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| Name | Amount | % Gain |
| hanschoi86 | 7479 | 647.93 |
| robertjanjeziorny | 6499 | 549.91 |
| jose5912 | 5857 | 485.69 |
| ProjectOrion | 5673 | 467.33 |
| adrian07 | 5026 | 402.62 |
| joeblack | 4756 | 375.56 |
| zodiacarif | 4744 | 374.37 |
| MegaTrend | 4211 | 321.07 |
| ForexFortune | 4066 | 306.63 |
| cc_fx | 3937 | 293.67 |
| howie | 3791 | 279.11 |
| forextrades | 3374 | 237.41 |
| Latest Results From The Live Trading Round |
| Name | Amount | % Gain |
| cc_fx | 2611 | 161.12 |
| adil149 | 1755 | 75.53 |
| chapman | 1500 | 50.05 |
| pinkflint | 1232 | 23.25 |
| cmac0351@gmail.com | 1210 | 21.02 |
| howie | 1163 | 16.32 |
| KFSFTC | 1051 | 5.06 |
| skamalkumar | 1034 | 3.37 |
| forextrades | 664 | -33.58 |
| Sonnet_XVIII | 644 | -35.63 |
| choochee | 594 | -40.57 |
| TheDreamingTrader | 520 | -48.05 |
MarzG
* Euro holds above a 4-month low vs dollar
* Greek banks face funding needs, adding to pressure
* Spanish bond auction will be in focus
By Anirban Nag
LONDON, May 17 (Reuters) - The euro held above a four-month low on Thursday, taking a breather from a sharp sell-off, although gains are likely to be checked by worries about the solvency of some Greek banks that are adding to fears the country may exit the euro zone.
The common currency was trading at $1.2724, up 0.1 percent on the day, though not far from a four-month low at $1.2681 hit the day before, with stops cited below $1.2680. The euro has already shed 3.9 percent in May, coming close to its 2012 trough of $1.2624 reached in mid-January.
Contagion fears and jitters over political turmoil in Athens, where politicians rejecting harsh austerity measures are likely to win June 17 elections, have sent riskier assets such as the Australian dollar sharply lower over the past three weeks.
Dealing another blow to fragile risk appetite, the European Central Bank stopped providing liquidity to some Greek banks as they are severely undercapitalised, moving them to an emergency liquidity assistance programme.
"The market is pricing in a lot of bad news and weaker euro zone structural issues, so there is a chance that the euro will be taking a breather," said Geoffrey Yu, currency strategist at UBS. "Also, the Fed is split and further QE is still being considered, so that should offer some support to the euro."
Minutes of the Fed's most recent policy-setting meeting, released on Wednesday showed several Federal Reserve policymakers last month thought the U.S. central bank might need to do more to support the economy if the recovery stumbles.
That is likely to restrain the greenback which has been one of the biggest beneficiaries of safe-haven flows out of the euro zone. Further quantitative easing by the Fed is considered negative for the dollar as it pushes down yields on U.S. Treasuries.
BEARISH GRIP
Investors and speculators have built huge bearish positions against the euro since the start of the month after an inconclusive Greek election left the country on the road to bankruptcy and a possible chaotic exit from the euro zone.
A Greek departure from the euro area would have a potentially damaging knock-on effect on other ailing economies such as Italy and Spain, whose bond yields have shot back towards the crucial 6 percent mark this week.
Spain will auction 1.5 to 2.5 billion euros of 2015 and 2016 bonds later in the day and comes amid mounting concerns about the country's banking sector.
"We maintain our strategy of looking to sell euro/dollar rebounds," Morgan Stanley strategists said in a note. "In Europe the focus has returned to the banking sector, where deposit outflows are gaining attention."
The bank targets the euro to drop to $1.25 and recommends investors to initiate bearish positions on the currency's rebound to $1.2780.
Separately, data released on Thursday confirmed the Spanish economy contracted 0.4 percent in the first quarter, having shrunk by the same pace in the fourth quarter, and putting the country firmly in a recession.
Traders' skittishness towards the euro was visible in the options markets, where one-month euro/dollar implied volatility was last at 10.65 percent, not far from the 2-1/2-month high hit on Wednesday at 11.30 percent.
Against the yen, the single currency was flat at 102.20 yen, not far from a three-month low of 101.904 yen struck on Wednesday. The euro has shed nearly 7.5 percent since the end of March.
With the euro recouping some of its heavy losses, the dollar index - a gauge of its performance against major currencies - eased from a four-month high of 81.573 to last trade at 81.387. The dollar was broadly steady against the yen at 80.32, not far from a two-week high of 80.56 hit on Wednesday.
MarzG
* Euro hits 4-month low vs dollar, 3-month low vs yen* Greek uncertainty continues, euro could test 2012 low* Dollar, yen firm as investors shun riskier assetsBy Jessica MortimerLONDON, May 16 (Reuters) - The euro fell to a four-month low against the dollar on Wednesday and was poised for more losses after Greece announced it would hold new elections, boosting the risk the country could exit the euro.The prospect of prolonged political instability and worries about the knock-on effects of a Greek euro exit for struggling economies like Spain and Italy caused investors to flee the euro and seek the safety of the dollar and the yen.The euro also hit a three-month low against the yen, while the dollar rose to its highest in four months against a basket of currencies."The uncertainty around the political situation in Greece continues to undermine risk appetite, which is affecting a range of currencies," said Paul Robson, currency strategist at RBS."There is uncertainty around the willingness of the euro zone paymasters to keep a country in the euro if it doesn't like fiscal austerity. It seems unlikely that Greece can back out of austerity and stay in the euro."The euro, which has lost more than 4 percent so far this month, dropped to $1.2683 on EBS trading platform. This left it on course to test the low hit in January of $1.2624, below which would mark the euro's lowest level since August 2010.It also fell to 101.904 yen before recovering to trade just above $1.27 against the dollar and above 102 yen. Traders cited buying by hedge funds and institutional investors, but they said the broader trend for euro weakness remained intact."Expecting a new Greek currency to fall, the Greek people will start shifting funds to safer assets abroad. The Portuguese and the Irish may also start to think they should do so as well. This is going to create huge uncertainty," said a Japanese bank trader in Tokyo.Greek political leaders will meet on Wednesday to form a caretaker government to lead the country into its second election, likely in mid-June, after the failure of last-ditch negotiations to form a technocrat government.Fears that Greece could leave the euro sent Spanish and Italian government bond yields higher as investors worried that this could set a precedent for other highly indebted countries, while European shares fell more than 1 percent.However, traders were wary of bouts of short-covering which could send the euro temporarily higher as net shorts in the currency are at three-month highs."The market is very short euro, the currency seems oversold by any technical measure, and yet it keeps extending losses - this means that we may quickly approach the $1.25-$1.26 area," said Koji Fukaya, director of global foreign exchange research for Credit Suisse Securities in Tokyo.WANING APPETITEWith the appetite for risk dampened, investors kept piling into assets deemed as safe, helping the dollar index rise to 81.573, its highest since mid-January.The greenback also performed well against the yen, rising to a two-week high of 80.45, roughly one yen above the 2-1/2 month low of 79.428 yen hit last week.Traders said the pair may extend its rise, citing stop-loss bids around 80.45-50. The dollar also rose to a four-month high against the Swiss franc of 0.9471 francs.Risk aversion and worries about slowing global growth also weighed on higher-yielding currencies like the Australian and New Zealand dollars , which fell to five-month lows against the U.S. dollar.
MarzG
* Common currency's 2012 low vs dlr eyed* Political risk factors undermining euro* Aussie dips below parity vs USD, hits 5-month lowBy Nia WilliamsLONDON, May 14 (Reuters) - The euro fell to a near four-month low on Monday as political turmoil gripped Greece, highlighting the risk the country may exit the euro zone, while worries about slowing Chinese and global growth drove down higher-yielding currencies.Safe-haven currencies including the dollar and the Japanese yen rose as coalition talks in Greece hit an impasse on Sunday, increasing the chance of another election.Euro zone industrial production unexpectedly fell in March, adding to signs the bloc is heading into recession and further fuelling bearish sentiment, while Spain's short-term debt costs rose at auction and its 10-year yields soared.The common currency fell to $1.2861 on trading platform EBS, its lowest level since Jan. 23. It has lost 2.7 percent so far this month after losing 0.8 percent in April.Analysts said the euro could hit the 2012 low of $1.2623 in coming weeks, with some forecasting a break towards $1.20."It feels like we are coming to some sort of denouement, it looks increasingly likely Greece will have to leave (the euro zone). This is what is going to blight the markets for the next few weeks," said Neil Mellor, FX strategist at Bank of New York Mellon."The short-term target in the euro is the 2012 low and there is very little standing in the way of some fairly big falls."Benchmark Spanish 10-year government bond yields were trading at 6.32 percent on Monday, closing in on the 7 percent level that is seen as unsustainable, in a sign Greek political instability was weighing on the euro zone periphery as a whole.Adding to headwinds for the euro, Chancellor Angela Merkel's conservatives suffered a crushing defeat on Sunday in an election in Germany's most populous state, a result which could embolden the left opposition to step up attacks on her European austerity policies.Some analysts said the European Central Bank may eventually adopt further monetary easing to support the economy, which could add to euro weakness. With the U.S. economy still holding up, doves in the Federal Reserve are likely to be kept at bay, offering further support to the dollar."The prospects for the euro's downside have grown, and our six-month forecast is $1.25 and $1.20 in 12 months for euro/dollar," said Raghav Subbarao, currency strategist at Barclays."The key driver in our opinion will be how the ECB reacts to the situation. We expect the ECB to ease policy, maybe through unconventional policies in coming months to support the situation in the periphery."Underscoring increasingly bearish market sentiment toward the euro, data from the U.S. Commodity Futures Trading Commission showed currency speculators increased their net short positions in the single currency in the week ended May 8 to the highest level since mid-February.Traders and analysts said with many speculators already running bearish positions against the euro, the speed of the common currency's fall may slow in coming days.AUSSIE BREACHES PARITYThe safe haven dollar rose, while currencies sensitive to shifts in risk appetite came under pressure. The dollar index rose to a two-month peak of 80.598.The New Zealand dollar hit a four-month low of $0.7765 , while the Australian dollar dipped below parity versus the U.S. dollar for the first time in about five months, slipping to as low as $0.9963.The Aussie failed to gain even after China's central bank cut the amount of cash that banks must hold as reserves on Saturday, freeing an estimated 400 billion yuan ($63.5 billion) for lending to head off the risk of a sudden slowdown in the world's second largest economy.Broad dollar demand pushed the greenback up 0.4 percent against the Swiss franc to a near four-month high of 0.9338 while it was steady against the yen at 79.96 yen.Traders said the dollar also gained some support versus the yen after Japanese Prime Minister Yoshihiko Noda told The Wall Street Journal over the weekend that all options were on the table for dealing with the strong yen, although he stopped short of saying that the currency was overvalued.
Wesley
Here's a Live Trade that I placed on my live account using the Rover North Forex System. The system may be simple but it is POWERFUL! You can find out more here: http://www.rovernorthforexsystem.com MarzG
This video will show you a way to use the Average True Range (ATR) to filter trade signals for a trading system. It is an application of a free trading lesson in an Average True Range report by Marcille Grapa here: http://www.surefiretradingchallenge.com/average_true_range.html Wesley
Welcome to Surefire Trading Challenge Version 4! This is the 11th competition from the largest independent Forex trading competitions in the world! Check it out here: http://www.surefiretradingchallenge.com 
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Daily analysis about global currency markets
*Comments on currency buy/sell
*Currency pairs : Major and Gold
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