How to Use Bar Patterns to Spot Trade Setups

Tuesday, January 13, 2009

13 Instructional Charts With Simple Explanations

If you are a trader or are the least bit interested in trading, you're most likely “chart-centric.” A good chart is priceless if it helps to identify a great opportunity.

But without the right education, you could be missing high-probability trade setups that should be staring you right in the face.

That's where our FREE report, How to Use Bar Patterns to Spot Trade Setups, can help.
EWI Senior Analyst Jeffrey Kennedy shows you how bar patterns often introduce sizable moves in price.

The five-page report includes 13 instructional charts and simple explanations that teach you how to spot specific bar pattern formations, including the Double Inside Day, the Arrow, and the Popgun.

[ForexGen Services]

Client Services

  • Customer Support
  • Trading Support
ForexGen Partnership

ForexGen offers three types of business partnerships.

* [Introducing Broker]
* [White Label]

* [Money Manager]

ForexGen Introducing Brokers ,White Label and Money Manager holders are recognized as a strategic business partners. The main focus of our service is to satisfy our partner's needs in order to deal with a qualified service and gain a large income sharing plan.

[ForexGen] provides appropriate services satisfying the needs of all business partner's specified situation and requirements.

1 O'clock Forex Trade Pattern

Pattern 1. “Triple B” Reversal – This is one of Chris’ own discoveries. It is a unique formation that occurs following a steady trend. It is a true indication of overbought/oversold, because it is distinctly reflected in PRICE ACTION (not an indicator) and uses Fibonacci applications to find low risk entries

Pattern 2. The “Rip Tide” Reversal – One of his favorites, because it can pay quickly, Chris and his former fund manager partner discovered this one trading GBP. It considers specific previous dealing points and Fibs while combining daily range and volatility to pick the entries.

Pattern 3. Head and Shoulders – Now we know everyone in trading knows this one AFTER THE FACT. The key to trading this pattern is to get in at the tip of the right shoulder and take some profit BEFORE the neckline, while keeping some for the follow through. Chris shows you distinct characteristics to look for to find your ideal entry at the height of the right shoulder.

Pattern 4. Lori P38 Reversal – This pattern is found in unique key reversal scenarios and is less common. Following a key reversal move, this pattern gets you into the second leg, which is often a substantial move.

Pattern 5. The Gartley Pattern – This is an age old Fibonacci based pattern that can present itself in many forms. This pattern can seem very complicated or difficult to find, Chris simplifies it and shows you exactly what to look for using key visual aspects involving Fibonacci retracement and extension levels, along with range, in some cases. As there are many variations of this pattern, Chris makes this pattern simple.

Pattern 6. The Butterfly Pattern - Discovered by Larry Pesavento, this is a more advanced high probability false breakout pattern that Chris has added to the course for those who have the interest to diversify their pattern trading opportunities. It is probably one of the most profitable patterns in trading.

[ForexGen Scalping Enabled Account]

Trade and scalp the market ForexGen has the pleasure to announce the availability of both Dealing Desk and No Dealing Desk Platforms. No Dealing option provide traders with direct access to the best bid/ask prices through multiple bank access. No re-quotes & No dealer confirmation is the main characteristic of the no dealing option made specifically for “scalpers” and active FX professionals. Absolute freedom to trade during news and economic events. The no dealing desk option allows traders to place entry orders inside the spread! Unlike competing FX firms, [ForexGen] offers traders all the advantage of a “no dealing desk” option.

Advantages of No Dealing Desk Option

*Trade the news without intervention or restrictions
*Although spreads may vary in volatile market conditions, they are tried to be kept within the usually limits.

*Place scalping orders without intervention or restrictions.
*A client-friendly trading environment, No re-quotes.

*Ability to place orders inside the spread

*Competing rates from multiple banks

*Spreads are variable and can move sharply

*Ideal for active or professional FX traders

For more information about our current and future promotions, kindly visit this page often or contact one of our customers support agents at, or you can [chat] with our representatives, you can also[request a call back]from one of our agents by sending us your contact number and the best time we can reach you.

FX Trading Online

FX trading online is automated, and you can easily trade through the Internet 24 hours a day while the market is open. There is no need for retail premises, or to employ staff.
When you want a break, you can simply close your positions and stop trading. Compare this with owning a normal business where you need to arrange for someone to cover you if you want to go away on holiday.

There is no paperwork as this is also automated. You can view your positions and account balance on-line. You generally pay no direct fees as the broker uses the difference between the buy and sell price as his profit. Typically on a single $100,000 trade, the cost is around $50 to buy and $50 to sell.

You can easily start trading part time without having to leave your current job or business. Most trading platforms give you the ability to place stop positions to protect your profit, or close out a loss making position before the market moves against you.

Forex Trading Demo
It’s very easy to get a forex trading demo account with a broker allowing you to practice as long as you want before opening a live forex account.

24 hour Currency Trading
One of the benefits of currency trading is that the market is very liquid 24 hours a day. No other financial market even comes close to this.

Forex Trading at Home
One big advantage of forex trading is the opportunity to work at home and spend more time with your family. All you need is a good internet connection and a windows PC.

Forex Regulation
Many people who open their own business spend a lot of time and money in complying with a range of government regulations, filling in returns and keeping up to date with various laws. You may have to pay for licenses and collect sales tax. This is accepted as part of running a business, but reduces the time available for you to make money for yourself.
In comparison, FX trading is the essence of free market capitalism.

Nepotism and ability to play organisational politics counts for nothing in the FX markets. There is no-one holding you back and you will succeed or fail based on your ability to develop and implement a trading strategy.

[ForexGen Demo Accounts Contest]

Win Cash Prizes

[ForexGen] has the pleasure to announce the launching of the Demo Account contest on the first of every month.

Interested clients who wish to participate in this event shall send an e-mail request on including the following information:

- Full name:
- Phone number

Also provide us with the following identification document:

" Certified copy of the information pages of account holder current valid passport or government issued photo ID"

For more information about our current and future promotions, kindly contact one of our customers support agents at

Why Trade Forex?

Forex Trading Advantages
One of the benefits of forex trading is that the small investors has opportunities that may not be available in other markets, or other forms of investment.

High Yield Forex Trading
FX trading is one of the few businesses where a trader can realise a large fortune starting with a small initial investment. This is because FX trading is highly leveraged, so a small margin can control a large position.
FX markets can show significant price movements, so there is a potential for large profits and losses.

This leverage and price volatility gives you an opportunity to make a high return on your money, or conversely make significant losses. Other pages on this site help you to develop a strategy to maximise profits and to close out losses quickly while they are still manageable.

Reality of online forex trading
The Reality of forex trading is obtaining the fortune mentioned above requires a lot of hard work and it is far from easy, but it can certainly by done by most people who have a passion for trading and are prepared to work hard.

Forex Liquidity
The global FX market is very liquid due to its huge size and turnover. This means that you can easily enter or exit trading positions at the current market price whenever the market is open. The actions of a trader are unlikely to cause any significant impact on such a huge market and there will always be a buyer or seller at the market price.
In an illiquid market, such as low turnover shares, taking or exiting a position may move change market prices. In addition, a counterparty (another buyer or seller) may not be available to allow you to transact.

Openess and transparency
The FX market is also transparent. This means that any information that affects the market prices is available to all market participants. Small FX traders have access to the same information that large institututional traders use. This can again be contrasted with the stock market, where insiders may have access to price sensitive information such as unreleased sales figures not available to other stockholders.

The sheer size of the FX market (turnover of over $1 trillion per day) also means that it can’t be manipulated easily. Whilst large institutional traders or governments can cause small short term price movements, the market is too large and has too many participants for medium or long term prices to be manipulated.

Opportunity to trade long term trends
The FX markets often show long term trends. This means that when trading the forex market, the trader can take positions in the market over longer periods of time and take advantage of large long term movements which can represent significant profits. This is because currency prices movements reflect long term economic conditions. Prices move in trends as traders come to a consensus and buy or sell currencies over a period of months as prices move from one equilibrium point to another. This is certainly a big advantage of currency trading.

Forex Swing Trading
FX Trading offers the opportunity for swing trading. This is where positions are held overnight but generally not for the long term.

FX Day Trading
Trading can also be intraday. FX Intraday trading is where positions are opened and closed on the same day and are not held overnight.
Minor capital requirements
One of the great principles of forex trading is the fact that a trader can open an account with less than $1,000. Since your position is leveraged (that is you transact on margin), you can trade a position of up to $100,000 for every $1,000 of your own money. Some brokers also offer mini-contracts which have a margin of only $100 which allows you to trade a position of $10,000.
This is usually a lot less than the amount required for other investments. We recommend that you invest more than the minimum required as this will allow you to absorb any initial losses.

[ForexGen Live Account]

The live/real account is provided to those clients who may have some experience in the online trading.

[Opening an Account Online]

The quickest, easiest and secure way to open a ForexGen trading account is online.
Complete and submit your application online in just a few minutes. is an online trading service provider supplying a unique and individualized service to Forex traders worldwide. We are dedicated to absolutely provide the best online trading services in the Forex market.

ForexGen provides a unique online trading experience based on our intelligent online Forex trading package, the ForexGen Trading Station, including the best online trading system.

US Continuing Claims Reach Fresh 26-Year High

Thursday, January 8, 2009

US Continuing Claims Reach Fresh 26-Year High, Signal Dismal NFP Results Tomorrow

US initial jobless claims fell by 24,000 during the week ending January 3 to 467,000, but as we mentioned last week, employment reports for the last two weeks of 2008 should be ignored as the closure of government offices on the holidays, such as New Year's Day, skew the numbers.

However, this makes the results of the count of continuing jobless claims even worse, as they rose by 101,000 to a fresh 26-year high of 4.611 million during the week ending December 27 despite the theory that fewer people would be able to file claims. This does not bode well for tomorrow's US non-farm payrolls figure and the unemployment rate, as the labor market is forecasted to have lost at least a half million jobs, and also suggests that the US dollar could pull back further.

US Continuing Jobless Claims (Weekly)

[ForexGen Introducing Brokers]

Introducing Brokers may be individuals or institutions who gain their income from the commissions and/or rebates by introducing customers to ForexGen trading.

WHAT are the advantages of being an INTRODUCING BROKERS with ForexGen?

* Providing the most huge income sharing plan
* Providing several ways for our IB's to charge commission.
* ForexGen IB can also charge commission for each lot the traders execute.
* Moreover, ForexGen IB is able to increase the spread for all or certain clients and have ForexGen Investments rebate the difference.

In case the IB does not increase the spread or charge their clients a commission, [ForexGen] rebate the IB a minor predefined amount for every client's executed lot.
Commission is paid out every month.

Individualized service

[ForexGen] offers our IB's individualized service created according to the individual needs and specified business situation for each IB.
Our Introducing Broker program provides a highly organized program for individualized services and organizations in order to introduce their clients to the online foreign currency exchange market, moreover they will enjoy the benefits of being a part of the ForexGen family.

ForexGen offers 1 pip spread on 10 pairs with high trading techniques that make ForexGen
incomparable to any other rival.

Pound Rises after BoE Cuts Benchmark Rate By 50 Bps, But Leaves Doubt of Further Easing

The BoE cut their benchmark rate by 50 bps as expected bringing it to 1.50% which is the lowest in the history of the central bank which extend back to 1694. The concern that inflation would undershoot their 2% target was the main reason for the reduction as prices are expected to fall further.

• Japanese Yen: Finds Support At 91.60
Pound: Cuts Benchmark Rate To Historic Low of 1.50%

Euro: Recession Confirmed As Confidence Drops To Record Low
• US Dollar: Initial Jobless Claims On Tap

Pound Rises after BoE Cuts Benchmark Rate By 50 Bps, But Leaves Doubt of Further Easing

The BoE cut their benchmark rate by 50 bps as expected bringing it to 1.50% which is the lowest in the history of the central bank which extend back to 1694. The concern that inflation would undershoot their 2% target was the main reason for the reduction as prices are expected to fall further. The committee also expressed concerns that the outlook for investment continues to deteriorate and stated that further measures were needed to boost lending to businesses. However, the central bank claimed that the pound’s significant drop and falling inflation will provide stimulus to the economy. The comments were somewhat hawkish and left doubts of further easing, which sent the pound up over 100 pips to test 1.5200.

A slew of European economic data crossed the wires today furthering the case for an ECB rate cut. Economic confidence fell to a record low of 67.1 from 74.9, while consumer confidence dropped to -30 from -25. Final GDP numbers for the 3Q confirmed that the economic region is in a technical recession as it posted -0.2% growth. Meanwhile, the unemployment rate rose to 7.8% from 7.7% which was the highest in two years. Germany, Europe’s largest economy showed signs that the current downturn may continue to accelerate as exports fell by a record 10.6%. November factory orders in the export driven nation dropped by 6.0% after a decline of 6.3% the month prior, which dragged the annualized to a record low of 27.2%. The Euro would drop a 100 bps leading up t the data, after a brief period of consolidation the Euro would weaken as the pound strengthen against on the back of the BoE’s comments.

Swiss fundamental data added to the dour outlook for Europe as unemployment jumped to 3.0% from 2.7% which was the highest in 19 months. Companies have been forced to cut payrolls as global demand has dried up for Swiss goods. Meanwhile, inflation fell to 0.7% from 1.5% adding to the global deflation concerns which may spur other central banks to employ quantitative easing similar to the Fed. After falling to as low as 1.0918 yesterday, the dollar/franc has pushed back above 1.1000.

Today’s jobless claims number is expected to rise to 545,000, adding to the deteriorating labor picture. Indeed, yesterday’s ADP report that showed the economy lost 693,000 jobs in December making initial estimates of -500,000 for tomorrow’s NFP reports look tame. The dollar has come under pressure as the outlook for growth in 2009 worsens. However, as traders start to anticipate the same fallout from the financial crisis in Europe and Asia, the dollar may resume its upward trend over the medium term. Expect the greenback to continue its weakness against the Yen and Swiss Franc in the short term, as risk aversion has taken hold of markets as forecasts for a rebound in growth get pushed out until 2010.

[] is an online trading service provider supplying a unique and individualized
service to Forex traders worldwide. We are dedicated to absolutely provide the best online trading services in the Forex market.

ForexGen provides a unique online trading experience based on our intelligent online Forex trading package, the ForexGen Trading Station, including the best online trading system.

[ForexGen] serves both private and institutional clients. We have a strong commitment to maintain a long term relationship with our clients.

Euro-Zone Economic Confidence Slumps to Record Low on Global Recession

Economic confidence in the Euro-Zone fell to its lowest level since recordkeeping began in 1985 as the index plunged to 67.1 from 74.9 in November and unemployment rate increased to a two-year high of 7.8%, which suggests that the real economy is now feeling the spillover effects from the financial crisis.

Fundamental Headlines

• Lenovo Expects Loss, Plans Major Revamp – Wall Street Journal
• Wal-Mart Elevates Sam's Chief McMillon – Wall Street Journal

• RBS eyes sale of £2bn Chinese stake – Financial Times

• Satyam Founder’s Fake Reports Threaten Software Maker – Bloomberg
• Intel, Time Warner Shortfalls Signal Further U.S. Forecast Cuts – Bloomberg

EURUSD – Economic confidence in the Euro-Zone fell to its lowest level since recordkeeping began in 1985 as the index plunged to 67.1 from 74.9 in November. As a result, the consumer confidence index slipped to -30 from -25 amid expectations for a 1 point drop to -26, while sentiment among businesses fell to -3.17 from a revised reading of -2.10 in the previous month. Meanwhile, the unemployment rate increased to a two-year high of 7.8% from 7.7% in October, which suggests that the real economy is now feeling the spillover effects from the financial crisis, and will likely push the jobless rate higher this year as financial uncertainties linger. Furthermore, the final GDP reading for the third quarter was confirmed at -0.2%, while the annual rate of growth held steady at 0.6%. Nevertheless, German factory orders plunged another 6.0% in November, which was followed by a 6.3% decline in the previous month, and conditions are likely to get worse as demands from home and abroad falter. The data reflects a dour outlook for the 16 economies operating under the euro, and may lead the European Central Bank to ease policy further over the coming months as growth prospects deteriorate at a record pace. Discuss the topic and your trade ideas in the EUR/USD Forum.

CHFUSD – Price growth in Switzerland slowed more than expected as it fell to its lowest level in 15 months. The consumer price index slipped 0.5% after falling 0.7% in previous month, which lowered the annual rate of inflation to 0.7% from 1.5% in November. The breakdown of the report showed that energy prices dropped another 8.0% following an 8.2% contraction in the previous month, while transportation costs fell 1.9% during the month. Meanwhile, Switzerland’s unemployment rate increased to 2.8% from 2.7% in November as fading demands from the home and abroad led companies to scale back production and employment. Easing price pressures would allow the Swiss National Bank to leave borrowing costs at 0.50% for a longer duration in response to the economic downturn, and may decide to ease policy further as policymakers expect economic activity to deteriorate throughout 2009.

[ForexGen Money Manager]

An individual who is responsible for the entire financial portfolio of another individual or another entity. A money manager receives payment in exchange for choosing and monitoring appropriate investments for the client.

Benefits of being a Money Manager with [ForexGen]:

* Providing three different commission sources.
* Weekly commission plan.
* Easy & fast commission withdrawals.
* Fixed percentage of the profits.
* P = k * D “P=Profit, k=Variable Parameter, D=Deposits”

The money manager gets a fixed percentage of the profit previously agreed upon with the client for managing the client funds as a bonus feature.

The most competitive trading conditions:

* 2 pips spread on six currency pairs.
* Providing online trading services without maintenance margin, margin call and no automatic closing of positions below the initial margin on weekdays for accounts with initial equity of up to $1 million US. The margin level have to be recognized Fridays at 23:00 CET and before public holidays.
* Leverages up to 1:200 for accounts up to $1 million US.
* Liquidity and 24/5 availability are the characteristic factors of the Forex market compared with other financial markets.