Dollar rates

20th May 2009




Elena
Course Facilitator


THE JF LENNON FOREX ULTIMATUM
(Trading Competition)

JF Lennon is launching a Trading Competition, known as the FOREX Ultimatum for all JFL Students.

We are aware that there are plenty of FOREX sharp shooters within our trading groups, and this is one fantastic opportunity to pit your trading skills against one another and WIN Exciting CASH prizes. Trade demo and WIN real CASH! Yes, real hard CASH rewards for our trading champions!

RULES & REGULATIONS OF THE FOREX ULTIMATUM

I. General Provisions

1. The FOREX ULTIMATUM is organized and sponsored exclusively by JF LENNON & ASSOCIATES PTE LTD
2. The period of the FOREX ULTIMATUM is 50 trading days. It officially starts on 1st June 2009 and ends on 7th August 2009.
3. The registration of the FOREX ULTIMATUM will commence on 21st May 2009 till 27th May 2009.
4. Prizes for the FOREX ULTIMATUM are as follows:


* Individual Category

Top prize S$ 888

10 other cash prizes for outstanding traders

* Team Category

First place – S$ 1,688

Second place – S$ 688

10 other cash prizes for outstanding group performance

5. The Organizer will provide demo accounts on which the Participants' of the FOREX ULTIMATUM will apply throughout the period of the competition.
6. All Participant operations will only be performed with only virtual money on demo accounts.
7. Registration Fee:
* Individual SGD$ 10
* Trading Team SGD$ 30

II. Participants

1. Only JF Lennon students and marketers are eligible for participation in FOREX ULTIMATUM.
2. You can register as an individual or as a team (from 4 to 8 people per team). For team registration, team leaders should submit a collective team trade journal and not team member trade journals. Format and styles of trade journals are up to the team members to decide.
3. No former or actual staff members of JF Lennon, or their family members or relatives, are eligible to participate.
4. The Participant agrees and undertakes to provide true information about himself or herself at registration. Incorrect registration details will result in disqualification.
5. The Participant can be registered only once.
6. The Participant agrees not to raise any financial or other claims against the Organizer or the Sponsors.
7. Organizers reserve the right to refuse registration to a Participant without showing cause and to disqualify him/her showing the cause.
8. Having registered for participation in the FOREX ULTIMATUM, each Participant expresses hereby his/her full agreement with these Rules without any exceptions or limitations.

III. Trading Terms

1. A special group of accounts on the MIG demo server will be used for the FOREX ULTIMATUM. The accounts will be provided by JF Lennon only.
2. The initial "virtual deposit" is defined as US$10 000, leverage 1:100. The deposit may not be topped up.
3. Any currencies pair can be used for trading during the FOREX ULTIMATUM.
4. The minimum trade size is 0.1 lot, the maximum trade size is not defined, however Participants should trade according to money management rules.
5. Maximum risk per trade 10% of account size.
6. The maximum amount of simultaneously opened positions and pending orders is 3.

IV. Publishing of Results

1. During the FOREX ULTIMATUM, the following will be published on weekly basis:
* all Participants' statements
* all Account Histories
2. Ratings and comparison tables are updated every week.

V. How the Winners Are Determined

1. After the FOREX ULTIMATUM is completed (2359 on the 7th August 2009, Singapore GMT+8 time), all positions will be forcedly closed.
2. The winner is not the one who will have the largest profit, but the one who will show the ability to make profit consistently.
3. The winner will be judged on the basis of:
1 Money Management 30%
2 Trade Journal 15%
3 Profit Factor 15%
4 Winning Ratio 15%
5 ROI 10%
6 Drawdown 10%
7 Equity Curve 5%
Total 100%
4. If none of Participants has a positive balance, no winner will be declared.
5. If two or more potential winners have equal balances, the final decision will be made by the judges.
6. The Winners must agree to the publication of winner’s names and surnames.
7. The Winners must agree to participate in publicity and marketing events (if any) conducted by JF Lennon, including interviewing, photo-reports, and public announcements through mass media about the events to be conducted.
8. The Winners will be awarded during second all JF Lennon students gathering on 14th August 2009.

Forex Market

ong Term Structure of the British Pound
Dec 29, 2008: 12:09 PM CST

Per reader request, I was encouraged to provide a “Long Term Structure” post on the British Pound Index, which is presented in this post. Let’s compare the monthly chart from 1986 to present, and then zoom in on the weekly chart from 2000 to present for possible insights, both from an analytical standpoint and FOREX strategy standpoint.

Monthly Chart of the British Pound Index ($XBP):

What immediately leaps off the chart is the absolute devastation that has occurred in 2008, when the British Pound Index plunged sharply against other foreign currencies, including the US Dollar.

Starting in the past and working towards the present, we have a volatile entry into the 1990s which sported the “Three Push” pattern which is a reversal pattern that is synonymous with price exhaustion and an imbalance in supply/demand that resolves to the downside. It’s not quite a standard Elliott pattern (as supposed Wave 4 enters the price territory of Wave 1), though parallels may be drawn.

In 1992, we had a similar - though not as dramatic - index plunge as we are experiencing currently. Price then formed yet another “Three Push” impulse pattern which also resembled an Elliott Wave complete (five wave) impulse up before price rolled over, breaking support, and plunging to new lows in 2001 not seen since 1986.

The GBP Index bottomed officially in 2001 before surging in a complete (and labeled) five-wave Elliott Impluse move up which draws us currently into the corrective phase we’re experiencing now. It would appear that the most recent move down - from $200 to $145 - was constructed in the “C” or final corrective wave of the complete move.

This chart is an interesting one - one of which you may want to save as an example both of how profitable and risky speculation in currencies and FOREX can be.

Let’s zoom on the recent Elliott impulse on the weekly chart for better insights.

Weekly Chart of the British Pound Index ($XBP):

This chart is such a remarkable example of the Elliott Wave principle, in terms of structure and interal (fractal) wave counts that comprise the whole. It’s been said that FOREX pairs and currencies often ‘trend’ better and/or follow the Elliott Wave Principle better than stocks or other markets.

We see price rising steadily through the early part of the decade, pausing for a one-year correction from ‘05 to ‘06 and then surging to new highs on a pervasive and multi-swing negative momentum divergence (which is often the case with Elliott Fifth Waves) prior to the price peak in late 200, similarly to the US Stock Market and Global Equity Indexes peak in October.

Generally, though of course not exactly, the British Pound has followed (roughly tracked) the US Equity Index.

We’ve put a new momentum low in place beneath -12.50 index value, which generally isn’t bullish, and the structure (orientation) of the key moving averages is in the most bearish orientation possible. One could even make an argument that the “C” Corrective Wave has more ground to cover to the downside because of this and other considerations.

I would argue that the recent “C” Wave down highlights why speculation can be both profitable and difficult/risky, in that most traders are more comfortable utilizing “retracement” or ‘pullback’ strategies - counting on reversion to the mean, and so those looking to buy into the C wave could have been utterly devastated. Notice how many times “buying dips” worked in the past, though all it takes is one time and you buying all the way down (incurring sizably larger losses) to wipe out an account or a trading career.

Strict adherence to money management and risk-controlled strategies would save you either when your analysis goes awry, the market goes awry, or we have “once in a lifetime” market conditions like we seem to be having now.

Forex Trading

How to Succeed with Mini Forex Trading
mini forex trading account

mini forex trading account

A good way to start the forex trading if you are staring with a small sum of money is mini forex trading. You can test different forex trading systems without a lot of risk, refine your trading techniques and keep good records on your trades and the result. It is a great way to learn the tricks and skills needed and get a feel for forex trading to succeed without having to go to great expense with mini forex trading.

So many benefits for small traders will get from mini forex trading. Mini trading was planned for group or individuals of people starting out in the trade market that are incapable to invest a big sum of money. For beginners that are new to the forex trade market to allow them to first get a feel, mini forex trading is suitable.

The cost of mini forex trading accounts is a few hundred dollars and will allow you to trade in a real market situation without exposing yourself to too much risk. Before getting a regular trading account, it’s suitable to open a mini forex account first to gain valuable experience and skills.

Mini Forex Trading is specially designed for people who are just recently attractive to currency trading. Very nice leverage is a potential thing for investor a mini Forex trading account with investing a mere $250.

Mini Forex trading accounts are ideal for increasing exposure as trading confidence builds because the traders are not limited to only trading one lot at a time. A trader can just trade 10 mini lots to make an equal trade to one ordinary lot. If a broker has more than one price on one or both parties, they will automatically optimize the price. That means, the broker will always show the lowest offer and the highest bid.