What is the FXRenew Dealing Room?
A flow of filtered top-tier information that creates a context for retail traders and attributes practical/usable significance to events, macro data, orderflow.
Consistent Trading is all about paying attention:
- To what’s happening now (data, news, flows)
- To the market’s reaction (do participants care?)
- To the general context (how is market sentiment on the asset?)
So our end, with the Dealing Room, is to help retail traders overcome their typical issues such as:
- Information overload
- Analysis Paralysis
- Need to filter relevant information
- Pragmatic commentary = ready-to-go trade ideas
- Higher quality education = smaller client losses
PRACTICAL EXAMPLE FROM OCTOBER 2016:
Step 1: Utilize our Sentiment Background via Opening Comments to form a context
- USD benefits from rogue article on Bloomberg regarding the ECB Taper.
- GBP still under pressure from PM May's comments despite better data.
- NZD still under pressure after Fronterra Auction.
The main drivers for the session seem to be USD strength, GBP weakness and NZD weakness due to these fundamental influences.
Step 2: Add a Trading Context via our Heatmap (what's hot and what's not) looking for dominant themes.
The heatmap shows GBP as the weakest currency for the day, whereas the USD was the strongest for the day. You can find out more on how to use the heatmap here.
Step 3: Translation into Trade Ideas
At FXRenew we have a team of professional traders that work on behalf of clients in order to:
- Help get the direction right;
- Diversify trading across strategies;
- Find opportunities they would not have on their own.
So engage with us in the DEALING ROOM - that's the point of having access to ex-industry professionals.
At the beginning of October 2016 this was the situation on GBPUSD as reported by our analysis. We were looking for further weakness in the Pound but the market had fallen early to a round number (1.2700). We suggested waiting for a pullback to the shaded area.
The market retraced during London and New York, reaching our area. The next day as we appraoched theLondon Open, the market was already lower and looking weak.
And here's the follow-through.
Not all analysis leads to successful trade ideas, and our service is not intended to be a trade-call service. If you are interested in trading signals, please refer to our Signal Service on FXRenew.
We are here to share our experience and help you generate a working context of the markets within which to deploy your own trading model. If you do not have a working trading strategy, check out our System Development Workshop.
The FXRenew Dealing Room is meant to assist you with a stream of filtered, actionable information and analysis. We try to bridge the gap between the retail sector and the institutional modus-operandi.
With the FXRenew Dealing Room, your trading will never be the same, for the better.
About FX Renew
FXRenew is a provider of Forex signals and education from ex-industry traders (get a free trial). If you like this post, subscribe to the blog for free or get free access to the acclaimed Advanced Forex Course for Smart Traders.