Sunday, October 23, 2011

Forex Strategy gap

Forex Strategy gap - an interesting trading system that uses one of the most challenging phenomena of the Forex market - week break (gap) between the closing price last Friday and the opening price for her next Monday. By itself, the gap appears due to the fact that the interbank foreign exchange market continues to operate on the weekend, opening on Monday at a price with the highest level of liquidity. The proposed strategy is based on the assumption that the gap - this is the result of speculation and excessive volatility, and therefore the position open in the opposite direction, with high probability to become profitable within a few days.

Features
  • Regular trade with clear rules.
  • There can be no hunting for stop-loss or premature triggering stop-loss.
  • Statistically proven results.
  • You will have open positions at the beginning of the week and close smoothly before the end of week session.

Strategy for trading on the AUD / JPY on Wednesday

Strategy for trading on the AUD / JPY on Wednesday - exploits the tendency of a currency pair AUD / JPY (Australian Dollar against the Japanese yen) are statistically more likely to fall during the penultimate hour before the accrual swap on Wednesdays. This day of the week, especially because on Wednesdays swap is three times higher than on ordinary days (there is also a charge for two days off). It is unknown why the AUD / JPY, couple with the traditionally positive swap, sold for 1-2 hours prior to the accrual swap. Perhaps traders (or more precisely hedge funds) with large long positions prefer partially closed at this time, so not much to rock the market. This strategy was embodied in a fully automated expert advisor platforms MT4/MT5.

Features
  • Based on fundamentals.
  • A very simple strategy.
  • Statistically perfect.
  • Only one transaction per week.
  • Abrupt changes in interest rates may affect the strategy.

Carry trade strategy

Carry trade strategy - one of the most popular trading forex strategies. It is used not only ordinary traders, but also large hedge funds. The basic principle of carry trade strategy - is to buy a currency with high interest rate and currency trading with a low interest rate. This layout allows you to make a profit not only from the vibrations of the currency pair quotes, but also on the difference in interest rates (swaps). This strategy can only be used under normal global economic conditions. Do not use it during the crisis. Remember that your forex broker should be one of those who pay the swap, so you can make a difference in interest rates.
Features
  • Long-term profits.
  • Two sources of revenue.
  • It only works with a growing global economy.

Trading strategy in forex important news

Trading strategy in forex important news - designed specifically for trading on Forex news with the least possible risk. It can be used only when entering a very important news, such as the U.S. economy, the number of jobs created in the U.S. and interest rate decisions. Although almost all currency pairs react to such news, the best results show dollar currency pairs.

Features
  • Trade will have a fundamental basis.
  • Not difficult to start trading.
  • A high percentage of success.
  • Important news out very often.
  • High volatility and enhanced spreads during news outlets.

Forex Trading Strategy "Support and Resistance"

Forex Trading Strategy "Support and Resistance" - a widespread trading system based on the horizontal support and resistance levels. These levels are formed by highs and lows of candles. The breaking of these levels after a period of consolidation signals the beginning of a trend. This strategy does not require any graphical indicators, except the opportunity to draw the line (at least in imagination).

Features
  • Well defined low level of stop-loss.
  • The relatively high percentage of profitable positions.
  • Fuzzy target levels.

Scalping

Scalping (Forex System) - a simple trading strategy for forex market, which consists of an extremely large number of transactions in a short period of time with low stop-loss and a lower take-profit. Not all forex brokers allow traders to scalp, and not all of those that are allowed, suitable for this. Scalping is also not suitable for all traders. Personally, I will not recommend scalping. Here is a very simple version of the strategy Forex scalping.


Features
  • Good profit for traders with good fortune (intuition).
  • No need to follow the fundamental, technical, or even in any analysis.
  • Spreads are eating most of the profits.
  • A low ratio of profit to risk.
  • Not all Forex brokers support scalping.
  • Requires a lot of time to trade and monitor schedules.

Trading Martingale system

Trading Martingale system - based on the popular system of betting in France of the XVIII century. The main principle of this system - it is doubling bets after every loss, so if you win (get your rate plus 100% return), you up for all the losses and also earn the amount of the initial bet. If someone had an infinite amount of money, this strategy would be a win-win option, since the probability of an infinite number of bets to win in one of the outcomes would be equal to 1. The problem is that no one trader is not an infinite amount of money and, therefore, this strategy leads only to spend the entire deposit. And, although this strategy is very popular among forex traders and is used in many paid expert advisor forex market, I strongly recommend against using it.

Features
  • Theoretically, a win-win system.
  • Practically useless.
  • Relation to the rate of gain may reach very low levels.

Simple Forex Trading System price

Simple Forex Trading System price - an interesting strategy, which was recently developed by one trader. It works for any currency pair (although recommended for EUR / USD) and in all market conditions. To trade with this system are not necessary indicators. All you need is the opportunity to display pending orders.

Features
  • Position trading in all conditions.
  • Trailing stop to protect profits.
  • Insufficient statistical data about the success.

Forex Trading Strategy "inner bar"

Forex Trading Strategy "inner bar" - is a fairly simple system, based on a graphical figure called the "inner bar» (inside bar). This figure is very reliable as an alarm, but unfortunately, it is quite rare. This strategy does not require the use of any indicators.

Features
  • Well-defined input conditions.
  • Very simple graphics.
  • A high percentage of profitable positions.
  • Input conditions occur rarely.

Trading Strategy on a combination of stochastic and moving average

Forex trading system for the stochastic and moving average - a fairly safe strategy for trading in financial markets, which is based on a standard indicator stochastic oscillator (Stochastic Oscillator) in combination with standard exponential moving averages (Exponential Moving Averages). You can use moving averages as an indicator of long-term trend, while stochastics will show you a short-term overbought / oversold conditions, where you can successfully enter the market pullback.


Features
  • Fairly reliable.
  • Trade with the trend.
  • Not very easy to follow this strategy.
  • No specific target levels.

Trading Strategy with MACD divergence

Forex Trading Strategy with MACD divergence - one of very reliable systems based on standard indicator MACD. And, to be exact, then the divergence between the line and the MACD line price on the chart. This system has a rather vague entry and exit points, but the signals are easily identified and positions can be quite profitable, as the strategy helps to catch rollbacks and trend reversals.

Features
  • It is easy to detect signals.
  • Uses only one standard indicator.
  • A good profit potential.
  • Levels of take-profit and stop-loss rather vague.
  • The signals are seldom seen on the long-term charts.

Trading strategy with stochastic oscillator

Forex Trading Strategy with a stochastic oscillator - an interesting system with a fairly low level of losses. It is based on a standard indicator stochastic oscillator (Stochastic Oscillator), which shows the fatigue trends and their change. This means that you will almost always be able to enter the market on pullbacks, getting an opportunity to exhibit relatively safe stop-loss.
Features
  • It is easy to follow.
  • Uses only one standard indicator.
  • Safe levels of stop-loss.
  • Non-optimal levels of TP.

Parabolic SAR strategy with

Example
Forex Trading Strategy with the Parabolic SAR - a somewhat risky system that is based on direct signal indicator Parabolic SAR (Parabolic SAR), which shows the levels of stop and reverse the trend.
Features
  • It is easy to use.
  • Only one standard indicator.
  • Conditions of entry and exit are given by the indicator.
  • The delay indicator.
  • It is very risky and not always profitable strategy.

Trading strategy with the intersection of two moving averages

Trading Strategy from the intersection of two moving averages - a simple system that is based on the intersection of two standard indicators - fast EMA (exponential moving average or exponential moving average) and a slow EMA. You can also use our free expert advisor Adjustable MA for automated trading platform in MetaTrader.

Features
  • A very simple strategy to use.
  • Use of simple indicators.
  • It is easy to identify stop-loss.
  • Moving averages brake - a delay may be up to 10 bars.
  • Is not effective during lateral movements in the market.

Preparations for the trade
  1. Any currency pair and timeframe.
  2. Add the exponential moving average on the schedule, set its period to 9 apply to the closing prices (Close), set the color to red (optional) - this will be fast moving average (FMA).
  3. Add another exponential moving average on the schedule, set its period to 14, apply to the closing prices (Close), set the color to blue (optional) - this will be a slow moving average (SMA).

Conditions of entry
  • Buy when the FMA crosses the SMA below.
  • Sell when the FMA crosses the SMA above.

Conditions of Release
  • Stop-loss for long positions is set at the lowest price level (Low) in the last bar before crossing. For short positions - at the level of the highest price (High) in the last bar before crossing.
  • Take-profit depends on the stop-loss and should not be lower. I recommend setting take profit levels on a half or two stop-loss.
  • If the response to the stop-loss or take profit there is a new crossing, close the position.

Example:



As seen in the example, the input conditions are pretty clear and properly selected ratio of TP to the stop-loss, this strategy can be quite profitable.

Attention!

Use this strategy at your own risk. EarnForex.com not responsible for any damages that may result to you when using any strategy presented on the site. It is not recommended to use this strategy on a real account without testing it to start a demo account.

Forex Strategy

Forex trading can be profitable for a long time without following any trading strategy. To build your own trading strategy for forex or adapt existing strategies to your needs and your trader's style, a lot of time and effort. It is important to choose a strategy or system that is easy to follow with your schedule, and that can be successfully applied in your trading account balance. In this section you will find the Forex strategy, which are divided into three main categories:
Forex Strategy indicators
Forex strategies without indicators
The fundamental strategy of trading Forex


Illogical trade

Chart 1, CEFT
Alan Farley is a professional trader and mentor for over 16 years. He is author of the bestselling "master swing trading", columnist for RealMoney.com and editor of the newsletter "The Daily Swing Trade". Twisted logic can invent a very profitable trading strategies. For example, we learn to buy breakouts and sell up to breaks down, but some market players sometimes do the opposite.

They wait, when the movement bogged down, and then sell on a break up or buy at the break down. These players are illogical does not end there. They go on and buy, when an unsuccessful attempt to break through once again fails. Let's try to explore this way of thinking. Most of us are beaten track - we buy, because the forex market breaks through resistance, but kontrigroki know exactly how we react when our wonderful break up drops like a stone. Therefore, they suggest, where are our stop and come in short positions on the same price to earn money for our failure.

Friday, October 7, 2011

Exchange of shares in the Internet

The first stock exchange

The origins of the emergence of the stock market should look at when first joint-stock companies. These were Levanskaya, Baltic, East India Company, which appeared in the XVI-XVII centuries. With the creation of these societies began an active process of buying - selling shares in such countries as England and Holland. The oldest to date stock exchange is located in Amsterdam, she was nearly 400 years. By the beginning of the XIX century the leader of the stock market has become the London Stock Exchange.

Investing in gold and silver

If we consider the precious metals in terms of investment, neither of which investment income can not be considered. However, gold and silver recently brought no small profit to those who invested in it. Probably not worth talking about investing in precious metals.

Precious metals have always been a defensive asset, and they remain the same, besides this product. In recent years, the fiscal deficit of the developed capitalist countries like the United States and Great Britain only grew. Grew up in the meantime and precious metals. Those investors who have invested in precious metals, have not lost anything, be more correct to say so.

Forex trading through the bank

For the ordinary citizen, is currently widely available trade on the forex market. And if people decided to take up this exciting type of business, then he starts thinking about the technical side of this issue. How can we go out and start selling on the market Forex?

Among the great mass of promotional offers at the present time it should be noted that the types of access to the forex market a little bit different. The first way - is a direct access. Direct access to the forex market are banks. In the banks are sitting dealers who shall follow the Bank's purchase of a currency.

Advice to a beginning trader forex

If a person decided to do this business, as trade in financial markets Forex, the first thing it must be a person who does not need any advice. He should understand that the market comes to risk their money, their capital, with a view to profit. And it must be a reckless risk and the risk of deliberate.

If a person decided to become a trader forex, then he should understand that he would risk certain amount of money he spent on his training and he is its most likely lose. In addition, to become a successful trader, one of the top tips - a must lose in the Forex market large enough (but not ambitious course) the amount to develop a psychological resistance to change attitudes toward money. Only in this way can we talk about how to become a trader in the Forex market. Should not expect that there will be a trader without loss, all comes with experience, so get ready for the losses.

Currency speculation in the forex market

Speculation
Speculation is buying something, with a view to further sale of expensive extraction and thus profits. It would seem that it may be easier. However, the laws of the market impose a number of limitations, thanks to which economic activity is carried out.

Grocery stores and wholesale stores is essentially the same speculators, but they function as a distribution of goods for consumers. We can not buy that either the market, get up close and sell more. To do this you need a little work, at least to attract the buyer is to imagine that there is an advertising company.

Successful traders in the forex market

Should I trade forex? 
The network is a lot of sites devoted to topics of forex. Quite often you can find reports of people that forex is a scam that money in forex is not real and everything is made specifically to pull money from gullible people.

Here we must pay attention to statistics: a successful Forex traders from the crowd on the strength of 10%. A particularly successful ten percent of those only 1%.

It is not surprising that a large majority of people negatively responds to this form of earnings, as trading in financial markets, as they suffered heavy losses there. They argue that the market is unpredictable, and thus earnings in the market is in itself something like a lottery.

Investing in Forex

Investing in Forex is to receive income without bidding.

So, what are the business process in relation to the Forex market?

The process of investing - is the realization of embedding certain amount of money in a business project in order to earn an income. Investment funds may be made in a variety of projects, including in the forex market. Investing in Forex is different in that unlike other investments, they have little or no risk.

It is known that traders often need to "leverage." The role of creditors is played by dealers.

Sunday, October 2, 2011

STOP and LIMIT orders

Now look at the useful trading tools to a certain extent, protect you from unexpected losses and to fix the planned profit.

This is - STOP and LIMIT. In the previously opened position at any time (during working hours of the market) you can put an indication to close it when the price reaches a specific value of the currency. For example, you open a position, hoping that the quotes will go up (on schedule). At the same time to protect yourself from significant losses by a significant movement of the currency down, especially in a situation where you have no control over, or you can lose control of the market, you bet STOP, ie specify the value price below its current value at which your position should be closed without further instruction. Similarly, if you are open down, you specify how much above its current value. In this case you should keep in mind that if a STOP will be too close to the current value, then the random bounce rates can close with a loss of open positions right, and if too far away - losses can be unreasonably high. In turn LIMIT - this is referred to your quote above which the position will be closed at a profit, ie quote by LIMIT - is always higher than the current value, if you're up, and below - if you're down.


BID and ASK prices

As you know, any transaction is made on a very definite and specific price, while in Table Quote Spread Sheet for each currency, there are three prices, for example:


Each of the Forex market participants in each particular transaction or act as sellers of certain currencies, or the buyer. In this case the seller offers the currency more expensive, for example, GBPUSD at 2.0254, and the buyer asks the currency is cheaper, for example, GBPUSD at 2.0250. Accordingly, the price of dealer called ASK, a bid price - BID. So, if you suspect that the GBPUSD will go up (in your chart GBPUSD curve goes up), you decide to buy a pound, while it is cheaper, in order to sell more. Buy (this is called BUY) can only be the seller who will offer it at a price ASK. When you sell a pound (an operation called a sales SELL), the buyer will offer for its price on BID (this is true for all currencies). Hence it obviously follows that if you open a position (the operation is called - OPEN), ie did BUY GBPUSD, and then want to close it (the operation called CLOSE), ie to sell just bought pounds, you can only do so at a loss, just as you would in any exchange office. Therefore, ensure that you receive income, the price of the currency should go in the direction you anticipated more than the difference between the BID and ASK. The third number is called LAST - the Forex market is the average of the last BID and ASK.

The purpose of trade

The purpose of trading in any market - to buy goods cheaper and sell dearer. Is no exception and the foreign exchange market - Forex. Goods in this market are the currencies of various countries. Like any other commodity currencies have their price.To perform calculations between partners located in different countries, international payments, speculators, etc., banks around the world to make the Forex market currency exchange operations. Depending on a variety of commercial, economic and other indicators, interest rates, central bank policies, time of day, preferences and expectations of stock market games, on a variety of reasons, and mutual quotation, that is, currency prices are in constant motion.
The task of a trader - to try to determine the direction of price changes and currency to buy foreign currency, the price of which increases, or sell the currency, the price of which falls and then, having made a reverse transaction, make a profit.

How to read quotes


Quotations are usually expressed in five-digit number. For example, USDJPY = 114.90 means that one U.S. dollar valued at 114.90 yen (ie, $ 1 are willing to pay so much yen to buy or sell). At the same time, GBPUSD = 2.0252 means that 1 British pound valued at 2.0252 U.S. dollars. In general, if the quotation XXXYYY = Z, then it means that one unit of XXX give Z units of YYY.

When the quote is changed, for example, USDJPY = 114.92 to USDJPY = 114.93 or GBPUSD = 2.0254 to 2.0255, they say that the price has changed by 1 point. From the above it follows that in this example, the yen fell by 1 point, and the pound rose by 1 point.

Monday, September 26, 2011

Three "golden" rules of Forex

Foreign Exchange Market Forex / Forex in Russia become more popular, but most novice traders in forex is not enough information about what common mistakes beginners make.

"Knowledge - the gold", this proverb is most suitable for trading in the Forex market. And that speculation to be profitable and least losses to follow some rules:
The first "golden" rule of thumb is that the market does not like one-day players. Trade in the Forex market to deal with constantly being improved and gaining experience, gaining new knowledge systematically, constantly analyzing trends. Forex does not tolerate inconsistency.
The second "golden" rule applies to losses in forex. Forex game of chance, and it is important to be able to control their emotions. The desire to win back - a bad incentive for transactions, it is an impulsive act, which makes it impossible to conduct the necessary analysis of the trader, which increases the risk of losing the deposit.
Third, the "golden" rule: the trader has to manage their risks. Risk management can set a threshold of loss. In addition, before each operation to calculate all the potential risks, if necessary, by refusing to bargain. Adhering to these rules, you can make a profit and minimize losses.

Investments under management

New features at Forex: investments under management.

In order to receive a stable profit in Forex, not necessarily personally enter into the transaction. Using the service "Investment Account", you can instruct the control investments Forex traders to one or more of your choice.

Service "Investment Accounts" provides investors the most convenient and safe conditions for cooperation with the Manager, who will take over the job at an advantageous placement of investment capital:
Relations between investors and managers are strictly regulated, mutual carried out automatically.

Sunday, September 18, 2011

What is the spread (spread) on the Forex.

Spread - the difference between purchase price and sale price of the currency pairs on Forex. When you request quotes of any currency pair, your broker will give you Forex 2 different prices.
For example:
EUR / USD: 1.5586 (sell) and 1.5589 (purchase).
What does this example? But what if you're going to sell a certain amount of the currency pair EUR / USD (as it implies that the dollar will rise in price) - then you can sell it at a price of 1.5586 (the price that put the broker to sell the currency pair) . If you are going to buy the currency pair EUR / USD (as it implies that the euro will rise against the dollar) - then you can buy it at a price of 1.5589.
The difference between the bid and ask price, put up a broker and will be spread - in this case it is 3 points. Spread - a natural profit broker, it receives, regardless of how you trade, successfully or loss.


 This figure illustrates the above. Green line shows the quote currency pair GBP / USD in if you are going to buy (Buy), and red - shows the sales price (Sell). The difference between these prices and will spread, as defined in paragraphs.

Saturday, September 17, 2011

leverage

As usual for a transaction the client first allocates a certain amount of their funds in the account at the principal (the bank or company that provides market access). The real trade is conducted with the money of the principal, who provides for entering the market leverage (in the standard case is equal to the leverage of 1:100). Thanks to this client (the investor) is able to handle the amount many times greater than his own, which increases the yield in percentage terms. In this case the customer's funds are so-called margin (a kind of collateral), which freezes the principal on his account for the duration of the maintenance of the transaction until the client (investor) does not make a reverse exchange.

Exchange transactions involving gold

Often the list of currency pairs include quotes and more gold against the U.S. dollar are called gold-spot contracts (and referred to as GOLD). This is justified because gold is essentially a global equivalent of money, and none of the current rates are not guaranteed by law gold content. Account for FOREX allows electronic exchange transactions involving gold and at the same track incessant fluctuations of exchange rates for the precious metal. The interest in such transactions is particularly high in times of crisis, when currencies of all countries in varying degrees of impaired, because of what the demand for gold increases.

Which pairs traded on Forex?

Currency Exchange - a place where the free buying and selling of national currencies, ishV First, it is the world's reserve currency (in brackets are their standard international notation - ISO codes):
U.S. Dollar (USD);
-euro (EUR);
-British pound (GBP);
-Japanese Yen (JPY);
-Swiss franc (CHF).

And other popular currency units:

-Australian dollar (AUD);
-New Zealand dollar (NZD);
-Canadian dollar (CAD);
-Swedish Krona (SEK);
-Norwegian krone (NOK);
-Danish krone (DKK);
-South African Rand (ZAR).


All of these currencies are combined in pairs, and their combination can be anything. Typically, the most widely traded currency pairs 30. Key pairs (accounting for the largest volume of trading) - is the euro / dollar (EUR / USD), pound / dollar (GBP / USD), dollar / yen (USD / JPY) and dollar / Swiss franc (USD / CHF). Much attention is paid to the other pairs involving the U.S. dollar. Cross-rates on the FOREX currency pairs are called, in which the U.S. dollar does not include, for example, EUR / GBP (EUR / GBP), pound / yen (GBP / GPY), pound / Swiss franc (GBP / CHF) and so on.
The Russian ruble is not currently involved in trading on the FOREX, as well as not participating in the free market fluctuations and another major world currencies: Chinese yuan. However, it is likely that the transition to the free convertibility of these currencies will happen in the coming years.

Currency Exchange

Currency Exchange - a place where the free buying and selling of national currencies based on exchange rate relationships between them.
The direct appointment of currency exchange - the exchange rate, which represents the value of foreign currency. The main objective of the exchange is to mobilize temporarily free monetary resources, redistribution of market methods of some sectors of the economy to another and to establish the actual market rate of domestic and foreign currency in a fair and legitimate trade.

Participants in the forex market

Work and earn in FOREX can be any person who expressed such a wish. In addition to private investors participating FOREX are central banks, market makers, banks, company exporters/importers, investment companies and hedge funds, insurance companies, corporate investors and intermediary companies providing market access to individuals and companies.

Brokers Forex -"selection criteria"

Many new traders all the time have to deal with the problem of choosing a broker comfortable for yourself and your deposit. Those who decided to seriously come to grips with online trading on Forex, be very careful about choosing the right broker. But not everyone knows how to start and what to look primarily at finding the right broker.
I remember, when you come to some well-known independent forum, and look - it will not give money, they do not close the deal by the order, there generally are threatening to physically punish a trader for contempt, on the contrary there have closed the deal with the loss and not on orders. My head was puffy from these posts. And who does not ask for advice all together otgavkivalis meaningless allusions.
Then, I realized that while he does not test on yourself and your deposit of at least one broker can not tell who is who.
Brokers Forex. What they are and what to look for when choosing?

Brokers FOREX

Brokers FOREX - professional participants in the financial market, providing customers the opportunity to trade on the FOREX market on their own account but on behalf of the company's broker. Broker - a middleman in the investment market, acting as buying and selling. Their activities brokers via the Internet through a special program of terminal. At the same time customers have the opportunity to exercise "voice" of the transaction - by phone (old version). Direct applications and their implementation of structural units involved in the brokerage company - dealing rooms.

Who is a trader?

Trader - a person who is engaged in trade on the exchange. Often referred to as a speculator. As he tries to profit from any market situation. The task of the trader - buy cheap and sell expensive. The resulting profit from the transaction becomes the property of the trader.

Why Forex?

It is a way to gain financial prosperity and stability. Profit is one of the main themes of work on FOREX. It is with this tselyuprofessionalnye market participants and retail investors operate in FOREX very large sums. Its turnover exceeds 10 times all the other markets.
It is a reliable way to invest money. In the daily exchange rate fluctuations, in the FOREX account it may be more practical than, say, a multi-bank deposit. Of course, this is true if you're willing to at least from time to time independently monitor multiple parameters: a minimum of expensive or cheaper currency basket depreciated or strengthened in the current ruble, grow, or conversely, falling prices for gold, oil, and t . etc.

What is Forex?

Forex (FX) - the international currency market - a market where one currency bought and sold in others. This is - one of the biggest markets in the world.
Some of the participants in this market are simply seeking to exchange foreign currency for their own or, conversely, to such parties include, for example, transnational corporations, which must pay salaries and other expenses in some countries, selling products in another. However, most of the market consists of currency speculators who profit from movements in exchange rates, as well as speculators profit by movements in stock prices. Currency traders can take advantage of even small fluctuations in exchange rates.

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The Board of analysts: the best strategy - to leave the euro zonePosted on August 18, 2011 in the "News"
On Thursday, August 18 euro is under significant pressure. By 09:00 Moscow time his rate was 1.439 dollars / euros. The euphoria of the meeting of leaders of France and Germany had passed, and now the players come to realize that it all really happened.
"The outcome of the meeting Sarkozy and Merkel was a surprise for the markets. Especially negative is the lack of progress in increasing the European Foundation for financial stability. I think that now yield spread between German Bond and Spanish and Italian bonds will grow, no matter what the ECB did.