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

EUR/USD Flat After Mixed US Data

May 28, 2015

EUR/USD traded flat today following US data that did not help the currency pair to find a clear direction. The pair was rising during the Asian trading session, sharply fell back during the European session and is trading sideways right now. Economic reports from the United States were …

E-Book Review: The Predictive Power of Price Patterns

May 27, 2015

I have recently found an interesting research paper. It is almost twenty years old, but it provides a really great proof of candlestick patterns working as a predictive tool. The Predictive Power of Price Patterns was written by G. Caginal and H. Laurent from the Mathematics Department of the University of Pittsburgh

EUR/USD Hits Monthly Low

May 26, 2015

EUR/USD hit the lowest level in a month today. While economic data from the United States was a bit mixed, there was enough good news to propel the already strong dollar even higher.

Durable goods orders fell 0.5% in April, in line with analysts’ expectations. The March’s increase was revised …

Which Currency Will Be the Biggest Forex Winner by 2020?

May 25, 2015

Without looking at any charts, my first thought about the strongest major currency during the last five years would have been the US dollar. After all, it was the major winner in the global financial crisis of 2008 when the markets had run for safety while the dollar’s rivals fared poorly. …

Forex Brokers Update — May 23rd, 2015

May 23, 2015

No new brokers have been added during this update but the following changes have been made to existing listings:

RoboForex now accepts bank deposits in Chinese yuan.

FIBOGroup closed office in Australia. Added offices in Austria, Cyprus, Germany, Chile, and Singapore. Added CONTACT, Neteller, and Yandex.Money …

Weekly Forex Technical Analysis (May 25 — May 29)

May 23, 2015


Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.0414 1.0708 1.0861 1.1155 1.1308 1.1602 1.1755

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.0673 1.0791 1.1120 1.1238

EUR/USD Struggles to Keep Upward Momentum

May 21, 2015

EUR/USD rallied today as the dollar has been weakened by yesterday’s dovish FOMC meeting minutes as well as by today’s economic reports, almost all of which were disappointing. Yet the currency pair has problems with maintaining its upward momentum and is moving down right now.

Initial jobless claims demonstrated …

Second Day of Losses for EUR/USD

May 19, 2015

EUR/USD declined for the second consecutive day during the current trading session as housing data from the United States exceeded market expectations. Today’s positive report followed Friday’s releases that were very disappointing for dollar bulls. Meanwhile, the German economic sentiment dropped to the lowest level since December, pushing the euro …

Forex Brokers Update — May 17th, 2015

May 17, 2015

No new companies have been listed on this week but quite a few brokers have been updated:

EXNESS added a cent account type.

LiteForex removed old LITE, REAL, NDD, STP, and SGD account types. Added Cent accounts with $10 minimum.

Forex Time reduced …

Weekly Forex Technical Analysis (May 18 — May 22)

May 16, 2015


Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.0894 1.1012 1.1229 1.1348 1.1565 1.1683 1.1901

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.1037 1.1279 1.1372 1.1614
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Calculate Maximum Potential Loss in MetaTrader

April 24, 2015

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

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

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

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 …

Margin Warnings When Calculating Position Size in MetaTrader

February 13, 2015

The Position Size Calculator indicator for MetaTrader has received a major update in its newest version. It can now warn traders if the planned trade will trigger a stop-out event or if there is not enough money to execute such a trade. The full list of changes includes and is applicable …

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 …

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