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Tag Archives: USD/CHF
The USD/CHF is close to starting a new trend in the D1 time frame, check the trend chart below. Traders can set a price alert at 0.9950, as indicated by the red line. Above that price check The Forex Heatmap® to verify any buy trade entries. The overall trend on this pair is up, and we expect it to go back up to at least the 1.0300 area resistance area indicated on the chart. The resistance alarm point and target resistance areas are noted in red. This chart is exponential moving averages, and they can be applied to all 28 pairs we follow. Then you can conduct a trend analysis across all 9 meta trader time frames with multiple time frame analysis.
Today in currency trading the USD/CHF moved much higher after the USD economic news announcements. After the news drivers in the main trading session the USD (US Dollar) strengthened somewhat but the CHF (Swiss Franc) was weak, pushing the USD/CHF higher. The USD/CHF has hit intra-day highs of 1.0093. Core Retail Sales and Producer price index were the USD news drivers at 830 EST. The USD/CHF is trending higher on the major time frames and has considerable upside potential. The live currency trading signals you see below are from The Forex Heatmap®, which is a visual map of the forex market, it provides live trading signals for 28 pairs.
Today in currency trading the CHF (Swiss Franc) strength was signaled by The Forex Heatmap®. This drove price movement for traders. The USD (US Dollar) also had some weakness. The USD/CHF dropped and broke one support level. This pair should continue lower to the next support level at 0.9200 but it should continue past there. The CHF/JPY also rose on the CHF strength, we would scale out lots on this pair just below the 130.00 area, which is the next resistance point. The trading signals you see below are from The Forex Heatmap®, which provides live entry signals for 28 pairs.
Today in forex trading the CHF (Swiss Franc) signaled weakness across all of the pairs in the group on The Forex Heatmap®. This drove very strong price movement on the pairs in this group. The GBP (British Pound) was also strong so the GBP/CHF had a very strong move to the upside. This pair could now continue up to the 1.4950 resistance area. Pairs like the USD/CHF also moved up and this pair could continue up to the 0.9800 resistance area. The live signal system you see below is The Forex Heatmap®, it works on 28 pairs and 8 currency groups.
The USD/CHF is not in a trend now. The analysis indicates that this pair is consolidating and is going sideways, therefore, to catch the next move we are setting a straddle alarm on this pair at 0.9200 and 0.9300 to catch movement in either direction. A further discussion of price alarms is available for review. After the alarm hits you can verify the trade entry with The Forex Heatmap®. There is plenty of room to move in either direction as there is no nearby support or resistance past the straddle alarm prices. The trend indicators you see are exponential moving averages.
The USD/CHF chart analysis shows that this pair is trending higher is trending higher on the largest time frames, like the MN time frame shown below. The current resistance is at 1.0225. You can set a price alert here. When the alert hits check The Forex Heatmap® for a buy signal. We do not see any resistance past the alert price nearby plus considerable upside potential of over 600 pips. The chart analysis you see below was performed with multiple time frame analysis.
The USD/CHF chart analysis is shown below. This pair is in a down trend on the larger time frames, like the W1 time frame. It has cycled up on the H4 time frame and we now expect it to cycle back down and get back into the longer term down trend. It should drop back down to the 0.8730 support area, shown by the yellow line, and eventually continue much lower. Look for a sell signal on this pair in the main trading session using The Forex Heatmap®. The chart system you see below is the meta trader platform with 5/12 exponential moving averages.
Today in currency trading the USD strength was evident in the market. The AUD, EUR and CHF were slightly weak and this drove short term movement on several pairs. The EUR/USD and AUD/USD dropped and the USD/CHF rose. These were short term movements. Due to some market choppiness we would scale out lots or exit all trades. We will look to plan more trades on these three pairs in our next set of trading plans since the D1 trends could be forming in the direction of continuing US Dollar (USD) strength. The trading signals you see below are for The Forex Heatmap®, which give live trading signals across 28 currency pairs.
Anyone who wants to participate in a forex trading business should have a business plan. In this article we will show traders how to approach setting up a business plan for trading the forex market. Just like any other business startup, you have to have a business plan in writing, and follow it.
Advantages Of A Forex Trading Business
Traders can work their home trading business from home, work, or anywhere in the world with a good internet connection and work space. Forex traders can work while they travel or manage another business, as long as they are near the computer. You can trade part time on the side while full time employed. Traders can take a day off whenever they want if they are sick or need a break. If a trader is mobile, they can set up notifications on their phone or mobile device to notify them as to when the market is moving. Most forex website and brokers have mobile options and impressive apps..
Forex Trading Business Plan, Startup Costs
Here are some fixed costs associated with starting up a forex trading business. All traders will need a desktop computer or laptop, good quality phone or wireless device if you are mobile, internet connection, and funds for funding a live trading account. Most charting systems like Metatrader are free with your brokerage account.
There are some optional costs associated with a forex trading business. Fees for forex education courses are optional. To reduce or eliminate the cost associated with education, you can go to the Forexearlywarning website and all of our online forex courses are free, and these education courses are the best in the retail trading industry. This will save a forex trader a lot of money as education courses can range up to $50,000. Also, some charting systems have a monthly cost but the Metatrader platform is free and works just fine. Reduce costs of your forex trading business with these tips.
Another optional expense might be the cost for trading signal or alert services. These can range between $40 and $200 per month. Once again top quality trading plans and live signals are available from Forexearlywarning. Check out Forexearlywarning for only $19.95 per month. Forexearlywarning provides trend based trading plans, a complete and detailed trading system, and excellent tools for entering your trades. Doing this will keep your monthly operating cost very low. Keeping expenses low is good for all business startups, until you are trading profitably.
The final expense of a forex trading business is risk capital or working capital to fund a live trading account. This is not money paid out, but funds that a trader deposits into an account that you, as a trader, completely control There are a lot of misconceptions about funding a live trading account. Trading a leveraged market like the spot forex reduces the amount of working capital needed. With leverage of 50:1 and higher, traders can enter the forex market with live accounts funded in the $2000-$5000 range and have plenty of equity to reap good profits.
You should not fund a live trading account at all until after you demo trade. There are no costs associated with a demo trading account, so no risk to your capital. You should never fund a live trading account until your demo trades are successful. You may not need to fund an account at all if your demo trades don’t work out. Don’t take a chance trading live funds until your demo trades are successful. There are even some entities that will fund your trading account for you, if you successfully demo trade.
To protect your live account and working capital, make sure your broker is financially viable and maintains client account protections. After you successfully demo trade and get a live account funded, you can move forward with live account trading. Having a great trading system and implementing good money management procedures, trade after trade will make your live trading account and working capital grow.
Forex Trading Business Plan Checklist
Use this checklist of items for your trading business startup. Find a trading system you like, find a reputable broker, find a charting system you like, we suggest Metatrader to start. You can move on to more sophisticated charting systems and your experience level and personal tastes dictate. Find online forex trading courses to take, and make sure you are available to trade in the main forex trading session.
As part of your trading system, traders should have simple but powerful trading signals, like the one you see above. This is The Forex Heatmap® from Forexearlywarning. This system tells you what pair to trade and it works for 28 pairs. The example above is a sell signals on the GBP/JPY.
Skills Needed For A Trading Career
Here is a list of some of the basic skills a trader would need to consider a forex trading business. A trader would need to have knowledge of how to operate a personal computer or laptop, have basic typing skills, know how to download software programs from the internet, etc. They would also need to know how to set up Metatrader or other forex charting systems. They would also have to have the discipline to study the details of a trading system they are using, good reading comprehension, and the discipline to follow the trading system with demo trading.
Forex Trading Business Partners
Here are some business partners you might need as part of your forex trading business. A reputable forex broker, education provider (free or paid), signal and alert services, trading system provider that may also includes signals and alerts. It might also be a good idea to have a business partner and trade under a joint account. This might be a good idea if you have a full time job or live in a location where the main trading session and most trading is in the middle of the night.
Forex Trading Business Entity and Taxes
As a “trader” you may be able to deduct quite a few expenses, like your home office expenses. Understand the Internal Revenue Service definitions of “trader” versus “investor”. If you qualify as a trader, you can take the deductions. Self employed traders can file Schedule C. Income might be reported on Schedule D as capital gains. Traders can download annual trading data, with details of all trades, from their broker fairly easily. Traders might also consider trading under an entity like an LLC. These suggestions are for traders who reside in the USA. In all cases check with a tax advisor for guidance in the country that you reside in.
Conclusions About Forex Trading Business Plans – In this article we present as much information and ideas as possible for consideration to make your forex trading business startup successful. Use these ideas to think about how to improve your business plan on the way to forex trading success.
Today in currency trading the forex major pairs all moved based on USD (US Dollar) strength. This created excellent short term buy and sell opportunities on some of these pairs. In the main forex trading session the USD was strong across the board, and pairs like the USD/CHF moved up and the EUR/USD moved down based on the USD strength. From a support and resistance analysis, these two pairs are range bound, so we would consider scaling out lots and taking some profit, as we consider these to be short term or intraday trades. The live currency strength indicator you see below is The Forex Heatmap®. It give live buy and sell signals on the forex major pairs, plus pairs from eight other currency groups.
The forex major pairs are currency pairs that have the USD on the left or right, the base or cross currency. You can see in the heatmap image above that we trade seven major pairs total. The USD pairs are most popular forex pairs. They are also the most liquid and heavily traded, they have the highest trading volumes and liquidity. The heatmap is a valuable tool in that the signals you see are live and any forex trader can learn how to use it for successful trade entries, day after day.
USD strength can be easily detected with this great live indicator. In the example above the pairs with the USD on the left are all green, and the pairs with the USD on the right are all red, indicating that the USD is strong. The heatmap works the same way for other currencies, for example if the EUR (Euro) is strong all of the indicators will be green because the EUR is the base currency on all pairs.