Glossaire de Forex

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Trend Price movement that produces a net change in value.

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Aggregate Risk - Risque global. Bank Rate - Taux bancaire. Base Currency - Devise de base. Bear Market - Marché baissier. Bid - Prix de Vente. Bull Market - Marché haussier. Carry Trade - Portage ou carry trade. Closed Position - Position fermée. Currency Pair - Paire de devises. Daily Chart - Graphique quotidien. Day Trade - Trade sur une journée. Demo Account - Compte démo. Drawdown - Drawdown ou perte maximale.

Exchange Rate - Taux de change. Fill - Fill ou exécuter. Fill or Kill, exécuter ou annuler. Forex Chart - Graphique Forex. Forex Scalping - Scalping du Forex. Limit Order - Ordre à cours limité. Limit Price - Un prix ou cours limité. Intervention Action by a central bank to affect the value of its currency by entering the market.

Concerted intervention refers to action by a number of central banks to control exchange rates. Introducing broker A person or corporate entity which introduces accounts to a broker in return for a fee. Short for initial public offering. ISM manufacturing index An index that assesses the state of the US manufacturing sector by surveying executives on expectations for future production, new orders, inventories, employment and deliveries. Values over 50 generally indicate an expansion, while values below 50 indicate contraction.

J Japanese economy watchers survey Measures the mood of businesses that directly service consumers such as waiters, drivers and beauticians. Readings above 50 generally signal improvements in sentiment. Japanese machine tool orders Measures the total value of new orders placed with machine tool manufacturers. Machine tool orders are a measure of the demand for companies that make machines, a leading indicator of future industrial production. Strong data generally signals that manufacturing is improving and that the economy is in an expansion phase.

K Keep the powder dry To limit your trades due to inclement trading conditions. In either choppy or extremely narrow markets, it may be better to stay on the sidelines until a clear opportunity arises. Knock-ins Option strategy that requires the underlying product to trade at a certain price before a previously bought option becomes active. Knock-ins are used to reduce premium costs of the underlying option and can trigger hedging activities once an option is activated.

Knock-outs Option that nullifies a previously bought option if the underlying product trades a certain level. When a knock-out level is traded, the underlying option ceases to exist and any hedging may have to be unwound. L Last dealing day The last day you may trade a particular product.

Last dealing time The last time you may trade a particular product. Leading indicators Statistics that are considered to predict future economic activity.

Leverage Also known as margin, this is the percentage or fractional increase you can trade from the amount of capital you have available. It allows traders to trade notional values far higher than the capital they have. For example, leverage of Liability Potential loss, debt or financial obligation. A limit order sets restrictions on the maximum price to be paid or the minimum price to be received.

Liquid market A market which has sufficient numbers of buyers and sellers for the price to move in a smooth manner. Liquidation The closing of an existing position through the execution of an offsetting transaction. Long position A position that appreciates in value if market price increases.

When the base currency in the pair is bought, the position is said to be long. This position is taken with the expectation that the market will rise. Longs Traders who have bought a product. Lot A unit to measure the amount of the deal. The value of the deal always corresponds to an integer number of lots. M Macro The longest-term trader who bases their trade decisions on fundamental analysis. Manufacturing production Measures the total output of the manufacturing aspect of the Industrial Production figures.

This data only measures the 13 sub-sectors that relate directly to manufacturing. Margin call A request from a broker or dealer for additional funds or other collateral on a position that has moved against the customer. Market maker A dealer who regularly quotes both bid and ask prices and is ready to make a two-sided market for any financial product.

Market order An order to buy or sell at the current price. Market-to-market Process of re-evaluating all open positions in light of current market prices.

These new values then determine margin requirements. Maturity The date of settlement or expiry of a financial product. Medley report Refers to Medley Global Advisors, a market consultancy that maintains close contacts with central bank and government officials around the world. Their reports can frequently move the currency market as they purport to have inside information from policy makers. The accuracy of the reports has fluctuated over time, but the market still pays attention to them in the short-run.

Models Synonymous with black box. Systems that automatically buy and sell based on technical analysis or other quantitative algorithms. MoM Abbreviation for month-over-month, which is the change in a data series relative to the prior month's level.

Momentum A series of technical studies e. Momentum players Traders who align themselves with an intra-day trend that attempts to grab pips. Net position The amount of currency bought or sold which has not yet been offset by opposite transactions. New York session 8: No touch An option that pays a fixed amount to the holder if the market never touches the predetermined Barrier Level.

The Offer price is also known as the Ask. The Ask represents the price at which a trader can buy the base currency, which is shown to the right in a currency pair. Offsetting transaction A trade that cancels or offsets some or all of the market risk of an open position.

On top Attempting to sell at the current market order price. One cancels the other order OCO A designation for two orders whereby if one part of the two orders is executed, then the other is automatically cancelled. One touch An option that pays a fixed amount to the holder if the market touches the predetermined Barrier Level. Open order An order that will be executed when a market moves to its designated price.

Normally associated with good 'til cancelled orders. Option A derivative which gives the right, but not the obligation, to buy or sell a product at a specific price before a specified date. Order An instruction to execute a trade. Order book A system used to show market depth of traders willing to buy and sell at prices beyond the best available. Over the counter OTC Used to describe any transaction that is not conducted via an exchange. Overnight position A trade that remains open until the next business day.

P Paid Refers to the offer side of the market dealing. Pair The forex quoting convention of matching one currency against the other. Paneled A very heavy round of selling. Parabolic A market that moves a great distance in a very short period of time, frequently moving in an accelerating fashion that resembles one half of a parabola. Parabolic moves can be either up or down. Partial fill When only part of an order has been executed. Patient Waiting for certain levels or news events to hit the market before entering a position.

Pips The smallest unit of price for any foreign currency, pips refer to digits added to or subtracted from the fourth decimal place, i. Political risk Exposure to changes in governmental policy which may have an adverse effect on an investor's position. Portfolio A collection of investments owned by an entity. Position The net total holdings of a given product.

Premium The amount by which the forward or futures price exceeds the spot price. Price transparency Describes quotes to which every market participant has equal access. Profit The difference between the cost price and the sale price, when the sale price is higher than the cost price.

Pullback The tendency of a trending market to retrace a portion of the gains before continuing in the same direction. Purchasing managers index PMI An economic indicator which indicates the performance of manufacturing companies within a country. Purchasing managers index services France, Germany, Eurozone, UK Measures the outlook of purchasing managers in the service sector.

Such managers are surveyed on a number of subjects including employment, production, new orders, supplier deliveries and inventories.

Readings above 50 generally indicate expansion, while readings below 50 suggest economic contraction. Put option A product which gives the owner the right, but not the obligation, to sell it at a specified price. Q Quantitative easing When a central bank injects money into an economy with the aim of stimulating growth. Quarterly CFDs A type of future with expiry dates every three months once per quarter. R Rally A recovery in price after a period of decline.

Range When a price is trading between a defined high and low, moving within these two boundaries without breaking out from them. Rate The price of one currency in terms of another, typically used for dealing purposes. Real money Traders of significant size including pension funds, asset managers, insurance companies, etc.

They are viewed as indicators of major long-term market interest, as opposed to shorter-term, intra-day speculators.

Resistence level A price that may act as a ceiling. The opposite of support. Retail investor An individual investor who trades with money from personal wealth, rather than on behalf of an institution. Retail sales Measures the monthly retail sales of all goods and services sold by retailers based on a sampling of different types and sizes. This data provides a look into consumer spending behavior, which is a key determinant of growth in all major economies. Revaluation When a pegged currency is allowed to strengthen or rise as a result of official actions; the opposite of a devaluation.

Rights issue A form of corporate action where shareholders are given rights to purchase more stock. Normally issued by companies in an attempt to raise capital. Risk Exposure to uncertain change, most often used with a negative connotation of adverse change.

Rollover A rollover is the simultaneous closing of an open position for today's value date and the opening of the same position for the next day's value date at a price reflecting the interest rate differential between the two currencies. RUT Symbol for Russell index. Sector A group of securities that operate in a similar industry. Sell Taking a short position in expectation that the market is going to go down. Settlement The process by which a trade is entered into the books, recording the counterparts to a transaction.

The settlement of currency trades may or may not involve the actual physical exchange of one currency for another. X Symbol for the Shanghai A index.

Short-covering After a decline, traders who earlier went short begin buying back. Short position An investment position that benefits from a decline in market price.

When the base currency in the pair is sold, the position is said to be short. Short squeeze A situation in which traders are heavily positioned on the short side and a market catalyst causes them to cover buy in a hurry, causing a sharp price increase. Shorts Traders who have sold, or shorted, a product, or those who are bearish on the market.

Sidelines, sit on hands Traders staying out of the markets due to directionless, choppy or unclear market conditions are said to be on the sidelines or sitting on their hands. Simple moving average SMA A simple average of a pre-defined number of price bars.

For example, a 50 period daily chart SMA is the average closing price of the previous 50 daily closing bars. Any time interval can be applied. Slippage The difference between the price that was requested and the price obtained typically due to changing market conditions. Slippery A term used when the market feels like it is ready for a quick move in any direction.

Sovereign names Refers to central banks active in the spot market. Spot market A market whereby products are traded at their market price for immediate exchange. Spot price The current market price. Settlement of spot transactions usually occurs within two business days. Spot trade The purchase or sale of a product for immediate delivery as opposed to a date in the future.

Spot contracts are typically settled electronically. Spread The difference between the bid and offer prices. Square Purchase and sales are in balance and thus the dealer has no open position. Stock exchange A market on which securities are traded. Stock index The combined price of a group of stocks - expressed against a base number - to allow assessment of how the group of companies is performing relative to the past.

Stop entry order This is an order placed to buy above the current price, or to sell below the current price. These orders are useful if you believe the market is heading in one direction and you have a target entry price. Stop-loss hunting When a market seems to be reaching for a certain level that is believed to be heavy with stops. If stops are triggered, then the price will often jump through the level as a flood of stop-loss orders are triggered. Stop loss order This is an order placed to sell below the current price to close a long position , or to buy above the current price to close a short position.

Stop loss orders are an important risk management tool. By setting stop loss orders against open positions you can limit your potential downside should the market move against you. Remember that stop orders do not guarantee your execution price — a stop order is triggered once the stop level is reached, and will be executed at the next available price.

Stop order A stop order is an order to buy or sell once a pre-defined price is reached. When the price is reached, the stop order becomes a market order and is executed at the best available price. It is important to remember that stop orders can be affected by market gaps and slippage, and will not necessarily be executed at the stop level if the market does not trade at this price. A stop order will be filled at the next available price once the stop level has been reached.

Placing contingent orders may not necessarily limit your losses. Stops building Refers to stop-loss orders building up; the accumulation of stop-loss orders to buy above the market in an upmove, or to sell below the market in a downmove.

Strike price The defined price at which the holder of an option can buy or sell the product. Support A price that acts as a floor for past or future price movements.

Support levels A technique used in technical analysis that indicates a specific price ceiling and floor at which a given exchange rate will automatically correct itself. Suspended trading A temporary halt in the trading of a product. Swap A currency swap is the simultaneous sale and purchase of the same amount of a given currency at a forward exchange rate. T Takeover Assuming control of a company by buying its stock. Technical analysis The process by which charts of past price patterns are studied for clues as to the direction of future price movements.

Ten 10 yr US government-issued debt which is repayable in ten years. For example, a US year note. Thin A illiquid, slippery or choppy market environment. A light-volume market that produces erratic trading conditions. Thirty 30 yr UK government-issued debt which is repayable in 30 years. For example, a UK year gilt. Tick size A minimum change in price, up or down. Time to maturity The time remaining until a contract expires.

Trade balance Measures the difference in value between imported and exported goods and services. Nations with trade surpluses exports greater than imports , such as Japan, tend to see their currencies appreciate, while countries with trade deficits imports greater than exports , such as the US, tend to see their currencies weaken. Trade size The number of units of product in a contract or lot. Trading halt A postponement to trading that is not a suspension from trading. Trading heavy A market that feels like it wants to move lower, usually associated with an offered market that will not rally despite buying attempts.

Trading range The range between the highest and lowest price of a stock usually expressed with reference to a period of time. Trailing stop A trailing stop allows a trade to continue to gain in value when the market price moves in a favorable direction, but automatically closes the trade if the market price suddenly moves in an unfavorable direction by a specified distance. Transaction cost The cost of buying or selling a financial product. Transaction date The date on which a trade occurs. Trend Price movement that produces a net change in value.

An uptrend is identified by higher highs and higher lows. A downtrend is identified by lower highs and lower lows. Turnover The total money value or volume of all executed transactions in a given time period. Two-way price When both a bid and offer rate is quoted for a forex transaction. U Ugly Describing unforgiving market conditions that can be violent and quick.

This is measured quarter-on-quarter QoQ from the previous year. UK claimant count rate Measures the number of people claiming unemployment benefits. The claimant count figures tend to be lower than the unemployment data since not all of the unemployed are eligible for benefits.

UK HBOS house price index Measures the relative level of UK house prices for an indication of trends in the UK real estate sector and their implication for the overall economic outlook. UK jobless claims change Measures the change in the number of people claiming unemployment benefits over the previous month. UK manual unit wage loss Measures the change in total labor cost expended in the production of one unit of output. UK producers price index input Measures the rate of inflation experienced by manufacturers when purchasing materials and services.

This data is closely scrutinized since it can be a leading indicator of consumer inflation. UK producers price index output Measures the rate of inflation experienced by manufacturers when selling goods and services. Underlying The actual traded market from where the price of a product is derived. Unemployment rate Measures the total workforce that is unemployed and actively seeking employment, measured as a percentage of the labor force.

University of Michigan's consumer sentiment index Polls US households each month. The report is issued in a preliminary version mid-month and a final version at the end of the month. Consumer sentiment is viewed as a proxy for the strength of consumer spending. Uptick A new price quote at a price higher than the preceding quote.

Uptick rule In the US, a regulation whereby a security may not be sold short unless the last trade prior to the short sale was at a price lower than the price at which the short sale is executed. US prime rate The interest rate at which US banks will lend to their prime corporate customers. US30 A name for the Dow Jones index. V Value date Also known as the maturity date, it is the date on which counterparts to a financial transaction agree to settle their respective obligations, i.

For spot currency transactions, the value date is normally two business days forward. Variation margin Funds traders must hold in their accounts to have the required margin necessary to cope with market fluctuations.

VIX or volatility index Shows the market's expectation of day volatility. The VIX is a widely used measure of market risk and is often referred to as the "investor fear gauge.

W Wedge chart pattern Chart formation that shows a narrowing price range over time, where price highs in an ascending wedge decrease incrementally, or in a descending wedge, price declines are incrementally smaller. Ascending wedges typically conclude with a downside breakout and descending wedges typically terminate with upside breakouts.

Whipsaw Slang for a highly volatile market where a sharp price movement is quickly followed by a sharp reversal. Wholesale prices Measures the changes in prices paid by retailers for finished goods. Inflationary pressures typically show earlier than the headline retail. Working order Where a limit order has been requested but not yet filled.

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