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Article » EUR/USD Creates Solid Support Base
EUR/USD Creates Solid Support Base
Jul 15 2010, 06:31

A popular trading strategy is to find instruments that are in an uptrend and buy near their support levels.  The EURUSD fit this criteria yesterday as it has been in a multi week uptrend and set a short term support base just below 1.2700. 

Traders who bought the EURUSD at 1.2700 on this strategy were able to make an easy 50 pips as it bounced above 1.2750 and hit highs of 1.2771.  Clients with $1000 accounts who used only 50:1 leverage and purchased a 50,000 EURUSD position at 1.2700 would  have profited $250 on the trade.  That is a 25% profit on a 0.4% move in the EURUSD

Market Review by: www.gfcmakets.com

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with Matthew Sheppard
Senior Forex
Advisor at XForex

1. What is your name and position?
Hello, my name is Matthew Sheppard and I am a senior forex advisor at XForex.

2. What is your experience and professional background?
In the last 6 years I had filled several positions in financial institutions such as a stock broker, a foreign exchange desk manager, a financial consultant and in my recent role I serve as a senior Forex advisor for XForex which is an online forex company.

3. What type of clients you deal with?
We deal with clients on all levels from the beginning stages to the more advanced trading levels.

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Because of our high presence on the web, most of our business comes from the online world.

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Aside from all the benefits that XForex offer like commission-free trading, 24/7 online support, high leverage (200:1), XForex offers educational and learning trading experience that you won’t find anywhere else..
Our team of experts and financial trainers provide personal assistance and guide clients to financial success. We provide daily analysis and market reviews to our clients giving them a better understanding of the market and helping them trade profitably.

6. From your experience, what advice would you give a person who wants to enter the forex world?
My advice to the beginning trader entering the Forex world is as follows:
• Learn the market and understand what you’re getting into.
• Research and find the broker that suits your needs and wants. Look for a good offering but more importantly customer service, don’t go for the low rates offer without being certain they have a good customer service department. From my extensive experience in the Forex world your key to success will be your client-broker relationship. I can honestly say that at XForex they put an emphasis on servicing clients, which is so important.
• Invest smartly and calculate your risks
• Always know when to get out of a trade

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