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Forex Blog

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

EUR/USD Extends Losses

December 19, 2014

EUR/USD continued to decline following the Wednesday’s monetary policy statement from the Federal Reserve. Falling US unemployment claims supported the dollar while the sharp drop of manufacturing index did not affect the currency much.

Initial jobless claims fell from 295k to 289k last week instead of rising to 297k …

EUR/USD Jumps After FOMC, Resumes Decline Later

December 17, 2014

EUR/USD was falling during the current trading session but jumped after the monetary policy statement of the Federal Open Market Committee turned out to be less hawkish than dollar bulls have hoped for. The rally was short-lived, though, and the currency pair resumed its decline quickly. The dollar …

12 Reasons for the Russian Ruble Collapse

December 16, 2014

The Russian ruble has made it to the new all-time low against the US dollar and the euro today and demonstrated the biggest one-day fall in its history. USD/RUB has reached as high as 77.87 (at Bid price) after closing at 65.34 yesterday and trading as low as 32.63 in January this year.

EUR/RUB has rallied above …

Dollar Gains as Industrial Production Expands

December 15, 2014

The dollar gained on the euro today as US industrial production expanded, beating specialists’ estimates. The greenback rallied even though other reports were not particularly good. This week, the Federal Reserve will hold the last policy meeting for this year, which should be rather important for the US currency and the Forex …

Forex Brokers Update — December 14th, 2014

December 14, 2014

We have added one new broker to the list this week:

MXTrade — a CySEC regulated broker with $1,000 minimum account size and MetaTrader 4 platform (including web, Android and iOS versions). Currency trading leverage is maxed at 1:400.

Other changes to the Forex brokers include:

Weekly Forex Technical Analysis (Dec 15 — Dec 19)

December 13, 2014

EUR/USD

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.2057 1.2152 1.2305 1.2400 1.2552 1.2647 1.2800

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.2166 1.2333 1.2414 1.2581

EUR/USD Drops as US Data Makes Dollar Stronger

December 11, 2014

EUR/USD went down today after three consecutive daily gains. The majority of US reports, including retail sales and unemployment claims data, were good. This allowed the dollar to outperform the euro.

Retail sales rose 0.7% in November, exceeding the median forecast of 0.4% and the revised October’s increase of 0.5%. (Event A on the chart.)…

EUR/USD Climbs as Traders Flock to Yen

December 10, 2014 (Last updated on December 11, 2014)

EUR/USD rose today even as concerns about China’s economic growth made Forex market participants seek safe currencies. Speculators were flocking to the Japanese yen, making the US dollar underperform.

Сrude oil inventories increased by 1.5 million barrels and are above the upper limit of the average range for this time …

When Did You Last Trade Forex? Poll.

December 9, 2014

It looks like the Forex market has been offering a lot of excellent trading opportunities lately with many currency pair hitting multi-year record lows or highs. Part of this price action can be attributed to a rich diversity of the released macroeconomic reports across the world. Another part is definitely …

Forex Brokers Update — December 6th, 2014

December 6, 2014

Added one new company to the list of Forex brokers this week:

Fairbanks — an unregulated offshore ECN broker with MT4 and ActTrader platforms. The minimum account size is $1,000 with leverage limited at 1:100.

Other changes to the list of brokers include:

  • MT4
  • Forex book
  • chart
  • Forex poll
  • infographics
  • tutorial

Track Portfolio Risk with Position Size Calculator

October 6, 2014

You can now track your whole portfolio risk with the Position Size Calculator indicator for MetaTrader. The indicator now calculates the potential loss of all the open positions and pending orders across the account and shows it to the trader.

Traders can control whether to count pending orders or not and whether to count …

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 …

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