FX Trader Magazine [06][2010.07-09].pdf

B E S T F X

TRADER MAGAZINE

hIGh FREQUENCY

T R A D I N G

M T 5

RELEASE

E X O T I C

O P T I O N S

MARNEY

INDICATOR

e u r o z o n e

f u t u r e

A DRIVING MARKET FORCE

BIG TROUBLES STRONG RESPONSE

JULY - SEPTEMBER 2010

BROK ER S

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E IN TUTTE LE MIGLIORI GIOIELLERIE

EUROZONE

FUTURE:

CONTENTS FX

he article analyses

why the Eurozone

represents a driving

market force and

describes the impact

of the recent Euro

troubles on the

Swiss Franc and the

hungarian Forint.

METATRADER 5

RELEASE:

Exclusive interview with

Alexander Saidullin, who

explains the main diferences

between MT4 and MT5 and

the new functionalities for

forex traders.

MARNEY INDICATORS:

he codes of Marney Volume

Indicator and Marney Range

Indicator revealed and explained

by Caspar Marney. Results of years

of research, Caspar’s articles can

be found in the previous editions

of FX Trader Magazine.

05 EDITOR’S NOTE

errors during volatile times and gives

practical trading advice to pursue

capital preservation.

Group’s short-term systematic trading

approach.

FUNDAMENTAL ANALYSIS:

26 Frau Doktor M.: Will Angela

Merkel’s dislike for inancial markets

and the possibility that Germany might

consider abandoning the Eurozone

periphery afect the irst positive Euro

recovery signs?

OPTIONS:

44 Exotic Options: Part 6.

TEChNICAL ANALYSIS:

07 Understanding the true concepts

of overbought and oversold: gives

a practical method for identifying

overbought and oversold periods, using

examples with the Slow Stochastic,

RSI, MACD and Kases indicators.

TEChNICAL ANALYSIS:

56 Majors’ Report: USD/JPY,

EUR/USD, EUR/JPY. EUR/GBP

52 Currency Outlook:

EUR/GBP, EUR/hUF,

EUR/USD

ALGORIThMIC TRADING:

31 High Frequency Trading and

Market Stability: the author explains

why the use of algorithmic trading

systems is inevitable and unavoidable.

BROKERS:

10 Traders’ Choice Awards: Key

attributes of the 2010 best FX

brokers.

INTERNATIONAL DATA:

60 FX Spot Monitor

61 Central Bank Rates

62 Economica Data - FX Poll

63 Markets View

TRADING STRATEGY:

40 How to cope with violent market

swings and preserve your capital:

describes the most common trading

FX MANAGERS:

47 Interview with Marc H. Malek,

who talks about Conquest Capital

64 ECONOMIC CALENDAR

FX TRADER MAGAZINE July - September 2010

CONTRIBUTORS

Alessandro Balsotti, worked for several

years as market maker of Italian Lira, Greek

Dracma and Czechoslovak Koruna in JP

Morgan. he was then in charge of the FX

trading desk in Abax Bank and Caboto.

he is currently responsible in JW Partners

for the FX Single Manager strategies.

Shaun Downey, is Technical Analyst at

Cqg and Chief market analyst at Currensee.

he has spent the last 17 years as a technical

analyst at CQG ( www.cqg.com ). Shaun

is the founder of i-traders.com, provider

of technical commentaries, education and

mentoring programs for the professional

and retail trading arenas, and the author of

“Trading Time” New Methods in Technical

Analysis. In addition, he is the Chief

Market Analyst at www.currensee.com,

the irst Forex trading social network.

Steve Jarvis, has well over 20 years’

experience of providing technical analysis

to FX professionals. Steve is head of

InterpreTA, Tradermade’s technical

analysis service. Fully annotated

Technical commentaries are provided on

Tradermade’s Maverick charting system.

Daily and intra-day updates are applied to

live charts for a wide range of FX majors

and FX emerging markets. InterpreTA is

also now available via the Reuters platform.

To arrange for a free trial, please call 020-

8313-0992 or e-mail sales@tradermade.

com

Caspar Marney, started his trading career

as a spot currency trader and technical

analyst with hSBC in London. he then

moved to SBC Warburg (later UBS) as

a proprietary trader and global head of

technical analysis for FX and precious

metals, where he became one of the bank’s

most successful traders and a regular

commentator on inancial television.

Maurizio Milano, began his career as forex

dealer in 1995. he created the technical

analysis department at Banca Sella Group

and teaches technical analysis at the

University of Turin, Italy. his contributions

can be found in the most renowned Italian

inancial newspapers and televisions.

he is member of SIAT (the association

of the Italian technical analysts), for

which he gives lectures and sits in the

Board of Directors. he is also member

of the Board of IFTA (the International

Federation of Technical Analysis), being

currently Vice-Chair Europe. Website:

www.analisitecnica.net

Javier Paz is the President of Forex

Datasource, a boutique market

research irm that continues to track

and attract broker evaluations from

traders worldwide through its website

www.forexdatasource.com.

Kevin Sollitt is an FX Portfolio Manager.

Previously, he acquired an extensive FX

trading background in Europe, Asia and

North America, managing three bank

trading teams. Kevin’s longevity in the FX

world has been assisted by a willingness

to embrace a collaborative approach at all

levels. Combining this with his clear grasp

of market dynamics & by using a wide

range of disciplines has achieved positive

results in many diferent circumstances

and market conditions over the years.

Editor :

Emmanuelle Girodet

editor@fxtradermagazine.com

Advertising manager:

Isabella Lamera

ad@fxtradermagazine.com

Elite E Services is an electronic boutique

brokerage specializing in currency

trading, intelligence and technology

surrounding foreign exchange markets.

Elite E Services ofers FX trading systems

for clients and investors, FX consulting,

technology and tools for trading, system

development, custom programming,

and FX solutions for businesses. he

company ofers it’s Forex blog at

http://www.eliteforexblog.com and a

forex forum at http://www.eesfx.com

Alessandro Fugnoli, worked for 9 years

as head of macroeconomic and strategic

research in AbaxBank and recently joined

Kairos Partners. he is a well-known Italian

inancial analyst and previously worked as

Director of Research for Caboto group.

he also covered the roles of Investment

Director in Gestnord broker and account

executive in Merrill Lynch.

Stefen Gregersen has played a leading

role in Saxo Bank’s Quantitative Analysis

and Advance Research Department in its

development of the bank’s option pricing

models. he holds a degree in Mathematics

and Economics from the University of

Copenhagen where his thesis was on the

efects of jumps in underlying prices on

option prices.

JW Partners is an independent FX

solution provider, based in Milan, with a

strong FX speciic know-how. JW supports

institutional investors and hNWI

in building quality FX multimanager

portfolios, and FX underlying structures.

Webmaster:

hristo Katzarski

webmaster@fxtradermagazine.com

Graphic design:

Preslav Dobrev

Editorial support:

Jacopo Visetti

Lorenzo Lorenzi

Luca Di Bari

Trading carries a high level of risk, and may not be

suitable for all investors. he objective of FX Trader

Magazine is to give readers the tools, training and

information which will help them be better prepared

to trade on the foreign exchange. however, any analysis,

news, research, strategy, or other information contained

on this magazine is provided as general market

information and does not constitute investment advice.

FX Trader Magazine, will not accept liability for any

loss or damage, including without limitation to, any loss

of proit, which may arise directly or indirectly from use

of or reliance on such information.

Subscriptions:

www.fxtradermagazine.com

FX TRADER MAGAZINE July - September 2010

EDITOR’S NOTE

Tumultuous times for Forex traders

Ater the chaotic irst six months

of 2010, currency markets are now

entering the second half of the year,

with signiicant question marks about

Europe continuing to dominate the

outlook. During the second quarter,

the euro faced its biggest test as

the Greek debt crisis threatened to

tear apart the European Union. As

investors question the viability of

the common currency, the euro was

sent into a tailspin, which by early

June, amounted to an 11% decline

against the U.S. dollar from the end

of March. At one point, the euro

came within shouting distance of the

$1.18 at which it exited the irst day

of trading when it was introduced in

1999.

Alessandro Balsotti writes, as usual,

a pertinent analysis of the current

Euro zone outlook, insisting on the

importance and strength of the will

that brought the euro project to

life, and underling the impact of the

recent Euro troubles on the Swiss

Franc and the hungarian Forint.

Kevin Sollitt brings an interesting

point of view about unstable forex

markets and explains how to avoid

most trading errors during violent

market swings and preserve your

trading capital.

about the Euro future. For Jürgen

Stark, European Central Bank

chief economist, there is no crisis of

conidence in the Euro, just a loss of

market trust in the state inances of

some euro zone governments. he

explained at a conference in Frankfurt

that the issue of shaky public inances

isn’t conined to the euro zone, but is

rather “a global phenomenon”, using

his favorite argument that budget

deicits in many advanced economies

outside the euro zone, especially the

U.K., U.S. and Japan, are far higher

than the average within the European

currency union. In fact, the European

Commission estimates that the euro

zone this year will have an aggregate

budget deicit of 6.2% of gross

domestic product.

We also wanted to bring light on

the recent release of MetaTrader

5, thanks to an exclusive interview

with Alexander Saidullin, director of

platform development at Metaquotes

Sotware. Although MT5 is better

news for equity traders or forex

brokers wanting to expand on new

inancial and equities markets, the new

platform will ofer forex traders more

analysis data, timeframes, indicators

and analytical tools. however they

will have to learn a new programming

language and develop their strategies

from scratch.

Talking about strategies and

indicators, don’t miss the 6th article

of Caspar Marney, which reveals

the codes of his proprietary Marney

Indicators, results of years of research,

and which illustrate the study that

has been presented in his previous

articles in FX Trader Magazine. For

readers who would like to receive

a speciic PDF ile containing

all of Caspar Marney’s articles

since April 2009, please contact

editor@fxtradermagazine.com.

We’ll keep you updated on major

researches, trading strategies, market

events and releases. Good trading.

Recalling Alessandro Balsotti’s

introductory quote from Niels Bohr:

“prediction is very diicult, especially

about the future”, and our role is to

continue providing you with market

experts analysis… and forecasts.

Other interesting themes of this

edition include the announcement

in anteprima of the 2010 FX Traders’

Choice awards. Javier Paz reveals

which are the key attributes of the

2010 best FX brokers awards, based

on the votes of 1.000 retail traders.

Not everybody is pessimistic

Emmanuelle Girodet

FX TRADER MAGAZINE July - September 2010

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