Below is a simple guide to what happens at the FX500club and what you will need to download to get started.
1) Download MT4 Charts from the home page and click on the button below the Testimonials.
2) Please register for a FREE Trial and login under the Members button on the home page.
3) You now enter your member’s home page. You can either enter the live room by clicking on the central button or you can read our trade analysis under the ‘Topics’ section on the right hand side. There are 3 areas under Commodity Alerts, Currency Alerts and Indices Alerts. Throughout the day you will be emailed with updates and at this point you will need to check the relevant Alert to read our analysis. Under these categories you will find our Live Room Analysis Videos, Daily School Videos and the Uncategorised Section.
4) Once in the live room please click on the Shared Folder and download our template from FX500ClubTemplate.zip. There are instructions on how to do this and if you are a member of the video club then there is a detailed video on how we use our template.
5) Please read ‘The Journey to being a competent Trader’ and download ‘Risk depending on Stop Loss’. You will also find other indicators in this shared folder.
6) The next important stage is to download our Trade Alert Gizmo from the ‘Favourite Links’ section. There is a video on how to download this under the ‘Uncategorsied section’. The trade alert gizmo will alert you instantly when a new post is added.
7) The live room will be open from 6.00am everyday until around 4.00pm however we will occasionally close the room early depending on the market and the figures out that day.
8 - Dan will kick start the day at 6.30am and give you a detailed analysis of what to expect that morning then whenever a new post is added to the thread Dan will come back into the room and talk you through the setup he has posted to make sure you understand his thought process.
9) Likewise when any other trader posts on the thread they will come back into the room and explain their chosen setup to you all and answer any questions you might have.
10) Zak will post at 6.00am, 10.00am, 2.00pm and 6.00pm and will be in the room for 5 to 10 minutes after each post.
11) Our chosen currencies are CABLE, EURUSD, USDCHF, USDCAD, AUDUSD, NZDUSD, USDJPY, GBPJPY, EURJPY as well as a few other crosses. We fully understand that you might not trade all of these currencies but our philosophy is to find the lowest risk trade with the most amount of potential. If that is GBPAUD then we will post GBPAUD, even if it isn’t one of our majors.
12) Please feel free to interact with other members in the live room and ask questions to the trader when they are in the room. If there is anything you do not understand then please email support@fx500club.com
13) Our aim is to help guide you in the world of the currency markets. With correct correlation and understanding of how these markets are linked, your chances of success are greatly enhanced.
14) Please watch our detailed videos on Money Management as this is the key to success.
Any further questions please do not hesitate in emailing us.
The FX500Club

October 02nd 2009 Posted to Commodities, Guest Pass, Indices, forex | Comments (0) |  Email This Post

Good morning

9.30am - Revised GDP for GBP Expect -0.8%

Better than expected Prelim GDP for States yesterday. Indices remain supported (for now) so USD still remains under pressure.

USD X

• Struggled to remain in its new range above the WP and is now back down close to Mondays lows around the 78.00 level.
• USD X not helping us too much to be honest and after yesterdays dramatic fall we should be wary of buying USD for the immediate term.

CABLE

• Large retracement off yesterdays lows at 1.6150
• Boxed between the 60min 20ma and 4hr 20ma
• Looking for break of either the high at 1.6303, or the DP (61.8 Fib) at 1.6245.

EURUSD

• As mentioned on the videos over the last week there is no need to short this fella.
• EUR is bid and any sign of a weak USD and EURUSD rallies.
• Would like to see a pullback to 1.4300 for a potential long play.

GBPJPY

• Would like to see USDJPY remain below its DP but if CABLE breaks its DP watch GBPJPY break lower as well.
• Will look to short through the DP (61.8 Fib) to test yesterdays lows.

Have fun

Dan

August 28th 2009 Posted to forex | Comments (0) |  Email This Post

Good morning

Trust you all had an enjoyable weekend.

I have closed my last 25% in EURUSD long position from last week at 1.4350 and am starting this week flat.

The USD X is still in a strong downtrend and remains below its Daily Pivot. However there is every chance of a pullback today after falling so aggressively over the last few days of trading. Watch any break back above the DP at 78.10 as this will guide us to buy or sell USD this morning.

CABLE

• Seems everyday we look at this chart the price is stuck around 1.6500.
• We have the MP and WP just below and 4hr 20ma and 4hr 50ma in the positive suggesting small strength in GBP with weak USD.
• I am not overly convinced in either direction to be honest and could argue both directions.
• A break of 1.6544 which is 61.8 FIB from Friday would potentially see a push towards 1.6600 but as you can see on the chart a large seller is sitting at that level and has resisted here 5 times already.
• If we take any break long we should then be looking to short at 1.6600 with a tight stop.
• On the downside I would need to see a break back below the MP, on a 123 for a short play.

EURUSD

• EUR has been reasonably strong across the board over the last few trading days.
• Need to see a small pullback towards the DP for me to look to get back into this currency.
• Not that keen on selling into DPs so going to have to be patient for my next play.
• Again this will depend on the USD X today.

JPY’s

• USDJPY, GBPJPY and EURJPY all need pullbacks in my view.
• If EURJPY comes back to the 135.00 region, I feel this would be best setup for a long play with the trend.

Verdict

• Allow pullbacks to happen before trading with the trend again

August 24th 2009 Posted to forex | Comments (0) |  Email This Post