Monday, October 22, 2007

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Learn the basics of forex trading 6

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117-Elliot Wave Theory- Corrections always take place in three waves.

118-Elliot Wave Theory- Waves can be expanded into longer waves and subdivided into shorter waves.

119-Elliot Wave Theory- Sometimes one of the impulse waves extends. The other two should then be equal in time and magnitude.

120-Elliot Wave Theory- The Finobacci sequence is the mathematical basis of the Elliot Wave Theory.

121-Elliot Wave Theory- The number of waves follows the Finobacci sequence.

122-Elliot Wave Theory- Finobacci ratios and retracements are used to determine price objectives. The most common retracements are 62%, 50% and 38%.

123 -Elliot Wave Theory- Bear markets should not fall below the bottom of the previous fourth wave.

124 -Elliot Wave Theory- Wave 4 should not overlap wave 1.

125 .Support and resistance are the most effective chart tools to use for entry and exit points. For purposes of placing stop loss, support and resistance levels are most valuable.

126. One of the commodities most effected by the dollar is the gold market. The prices of gold and the U.S. dollar usually trend in opposite directions.

127. The Yen is sensitive to changes in the price or structure of the raw material markets.

128. The commodity-producing countries (Canada, Australia, N. Zealand ) are more dependent on Japan than the other way around.

129. The Yen is sensitive to the fortunes of the Nikkei index, the Japanese stock market and the real estate market.

130. The majority of the pound transactions take place in London with a volume decreasing significantly in the U.S. market, and slowing down to a trickle in Asia. Therefore, in the New York market, many banks have to stop quoting the pound at noon.

131. Swiss Franc has a very close economic relationship with Germany, and thus to the euro zone.

132. The major markets are London, with 32 percent of the market,New York with 18 percent and Tokyo with 8 percent. Singapore follows with 7 percent, Germany has 5 percent and Switzerland, France and Hong Kong have 4 percent each.

133. Don't use the markets to feed your need for excitement.

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