Forex: USD/CHF extends slide to fresh lows

FXstreet.com (Córdoba) – The Swiss Franc continues its rally against the Dollar. The USD/CHF fell further below 0.8900 and reached a new all time low at 0.8878. The pair remains trading near session low, holding a bearish bias. Greenback is headed toward the tenth daily decline out of the last 12 trading days.

The recovery of the Dollar earlier found resistance at 0.8930 and the pair resumed its downtrend as the Swissy strengthened across the board.

To the downside, support levels could be located at 0.8860 and below at 0.8820 while to the upside, probable resistance levels lie at 0.8890 and above at 0.8930 and 0.8965.
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Wall Street jumps on optimism, Dollar slump continues

FXstreet.com (Córdoba) – Stocks rose sharply in Wall Street with the Dow Jones ending at the highest level since June 2008. Gold reached fresh record highs above $1,500 an ounce as the Dollar posted losses across the board.

The DOW rose 1.52% on Wednesday and has risen more than 300 point in three days. Earnings reports and better-than-expected housing data triggered optimism in Wall Street.

In the currency market, the Aussie and the Swiss Franc were among the best performers. The Yen trimmed losses on American hours but finished mostly lower in the market.

The EUR/USD reached fresh 15-month highs at 1.4545, pulled back afterwards to 1.4485 but managed to rise back above 1.4500. Cable remained steady on American hours consolidating around 1.6400, barely below April highs.

The USD/CHF extended its decline to fresh record lows at 0.8870/80 and remains under pressure. Greenback is also trading at record lows against the Aussie.
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US yields continue to grind lower

By: Jamie Coleman

Hopes for robust US growth have been dialed back further in the wake of the US trade data which has pressured US yields lower. The buck, which suffers from many woes, seems to latch on to the latest one to float across the screens, and yields are today's problem du jour for USD bears to hang their hats on... 10s are down 10 bp in yield with 5 over 12 bp lower.
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Forex: EUR/USD fails to rise back above 1.4500

FXstreet.com (Córdoba) – The Euro rebounded on American hours at 1.4435 and rose to 1.4495. The EUR/USD has been steady in the last hours, hovering below 1.4500, consolidating a gain of 50 pips from the price it had at the beginning of the Asian session.

“The pair is trading above the critical support level at 1.4480 and so long the pair remains above this level, the target is set at the 1.4625 resistance level, but breaching the support at 1.4480 would send the pair to the support at 1.4375”, the ecPulse.com Analysis Team said.



The EUR/USD reached on European hours a fresh 14-month high at 1.4517, extending its rally from January lows that lie at 1.2865/70. Andrei Tratseuski from Forex Club attributes the rise to three main reasons: 1) interest rate differentials between the ECB and the FED, 2) European Union sovereign debt fears receding and 3) technical weakness in the Dollar Index.

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Forex Trading Weekly Forecast - 02.28.2011

Forex_Trading_Weekly_Forecast_02.28.2011_body_TOF02252011table.png, Forex Trading Weekly Forecast - 02.28.2011

DailyFX provides forex news on the economic reports and political events that influence the currency market.

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US Dollar Recovery Depends on Nonfarm Payrolls, Dow Jones

The US Dollar finished the week lower against almost all G10 counterparts, continuing its multi-month downtrend ahead of a critical week of economic event risk. A fairly disappointing revision to Q4 GDP capped a week of mixed data, and all eyes now turn to the coming week’s critical US Nonfarm Payrolls report. The NFPs release needs little introduction as one of the most market-moving reports across global financial markets, and February’s result will be particularly significant given January’s sharply below-forecast jobs figure.

A busy week of economic event risk will shape expectations and likely force sharp short-term moves ahead of the NFP release, and it will be critical to monitor financial market moves as the US Dollar nears significant lows against major counterparts. Consensus forecasts currently call for a respectable 190k jobs gain through the month of February—consistent with expectations of substantial improvements on January’s clear disappointment. We will watch earlier-week ISM Manufacturing, ADP Employment Change, Initial Jobless Claims, and ISM Services results to gauge the likelihood that February payrolls meet lofty forecasts. Uncertainty surrounding the future of US Federal Reserve monetary policy puts all eyes on whether a broader economic recovery will be enough to produce similar improvements in the domestic labor market.

The US Federal Reserve shows little urgency in withdrawing extraordinary monetary policy stimulus amidst generally weak inflation and lackluster jobs growth. Controversial Quantitative Easing measures have been a major driving force behind US Dollar weakness, and it could arguably take a substantial shift in the Fed’s stance and rhetoric to force a sustained Greenback recovery. In the absence of such a change, the US Dollar may need a broader shift in financial markets to drive a major reversal.

The S&P 500 saw a sharp pullback on a broader flight to safety on geopolitical turmoil in the Middle East, and the USD rallied as one of the world’s foremost safe-haven currencies. Yet a later bounce in stock markets suggests bulls have yet to give up the fight, and we may need to see a more sustained shift to make any serious argument for a market top (and US Dollar bottom). CFTC Commitment of Traders data shows that Non-Commercial traders (typically large speculators) remain heavily net-short the US currency on a steady downtrend. And though such one-sided sentiment typically occurs near major market turns, sentiment extremes are only clear in hindsight and extremely difficult to time.

Trend traders will likely favor continued US Dollar weakness into the week ahead, and it is difficult to make the case for a substantive turnaround absent a material improvement in USD sentiment. FX Options market risk reversals likewise suggest that many traders have continued to bet on and hedge against Greenback weakness. It would likely take a material improvement in US economic data or a similarly large turn lower in ‘risk’ to force a substantive USD bounce. Given that the first week of the month quite often sets the pace for subsequent trading, we will pay special attention to whether the US currency shows any real signs of recovery through March.
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Bookmark and Share Forex - Survey: Sales of Distressed Homes increased in January

Forex - Survey: Sales of Distressed Homes increased in January
By: Calculated Risk on February 22 11 8:22 EST
From Campbell/Inside Mortgage Finance HousingPulse: HousingPulse Distressed Property Index Hits 49.6% in January

Perhaps the biggest news in the January data was a sharp rise in the HousingPulse Distressed Property Index or DPI, a key indicator of the health of the housing market. The DPI, or share of total transactions involving distressed properties, climbed from 47.2% in December to 49.6% in January. The increase was a continuation of a trend as the DPI registered just 44.5% back in November.
...
Already, in the key state of California, distressed property transactions account for 66% of the market. In Florida, distressed property transactions account for 63% of the market. And in the combined area of Arizona and Nevada, distressed property transactions are a stunning 72% of home sales.
...
The increase in distressed properties, combined with a reduction in first-time homebuyers, is causing downward pricing pressure to build in the market, especially for the categories of damaged REO and move-in ready REO.

This fits with other recent reports suggesting the percent of distressed sales was very high in January. The Case-Shiller house price data, to be released this morning, will be for last year (October, November and December) - and this survey suggests the repeat transaction house price indexes will show further weakness in 2011.
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Forex - Misc: Shiller says house prices could fall 15% to 25%, Solid Manufacturing Survey, Libya Updates

Forex - Misc: Shiller says house prices could fall 15% to 25%, Solid Manufacturing Survey, Libya Updates
By: Calculated Risk on February 22 11 1:45 EST
House prices:
• From David Streitfeld at the NY Times: Home Prices Slid in December in Most U.S. Cities, Index Shows

Mr. Shiller, noting the unrest in the Middle East, a large backlog of foreclosed houses, the uncertain future of the mortgage holding companies Fannie Mae and Freddie Mac, and proposals to reduce the mortgage tax deduction, saw “a substantial risk” of declines of “15 percent, 20 percent, 25 percent.”

• Real House Prices fall to 2000 Levels, Update on NAR Overstating Sales
• Case-Shiller: National Home Prices Are Close to the 2009Q1 Trough

Other U.S. economic news:
• From the Richmond Fed: Manufacturing Activity Advanced at a Healthy Pace in February

In February, the seasonally adjusted composite index of manufacturing activity — our broadest measure of manufacturing — rose seven points to 25 from January's reading of 18. ... The manufacturing employment index added two points to end at 16, and the average workweek measure moved up three points to 20. Moreover, wage growth gained five points to 18. ... District manufacturers reported that raw materials prices increased at an average annual rate of 4.72 percent

All good news except prices.
• From MarketWatch: Consumer confidence jumps in February

The gauge for consumer confidence rose to 70.4 in February from 64.8 in January.

Libya updates:
• From the NY Times: Chaos Grows in Libya as Strife in Tripoli Intensifies

Libya appeared to slip further into chaos on Tuesday, as Col. Muammar el-Qaddafi vowed “to fight to the last drop of blood” and clashes intensified between rebels and his loyalists in the capital, Tripoli. ... Witnesses described the streets of Tripoli as a war zone.
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Trading Systems Coding: Conclusion

After going through this step-by-step tutorial, you should have a fully operational and fully automatic trading system.

As you continue working with your system, keep in mind the following:

  • Always backtest until your system performs well with past data, then paper trade to make
  • sure your system performs well with current data. The market has two phases - trending and ranging - a
  • nd very few trading systems handle both perfectly. Be sure to only trade in a market that your system can beat.
  • Make changes one at a time so that you can pinpoint which aspects are improving your returns and which are hurting them.
  • Keep it simple. Extremely complex trading systems are often fitted to work well with past data, but are incapable of adapting to new market conditions.
  • Make sure that you know the strategy behind your trading system. As absurd as it sounds, many people develop their systems until they become so complex that they forget the underlying strategy.
  • Don't over-optimize. Optimizing too much can lead to what is known as curve-fitting, which can reduce your trading system's effectiveness and ability to adapt.
Resources

Here are some trading applications worth checking out:
MetaTrader - http://www.metaquotes.net/
TradeStation - http://www.tradestation.com/
Tradecision - http://www.tradecision.com/
MetaStock - http://www.metastock.com/
AmiBroker - http://www.amibroker.com/
WealthLab - http://www.wealth-lab.com/
Comprehensive List - http://elitetrader.com/so/

Here are some community resources that can assist you:
Moneytec - http://www.moneytec.com/
StrategyBuilderFX - http://www.strategybuilderfx.com/
EliteTrader - http://www.elitetrader.com/
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Compiling Your Code
The final step in the actual development of your trading system is compilation - that is, converting your code into a file that the trading software can execute, or run, at any given time without re-reading the code.

The way in which code is compiled differs between trading programs. However, the majority of them simply let you click a compile button and do one of two things: either 1) the program will compile the code and create a new file, or 2) the compiler will list the errors that you have made in your code (as we saw in the previous section). Because MetaTrader has a standard setup, we will use its trading application as an example for the purposes of this tutorial.

MetaTrader's "Compile" button can be found on the top tool bar:




Assuming the compilation goes well, you will now have an executable file that your trading program can quickly read and apply to your charts.

Applying the System to Your Charts
Most trading applications will let you easily apply your trading system within the trading application by either letting you drag the file onto the chart, or inserting it via a menu. MetaTrader allows you to drag the executable file from the "Navigator" window onto the chart to which you wish to apply your trading system.

After this, a dialog box comes up with several options:


Figure 2

Common
The first set of options is standard with many trading applications. The first option simply lets you define what types of positions you are willing to take (long, short, or both). The second option lets you enable "alerts", which are pop-up windows that notify you when your criteria for a trade have been met.

Live Trading
There are two ways in which you can apply your trading system:

1. Semi-Automated Systems - Semi-automated systems are those that alert you to new trades that meet your criteria. Although the alerts themselves are automated, the trades are not placed automatically - hence the "semi" prefix. Although this type of system carries significantly less risk, it also requires you to be near a computer at all times. However, recent innovations have helped solve some of these inconveniences by allowing signals to be sent via email, phone (short message service) or other hi-tech media.

2. Automated Systems - Automated systems are those that place trades with your broker automatically - that is, they require no intervention on your part. This type of trading system involves significantly more risk, especially if there are logical errors that you did not catch when testing. Therefore, it is imperative that you either paper trade or semi-automate your trading system to be sure that it performs as expected in a live environment. ( Note that these trading systems will also require you to complete additional paperwork for your broker stating that they can't be held responsible if your trading system generates large losses.

Safety
The two options here (see Figure 2) let you determine whether or not you are willing to let the program call external dynamic link libraries (DLLs). Remember that DLLs are libraries that let you reuse code from other people's trading systems. If your trading system makes use of these external DLLs, then you will need to enable these options. If not, then you are best off leaving these unchecked.




Inputs
Here is where you can define the inputs for the trading system if you did not specify them directly in your code:


Figure 3

Notice that this area enables you to insert custom inputs without modifying the code at all. This is useful if you plan on changing your inputs, but want to use the same basic strategy. Note that if you optimized your variables, this option would not be available.

Conclusion
Now you should be able to compile and apply your trading system! Again, be sure to paper trade - or at least semi-automate - your trading system before allowing the system to place trades automatically. Failure to do this could lead to large losses should there be a logical error in your code.
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Trading Systems Coding: The Coding Process

By now you should have a design in hand as well as a basic idea of what the code looks like. In this section, we'll take a more in-depth look at how a program is created. After reading this section, you should be able to understand basic program structure and be able to convert your design to code!



An Overview

There are two basic parts to a program:



* Variables - These are items that hold data. This can be data that you collect from the user, or any other data.

* Statements - These form the core of the program. Statements manipulate the data to get results that can be converted to actions.



In addition to these core components, there are also several optional components:



* Functions - These are simply collections of related statements that can be used to perform a specific task. For example, a function telling you when to buy might include a statement to check whether you have enough money, a statement to determine whether it meets your criteria and a statement to place the order. A function combines these, allowing you to simply call on the function instead of rewriting these statements each time you want to buy.

* Arrays - These are simply data structures that hold similar data and enable you to access and manipulate the data more efficiently.



A Look at Variables

Variables are simply objects that you define to hold data. You may recall from the previous section that we used three variables: MATrendPeriod, MaCurrent and MaPrior. MATrendPeriod held a number that defined how many days we would use in our moving average calculation; MaCurrent held a number representing the current moving average; and MaPrior held a number representing the prior moving average.



Creating a Variable

You can use almost any name you want when naming a variable. The only exception is a list of ''restricted words'' that you are not allowed to use because the names are already used by other parts of the program. You can find your trading program's list of restricted words in the program's documentation. In general, names should describe the data being held. For example, notice that we used MaCurrent to define the current moving average.



After you have created a name, you must declare and define the variable. Declaring a variable tells the computer what type of data it is, and tells it to make space for that data. Defining the variable is where actual data is assigned, or added, to the variable. Let's take a look at these processes:



1. Declaring a Variable

In MetaTrader, variables are declared automatically when you assign information to them. In other programs, you may have to declare a variable, which is typically done using the following format:



;



The two types of data are numbers and text, but these are broken down into more groups like integers (whole numbers), double (large numbers), float (decimal numbers), string (text), and others depending on the program you are using. For example, the following code will declare numberOfDays as an integer:



Int numberOfDays;



2. Defining a Variable

After your variable has been declared, the computer has created space for it. Now, all you have to do is add actual data to that space. This can be done in two ways: you can either define a set amount, or you can perform a calculation to obtain a value, which you then assign to the variable.



In MetaTrader, you can add set data using the following format:



Defines: ();



In other programs, set data is often assigned simply using the equals sign:



= ;



If you want to perform a calculation to obtain data to assign to the variable, then you simply assign the variable to the calculation:



= ;



For example, to set a 20-day moving average in MetaTrader, we use the following code:



= iMA(20,MODE_SMA,0);



Note that the iMA(20,MODE_SMA,0) portion of the code is the calculation. The format for this calculation was developed by MetaTrader and will differ if you are using another trading program. To find these calculations, you must consult your trading program's documentation, which usually contains a list of all available calculations.



3. Using Variables

Once declared and defined, variables can be used anywhere else within the program to represent the data they contain. To do this, simple type the name of the variable in place of the data. For example, if MATrendPeriod contains the number of days we want a moving average calculated for, we can use it to replace the 20 in our example above:



= iMA(MATrendPeriod, MODE_SMA, 0);



There are two advantages to using variables as opposed to just the data: (1) you can change the data in one place, and (2) the result of an entire calculation can be contained within one variable.



A Look at Statements

Statements are the core of any program - they contain all of the commands that manipulate data to make decisions. Here we will take a look at several of the most common types of statements and how they can be used.



1. Comments

If you have designed a complex trading system, it may take a lot of code to implement your rules; therefore, it would be prudent to insert comments in your code to help yourself understand it in the future, and to help out anyone with whom you may share your code. Almost all trading applications share a similar method for creating comments:



Single Line Comments:



//



Multi-Line Comments:



/*



*/



2. The 'If' Statement

This is the statement you will use most when coding a trading system. This statement lets you create scenarios as we did in the design portion of this tutorial. You may have also noticed that this was the only statement we used in the example program we created. This type of statement is implemented using the following format:



Standard If/Then:



If Then ;



Standard If/Else:



If Then Else ;



So, for example:



If accountBalance <>



The condition can be:



· Greater Than (>)

· Less Than (<) · Equal To (=). Note that one '=' assigns, two '==' returns either true or false. 3. The While Loop This loop is commonly used to tell the computer to continue doing something while a certain condition is true or false. So, for example, maybe you want to have the trading system keep a position open while your account is above a certain balance, but close it if it ever falls below that balance. These statements are created using the following format: While ;



4. The Exit and/or End Statement

An 'Exit' or 'End' statement is used to indicate to the computer that your program will be ending at that particular point. Typically, this is done using:



Exit;

Or,

End;



These are usually placed in the 'If' statements if that statement is executed so that the computer doesn't continue to look at the rest of the 'If' statements.



Trading System Implementation

Note that different trading applications will differ slightly in how they implement statements. For example, in some trading applications, the 'If' statement is constructed by using:



If (, , );



Meanwhile, other applications may split up this code into two parts:



If () { } else { };



We can see that the same idea is present, but the implementation differs. It is important to consult your trading application's documentation, or application programming interface (API), to determine what differences exist.











Putting It All Together

Now you should have an idea of the different components that can be used when coding your trading system. All that remains to be done is to put everything together. To do this, simply take your design document and determine the following:



* What variables will I have to define?

o Calculations à Moving averages, RSI, MACD, etc.

o Set Amounts à Time periods, deposit amounts, risk percentages, etc.

* What statements will I have to make?

o Convert your rules to the proper statements using the above guides.



Once you know this, all you need to do is piece together all of the parts. The standard structure for a program is:











Conclusion

Now you should have a basic idea of how to put your trading system into code. Be sure to consult your trading application's documentation often, as it may contain pre-built calculations that you can use, code examples and much more that can help you to better understand the specifics. In the next part of this tutorial, we'll take a look at testing your new program both technically (to find errors in the code) and theoretically (to find errors in your logic).

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Trading Systems Coding: The Coding Stage

Now that we have a design document in hand, we can look at how these rules are put into code that a computer can understand. In this section, we'll break down a section of code and look at it piece by piece. For this example, we will use MetaTrader's programming language MetaQuotes II to build a very simple moving average trading system.

Defines: MATrendPeriod(100);

Var:MaCurrent(0),MaPrior(0);


If Bars < 100 Then Exit;

If FreeMargin < 1000 then Exit;


maCurrent =iMA(MATrendPeriod,MODE_SMA,0);

maPrior =iMA(MATrendPeriod,MODE_SMA,1);


If maCurrent > maPrior then

{SetOrder(OP_BUY,Lots,Ask,3,0,Ask+TakeProfit*Point,RED); Exit;};


If maCurrent < maPrior then

{SetOrder(OP_SELL,Lots,Bid,3,0,Bid-TakeProfit*Point,RED); Exit;};

The If/Then Format
After taking a brief look at this code, you should recognize a few elements that we touched on in the design phase. For example, you should recognize the If/Then format that we used when constructing our design. To get a better understanding of this code, let's break it down and analyze each part:

Defines: MATrendPeriod(100);

Var: MaCurrent(0),MaPrior(0);

Here, we're simply defining the moving average that we are using by saying that we want it to be an average of the last 100 bars. The Defines function here lets us do that for any type of data we want. After that, we simply invent two variables (items which we create to hold data) MaCurrent(0) and MaPrior(0). These two variables will hold the data that we will set in a later step.

If Bars < 100 Then Exit;

If FreeMargin < 1000 then Exit;

Here we see the If/Then format that we used in the design phase put to work. These two statements tell the computer to exit if certain conditions aren't met. Let's translate these two commands into English:

If Bars < 100 Then Exit; à "If there are fewer than 100 bars (data points) on the chart, then exit the program without doing anything.''

If FreeMargin < 1000 then Exit; à "If my account has less than $1,000 in available funds, then exit the program without doing anything.''

You can translate any criteria you want into this format and put it at the beginning of your program in order to adapt to certain situations.

Buy and Sell Signals

maCurrent =iMA(MATrendPeriod,MODE_SMA,0);

maPrior =iMA(MATrendPeriod,MODE_SMA,1);

Now let's make use of the two variables we described above. Let's take these statements apart to see what they are doing:

maCurrent = à Here we are telling the computer to assign the following information to "maCurrent''.

iMA(MATrendPeriod,MODE_SMA,0); à Here we are using a simple statement, which uses the following basic format: Study(TimePeriod,Mode,Start).

Note that you can replace iMA with MACD, RSI or any other studies your trading system may be using. You can also replace the parameters to suit your own system.

If maCurrent > maPrior then

{SetOrder(OP_BUY,Lots,Ask,3,0,Ask+TakeProfit*Point,RED); Exit;};

Now we are getting somewhere! Here is the part of the code that tells the computer when to buy. Notice that we are making use again of the If/Then format that we used in the design document. Let's translate this to English to see what's happening:

If maCurrent > maPrior then { à "If the current Moving Average is greater than the prior Moving Average, then…''

SetOrder( à "Create an order entry to …''

OP_BUY,Lots,Ask,3,0,Ask+TakeProfit*Point,RED à "Buy my defined number of lots at the ask price plus my take profit point, and mark it as a red point on the chart.''

); à "End the order.''

Exit; à "Exit the trading strategy.''

}; à "End the If/Then statement.''




Note that the Take Profit Point is something that is defined by users when they add the trading system to their charts. Also notice that we are buying at the ask price and selling at the bid price - this is a key feature, especially when creating a system for stocks.

If maCurrent < maPrior then

{SetOrder(OP_SELL,Lots,Bid,3,0,Bid-TakeProfit*Point,RED); Exit;};

Finally, we have our code that tells the computer when to take a short position. Note that this statement is almost identical to the "buy'' statement, aside from the OP_SELL instead of OP_BUY as well as the usage of the bid price as opposed to the ask price.

Conclusion
And there you have it - the bare bones of what a trading system code looks like. Please note that the above code is not a complete trading system, as it does not include any commands to close open positions. Such additional aspects can be implemented using a format similar to the code we've shown.

In the next section of this tutorial, we will go into greater depth regarding the specific ways in which your trading system can be converted to code.
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Trading Systems Coding: Introduction

Trading systems are simply sets of rules that traders use to determine their entries and exits from a position. Developing and using trading systems can help traders attain consistent returns while limiting risk. In an ideal situation, traders should feel like robots, executing trades systematically and without emotion. So, perhaps you've asked yourself: What's to stop a robot from trading my system? The answer: Nothing! This tutorial will introduce you to the tools and techniques that you can use to create your own automated trading system.

How Are Automated Trading Systems Created?
Automated trading systems are created by converting your trading system's rules into code that your computer can understand. Your computer then runs those rules through your trading software, which looks for trades that adhere to your rules. Finally, the trades are automatically placed with your broker.


This tutorial will focus on the second and third parts of this process, where your rules are converted into a code that your trading software can understand and use.

What Trading Software Supports Automated Trading Systems?
There are many trading programs that support automated trading systems. Some will automatically generate and place trades with your broker. Others will automatically find trades that fit your criteria, but require that you place the orders with your broker manually. Moreover, fully automatic trading programs often require that you use specific brokerages that support such features; you may also have to complete an additional authorization form.


Advantages and Disadvantages
Automated trading systems have several benefits, but they also have their downsides. After all, if someone had a trading system that automatically made money all the time, he or she would literally own a money making machine!

Advantages:
  • An automated system takes the emotion and busy-work out of trading, which allows you to focus on improving your strategy and money management rules.
  • Once a profitable system is developed, it requires no work on your part until it breaks, or market conditions demand a change.
Disadvantages:

  • If the system is not properly coded and tested, large losses can occur very quickly.
  • Sometimes it is impossible to put certain rules into code, which makes it difficult to develop an automated trading system.
In this tutorial you will learn how to plan and design an automated trading system, how to translate this design into code that your computer will understand, how to test your plan to ensure optimal performance and, finally, how to put your system to use.
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Renault launches Facebook game to engage city drivers

LONDON - Renault has launched a Facebook game in an effort to target its super-mini Twingo model at younger, city-dwelling consumers.

Renault: implements Facebook campaign
Renault: implements Facebook campaign

In the Facebook app, created by Publicis Modem, the French manufacturer poses a series of questions about contemporary life in an attempt to engage male and female drivers between the ages of 20 and 35 years old.

Question include, "Ever added someone from school just to see what job they're doing now?" and, "Have you ever posted and deleted and then posted and deleted a comment on a friend's wall until you got it just right?".

Cristel Davila, Publicis Modem, said: "Facebook is both the embodiment of modern times and the perfect place to target our audience. From our side, it was crucial to get the questions and mechanics spot on, to ensure that this Twingo campaign had viral potential."

Separately, Renault is rolling out a new reality TV programme on its Renault TV platform. To promote the launch of its Mégane Coupé Cabriolet and Renault Wind coupé-roadster models, the marque is inviting consumers across Europe to audition to take part in a road trip. The show, entitled 'Very Good Trip', will screen in June and July.

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US soldiers’ remains repatriated


A ceremony to send back the remains of four US soldiers was held at Hanoi’s Noi Bai Airport on Tuesday, the 112th repatriation of its kind since 1973, according to the US Embassy.

The remains and their relics, which were sent in four coffins, were found during a cooperative search conducted between this October and November and were handed in by local people.

Initial autopsies by the two countries’ experts showed that the remnants might belong to US soldiers who were lost in the Vietnam War.

However, they were sent to Hawaii State for further examination.

Speaking at the handing-over ceremony, the US Government’s representative expressed gratitude and appreciation for Vietnam’s human and goodwill policy as well as its effective cooperation in the search during the past years.

Also on Tuesday a mass grave together with soldiers’ belongings was discovered during excavation work at the construction site of a drainage system in the central province of Quang Ngai.

Nguyen Trong Luyen, head of Quang Ngai Town’s Army Steering Committee, said they are yet to identify the remains as also estimate their number.

But local agencies suspect it was the grave of Vietnamese soldiers who died in an attack on Quang Ngai Prison under the US army’s control in 1968, according to Luyen.

An excavation was planned on Wednesday to carry out further tests.

Reported by Huong Giang – Hien Cu

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U.S. Stocks Climb on Takeovers; Affiliated Computer Surges

(Bloomberg) -- U.S. stocks rose, sending benchmark indexes up the most in five weeks, as takeovers in the drug and technology industries added to evidence that mergers and acquisitions are rebounding from the slowest pace in six years.

Affiliated Computer Services Inc. jumped 14 percent after Xerox Corp. made its biggest purchase by agreeing to buy the company for $6.4 billion. Abbott Laboratories advanced 3.8 percent on plans to purchase Solvay SA’s pharmaceutical unit and gain control of the TriCor cholesterol drug. Cisco Systems Inc., the largest maker of networking equipment, had the steepest gain in two months as Barclays Plc predicted revenue will increase.

The Standard & Poor’s 500 Index added 1.7 percent to 1,062.56 at 11:53 a.m. in New York. The Dow Jones Industrial Average gained 138.68 points, or 1.4 percent, to 9,803.87. About 333 million shares changed hands on the New York Stock Exchange, 27 percent less than at the same time a week ago as trading slowed for the Yom Kippur holiday.

“We’ve seen a pickup in acquisitions and it’s a very big plus,” said Hugh Johnson, who manages more than $1.6 billion as chairman of Albany, New York-based Johnson Illington. “It’s always good news when you see money come into the market.”

All 10 of the S&P 500’s main industries advanced today, trimming the decline in the index to 0.8 percent since it reached an almost one-year high on Sept. 18. The benchmark gauge for U.S. equities has climbed 57 percent in the past six months, pushing valuations on an earnings basis to the highest level since 2004. Companies in the S&P 500 traded at 20.2 times their profits on Sept. 22, data compiled by Bloomberg show.

M&A

Xerox, the world’s largest maker of high-speed color printers, said it’s buying Affiliated Computer for $63.11 in cash and stock for each Affiliated Computer share, 34 percent more than the closing price on Sept. 25. The purchase will extend Xerox’s reach in the services market as sales of its traditional printing equipment decline.

Affiliated Computer jumped 14 percent to $53.73 for the S&P 500’s biggest gain. Xerox posted the biggest loss in the index with a 16 percent slide to $7.49.

Abbott added 3.8 percent to $49.13. The company’s purchase of Solvay’s pharmaceutical unit will also give Abbott a bigger presence in emerging markets and lower its dependence on the arthritis drug Humira.

Cash Flow

As the economy emerges from the worst recession in 70 years, cash flow may rise from the $1.5 trillion reported by the Commerce Department for the year ended in June, according to data compiled by Credit Suisse Group AG and Bloomberg. Cash relative to share prices will climb to the highest in at least two decades next year compared with yields on corporate bonds, the data show.

The previous high in 2005 preceded the two busiest years ever for takeovers.

Europe’s Dow Jones Stoxx 600 Index jumped 1.6 percent. Germany’s DAX Index advanced 2.4 percent after Chancellor Angela Merkel won re-election with enough support to govern with the pro-business Free Democrats.

The MSCI Asia Pacific Index fell 1.5 percent, led by Japanese exporters as the yen strengthened to an eight-month high.

Cisco rose for the first time in five days, jumping 5.2 percent to $23.80. Barclays raised its recommendation on the company to “overweight” from “equal- weight.”

Insurers Rally

A measure of insurers in the S&P 500 rallied 3.2 percent. Insurance Services Offices Inc. said U.S. property and casualty insurers, a group including Allstate Corp. and Travelers Cos., returned to an underwriting profit in the second quarter, making more on premiums than they paid in expenses and claims.

Americans holding $3.5 trillion in cash are giving money managers increasing confidence that the stock market rally under President Barack Obama will continue through the end of the year. Even after reducing money-market accounts by 11 percent this year, investors have cash equal to 73 percent of S&P 500 companies’ net assets, according to data compiled by the Investment Company Institute and Bloomberg. At the peak of the bull market in 2007, the measure of buying power was 62 percent.

MEMC Electronic Materials Inc. lost 2.3 percent to $16.90. The maker of silicon wafers for solar modules and semiconductors was cut to “hold” from “buy” at Citigroup Inc.

Gander Mountain Co. surged 35 percent to $5.15. The sporting-goods retailer said it will go private, buying out stockholders who own fewer than 30,000 shares for $5.15 a share.
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Hanoi housing beyond the reach of many



A worker at her rent house in Hanoi.
Housing prices are so steep in suburban Hanoi that few people will ever be able to buy a place of their own.

The average income in the national capital is between VND10 million and VND15 million, while the cheapest dwelling of 50 square meters costs VND300 million, according to the Hanoi Socioeconomic Research and Development Institute.

“That means a person would have to work for 25 to 30 years, and spend nothing in that time, to save up for a house,” the institute’s head, Nguyen Dinh Duong, said at a conference held by the Hanoi Construction Association on Friday.

“So a huge number of urban residents will never buy a home.”

The alternative, renting, is nearly as big a problem.

There are now 55 industrial zones in Hanoi, but almost none supply accommodation for their workers, Do Quoc Tuan, deputy director of Hanoi Construction Department, told the audience.

According to his department, only 30 percent of state workers have been provided with housing, and the college and university dormitories can barely accommodate 20 percent of the city’s 800,000 tertiary students.

Hanoi will need investment of VND43.5 trillion to build enough housing for 60 percent of the students, 50 percent of the workers and five percent of low-income earners in the built-up area by 2015, Tuan said.

His superior, Do Xuan Anh, said the task ahead was beset by “difficulties with policies to develop home funds and ensure investors get their money back.”

“Housing development efforts are yet to meet the demand of young laborers and young married couples,” he said.

In Hanoi so far this year, construction of 800 houses for low-income earners has begun in Long Bien District, and plans have been made to build housing for college students on nearly six hectares of land in two new satellite towns in Thanh Tri and Tu Liem districts.

Duong said housing could be made more affordable by reducing the average area to 30 square meters or less and using inexpensive building materials.

Nguyen Trong Ninh, deputy head of the Housing and Real Estate Management Department of the Ministry of Construction, suggested the government either invest directly to build housing for rent to low-income earners, or supply property developers with land to do the same.

Duong gave the idea his support and suggested the housing problem might be eased if low-income earners accepted the idea of renting and gave up all thought of ever owning a place of their own.

Source: Tuoi Tre

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Foreign investment in Vietnam stocks $5 bln: report



Investors place orders at Viet Dragon Securities Corp. in Ho Chi Minh City.
Foreign investment in Vietnamese stocks stands at US$5 billion, including shares in commercial banks, insurance firms and major companies, an industry report said Friday, up from $4.6 billion at the end of last year.

Earlier industry reports had shown a steep drop in portfolio investment from $7.6 billion in December 2007.

The current investments included $1 billion by foreign strategic investors in financials and $4 billion from funds and institutions not based in the country, the Vietnam Association of Financial Investors’ report said.

Vietnam caps foreign ownership in listed domestic banks at 30 percent, with a 15 percent limit for strategic investors that can be increased to 20 percent with government approval.

Foreign investors now have shares in a number of Vietnamese banks, such as Saigon Thuong Tin Bank, Asia Commercial Bank and Vietcombank, the country’s largest partly private lender.

The VN Index on the main Ho Chi Minh Stock Exchange has risen 70 percent this year. It added 1.8 percent on Friday.

Source: Reuters

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Bleak forecast on fishery stocks

The world's fish stocks will soon suffer major upheaval due to climate change, scientists have warned.

Changing ocean temperatures and currents will force thousands of species to migrate polewards, including cod, herring, plaice and prawns.

By 2050, US fishermen may see a 50% reduction in Atlantic cod populations.

The predictions of "huge changes", published in the journal Fish and Fisheries, were presented at the AAAS annual meeting in Chicago.

Marine biologists used computer models to forecast the future of 1,066 commercially important species from across the globe.

"The impact of climate change on marine biodiversity and fisheries is going to be huge," said lead author Dr William Cheung, of the University of East Anglia in the UK.

"We must act now to adapt our fisheries management and conservation policies to minimise harm to marine life and to our society.

"We can use our knowledge to improve the design of marine protected areas which are adaptable to changes in distribution of the species," he told the conference.

Sinking feeling

The world's oceans are already experiencing changes in temperature and current patterns are changing due to climate change.

Prawn processing plant in Nuuk, Greenland
Existing patterns of catches will change
To quantify the likely impact on sea life, Dr Cheung and his team developed a new computer model that predicts what might happen under different climate scenarios.

While scientists have made projections of climate change impact on land species, this is the most comprehensive study on marine species ever published.

"We found that on average, the animals may shift their distribution towards the poles by 40km per decade," said Dr Cheung.

"Atlantic cod on the east coast of the US may see a 50% reduction in some populations by 2050."

The invasion of new species into unfamiliar environments could seriously disrupt ecosystems, the researchers warn.

Some species will face a high risk of extinction, including Striped Rock Cod in the Antarctic and St Paul Rock Lobster in the Southern Ocean.

Sea-saw

But of course, as fish migrate polewards, fishermen in some areas will see their stocks increase.

The model predicts an increased catch in the North Sea - benefiting fishermen from Nordic countries.

But fishermen in tropical developing countries will suffer major losses in catch.

The socio-economic impact could be devastating, according to another study published recently in the same journal.

Thirty-three nations in Africa, Asia and South America are highly vulnerable to the impact of climate change in fisheries, according to scientists from the World Fish Centre.

Of these, 19 were already classified by the United Nations as "least developed" because of their particularly poor socioenomic conditions.

"Economically, people in the tropics and subtropics likely will suffer most, because fish are so important in their diets and because they have limited capacity to develop other sources of income and food," said Edward Allison, director of policy, economics and social science at WorldFish.

"We believe it is urgent to start identifying these vulnerable countries, because the damage will be greatly compounded unless national governments and international institutions like the World Bank act now to include the fish sector in plans for helping the poor cope with climate change."

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