Wolfgang Flottl and Helmut Elsner, the financial scandals at the Bank für Arbeit und Wirtschaft AG (BAWAG)

In forex trading we would never make a mistake and cause small and large losses in Demo or Real account. We introduce to you about two people who cause harm to a large bank in Austria that is the Bank für Arbeit und Wirtschaft AG (BAWAG). Losses due to foreign exchange transactions. Both men are Flöttl Wolfgang and Helmut Elsner. The total losses caused by them are for 1.4 billion euros (equivalent to $ 1.97 billion today - 2008). Event is known as the Refco scandal.

Forex Terms

At this time I want to tell to you about the terms used in forex trading.

Alligator

is a concept of technical indicators from Bill Williams to determine price trends. Is a combination of three (3) fruit and the Moving Average: 5,8,13. You can use it on the graph M30 (30 minutes) & H1 (1 hour). This indicator can be found on the MetaTrader software.

Euro Holds Most Of Relief Rally

* US Q4 GDP revised lower to 5.6% from 5.9%
* University of Michigan consumer sentiment steady at 73.6 in March from Feb
* Merkel: Europe isn’t in the position to solve such a problem on its own
* Greek central banker: Will not need to use aid
* ECB’s Bini-Smaghi: EU/IMF plan not ideal solution
* IMF: Always ready to consider members’ requests for aid
* S&P affirms Portugal’s A+ rating
* South Korean Naval ship sinks near border; early reports of N Korean attack downplayed

Greece Test Market

Expect Greece to issue a quick EUR 5 bln in debt early next week to take advantage of the market calm after the EU/IMF deal, the FT reports.

A successful sale should further calm the markets and could prompt a more serious short-covering rally.

The market held below the first resistance point of any importance at 1.3435/45 on Friday. 1.3530/40 is another significant area. Stop-loss buy orders are perched at 1.3465 in considerable size, traders reported on Friday.

I Call It! Triangle Double Combo Fibo

Here is one common technique I use to predict a currency movements. I call this technique Triangle Double Combo Fibo. This technique uses a different Fibonacci 2 and using the triangle shape.