Now that May is near the end it may be time to look back and see how your trading performance was for the past month. Or not! Some will surely want to forget this month and for those who do it should be noted that this was no ordinary month. Who will ever forget the swings on Thursday, May 6th! If you had capital at risk you certainly will not. EURJPY’s move from 122 all the way down to 110 and back to 116 in the same afternoon reflected what had to have been the most volatile period in the currency markets in recent times. I can only wish that you were on the right side of the trade.
That said one day does not make a month. Although there is a high degree of uncertainty in all markets at the moment I would not expect this past month to be repeated often in the months ahead. I say often since I’m not discounting the potential of another crazy summer, in other words “all traders off the beach!”
Whether you are creating profits or still using demo accounts you can always stand to learn more about the markets. In many cases you will find that the ones who do the most research happen to be the ones with the most experience.
This Thursday there is a webinar on Currensee titled “Using Elliot Wave analysis for Forex trading setups”. It is being presented by Lara Iriarte. The webinar is free for Currensee members. Lara analyzes patterns to help determine the most probable direction for her clients and trades forex using a pure Elliot Wave perspective.
Whether you trade EURUSD, Gold or S&P e-mini’s this webinar should add to your knowledge base of the markets. For example the moves in the currency markets this past month are well known. The image below shows hourly charts on EURUSD and EURJPY since early May.
EURUSD is on the left and EURJPY is on the right.
Chart is courtesy of Boston Technologies MT4.
Despite both pairs having Euro as the base currency and being traded against ‘safe-haven’ currencies their moves were far from identical. EURUSD found a bottom towards May 17th which would be well ahead of EURJPY. It also weathered a sizable rebound around May 20th while EURJPY would whip around before creating a lower-low for itself.
Point being that understanding the bigger picture and knowing when a security has reached its short, medium or long term target may help you create more trading profits. Trading separate securities identically may not be the way to go. All the more reason to expand your knowledge base when you have the chance and put the work in to help you become a better trader in the days ahead.
This report is for your information only and does not constitute investment or business advice or an offer to buy or sell securities.
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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.
Team Currensee is excited to be nominated for the Mass High Tech “Five to Follow”. We couldn’t be more honored to be in the company of nine other hip New England start-ups for consideration. The five winners will be profiled by Mass High Tech in the May 3 edition of their weekly Startup Report. It’s one thing to be nominated and yet another to win (we like to win), so we’re asking for your vote.
The top 10 reasons to nominate Currensee for the Mass High Tech Five to Follow:
10. We like to have fun. Everything from team bowling parties, Friday afternoon socials and saucy Wii Hula videos, we know how to work hard and play hard.
9. We have the most talented team of professionals in the business. Rockstar engineers and product folks building the platform, savvy sales, service and marketing peeps spreading the word and supporting our customers, a top-notch executive team including our fearless leader, El Capitan and co-founder, Asaf Yigal. It’s an honor and a privilege.
8. We are changing the world of Forex by delivering trust and transparency to traders all over the world.
7. We are constantly innovating and trying new ideas to build a better mouse trap, or social network.
6. We tirelessly listen to our members. We talk to them every day. We talk about what they say every day. We build new product features based on what they want with every release. We get it. We love ‘em.
5. We are delivering a truly differentiated product in the marketplace. It’s awesome to say “the first” and know you really are.
4. We are the first Forex trading social network. Boom.
3. How many financial services start-ups do you know? Yeah, we thought so.
Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.
Tomorrow afternoon we’re putting on a special free show, a Forex panel discussion webinar called Are you a Scalper, a Swinger, or a Holder? with John Forman, Shaun Downey and Mike Baghdady. Please join us as these experts help us explore the different timing approaches to Forex trading . We’ve got some basic questions for the panel, but the main event will be opening up the lines to your questions, live!
Are you a scalper looking for the rush of that immediate and fleeting opportunity? Do you look for short-term misalignments in price and grab a few pips of profit in positions that frequently last only seconds? Are you a swinger with a more patient strategy to examine patterns over days, or weeks? Or are you a holder, keeping your positions safely stowed away until the broader and more fundamental plays can be made? If you are not any of these, you are probably someone who bets on a good night’s sleep.
Mike Baghdady, SpyGlass Trading: Baghdady is the world’s foremost expert on Price Behavior and a 33-year veteran of the global financial markets, spending the tail-end of his professional career on the NYBOT trading floor until its merger with the InterContinental Exchange.
Shaun Downey, CQG and Currensee: As Chief Market Analyst at Currensee, Shaun brings his extensive knowledge of both the fundamental and technical Forex arena to provide commentary, insight and trading strategies to the Currensee trader network and the Forex industry at large.
John Forman, Thomson Reuters: Forman is a Senior Foreign Exchange Analyst for the IFR Markets group of Thomson Reuters and author of The Essentials of Trading. John is a 20+ year veteran of the financial markets. He holds an MBA from the University of Maryland and a BS from the University of Rhode Island, both concentrating in Finance.
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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.
We are excited to have Vernon & Park Capital as an investor. They have an impressive track record and are very experienced with financial market-related investments. Their involvement with Currensee will be important as we plan for growth in the Forex futures and options markets over time. We look forward to harnessing the power of their expertise and extensive network of significant industry partners as we grow the Currensee business.
So please join us in welcoming all the good pips at Vernon & Park to the Currensee community. We’re honored to have them involved and look forward to more social and financial innovation together!
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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.
Last Friday I could not help but notice the tone of a few emails that I received. They were from within the inter-bank forex market and suggested that the Euro was at a pivotal juncture. The 1.35 to 1.38 trading range against the US Dollar that it has been in for a few weeks was as vulnerable as ever and a rapid move to 1.30 looked to be in the cards they were stating. I very much doubt that they were trying to duplicate or one up the other. I believe their beliefs were sincere and they had reason to believe that once this range (which may have been maintained by large forex options) broke that a domino-effect would follow, and as mentioned, it would be accompanied by a rapid pace.
What happened? As many of you probably know a similar trading pattern occurred as when we broke above 1.38 last week. Last week EURUSD traded above 1.38 for literally a few minutes before returning to the ‘range’. On Monday it traded below 1.35 just long enough for those that bought into their theories to likely have been stopped out.
The writers of these emails have probably 20 years experience per person advising and selling foreign exchange. Are they right more times than not? Probably but so far their latest advice wasn’t so helpful. Did they know that ECB President Trichet was going to comment on Greece on Monday or that healthcare legislation would buoy US stocks that day either? Nope. This is reason enough to always have the ‘Feeds’ widget on Currensee in close proximity. It certainly wouldn’t hurt to have the Economic Calendar and an intra-day chart of the stock market close by as well. Both of these widgets as you should know by now are available on Currensee.
Back to Trichet, he remarked that it ‘was legally impossible for Greece to leave the euro-zone’. Hasn’t this been the major worry that has been holding back the Euro? If this obstacle is gone by the wayside is there only one path to go from here, which is a return towards 1.46?
Why 1.46? See the chart below:
I’ve learned over the years and have touched on this before that when risk is ‘on’ then both major industrialized stock markets and the Euro tend to do well. Currently the Euro has done poorly or late while stocks have been hitting multi-month highs. How long will this gap last? The gap may not close altogether but at least the cycles should match. Opportunity? I say yes and of course the key question is whether this gap closes because the stock market corrects, the Euro rebounds or a combination of both? I don’t think that I’m alone in expecting a move as 58% of traders on Currensee remain Long EURUSD (by volume) and on other Euro crosses, such as EURAUD, they are generally Long as well.
In the end, its not the tone or the research, but the position that matters. Back to 1.38 if not to 1.46? Or do we trade down to 1.30, let your position be heard.
This report is for your information only and does not constitute investment or business advice or an offer to buy or sell securities.
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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.
Some weeks everything seems to go your way. It’s true in Forex trading, and it’s true in building the first Forex trading social network. This week at Currensee towers, we’ve been ringing the bell big-time. On Tuesday, we announced our $8M B round of venture financing and the news got picked up all over the media, on Wednesday, our CEO Dave Lemont was on Bloomberg TV, on Thursday we had the biggest daily influx of members in our history, and today we held a webinar with Fox and CNBC guest analyst Bob Iaccino.
Check out our clip from Bloomberg TV’s InsideTrack show with Sara Eisen.
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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.
In business school, we used to say “B’s make degrees” but in the startup world, we don’t settle for less than A’s, and a B round of venture financing makes a lot more than a few degrees of difference. With $8 million in B-round financing from North Bridge Venture Partners and Egan-Managed Capital, we’re going to be able to do a lot more for our trader members, our investors and the Forex world. Here’s our top three:
Accelerate our expansion around the world. Forex is a global market and we’re going to be a global business.
Develop Currensee Market Watch™ and other proprietary social indicators. We’ve been working on the first real-time social sentiment indicator that shows what traders are doing based on actual trades, which will also include advanced data options, such as real-time market depth, and new customization features. You’re gonna love it.
Drive the Currensee Trade Leaders ™ program. The financing will allow us to increase the velocity of the Trade Leaders Program, the first Forex social trade automation service that allows traders to follow the most successful Trade Leaders in the Currensee platform and create their own Forex investment portfolios.
This is no Oscar, and we’re certainly not going to rest on our laurels, but we do need to thank our members – especially the early ones – for being there and giving us feedback and encouragement (and sometimes that other stuff too), and making the community happen. You’ve told us how much you like the Currensee trader network and platfor and that what gives our investors confidence. In the words of our CEO, Dave “El Capitan” Lemont,
“The Forex market is ready for change and we are now in an even better place to accelerate our international expansion and product development to bring that change to the market. We continue to bring trust and transparency to Forex traders around the world and we’ve already seen broad traction from the traders who have joined our trading social network over the past year. We are ready to advance the platform, take the trader network to the next level and become the primary destination for Forex traders.”
Watch this space for more exciting news.
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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.
Six months later – and six months is a long time in startup years – we’re back at it again, this time at the International Traders Expo in New York’s Times Square (the most Vegasy part of New York) We left the spokesmodels at home and spent the raffle money on rum & diet coke chocolate babka, but we got a lot more attention. People came to our booth already knowing about us or at least having heard about us.
I’m sure I’m missing somebody but here are shout-outs to some new and old friends we met up with: Jamie Coleman of FXLive, Maud Gilson from FXStreet, author Curtis Faith, David Kaplan from FXCM, Marilyn McDonald from IBFX, Betsy Waters from DBFX, Currensee member Brian Johnson from FXIntel, Elissa Fulop from Gain Capital, Ryan Sindelar from NinjaTrader, Currensee member Clair Wyant from IntegraFX, Todd Hanson from Live Trade Signals, Markus Heitkoetter from Rockwell Trading, and our new bestest drinking buddy, Matt Vann from MediaCougar. Don’t worry Matt, those pictures are totally not on our company intranet.
We gave away hundreds of Trade Leader superheros and talked up the Trade Leader program with novices and experts alike.
What seemed like a slightly wacky idea in Vegas – a social network for Forex traders? Traders willingly sharing information?? - was natural and normal in New York. And New York is a much more skeptical town. In fact, people with background in other asset classes seemed to be flocking to the Forex scene. As much as we’d like to, Currensee probably can’t take much credit for an uptick in interest in Forex, but we welcome it and we think we can help make Forex more welcoming to newcomers and more interesting for old-timers.
So where will Currensee be in another six months? I haven’t checked the tradeshow schedule, but I bet we’ll be in a lot more different places than we are today. There’s some good news I can’t talk about yet coming out next week, and lots of growing excitement about both the Forex trading social network and the Trade Leader program, too. Happy trading, everybody!
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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.
Our sunny CEO Dave Lemont sat down with the smart peeps over at StartUp Beat for a lightning round of early-stage Q&A about Currensee, our business model, our markets and our trader members, which was published today on their site. They didn’t let him go over easy, and asked some hard-boiled questions. We’ve poached a couple for you here:
SUB: Sharing trading tips and strategies on a social networking platform seems somewhat counterintuitive, on the surface. What is it about your site that encourages people to collaborate?
Lemont: Something we continue to hear from traders is how lonely Forex trading can be. We have a video series that profiles “Life in the Basement” and how Currensee changes that world for Forex traders. Traders are looking for ways to connect with other traders in a trusted way. The forums and discussion boards are often plagued with traders talking a big game but it can be tough to know who to trust. Currensee is all about real traders and real trades in real time, so you have a clear picture of the other traders in the network. We also hear frequently that Forex traders have a hard time knowing how well they are doing. It’s easy to burn out when you don’t have a strategy that you can measure over time. We give traders the ability to set their strategy—actually as many as they’d like—and measure themselves over time. It’s the best way to see what’s working and what’s not and it’s an excellent way to connect with other like-minded traders. We are excited to be the place where Forex traders can meet, collaborate and make decisions in real-time. It’s all about making more informed trading decisions and we are happy to be at the forefront of this new, transparent world.
SUB: What are some of the challenges you’ve found in running a social networking site that brings together people from 64 different countries?
Lemont: By its very nature, Forex trading is an international business, and since the Forex market never closes, it is very exciting to maintain a global community that is active 24/5. We are really facilitating communication and transparency between traders from all corners of the world, and I think it’s interesting that a trader in Michigan might find that they share the same trading style as a trader in Okinawa, Japan. Currensee’s model makes it easy for like-minded traders to connect, regardless of geography, by providing a network where they can chat about their trades in real-time.
Be sure to check out the full Currensee CEO interview and Currensee company pitch at StartUp Beat.
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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.
As Currensee Trade Leaders, experienced Forex traders can attract and acquire trade “followers” from the fast growing Currensee trader network and be compensated for trading without the tedious effort of recruiting customers, managing money and reporting results.
The Trade Leader program is a great fit for traders who are confident in their success, open to the transparency of real trade performance and looking for a way to be compensated for trading successfully without all of the administration and effort.
So if you think you can trade Forex and you think you want to be compensated for trading success without a lot of administrative overhead, we think you should apply to become a Currensee Trade Leader!
Currensee is the first social network for forex traders. We bring Forex traders from around the world together to make trading decisions in real time using live trading data.
Lemont: Something we continue to hear from traders is how lonely Forex trading can be. We have a video series that profiles “Life in the Basement” and how Currensee changes that world for Forex traders. Traders are looking for ways to connect with other traders in a trusted way. The forums and discussion boards are often plagued with traders talking a big game but it can be tough to know who to trust. Currensee is all about real traders and real trades in real time, so you have a clear picture of the other traders in the network. We also hear frequently that Forex traders have a hard time knowing how well they are doing. It’s easy to burn out when you don’t have a strategy that you can measure over time. We give traders the ability to set their strategy—actually as many as they’d like—and measure themselves over time. It’s the best way to see what’s working and what’s not and it’s an excellent way to connect with other like-minded traders. We are excited to be the place where Forex traders can meet, collaborate and make decisions in real-time. It’s all about making more informed trading decisions and we are happy to be at the forefront of this new, transparent world.
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