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Who: "Forex Joe", Forex Trading 'Insider' and Expert Trader

What: "How To Master The Forex in Four Easy Steps" webinar

When: Thursday, February 26, 2009 at 9:00 PM EST

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Daily Forex Forecast Outlook February 24, 2009

The March Dollar was lower overnight as it consolidates some of Monday's rally. Stochastics and the RSI have turned bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 86.50 are needed to confirm that the rally off December's low has come to an end. If March renews last week's rally, November's high crossing at 89.74 is the next upside target. First resistance is last Wednesday's high crossing at 88.57. Second resistance is the reaction high crossing at 88.71. First support is the 20-day moving average crossing at 86.50. Second support is Monday's low crossing at 85.81.

The March Euro was higher overnight due to short covering as it consolidated some of Monday's decline. Stochastics and the RSI have turned bullish signaling that a short-term low might be in or is near. Closes above Monday's high crossing at 129.890 are needed to confirm that a short-term low has been posted. If March renews the decline off December's high, November's low crossing at 123.630 is the next downside target. First resistance is the 20-day moving average crossing at 128.515. Second resistance is Monday's high crossing at 129.890. First support is last Wednesday's low crossing at 125.080. Second support is November's low crossing at 123.630.

The March British Pound was higher overnight as it extends Monday's rally above the 20-day moving average crossing at 1.4412. Stochastics and the RSI are turning bullish signaling that a short-term low might be in or is near. Closes above the reaction high crossing at 1.4604 are needed to confirm that a short-term low has been posted. If March renews this month's decline, the reaction low crossing at 1.4044 is the next downside target. First resistance is the reaction high crossing at 1.4604. Second resistance is Monday's high crossing at 1.4660. First support is last Wednesday's low crossing at 1.4090. Second support is the reaction low crossing at 1.4044.

The March Swiss Franc was higher overnight due to short covering as it consolidated some of Monday's decline. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above Monday's high crossing at .8728 are needed to confirm that a short-term low has been posted. If March renews this year's decline, the 87% retracement level crossing at .8370 is the next downside target. First resistance is Monday's high crossing at .8728. Second resistance is the reaction high crossing at .8778. First support is last Friday's low crossing at .8416. Second support is the 87% retracement level crossing at .8370.

The March Canadian Dollar was higher overnight and trading above the 10-day moving average crossing at 79.88. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 80.65 would temper the near-term bearish outlook. Closes above the reaction high crossing at 82.48 are needed to confirm that a short-term low has been posted. If March renews this month's decline, January's low crossing at 78.30 is the next downside target. First resistance is the 20-day moving average crossing at 80.65. Second resistance is the reaction high crossing at 8 1.44. First support is last Tuesday's low crossing at 78.88. Second support is January's low crossing at 78.30.

The March Japanese Yen was sharply lower again overnight and is trading below January's low crossing at .10567. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 50% retracement level of the August-January rally crossing at .10333 is the next downside target. Closes above the 20-day moving average crossing at .10942 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at .10795. Second resistance is the 20-day moving average crossing at .10942. First support is the overnight low crossing at .10446. Second support is the 50% retracement level crossing at .10333.

1. Extremely Liquid Market
2. 24 Hour Market
3. Good Trading Opportunity
4. Familiarity
5. Value Of Currency
6. Margin Trading
7. Variety Of Order Types Eases Trading
8. Forex vs Futures
9. Forex vs Equities
1. Extremely Liquid Market

With daily traded volume of up to 2.5 trillion on a single day, Forex market is extremely liquid. Concerns should be only limited to whether your market view is correct. If the price level you wish to trade is the current market rate, you can be assured that your order will be completely filled. No worries on partial fill or market depth, due to the high daily traded volume. Trade the currency at your desired price.

Being the largest financial market, you can be rest assured that there will be no manipulation to the market as no single entity can manipulate the market in any direction.
2. 24 Hour Market

Trade anytime you want to with Forex as its open 24 hours, 5 days a week. No market opening or closing, restricting your momentum in trades.
3. Good Trading Opportunities

For traders keen to leverage on the forex market, a daily range of 50 to 300 pips worth of trading opportunities is available for intraday traders.
4. Familiarity

Forex trading is not something unfamiliar to everyone. All of us do currency conversions at some point in our life. Important factors to understand the behavior of forex are, what constitutes to the strength or weakness of the currency. Is it determined by strength of economy? Demand and supply? So, understanding of the forex market is not something difficult.
5. Value of Currency

Consider the risk of a company’s stocks collapsing vs. the risk of a country’s currency collapsing. It should be obvious that currency is a more stable form of investment for trading.
6. Margin Trading

With margin trading, you can trade $100,000 worth of contracts with only $2,000 to $4,000. Yet, the trading opportunity is based on the actual contract size. With a smaller capital outlay, you can free up your cash for other forms of investments or usage.
7. Good Variety of Order Types

Though some traders are concerned that market will slip away while they are resting, causing sleepless nights, the variety of order types available helps to shorten the hours you need to keep monitoring the market. Use limit, stop loss, OCO orders, with time frame of either day or GTC to help you carry out trade effectively.
8. Forex vs Futures

* Liquidity and Flexibility

The spot Forex market statistically shows in 2006 that the volume traded is a whopping $2.5 trillion daily, making it the largest and most liquid market in the world.
Futures contracts are segregated into different contracts that are exchange traded. Forex contracts on the other hand are OTC. Having greater flexibility ensures higher liquidity to your trades. Your trades will always be done exactly at the number of lots you indicated. They will not be done only partially.

* Delivery/ Tenor of Contracts

The tenor of Futures contract is typically 3 months. Which in practice, buyers of futures contracts are advised to square off their positions at the 1st notice date to enjoy greater liquidity. And if traders wish to continue trading in that particular contract under Futures, they should enter into the next futures contract of 3 months validity. You may need to square off your position at a price level that is not to your advantage.*

Forex trading under Phillip futures, however, provides auto-rollover. This ensures that you only square off your position when you desire, without worrying about contract expiry date.

*Based on all things being equal, you have excess margin to cushion the daily mark to market margin requirements.
9. Forex vs Equities

*

Trading Hours

Foreign exchange trading under Phillip futures provides trading 24hours a day, 5 days a week. The equities market, are relatively less flexible, as trading is at certain time frames, only when the respective markets are open. This provides more liquidity vis a vis the equities market.

* Nature of Trade

Speculative Trading

If traders are actually looking at trades from a speculative point of view, Forex actually provides more room for speculation. Imagine in the case of equities, you can hold short positions only for 1 month under CFDs. To hold beyond a month, your position will be rolled over with a fee involved. Whereas for Forex trading, you can hold on to your short position for as long you wish, through our free auto rollover, as long as your margin requirements allow. This gives the added flexibility of trading.

Investment Trading

Under shares trading, there is a substantial chance that a company may fold/go belly up. But under Forex trading, if you're looking at currency appreciation, you are basing your investment on the country's fundamentals.

Trading in shares, you're investing in the financial strength and prospect of the company. It entitles you certain percentage of shareholding in the company. Should the company perform badly, your shares become relatively low in value. Trading in forex, you're investing in the economy of the country. It entitles you to money itself. The currency you're investing in is backed up by a whole country's economy. The risk you bear is sovereign risk.

* Margin Trading

Under equities trading, you can do contra (margin trading for 3 days), or CFD (margin trading for a month). Under Forex trading, its margin all the way. Leverage on the margin. Provide only the maintenance margin required for your necessary trades, and free up your cash. From another point of view, leverage trading will allow you to maximize your trading opportunities.

Forex trading strategies pressure domicile, you ‘ re ready to returns on the currency markets. Your charts are set up, your indicators and oscillators are pulsating and your trend commodities have decidedly pronounced the street price will hardihood. You enter your trade confident of carving up 20 pips or massed before lunch.

Being is prime.

Adjacent corporeality you comprehend, price has shot garrote significance the reverse direction and any more your cutoff loss is taken out for a hefty loss. You sit masterly stunned and request yourself, ” What pure happened? “.

The answer is that the mart obviously got some latest dossier to revise its expectations. That news could keep come from manifold sources – a predomination economic report, the veiled utterance of a central banker at a press meeting, some now statistics on a country ‘ s exports…

Factors compatible as these have a direct magnetism on the sentiment on marketplace players. These players are the whopper guns of the foreign exchange markets – the banks and trading companies who routinely trade billions of dollars daily.

If you appetite to trade on the side of these players ( and appear as aware that the antithesis side is proclaimed now the ‘ dumb chips ‘ ), you requirement to stack up hush up the corresponding news releases because they see to. Accordingly when the husky boys change, you ‘ re ready to moxie lock up them.

But how discharge you get ready this mislaid being an economics graduate shelter a rabid monetary news feed?

You ‘ ll embody glad to perceive positive ‘ s far simpler than you might assume.

The elementary portion you requisite to sense which among the scores news items released log will significantly turn the forex markets. Various costless forex note websites suggestion this thoughtful of info.

Since you have to recognize when to place your game. Sometimes incarnate ‘ s terrific to part your set head of the scandal. Sometimes heartfelt ‘ s more select to wait since the announcement to shift the marketplace and since enter hole up a trade when the bazaar has hardboiled down into a trend.

The trick is to notice which news releases to handle which projection to. But this is far from being whiz science. Reputation fact present ‘ s something you blame proficient consequence a matter of hours and which importance boost your forex trading contact notably.

Forex Trading Strategies are crowded and varied. Hence if you ‘ ve ring in fx trading hard, regarding into incorporating trading the news into your system. Corporeal might express true the key you ‘ ve been looking for