Hi adam6655nyc, sorry for the delayed response. I was on vacation last week.

I'm assuming that you were referring to my analyst pick from 7/17/09. I had a stop on my position near 1.1090, so I was stopped out pretty quickly last Monday morning. I may consider buying USDCAD again though, depending on how today's candle closes, as the pair is testing the June lows and RSI sits in oversold territory.

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Terri Belkas is the author of Daily Fundamentals, Global Central Bank Comments, and Forex Trading Weekly Forecast on DailyFX.com.

One of the top 5 King of the Micro traders bought EURUSD just below 1.3900 on July 8 as the pair tested recent lows. The pair has since climbed steadily and is trading just below key resistance at 1.4250/1.4300. Do you think EURUSD will continue making headway in the near-term?

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Terri Belkas is the author of Daily Fundamentals, Global Central Bank Comments, and Forex Trading Weekly Forecast on DailyFX.com.

I just move my micro account from US to UK,can i still be eligible for the micro contest??
Also will the leverage,profit and domicile of my account still be in USD???

Thank you.

Yes.

Yes.

One of the top 5 traders bought GBPUSD as it broke above the 2009 high near 1.6750, and the pair is still making headway. Do you think this is a position worth holding on to?

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Terri Belkas is the author of Daily Fundamentals, Global Central Bank Comments, and Forex Trading Weekly Forecast on DailyFX.com.

One of the top 5 traders caught the USDJPY rally on Friday, but closed the position shortly after the market open on Sunday. Anyone think the move was premature or well warranted?

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Terri Belkas is the author of Daily Fundamentals, Global Central Bank Comments, and Forex Trading Weekly Forecast on DailyFX.com.

Why was the red support line drawn where it was drawn? Why wasn't it drawn at the bottom of the wick? If it was drawn at the bottom of the wick then the pair would not have come near enough to enter long. Is it conveniently drawn because the pair moved up at that point. As a beginner I would love to know.

Babynords, Sorry for the delayed response. The drawing of the line was a careless error on my part, as I should've been consistent about drawing it either from body-to-body or wick-to-wick. My intention was to draw it from body-to-body. Ultimately, it's all about personal preferences, but I find that with the volatility associated with the JPY crosses, some of the long wicks we tend to see can be misleading and as a result, aren't wholly useful for trendlines and fib retracements.

Hope that helps!

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Terri Belkas is the author of Daily Fundamentals, Global Central Bank Comments, and Forex Trading Weekly Forecast on DailyFX.com.

i am so happy.

as a new trader i finally started to get the hang of reading the economic news from the calender and so on.

i have a trade at the moment with 167 pips of profit, and still counting.

i bought the USD/CAD at 1.8018 but unfortunately only a tiny trade of a 2k lot, since i'm using the micro platform. so my profit is actually only $31, however it's still growing!

times like this i wish i placed a 10k lot minimum! but then again that would increase the chance of getting a margin call.

sigh. oh well still happy!


how are forecasts or trends or what have you for the USDCAD panning out? Is it an ideal time to get rid of it now and reap my glorious $30 or wait longer?

Hi, Terri Belkas

First of all, thanks a lot for what you have been sharing with us, these charts are very informative.

Looking into the charts, it seems many of the traders are using 5 min or 10 min charts, is this observation valid( I didn't have a chance to visit each of the charts you have been providing, just a couple at the beginning and some lastest)? not sure if there be any trader using daily or 4 hour charts in the top 3 among each of the contests so far. do you have that information? or the 5 min and 10 min charts are simply what you present, and yourself don't know what timeframe these traders are using? the reason why I asked the question is that I wish could get some hint helping formulating my own trading style, I am a newbie, too many to be learnt, and it seems very important for me to concentrate on one time frame which I would feel inspired by the way any one of the top 3 traders in the months ever since done whilst I may feel comfortable with, basically, I think 1 hour or 4 hour might be my preference, but, so far still don't have a good idea about it. probably I may wish to follow one style of the traders in top 3s. do you think if it is possible to have that piece of information, if I am not demanding too much out of your good job?

the other thing is that, when you gave a chart, you just mentioned it is one of the top 5, what we can see in the end seems a mix of different styles. I think it might be much more informative to put a label on the chart, so, we can analyze the trades with cognition of the style. just curious about the possibility,if this type of requirest voilates rule, then, forgive me and ignor my question.

thank you

I'm trying to find out who are the current top ten leaders in king of the micro contest. Where can I find it.

Shellgate2780,

Whats a micro contest? I'm only assuming that it has to due with the smaller increments of the graph-lines within the graph-chart. Correct me, if I'm wrong, here.