Well Serene Traders hope you are all well, and have been busy trading.

Things have realy been looking up for most of us traders, but still find a few nice setups that are to the short side.

Here is EUR/USD and it looks to be setting it self up for a short sell.

I see a DOUBLE TOP and not too mention that its in a CHANNEL as well.

If you look at the snap, I took I have marked the CHANNEL out in YELLOW and then 2 TREND LINES out in PURPLE.

As you can see it has broken the TREND LINE and might be looking to test it and then push back down or even break to the UP side.

I would watch this one very closely and see what IT DOES.

Please don’t just TRADE this with out doing your own analysis of the CHART.

Happy Trading.

Forex Market News for Tuesday 19th May 2009

Please find attached the Forex Market News for Tuesday 19th May.

Forex News for Tuesday 19th May 2009

Serene’s Summer Special has been sent to you…

Serene's Solution...

Dear Traders,

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What trading software is the best?

Question:

I am just starting, using spread betting as my vehicle.  The charts of the spread betting companies are not that great, so I was thinking of investing in either eSignal or Tradestation, which are both very expensive.  What are your recommendations when choosing a charting software package?

Dear Traders,

This is a question asked my many of you and to be honest, probably one of the most difficult to answer.  My belief is that learning a charting software and how to use and maximise it to the best of its benefits, is probably one of the hardest parts of trading!  There are so many different software’s available out there, all offering you different tools, plug-on’s, strategies and specials, that sometimes it can become overwhelming. 

Cheap software’s are cheap for a reason!  The do not have all the up to date tools that are being taught and implemented in current market conditions, or they are not that simple to operate.  You also need to take into account what it is you want to trade, and what it is that you MAY WANT TO trade in the future!  There is nothing more annoying then learning a software for trading stocks, then want to trade currency and that software does not offer those charts.  Off you go to get a new one and the learning process starts all over again!

I have had every charting software possible from; TC2000, eSignal, Tradestation, Metastock, MyTrade, FXCM, IG software, ForexYard and Metatrader! But only one of these has really stood out for me and have ended up cancelling most of the others!  Metastock for me has been the most important software that I have ever obtained.  I am able to write codes, download all the up to date strategies and tools that are being offered, I can write my own strategies, edit indicators, run scans, compose scans… the list goes on and on.  It also allows you to see charts on any market in the world, indices’s and currencies.  There is no need to learn any other software if you have this one.

But, at the end of the day, it all boils down to personal satisfaction and you alone are the only one that can make the decision on which one to go for.  Look at the pro’s and con’s of them all.  Yes, some may be expensive BUT you wont have to learn another software and they are expensive for a reason!!  Don’t look at cost, look at value.

If it is Metastock that you think that you would like to use, Serene can offer you one month free trial of this.  It is also the software that we use on our training courses so if at some stage you did decide to join us – you would already be one step ahead. Click hereto be re-directed to the Metastock site and make your own mind up.

Try MetaStock Software FREE for 30 days

If Metastock is what you choose to go with, email us at support@sereneeducation.co.ukand we will ensure that you are looked after 100% by the support team at Equis and throw in some bonus’s for you to get you started!

What ever you do, make sure that you find something that fits your personality and style of trading, but most importantly – have fun!!

http://www.sereneeducation.co.uk

Positions opened on US Shares last week – Update

Hi Everyone,

I held the following shares as of Thursday and i wanted to let you in on how they are doing.

Trades placed on Friday on US Shares

Some are fairing better than others BUT I tend to hold these for a week or so to see how they do. I’ll have an update for you as the week continues.

Until next time, Trade Serenely !!!

How to go about choosing a trading PC?

Question:

How would you go about specifying a dedicated trading pc?  This is an area overlooked in the trading education sphere, and there must be lots of people struggling with this as some of us are not that computer literate?

What computer should I buy?

Dear Trader,

Finding the right trading computer is a difficult choice if you are not computer literate (I know exactly how you feel!)  I think that it is important to have a PC or laptop just used solely for trading as family vacation pictures, our children’s computer games etc just raise havoc in our lives.  Once again, choosing the specific spec of your computer is down to the individual, however, I believe that the below requirements are more than satisfactory:

•  Most PC/Notebooks on sale these days have the Processing power required for trading. Ideally Intel® Core™2 Duo Processor are best.
•  Notebook/Desktop Memory is key. The more Memory, the better.(The max these days on notebooks and PC is around 4 Gig) If you are able to afford to put in the maximum availability of memory on your system – do it.
•  Notebook screen size should NOT be less than 15.4 inches. The same for Desktop Users. The Bigger the better.
•  Back Up Option – Get an external Hard drive to back up all your data at the end of the day. Very Important !!
•  Make sure you have a copy of Excel and Word on your workstation. Comes in handy when putting together a journal on the trades you have made.

I hope that this helps you and if you require more information on this topic, please feel free to email me at chris@sereneeducation.co.uk.

Will the Moving Average act as a level of Support or Resistance?

Question:

When trading, I do find it very difficult to tell whether or not a MA, especially the 100 and 200 day MA, will act as support/resistance or whether it will be broken.  Should one wait until it has made its mind up before even thinking of getting in a trade?

Dear Trader,

There are many technical tools that we are traders use to determine levels of support & resistance.  These range from Pivot Points, Fibonacci and Gann fans and include Moving Averages. If you are not already in the trade and price is approaching your 100 or 200 day MA, it is always wise to wait and see the reaction it has to that level before entering a trade.  Remember that you also need to use your money management, so would you enter that trade if that level / Moving average was your next area of support / resistance.

It sometimes helps to look back on that particular chart and see if the MA that the price is approaching, acted as a level of support/resistance in the past. Let’s take a quick look at the diagram below.

Moving Averages

In this particular currency pair, the 50 MA and 200 MA have constantly acted as a level of support / resistance.  I would therefore that special notice when price moved towards these moving averages.

Different moving averages can be used to determine support & resistance, trend direction, entry and stop points ect.. They are useful tools to have and use once you know and understand them fully.

Trading Using Pivot Points.. Questions & Answers..

Question:

Is there a rule about taking trades between the pivot lines?  Is it better to see a set up that breaks through a pivot line or will you still take a trade if the set-up occurs in the space between the pivot lines?

Dear Trader,

When price is between pivot points or on the Central Pivot, it is classified to be in “no mans land”.  This means that it is usually an uncertain price at which to enter into a trade.  It is not that you have to wait until price is right on a pivot point to enter a trade, but in most cases, it is best to wait until price is at least close to a pivot point before considering to place a trade.

There is a lot more to understand to using pivot points and lack of knowledge could lead to serious damages to your trading account.  Remember that price is more than likely to return to the Central Pivot so when price is above the central pivot you should be looking for other technical indicators to go short and visa versa.  This diagram is from one of my courses and will hopefully help you when looking at Pivots.

Pivot Points

Hope this answers your question.

Cable just seems to be getting strong..

After entering the trade at 7am this morning and following the trade with my stop so tight that the trade could not breath, waiting for it to make a down turn due to the fact that it rose so quickly, I am amazed at the strength that this pair continues to hold.

Powered by Metastock

It made its big move, then when I thought it may fall down, it just took a small break and now looks like it could possibly make a bigger move up.  It has broken through resistance and closed above with force so this could be an opportunity for traders who were not in this trade, to enter.

Please do your own analysis before entering the trade..

Alternative Investment Opportunities.. This one is too good to pass..

Morning traders,

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