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This blog offers fundamental analysis, technical analysis and various currency trading information.

EUR/USD Drops to Record Low in a Year

September 2, 2014

EUR/USD fell to the lowest level in a year as today’s economic data from the United States was very good, supporting the outlook from monetary tightening from the Federal Reserve.

ISM manufacturing PMI climbed to 59.0% in August, while analysts expected it to stay little changed from the July’s value …

Is Slippage a Problem for Your Forex Trading?

September 1, 2014

Slippage is considered a serious problem among Forex traders who share their problems in broker reviews and on forums. The most significant effect of slippage is felt during the major news releases and other high-volatility bursts. The loss resulting from slippage can sometimes reach the same value …

Forex Brokers Update — August 31st, 2014

August 31, 2014

Although there were no new additions to the list of Forex brokers this week, there were some changes to the listed brokers:

GKFX added deposits via Skrill, Neteller and mobile network operators. Decreased the minimum account size for ECN.MT4 accounts from $10 to $1.

ActivTrades lowered its spreads for MT4 …

Weekly Forex Technical Analysis (Sep 1 — Sep 5)

August 30, 2014


Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.3015 1.3074 1.3103 1.3162 1.3191 1.3250 1.3279

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.3066 1.3088 1.3154 1.3176

EUR/USD Lacks Direction

August 29, 2014

EUR/USD lacked direction today as economic indicators released from both the United States and Europe were mixed. The currency pair demonstrates downside bias as of now because the most recent US reports were positive for the dollar.

Personal income and spending came out worse than was expected. Income rose 0.2% …

EUR/USD Resumes Decline on US GDP & Housing

August 28, 2014

EUR/USD resumed its decline today after yesterday’s short-lived bounce as economic indicators from the United States were rather good, especially the positive GDP revision and the pending home sales figure.

Preliminary reading of US GDP showed growth by 4.2% for Q2 2014 that followed the drop by 2.1% in Q1. …

EUR/USD Drops to New Lows

August 26, 2014

EUR/USD attempted to rally today but failed and fell to the lowest level since in almost a year. The dollar continues to show strength thanks to last week’s hawkish comments for US policy makers as well as positive macroeconomic data.

Durable goods orders surged 22.6% in July. It was a very impressive result compared …

Forex Brokers Update — August 24th, 2014

August 24, 2014

Another pair of new companies has been added this week:

Elit4x UK — an unregulated British broker with MetaTrader 4 platform, 1:500 maximum leverage, and a multitude of payment options. The minimum to start trading is $100.

FX-EDGE — a regulated company from New Zealand. It offers ECN …

Weekly Forex Technical Analysis (Aug 25 — Aug 29)

August 23, 2014


Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.2994 1.3107 1.3173 1.3286 1.3351 1.3464 1.3530

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.3095 1.3149 1.3274 1.3327

Dollar Halts Rally Despite Supportive Data

August 21, 2014

Today’s economic reports from the United States were good across the board, making it surprising that the dollar was unable to maintain its rally against the euro. Perhaps traders thought that the rally was excessive or perhaps they decided to take profit ahead of the Janet Yellen’s speech …

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Finally — Automated Way to Detect Channels

August 5, 2014 (Last updated on September 2, 2014)

According to the recent poll, this blog’s readers have shown a rather high level of interest for seeing a Channel Pattern Detector indicator for MetaTrader. The actual indicator is now available for download, testing and further improvement if you are knowledgeable in MQL and are interested in pattern recognition.

The indicator’s …

ChannelPattern Script Update — One-Sided Breakouts

June 5, 2014 (Last updated on July 5, 2014)

The new version of the ChannelPattern script can now draw Entry/TP levels as trendlines on a chosen side of the Border channel. By default, it will act as before — draw two channels (Entry and Take-Profit) around the given Border channel. If new the input parameter Sides is set to Upper or Lower

Improving Wide Range Bars Indicator with Alerts

April 18, 2014

The original WRB Hidden Gap indicator for MetaTrader 4 was developed by Akif Tokuz. It is based on Wide Range Bars + Hidden Gaps system developed by The Strategy Lab. Although they offer a lot of paid educational content, they have a free tutorial explaining the concept …

Testing Weekly Range Breakout Opportunities with EA

February 21, 2014

I am a fan of long-term trading. Or more exactly, of what is considered “long-term” in retail Forex market — when positions are held open for several days or more. I also prefer trading breakout set-ups more than anything else. Naturally, I would come to testing this rather obvious strategy: buy on the upper …

MetaTrader 4 Build 600 Is MetaTrader 5 in Disguise!

February 5, 2014

After a long period of open beta-testing, MetaQuotes has finally released its MetaTrader 4 Build 600 this Monday. It is a significant step to bringing MT4 closer to MT5 without adding all those restrictions and limitations that infuriated traders when MetaTrader version 5 had been released …

Brute-Forcing Heiken Ashi EA Ideas

December 27, 2013

I have never been a huge fan of Heiken Ashi and I still have not recorded any trades on my live account based on this charting technique. But, from what I had known about Heiken Ashi, it looked like an interesting system that could be used in price action type …

Is MetaQuotes Doing a Right Thing by Merging MQL4 and MQL5?

September 9, 2013

On July 24, MetaQuotes announced a set of major changes for the whole MT4 community. Among other things, they have promised a new IDE (integrated development environment) for MetaTrader 4 that would still compile .mq4 into .ex4, but will be able to work with all MetaTrader 5 …

Tool for Measuring Daily and Weekly Gains

July 26, 2013

Gain/Loss Info is the newly available free indicator. It is not a trading indicator — it is more like an analytical one. Although the title says about measuring weekly and daily changes, it will actually measure changes per candle (or from previous Close to next candle’s Close) …

Ichimoku Kinko Hyo Expert Advisor

May 29, 2013 (Last updated on December 2, 2013)

In my opinion, Ichimoku Kinko Hyo is one of the most underused technical indicators (4th least popular Forex indicator out of 13 in this poll). Yet it seems to be rather powerful and its usage is not that complex after you get some basic understanding of its …

Backtesting Reversible Expert Advisor Based on Trend Persistence

May 7, 2013

Reading about such an interesting concept as Hurst exponent did not go without leaving a trace in my trader’s mind. Is it really so that we cannot use any information about the recent chart’s tendency to keep repeating previous bars or to keep reversing them? Being a man of practice, …

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