Macroeconomic/ geopolitical developments On the Central Bank side last week, we had the Federal Open Market Committee (FOMC) Meeting Minutes released on Wednesday and Fed Chairman Powell spoke on Thursday. The FOMC Meeting Minutes and speech by Powell simply reiterated a still ongoing dovish stance. This has seen US yields retreat from multi-year yield highs … Continued
Steve Miley is the Market Chartist and has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in-Chief for FXExplained.co.uk, the Academic Dean for The London School of Wealth Management, plus Senior Investment Advisor at Kylin Prime Capital.
At FXExplained.co.uk Steve is the Editor-in-Chief, alongside producing numerous articles for the site. The ability to be able to reach out to a wide, global audience with his own analysis and also assist and nurture other authors in their creative process makes this a role that Steve values deeply.
Here are Steve’s tips on what pages to follow closely on FxExplained: Current market analysis and Best trading app in UK.
The Market Chartist
The Market Chartist was founded in 2012 and provides daily technical analysis reports, with written commentary and key support/ resistance levels to an institutional, professional and retail client base. The 30+ daily reports include European, UK and US Bonds & Equity Index Futures, G10 currencies, UK Natural Gas, TTF Gas, German Power, EUA Emissions and LME Base Metals.
As The Market Chartist, Steve has won many awards from the Technical Analyst Magazine. He was the 2016 & 2013 Winner (plus 2014 Runner Up) for Best Independent Fixed Income Research & Strategy and winner of Best FX Research & Strategy in 2012. He was also a finalist in the Technical Analyst of the Year category each year for 2012-2017.
Other Current Positions
Steve is also the Academic Dean for The London School of Wealth Management, a role he really enjoys. He appreciates the opportunity to be able to educate a diverse array of students in all aspects of the financial market’s world. Steve says “to be able to be a part of transforming an individual’s life through education is truly a privilege and very exciting”.
In his role as Senior Investment Advisor at Kylin Prime Capital, Steve supports and advises the investment management team by employing his extensive fundamental market experience, alongside his wealth of technical analysis knowledge. This allows him to add significant value to investment decisions.
Steve also writes extensively for numerous financial markets sites including: FxStreet.com, TechnicalAnalyst.co.uk, InsideFutures.com, BarChart.com, StockTwits.com, StockBrokers.com, AskTraders.com and Investing.com.
Previous to this, Steve was also a Senior Lecturer at The London Academy of Trading where he fully began his journey into the world of education. It was here that he honed his skills as a lecture and mentor in the world of financial markets education.
Vast Technical Analysis Experience
Steve has also helped technical analysis push into a new era in his previous role as Director at Vega Insight. Vega Insight is a relatively new company with a specific focus on Artificial Intelligence and Machine Learning in global commodity and broader financial markets, with special focus on Energy. In his role Steve was responsible for the technical analysis inputs to the Artificial Intelligence and Machine Learning.
Steve spent 2009-2012 as a Director in the Technical Analysis Research Strategy team at Credit Suisse. Steve managed the FX division, responsible for the reports, forecasts and bank wide research for G10 & Emerging Markets currencies. In this role he also covered all major asset classes including Equity Indices, Rates & Credit, plus Commodities.
Steve spent most of his career at Merrill Lynch for 15 years from 1994-2009. The last ten years was as a Vice President in the research department as a technical analyst, responsible for daily reports, client presentations, plus in-house and client education programs. Prior to this, Steve was in the Fixed Income derivatives sales team where he managed the Italian Futures desk (BTP and EuroLira) on LIFFE (the London International Financial Futures Exchange). He was responsible for a four-man sales team, who consistently produced high volume of sales from both in-house and external clients.
He is a Member of the Society of Technical Analysts (MSTA) and holds a Master’s degree in politics, Philosophy & Economics from Oxford University (Lincoln College).
Macroeconomic/ geopolitical developments The global Market and US Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI) reports were out on Thursday and were broadly better than expected. The US Employment report for March was released on Friday and the Non-Farm Payroll data far exceeded the anticipated number of 675K, posting at 916K, whilst … Continued
Macroeconomic/ geopolitical developments In various speaking engagements this past week Fed Chairman Jerome Powell has reiterated the US Central Bank’s dovish stance. This saw US yields (and global bonds) move back modestly to lower yield territory (from recent high yield extremes). The German Ifo business climate index for March posted at to 96.6 from 92.7 … Continued
Macroeconomic/ geopolitical developments The focus this past week was on the US Federal Open Market Committee (FOMC) interest rate decision, statement and press conference, with a still very dovish stance emphasised again. However, a slight shift in the dot plot chart towards a possibly earlier than expected rate hike in 2022 from some members eventually … Continued
Macroeconomic/ geopolitical developments President Biden’s $1.9 trillion COVID relief bill was passed into law this week. A lower-than-expected US CPI report on Wednesday calmed inflationary worries and built on the strong US jobs report from the prior week. This sent value stocks surging higher and allowed for a rebound in growth stocks, which continue to … Continued
Macroeconomic/ geopolitical developments Another relatively quiet week for global financial markets from a macroeconomic and geopolitical perspective, but as at the end of February price action across the major asset classes was still volatile. The ongoing development last week was the continuing surge in global yields, particularly in the US and notably at the longer … Continued
Macroeconomic/ geopolitical developments Another relatively quiet week for financial markets, with the main central bank activity from the Reserve Bank of Australia (RBA) and the Federal Open Market Committee (FOMC) releasing their prior Meeting Minutes, with minimal impact on markets. Macroeconomic data releases were on the lighter side with the global Markit Flash Manufacturing and … Continued
Macroeconomic/ geopolitical developments An extremely quiet week, with no significant central bank activity, no notable macroeconomic data releases and with earnings season closer to an end, with most of the very big companies already reported. The progression of President Biden’s COVID relief bill has had to take a back seat as the US Senate has … Continued
Macroeconomic/ geopolitical developments This past week has seen a reversal of the price action from the frenzied stock market activity driven by the Reddit posts, particularly from WallStreetBets. The surge in stocks such as GameStop, AMC and Blackberry, alongside the Silver price was reversed. In turn, the broader markets shrugged off their panic sell offs … Continued
Macroeconomic/ geopolitical developments This past week has been all about frenzied stock market exuberance, often a reflection of an inflating equity market “bubble” and the fears and concerns that this activity brings. GameStop shares have skyrocketed in the past week having already seen an aggressive rise in January, driven by a herd mentality of individual … Continued
Macroeconomic/ geopolitical developments President Joe Biden’s inauguration passed without any notable incident, which was likely a relief for financial markets. Four central banks were in play last week, with modest signals from the Bank of Canada and the European Central Bank of less dovish, de facto minimally more hawkish tones. Earnings season played a significant … Continued
Macroeconomic/ geopolitical developments President-elect Joe Biden announced his American Rescue Plan, a $1.9 trillion fiscal stimulus package on Thursday. However, in some respects this fell short of the anticipation from the markets, with some of the details below the higher end of expectations. The Democrats filed and passed a single article of impeachment through the … Continued
Macroeconomic/ geopolitical developments The Democrats won both seats in the Georgia Senate runoff elections from Wednesday, confirming a “blue sweep”, the Democrats now taking control of both houses of Congress alongside the presidency. Then, Thursday saw unprecedented and shocking events in Washington DC, with Trump supporters storming the Capitol building. The fact that President Trump … Continued
Macroeconomic/ geopolitical developments Republicans and Democrats have still been unable to come to an agreement on a new economic relief package, but hope remains, which has helped the “risk on” theme this past week. This was despite President Trump at one point stating that a deal would NOT be done before the election. The other … Continued
USDCAD day trade outlook: Still bearish Day trade update and view A Tuesday sell-off to probe below 1.3270 support to 1.3266, then despite a bounce from here to still reinforce Monday’s stall back lower after the Thursday-Friday rebound remained capped by 1.3420 resistance, to renew bear forces from the early August sell-off through the key swing low … Continued
Macroeconomic/ geopolitical developments The strong “risk on” phase that resurfaced from mid-May into the end of last month has been further reinforced in early June, driven by further positive macroeconomic data and fiscal and monetary policy stimulus announcements from Europe, alongside geopolitical developments. Better than expected economic data in early June is now pointing to … Continued
Hopes of a COVID-19 vaccine, alongside positive progress by France and Germany with respect to a European recovery fund have seen global financial markets shift back towards a “risk on” theme this week. Global stock averages have surged back higher to reject prior negative signals from mid-May, see our report here from Tuesday. In the … Continued
When trading Forex and Contracts for Difference (CFDs) most brokers offer leverage trading or trading on margin. You can learn more about gearing, leverage and margin in our article and video here. Margin trading is used to allow for greater opportunities for larger profitable outcomes, if an individual does not have the necessary capital. Forex … Continued
There are various steps to a successful trading career whether in Forex or Contracts for Difference (CFD). First, is education! An education is key and an understanding of the fundamentals of markets and the technical analysis approach are key for any beginner trader and we have many education articles to help you here. Once you … Continued
Education, education, education! There are two key aspects too improving yourself in any given venture, whether in sport, in business, in your personal life and certainly when it comes to trading and investing. And the first is educating yourself in whatever you are trying to achieve. The second is to then practice all that you … Continued
As individuals, many of us are also investors and a growing number of us are traders. We might buy shares and Exchange Traded Funds (ETFs), purchase government and even corporate bonds, even investing into commodity markets. We might partake in Forex trading, Contracts for Difference (CFDs) trading and also trade the futures and options markets. … Continued
Investment, cyber and trading fraud are clearly paying off well as these types of crime show no signs of fading or going away. Moreover, the rise in these types of scams and frauds is doubtless far worse than we have data for, as it is likely under-reported. This is because the scammers and fraudsters are … Continued
Views about technical analysis vary widely across the investor and trader world, with some believing the analysis of charts and price patterns is a worthless endeavour, whilst others believe it critical to any investing or trading strategy. Many misconceptions and falsehoods have, therefore, been formed with respect to charting, as technical analysis is also known. … Continued
Forex trading and other similar forms of financial markets trading, such as spread betting and Contract for Difference (CFD) trading have seen a surge in popularity in the 21st Century. And alongside this popularity has come a huge number of new traders, with little or no experiences of financial markets. Although many of these newbie … Continued
Development can be tracked by considering the history of a set of actions and outcomes. For a trader, if you want to learn how to successfully trade Forex and CFDs (or any of the financial markets), it is key to be able to monitor your progress, to improve and become more successful at trading. Keeping … Continued
Global financial markets have shifted back to more of a “risk off” phase since the start of Q2 into April, with stock averages lower (see our recent reports on the DAX and S&P500 ). In turn, this “risk off” phase has seen broader US Dollar strength resuming, except against the Yen, with the safe haven … Continued
Success in trading is always a challenge and can be difficult even with vast experience and a solid, structured training plan, that has been built over time and tested. However, when markets shift to a more volatile phase, even the most experienced trader or investor can find successful trading and investing extremely difficult. Here we … Continued
We will look at: What are the major asset classes in financial markets? What are the Forex options? What do I need to know about trading the stock market? What are the pros and cons of trading stock indices? Should I consider trading the bond markets? What do I need to know to trade the … Continued
We will look at: What are the major asset classes choices? Where to start with FX? Fundamental versus Technical Analysis The “FX Majors” Safe haven currencies “Risk” or commodity currencies Cross currency analysis Peripheral currencies and Emerging Markets What Forex markets are best suited to you? If you are relatively new to financial market trading … Continued
The Bank of Canada were in play in the middle of last week with a meeting in which they left their interest rates unchanged as expected, but with a more upbeat outlook for the global economy than expected by Forex markets. This sent the USDCAD Forex rate lower (a stronger Canadian Dollar). The more positive … Continued
A risk on theme again this week with further positive soundings from the US-China phase one trade deal, as Trump states a deal is close (again). This has pushed global equity markets still higher, with the US the stock market benchmark averages (the S&P 500, Dow Jones Industrial Average and Nasdaq) all hitting new all-time … Continued
A shift back to a risk on theme over the past 24-36 hours after last week’s shift to a risk off bias (after cautious and mixed signals from the US-China trade talks). This week has seen positive rumours and more upbeat soundings, with a report overnight stating that the top-level negotiators had been on a … Continued
In this article we are going to take a look at the history of Contract for Difference (CFD) Trading, what CFD Trading is and what are the advantages. We will also focus on Forex Trading, which is really just a subset of CFD Trading and also look at Spread Betting and how Spread Betting accounts … Continued
In this article we are going to look at the British Pound, the world’s oldest, still used currency. We will explore the Pound in a historical context, looking at its roots in the Forex market, we will follow the Pound into the modern era and on into the recent Brexit saga. We will also look … Continued
Here at FX Explained we have looked at the importance of macroeconomic data on domestic economies in our educational video and article Fundamental Analysis, in our Master Academy series. This “big picture” data can provide an insight into the overall state of a domestic economy and assists traders and investors in their decision making processes … Continued
In this Master Academy educational video and article, we are looking at Charts Patterns, focusing on Reversal Patterns. Charts Patterns A chart pattern is a distinct formation on a chart that signals potential for future price movements Technical Analysts use these patterns to identify current trends, trend reversals and for buy and sell signals There … Continued
In this Master Academy educational video and article, we are introducing the concept of Trend, Trendlines and Channels. What is Trend? Markets tend to move in a general direction or trend An Up Trend An up trend is a sequence of higher highs and higher lows In an up trend, price will rally to a … Continued
In this Master Academy educational video and article, we are introducing at the basic concepts of Support and Resistance.Support and resistance represent key junctures where the forces of supply and demand meet. Support Support is the price level at which demand is thought to be strong enough to prevent the price from declining further A … Continued
In this Master Academy educational video and article, we are looking at the basics of Fundamental Analysis. Fundamental Analysis There are FOUR subcategories that come under the banner of Fundamental Analysis: Macroeconomic Data Analysis Central Bank Analysis Geopolitical Events and Geopolitical Risk Analysis Microeconomic Analysis and Corporate Data Below we look at these in more … Continued
Since the development of financial markets there have been many impressive winners and catastrophic losers, with some spectacular tales of significant market losses by individuals and corporations. However, it is towards the winners that we are all attracted. The ability to produce significant market outperformance, both in the short-term and over longer time periods have … Continued
In this Master Academy educational video and article, we are looking at Stock Market Indices. In this article we will look at: What is a Stock Market Index? What are the types of Indices? How are they calculated? Stock Market Index Examples What is a Stock Market Index? A Stock Market Index is a weighted … Continued
In this Master Academy educational video and article, we are looking at an Introduction to Technical Analysis, elaborating on the brief introduction we had in our article Fundamental vs. Technical Analysis. In this article we will look at: What Technical Analysis is, the Principles of Technical Analysis Chart types Time Frames Principles of Technical Analysis … Continued
In this Master Academy educational video and article, we are looking at the basics of the different approaches to analysing financial markets that come under the titles Fundamental Analysis and Technical Analysis. Fundamental Analysis There are FOUR subcategories that come under the banner of Fundamental Analysis: Macroeconomic Data Analysis Microeconomic Analysis and Corporate Data Central … Continued
In this Master Academy educational article and video, we are concentrating on different types of orders that can be placed with brokers. We are going to look at FOUR differing types of Order. 1. Limit Order 2. Market Order 3. Stop Order Stop Exit Stop Entry 4. OCO Order 1. Limit Order An order to … Continued
In this video and article, we are looking at the concepts of Gearing, Leverage and Margin. Gearing, Leverage and Margin are interconnected concepts in trading. LEVERAGE (also known as Gearing) works by using an effective deposit, known as the MARGIN, to provide you with increased exposure to an asset. A fraction of the full value … Continued
The upgraded acronym FAANG is a development of the original acronym, FANG, which was proposed by Jim Cramer on CNBC back in 2013. FAANG stands for: Facebook (FB) Amazon (AMZN) Apple (AAPL) Netflix (NFLX) and Alphabet (GOOG) (parent company of Google) These are five of the most popular and strongly performing technology shares in the … Continued
In today’s report we are going to take a technical analysis look at the FAANG shares, Facebook (FB), Apple (AAPL), Amazon (AMZN), Netflix (NFLX) and Google (GOOG, Alphabet). Facebook (FB) A firm June rebound from above a key March support at 159.28 (from 160.24) has neutralised the intermediate-term bear trend that was set up with … Continued
In this video and complementary article, we are looking at some basic trading term used in financial markets trading. Buy and Sell Long and Short Bull and Bear/ Bullish and Bearish Risk On and Risk Off Buy and Sell/ Long and Short As a trader, if we think a market or asset is going to … Continued
In this video and accompanying commentary, we are looking at the EIGHT factors that any prospective trader should consider when choosing a Forex Broker or for trading any financial markets. The EIGHT factors we would suggest considering when choosing a FX Broker are: Trust Investment Offerings Commissions and Fees Trading Platform Research Education Customer Service … Continued