Macroeconomic/ geopolitical developments The standout economic event last week was the August US Employment report on Friday, which was disappointing, the headline Non-Farm Payroll (NFP) data missed expectations, posting at 235K, with 750K expected. Prior monthly gains were revised higher though, whilst the Unemployment Rate fell to a pandemic-era low at 5.2%. Global Purchasing Managers … Continued
Steve Miley is the Market Chartist and has 32 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
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”.
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 standout economic event last week was the Jackson Hole Economic Policy Symposium, but it ended up as a non-event, as Fed Chair Powell did not signal anything different than previously communicated with respect to removing policy accommodation. The chaos, unrest and terrorist activity in Afghanistan has had muted impact on global … Continued
Macroeconomic/ geopolitical developments The standout event last week was the Fed Minutes which showed increasing talk of tapering Bond purchases later this year. The data even last week were the US Retail Sales numbers which fell 1.1% in July (though June data was revised higher). Chinese stocks remain under pressures with the ongoing regulatory clampdown … Continued
Macroeconomic/ geopolitical developments The standout event in a light data week was the US Consumer Price Index (CPI) data, with the ex-Food & Energy number coming in at 0.3%, below consensus estimates. On the fiscal side, the US Senate passed the infrastructure spending bill, approximately USD 1 trillion with about USD 560 billion of new … Continued
Macroeconomic/ geopolitical developments The standout event in the week was Friday’s strong US Employment report, with 943K jobs added in June, notably above consensus estimates. Thursday saw the Bank of England Meeting and a slightly more hawkish tone stating that “some modest tightening of monetary policy over the forecast period is likely to be necessary”. … Continued
Macroeconomic/ geopolitical developments A regulatory crackdown by Chinese authorities on large internet stocks saw Chinese share indices plunge and also saw some delayed and limited contagion effect on global stock averages. We got the Fed decision on Wednesday last week, with a slightly more hawkish tone in the statement, but a slightly more dovish tone … Continued
Macroeconomic/ geopolitical developments Global financial markets reacted to ongoing fears of more hawkish monetary policy in the US, alongside concerns around the spread of the COVID-19 Delta variant globally. As we will look at below, this is sent global bond markets higher (to lower yields, led by the US), whilst world stock averages sold off … Continued
Macroeconomic/ geopolitical developments Manufacturing Purchasing Managers Index (PMI) data for June mostly beat expectations on Thursday 1st July, both from Markit for many major economies and from the US Institute of Supply Managers (ISM), with the Manufacturing PMI coming in at 60.6%, beating consensus for a 13th straight month above 50.0%. The US Employment report … Continued
Macroeconomic/ geopolitical developments Last week, global financial markets were still digesting the big event of the prior week with the US Federal Reserve signalling a more hawkish tone than the financial markets had anticipated. Fed officials this past week have sought to calm markets and allay fears that they were about to start to tighten … Continued
Macroeconomic/ geopolitical developments The big event of the past week was US Federal Open Market Committee (FOMC) interest rate decision and statement on Wednesday. The FOMC dot plot chart at least two quarter-point rate increases in 2023. This was a more hawkish tone than the US and global financial markets had anticipated, causing significant price … Continued
Macroeconomic/ geopolitical developments US CPI data was higher than expectations, with the headline data posting at 5% year-on-year for May, at its fastest pace since August 2008, with the core rate at 3.8%, its highest for nearly three decades. But Bond markets and stock indices shrugged off this data, with moves to lower yields and … Continued
Macroeconomic/ geopolitical developments Another quiet week in financial markets up until Friday, despite a busy data calendar. Markets kicked into life after Friday’s US Employment report, which saw 559K jobs added in May, which was slightly worse than expectations. Over the weekend, the G7 agreed a global minimum corporate tax of 15%. Global financial market … Continued
Macroeconomic/ geopolitical developments A quiet week in financial markets with muted central bank activity and a relatively light data calendar. The standout on Wednesday was a more hawkish tone from the Reserve Bank of New Zealand (RBNZ). This helped the New Zealand Dollar post firm gains across the Forex board. Cryptocurrencies remained volatile, with Bitcoin … Continued
Macroeconomic/ geopolitical developments Inflation concerns remain, after the recent spike in US CPI data. The Fed Minutes on Wednesday highlighted an improving US economy but still far from the Fed’s goals, this did not have a significant impact on global financial markets. Tensions in Gaza have eased with an Israel-Hamas ceasefire announced. The Indian COVID … Continued
Macroeconomic/ geopolitical developments The US Consumer Price Index released on Wednesday came in at 4.2% from a year ago and 0.8% from March, significantly higher than expected. This data heightened US and wider inflation concerns, which had already spooked Big Tech stocks through mid-May, pulling broader equity indices lower. Tensions in Israel have had little … Continued
An interview with Jack Schwager, legendary author of the Market Wizards series of trader interviews, who has 22 years experience as a Director of Futures Research for some of Wall Street’s largest firms, including Prudential Securities. Jack is also currently championing Fund Seeder, as a co-founder. FundSeeder.com is a platform devised to find unknown global trading talent and to connect these unknown but … Continued
Macroeconomic/ geopolitical developments US President Biden announced his $1.8 trillion American Families Plan (human infrastructure) to complement the $2 trillion infrastructure plan announced at the end of March. Earnings season has continued with more positives, with Amazon, Google, Apple, Facebook and Tesla all beating estimates (though the price action on these stocks has not been … Continued
Macroeconomic/ geopolitical developments US President Biden announced a potentially significant increase in Capital Gains Tax (CGT) rates, which had a negative impact on US (and global) risk assets. Earnings season has continued with mostly positives, though Netflix missed the expectations of analysts on new subscribers, which was a broader negative for new media/ big tech. … Continued
Macroeconomic/ geopolitical developments US Retail Sales data for March came in extremely strong on Thursday, beating expectation with a rise of 9.8% MoM. Earnings season has kicked off in earnest in the US, with the Banks and Financials leading the way, in most instances beating expectations. The European vaccine rollout has improved, although it still … Continued
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
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 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
VIP Guest Interview with Michael Pento (of Pento Portfolio Strategies) In this in depth interview, Steve Miley and Michael Pento talk all things markets, looking at the potential bubbles in US (and global) stock markets and also in Bond markets They look at inflation risks, the threat for US and global asset prices and interest rates Could the US election be pin that pops … 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
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
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
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
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. An example of leverage with Company ABC Non-Leveraged Account BUT Leveraged Account BUT So, with LEVERAGE or GEARING the potential losses AND potential profits are increased. For this reason, leveraged trading on margin has heightened risks and may not … 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 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
In this article and accompanying video we are looking at the different asset classes that investors and traders can invest in and trade. The four main asset classes we are going to look at are: Equities, stocks, shares (including indices, or averages) Bonds (Government and Corporate) Commodities Foreign Exchange (Forex, FX and currencies) Equities, stocks, … Continued
In this article and accompanying video we look to explain the differences between Investing and Trading. The four main ways we can categorise the differences between Investing and Trading are by looking at: Time Frame Flexibility Leverage Returns Time frame Investing Investing is generally seen as a longer-term activity and by longer-term we tend to … Continued
A credit rating is the assessment of the credit risk of a potential borrower or debtor. Primarily this focuses on the capacity to make repayment of the debt, and therefore implicitly a prediction of the probability or possibility of the debtor not repaying (or defaulting). Sovereign Debt Ratings are a form of credit rating, but … Continued
What are Trend Lines in Forex? A trend line is a line drawn between either successive higher swing lows, which is an uptrend line, or between consecutive lower swing highs, in that case a downtrend line. The trend line is used to signify both the direction of the trend and also to be used as … Continued
Below we provide a glossary of key Technical Analysis terms. These range from the basic, through intermediate, to more advance terms used in the Technical Analysis approach to markets. Here we start with those terms beginning A through to P. You can click on a letter to find your section quicker. A – B – … Continued
Technical Analysis has a long history and in Europe can be traced to the 17th century writings of Joseph de la Vega about the Dutch Stock markets. In 18th Century Japan, Homma Munehisa, a very successful rice futures trader developed the Candlestick trading approach, which is still used today. Charles Dow Jose De La Vega … Continued
There are three basic tenets of technical analysis as follows: Market price action discounts everything. All information that is both relevant and available is already built into current prices. Price action moves in trends over various time frames. These trends are either down, up or sideways. History will tend to repeat itself. The common factor … Continued
1. Education and practice improve performance Trading is often compared with sports and games, and as with these activities successful trading requires applying skills and knowhow in a real time scenario. As with performing well in sports, games or even a talent like music, a successful trader needs time to develop through organized and rigorous … Continued
Work Hard! Success is no accident. It is hard work, perseverance, learning, studying, sacrifice and most of all, love of what you are doing or learning to do. Pele Nothing in life is for free. As with all skills, the more you work at currency trading, the better you get at it. There is NOT … Continued