurricane or earthquake,
Had theft, destruction or vandalism of the property
Experienced a debilitating illness or injury
Been incarcerated
Been unemployed for an extended length of time

There are tax abatements available for businesses, real estate and the individual tax payer that can provide tax debt relief. The best course of action to take when considering filing for tax abatement is to consult with an experienced tax law attorney to see if it is applicable for the situation.