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Rally of EUR/USD Looks Unstoppable

May 2, 2016 No Comments

EUR/USD was rising every single session of the previous trading week, and it looks like the currency pair is not going to stop the rally this week as well. US economic data added fuel to the upward movement as all indicators released today were below expectations.

Markit manufacturing PMI fell …

Euro in Symmetrical Triangle Consolidation vs. New Zealand Dollar

May 1, 2016 No Comments

A symmetrical triangle has formed on a weekly chart of the EUR/NZD currency pair. It is not a perfect example of such pattern because the upper slope is a bit steeper than the lower one. Nevertheless, it can serve as a good breakout entry setup considering the fact that it acts as a consolidation funnel …

Forex Brokers Update — May 1st, 2016

May 1, 2016 No Comments

Just a few minor updates to the brokers this week:

AvaTrade now accepts Neteller, PayPal, Skrill, and WebMoney deposits.

FXPRIMUS added Arabic version of its website.

PaxForex removed FixSpread account type and lowered spreads somewhat in Mini accounts.

AAFX Trading added personal managers and affiliate program. They no …

Weekly Forex Technical Analysis (May 2 — May 6)

April 30, 2016 No Comments

EUR/USD

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.1046 1.1130 1.1290 1.1375 1.1535 1.1619 1.1779

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.1149 1.1328 1.1394 1.1573

Rally of EUR/USD Accelerates

April 29, 2016 No Comments

After four sessions of modest gains, EUR/USD demonstrated an impressive jump during Friday’s trading. It was not surprising if one takes into consideration that the majority of US economic indicators released during the current trading session were not good. The only better-than-expected piece of data was personal …

US GDP Misses Expectations, EUR/USD Extends Upward Move

April 28, 2016 No Comments

Today’s economic data released from the United States was not particularly good. First quarter’s growth of the US economy was slower than economists had anticipated. The number of unemployment claims grew last week. As a result, EUR/USD was able to extend its upward move for the fourth straight session.

US …

Fed Holds Interest Rates Steady, EUR/USD Up

April 27, 2016 (Last updated on April 28, 2016) No Comments

The main theme of Wednesday’s trading session was the monetary policy announcement from the Federal Reserve. The Fed offered no surprises, holding its policy steady and giving no particular hints about its plans for the future. EUR/USD was very volatile immediately after the event but steadied quickly and moved mostly …

EUR/USD Rides on Poor Data Coming from USA

April 26, 2016 No Comments

EUR/USD fared quite well today and has rallied strongly following a series of macroeconomic reports coming out of the United States. Nearly all indicators have disappointed the dollar bulls, adding strength to the euro attack against the greenback.

Durable goods orders added only 0.8% in March according to the preliminary report by the US …

Using Aggressive Pyramiding to Go Beyond Margin Limits

April 25, 2016 No Comments

When you read about pyramiding in Forex, the first association that sparks up is scaling in, that is increasing the size of profitable positions. I have written about this concept before and I am not very fond of scaling into normal trades.

Aggressive pyramiding is a different kind …

USD/CAD in Descending Channel Since January 2016

April 24, 2016 No Comments

A very long descending channel can now be seen on the daily chart of the USD/CAD currency pair. It had started forming right after the multi-year peak registered on January 20. As a continuation pattern, descending channel interrupts an uptrend, which is to be continued following a bullish breakout of the upper border.

The chart …

MT4Forex bookchart patternsForex pollinfographicstutorialMetaTrader script

How to Add Alerts to MetaTrader Indicators

March 22, 2016 (Last updated on March 23, 2016) No Comments

Originally, I intended this post as a do-it-yourself guide on how to add alerts to MetaTrader indicators without knowing how to code at all. But writing it, I came to realization that even if a trader knows nothing about MQL language and coding he will have to learn some basics through this guide …

Display Weekly and Monthly Market Profile in MetaTrader

January 25, 2016 No Comments

After introducing the MetaTrader Market Profile indicator back in 2010, today I have finally updated both the MT4 and MT5 versions to work with weekly and monthly trading sessions in addition to the daily ones. Also, I have improved its functionality and fixed a number of bugs:

    Color scheme selection is now

Another Expert Advisor to Trade the News

December 24, 2015 No Comments

A way to celebrate Christmas and the New Year for me is to share something with other traders. Years ago, I have uploaded Amazing EA for MT4 that was coded by someone calling himself FiFtHeLeMeNt. Five years ago, I have converted it to MT5. That expert advisor is rather bulky …

Schaff Trend Cycle Converted for cTrader (+ Alerts)

December 18, 2015 No Comments

Four years ago, I have converted Schaff Trend Cycle (STC) for MetaTrader (MT4 and MT5) and uploaded it to EarnForex.com. In March 2014, I also shared an MT4 version with limited alerts capability. Starting from today, you can get a free Schaff Trend Cycle indicator for cTrader. Also, …

Pips Display in Position Size Calculator Indicator

November 30, 2015 2 Comments

I am releasing a new version of Position Size Calculator indicator today. The main new feature is the display of pips distance for stop-loss and take-profit below the respective lines on the chart. It is turned on by default, so you will need to set ShowLineLabels to false if you do not …

Traders Dynamic Index (TDI) Converted to MT5 and cTrader

November 26, 2015 (Last updated on December 18, 2015) No Comments

As a way to celebrate Thanksgiving, I have finally found some time to convert one of the most popular MT4 indicators to the two less popular platforms: MetaTrader 5 and cTrader. You will also find a more detailed and precise description of the indicator on EarnForex.com. Meanwhile, I have also updated the MT4 version for better compatibility with …

Calculate Maximum Potential Loss in MetaTrader

April 24, 2015 (Last updated on May 31, 2015) No Comments

If you ever wondered what is the total cumulative risk of your currently open orders and positions, then my latest MetaTrader tool — Risk Calculator — will help you to answer that question even if you have many orders with interwoven stop-loss and take-profit levels.

Although, I am …

Instant Execution vs. Market Execution

April 21, 2015 (Last updated on April 2, 2016) 1 Comment

As you probably know, there are two kinds of orders in MetaTrader platform: pending orders and market orders. Pending orders can be either limit or stop and will be executed when the price reaches some predefined level. Market orders can be either of instant execution or of market

Script to Place Orders with Position Size Calculator

April 7, 2015 (Last updated on May 31, 2015) 27 Comments

If you have thought that trading based on the accurately calculated position size cannot get any better, think again. Now you can use a MetaTrader script to place orders based on the calculations of the Position Size Calculator indicator. The script will detect the position size calculated by the indicator …

Position Size Calculator Is Now a Separate Window Indicator

February 20, 2015 7 Comments

Another major revision of the Position Size Calculator indicator for MetaTrader has been released today. The main feature of the current version is that the main display of the indicator is now moved to a separate chart window, while the lines (entry, SL, and TP) are still located in the main chart …