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

Forex Brokers Update — April 19th, 2014

April 19, 2014

Quite a few updates concerning minimum account sizes for several Forex brokers this week:

LQD Markets removes all ECN account types except Liquid Prime+ECN.

IBFX lowers the minimum account size to $1.

Mayzus lowers the minimum account size for Currenex (ECN) accounts to $5,000.

AGEA lowers minimum …

Forex Technical Analysis for Week 04/21–04/25

April 19, 2014

Floor Pivot Points
Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
EUR/USD 1.3706 1.3748 1.3780 1.3822 1.3853 1.3895 1.3927
GBP/USD 1.6520 1.6595 1.6692 1.6767 1.6864 1.6938 1.7036
USD/JPY 100.55 100.98 101.70 102.13 102.85 103.28

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 …

EUR/USD Trims Gains as US Data Surprises Positively

April 17, 2014

EUR/USD was rising today as dovish comments of US policy makers sent the dollar down. The currency pair gave away about 50% of its gains after US macroeconomic reports turned out to be much better than was expected, suggesting that the US economy is healthy and may survive …

EUR/USD Halts Rally, Attempts to Recover

April 16, 2014

EUR/USD was rising at the beginning of today’s trading session but reversed its movement after data showed that the core components of the eurozone inflation gauge weakened. (Event A on the chart.) The currency pair attempts to recover and trades above the opening level as of now. Data from the United States was mostly positive and does …

EUR/USD Halts Decline, Looks for Direction

April 15, 2014

EUR/USD fell in the first half of today’s trading session and was moving sideways afterwards, but jumped later and hangs currently near the opening level unsure where to go. In the United States, inflation accelerated somewhat last month, but New York manufacturing was flat, frustrating specialists who have predicted …

What Distracts You from Forex Trading?

April 14, 2014

If your trading is at least partially done in manual mode, then a great deal of your success is based on your emotional balance and a high level of self-discipline. Unfortunately, the proper levels of self-control cannot be attained solely by the innate abilities of the traders. They greatly depend on the external factors — such as, …

EUR/USD Opens Sharply Lower on Stimulus Talks

April 14, 2014

EUR/USD opened sharply lower today and was falling for the most part of the trading session as European policy makers signaled over the weekend that the strong euro warrants additional stimulus measures. European Central Bank President Mario Draghi explained that the exchange rate should not influence monetary policy directly …

Forex Brokers Update — April 13th, 2014

April 13, 2014

Here is the list of this week’s updates to the list of Forex brokers:

fxUP.me rebranded to UPME Group.

FXCM launched trading in Chinese yuan (USD/CNH).

X-Trade Brokers no longer offer their website in Russian language.

Kalita-Finance disabled Ukranian version of their website.

AL Trade removed Arabic …

Forex Technical Analysis for Week 04/14–04/18

April 12, 2014

Floor Pivot Points
Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
EUR/USD 1.3543 1.3619 1.3752 1.3828 1.3961 1.4037 1.4170
GBP/USD 1.6336 1.6450 1.6591 1.6705 1.6845 1.6960 1.7100
USD/JPY 98.76 100.04 100.83 102.11 102.89 104.17
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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, …

Get Alerted on Local Minimum/Maximum Breakout

April 19, 2013

A new MetaTrader indicator is now available for download from EarnForex.com — Recent High/Low Alert. The purpose of this indicator is very simple — to show the high/low level over the last N bars and send alerts if it breaks. The idea of this indicator was suggested by a Three-Bar Exit technique from …

New Expert Advisor Can Help You Trade Chart Patterns

March 7, 2013 (Last updated on July 24, 2013)

After nearly two months of coding, testing, starting over and fixing bugs, I am finally happy to announce a release of my best EA to this date. Chart Pattern Helper is also one of the biggest programs I have ever written for MetaTrader. Unfortunately, it cannot detect chart patterns on its own. All …

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