pipmaster77:

You are partial right. Individual account can transfer $10k three times in a week while corporate can transfer $50k three times a week but if $300k hit your account as an inflow from abroad not cash lodgement, you could as well transfer it to another account once the bank verify the source.

bizboy01: Dear fellow traders,

I hope you had nice trading week..mine was fantastic.

I wish you success in the coming trading week.

God bless

odiaero: Hi peeps, am having a problem with a bank, very provoking problem, i wired 300k using online internet bankin to some vey close family friend abroad, iinitailly the money seems to leave my account, after some days it was returned, but now i cant even operate money, they seems to have hang the money, like they are checking if it is money laundry or waiting for some kinda clearance before they will allow me to access thmoney, i wanted to moe this money to my other bank account where i will find a way to move it out with other money i saved on the account, but now the 300k is never being release for my access, why is bank in naija so clue, what clearance, someoneold me the reason the hanged the money was that i transfered more than what is restricted and i did not bribe the right people to make it go through, am just tired i dont know what to do about the 300k now, am hoping to transfer from the other account i have money now, i just came into nigeria because of this transfer, i dont trust internet banking no more am going to do the other physically, i just want to know when theywill let me access the 300k, someone told me it may take months,so provoking

aguiyi: are we resting yet

Are we there yet? 'Greek Drachma' on Bloomberg ticker

Traders around the world have been staring at their Bloomberg screens, hardly believing their eyes. The electronic information platform has been showing details for possible Greek Drachma trading.

The Bloomberg helpdesk described it as "an internal function which is set up to test."

The news comes in the wake of the heated discussions over the future of the euro zone and the membership of Greece. While many experts insist that Greece should leave the Euro and default, some suggest it should remain the union and introduce a parallel currency to the Euro to repay the country’s debt.

The Head of the European Investment Bank Werner Hoyer said on Tuesday that Greece will be able to remain a member of the union. “Greece will have the opportunity to solve the huge problems that it is facing. Continuing support from the EU will contribute to this, in case, of course, the very Greeks would want that,” Hoyer said.

And a survey at the weekend showed that Greeks prefer to stick to the Euro and not revert to the old drachma.

The Greek Drachma details have now been taken down from the Bloomberg service.

[size=14pt]Cyprus next country to seek euro bail-out, president suggests[/size]

Cyprus could be the next eurozone country to seek an emergency bail-out, its president Dimitris Christofias has suggested.


The tiny country, with less than 1m population, joined the euro in 2008 and is heavily exposed to the Greek banks.

Mr Christofias said he wouldn't rule out the possibility that the government may tap the European Union's bail-out fund to recapitalise the island's second-largest lender, Cyprus Popular Bank, which is the most heavily exposed to Greece.

"Certainly, I don't take it as a given that we will negotiate our induction into the support mechanism. But I don't want to exclude it entirely," Christofias said.

Cyprus Popular, which sustained record losses after taking a 74pc write down on its Greek government bond holdings, is struggling to meet a June 30 deadline to replenish its capital reserves.

Cyprus, faced with soaring bond yields hovering around 14pc on the 10-year bond, and with its debt considered junk status by two of the world's leading ratings firms, has few places to turn to cover its financing needs. Late last year, the country negotiated a €2.5bn (£2.02bn) bilateral loan from Russia. Now, Cyprus is in talks with China for another bilateral loan, of an undisclosed amount.

Mr Christofias said the government is looking to clinch another loan, but wouldn't elaborate. The government will unveil another austerity package later this month to meet a promised deficit target this year of 2.5pc of GDP.

The European Commission urged Cyprus earlier this week to further rein in spending and meet its deficit target as the economy is projected contract this year by 0.8pc of GDP before rebounding to a meagre 0.3pc in 2013.

"Cyprus is starting to feel the effects of the Greek crisis and may have no other recourse but to ask for European aid," Alex Apostolides, an economics professor at Nicosia's European University, told the Wall Street Journal. "There has been a narrowing of all other options that were available, to the point where going to the EFSF [European Financial Stability Facility] looks increasingly likely, almost inevitable."

The woes of Cyprus have emerged after a tough week on the markets, following week jobs data in the US and data which showed the UK manufacturing sector was shrinking at its fastest pace in three years.

The only bright light to shine on the gloom of the eurozone was the Irish voting in favour of the fiscal treaty on Friday, which has been as key vote of confidence in the austerity package that the European politicians want to impose on the eurozone. José Manuel Barroso, the head of the European Commission, welcomed the vote: "This Treaty is a key component of the EU's response to the current economic crisis. Restoring sustainability to public finances remains an important objective."

aguiyi: new bearish signal spotted but am done for the week

i advice traders to close all trades before end of business today, why?

bearish trend continues next week except price closes above 1.2400

JAkpayen:

Theyjih: Different Mynds same Story.. UNeasy Lies the Head dat wears the crown.. Just to add to a list of d books recommended by @Naijababe, John Murphy's Second book Intermarket analysis(That book is Crazy) especially if u're more of a Co-relation Freak like myself.. If anyone is interested ..its free oh! Holla @ur boy

Kennyinusa: please guys, has anyone ever tried Trading Point Platform. Am basically going there because of their promo....

Kennyinusa: please guys, has anyone ever tried Trading Point Platform. Am basically going there because of their promo....

showus: Please can you advise me of a good and reliable MT4 broker that offer indices like s&p 5000, DAX , crude oil and gold on their platform.

honeric01: Currency Pairs Correlation in Forex Market: Cross Currency Pairs


As a forex trader, if you check several different currency pairs to find the trade setups, you should be aware of the currency pairs correlation, because of two main reasons:

1- You avoid taking the same position with several correlated currency pairs at the same time and so you do not multiply your risk. Additionally, you avoid taking the positions with the currency pairs that move against each other, at the same time. 2- If you know the currency pairs correlations, it may help you to predict the direction and movement of a currency pair, through the signals that you see on the other correlated currency pairs.

Now I explain how currency pairs correlation helps. Lets start with the 4 major currency pairs: EURUSD ; GBPUSD ; USDJPY and USDCHF.

In both of the first two currency pairs (EURUSD and GBPUSD), USD works as the money. As you know, the first currency in currency pairs is known as the commodity and the second one is the money. So when you buy EURUSD, it means you pay USD to buy Euro. In EURUSD and GBPUSD, the currency that works as the money is the same (USD). The commodity of these pairs are both related to two big European economies. These two currencies are highly connected and related to each other and in 99% of the cases they move on the same direction and form the same buy/sell signals. Just recently, because of the economy crisis, they moved a little differently but their main bias is still the same.

What does it mean? It means if EURUSD shows a buy signal, GBPUSD should also show a buy signal with minor differences in the strength and shape of the signal. If you analyze the market and you come to this conclusion that you should go short with EURUSD and at the same time you decided to go long with GBPUSD, it means something is wrong with your analysis and one of your analysis is wrong. So you should not take any position until you see the same signal in both of these pairs. Of course, when these pairs really show two different direction (which rarely happens), it will be a signal to trade EUR-GBP. I will tell you how.

Accordingly, USD-CHF and USDJPY behave so similar but not as similar as EURUSD and GBPUSD, because in USD-CHF and USDJPY, money is different. Swiss Franc and Japanese Yen have some similarities because both of them belong to oil consumer countries but the volume of industrial trades in Japan, makes JPY different.

Generally, when you analyze the four major currency pairs, if you see buy signals in EURUSD and GBPUSD, you should see sell signals in USDJPY. If you also see a sell signal in USD-CHF, then your analysis is more reliable. Otherwise, you have to revise and redo your analysis.

EURUSD, GBPUSD, AUDUSD, NZDUSD, GBPJPY, EURJPY, AUDJPY and NZDJPY usually have the same direction. Just their movement pattern sometimes becomes more similar to each other and sometimes less.

What do I prefer?

If I find a sell signal with EURUSD and GBPUSD and a buy signal with USDJPY, I prefer to take the short position with one of the EURUSD or GBPUSD because downward movements are usually stronger. I will not take the short position with EURUSD or GBPUSD and the long position with USDJPY at the same time, because if any of these positions goes against me, the other one will do the same. So I don’t double my risk by taking two opposite positions with two currency pairs that move against each other.

How to use the currency pairs correlation to predict the direction of the market?

When I have a signal with a pair, but I need confirmation to take the position, I refer to the correlated currency pairs or cross currency pairs and look for the confirmation. For example I see a MACD Divergence in USDCAD four hours chart but there is no close support breakout in USDCAD four hours or one hour chart. I want to take a short position but I just need a confirmation. If I wait for the confirmation, it can become too late and I may miss the chance. I check a correlated currency pair like USDSGD and if I see a support breakout in it, I take the short position with USDCAD. Now the question is why I don’t take the short position with USDSGD and I use its support breakout to go short with USDCAD? I do it because USDCAD movements are stronger and more profitable. I use USDSGD just as an indicator to trade USCAD.

It happens that you take a position with a currency pair, but it doesn’t work properly and you don’t know if it was a good decision or not. On the other hand, you don’t see any sharp signal on that currency pair to help you decide if you want to keep the position or close it. In such cases, you can check a correlated currency pair and look for a continuation or reversal signal. It helps you to decide about the position you have.

Sometimes, some correlated currency pairs don’t move in the way that they are supposed to move. For example EURUSD and USDJPY go up at the same time, whereas they usually move against each other. It can happen when Euro value goes up and USD value doesn’t have a significant change, but at the same time JPY value goes down, because of some reason. In these cases, you can use the below table to find and trade the currency pair that its movement is intensified by an unusual movement in two other currency pairs. In this example, if EURUSD and USDJPY go up at the same time, EURJPY will go up much stronger (see the below chart).

Or if EURUSD goes up and AUDUSD goes down at the same time, EUR-AUD goes up strongly.

Another important example: If EURUSD goes up and GBPUSD goes down at the same time, EURGBP goes up strongly. Maybe this is the most important case that we can trade based on this rule. It happens many times that EURUSD and GBPUSD move against each other and that is the best time to trade EURGBP. Now you know why EURGBP doesn’t move strongly most of the time. It is because EURUSD and GBPUSD move in the same direction most of the time. For example they go up at the same time and so EURGBP doesn’t show any significant movement because when both of the currencies of a currency pair go up or down at the same time, that currency pair doesn’t show any strong movement and direction (I hope you know why a currency pair goes up or down. It goes up when the first currency value goes up OR the second currency value goes down. For example EURUSD goes up, if Euro value goes up or USD value goes down. If this happens at the same time, then EURUSD goes up much stronger).

The below chart includes almost all of these unusual movements and their results on the third currency pair.

if EURUSD and USDJPY then EURJPY means if EURUSD and USDJPY go up at the same time, then EURJPY goes up much stronger.

http://www.forexoma.com/currency-pairs-correlation-in-forex-market-cross-currency-pairs/

udemzy_udex:
udeme.peter5@yahoo.com
THANKS