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

Weekly Forex Technical Analysis (Oct 27 — Oct 31)

October 25, 2014


Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.2348 1.2481 1.2574 1.2707 1.2801 1.2933 1.3027

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.2471 1.2555 1.2697 1.2781

EUR/USD Loses Gains After US Economic Releases

October 23, 2014

EUR/USD attempted to rally at the current trading session but lost gains after the release of economic data from the United States. While initial jobless claims rose more than was expected, both the four-week moving average and continuing claims fell to the lowest level in 14 years. Leading indicators were also …

US CPI Makes EUR/USD Extend Decline

October 22, 2014

EUR/USD extended its decline today as US consumer prices rose last month unexpectedly. Speculations about potential expansion of quantitative easing from the European Central Bank also continued to hurt the currency pair.

US CPI rose 0.1% in September (seasonally adjusted), while most analysts expected …

Prospects for Bigger Stimulus from ECB Hurt EUR/USD

October 21, 2014

EUR/USD turned down today, erasing Friday’s gains, on signs that the European Central Bank may expand its already considerable stimulus measures as Europe’s economy continues to struggle. Additionally, slowing economic growth in China led to mild risk aversion on the Forex market. All these factors made investors prefer …

Interview with CEO of MFX Broker (MasterForex)

October 20, 2014 (Last updated on October 21, 2014)

A lot of time has passed since I had done my last interview with a Forex company, so today I present the latest interview with Igor Volkov, the Chief Executive Officer of MFX Broker (MasterForex). Mr. Volkov agreed to answer some of the most interesting questions about the company, its …

Forex Brokers Update — October 19th, 2014

October 19, 2014

Not many broker updates to report this week:

MahiFX increased its maximum leverage from 1:50 to 1:100.

NordFX no longer offers Currensee accounts. Removed offices in Ukraine and Indonesia (also stopped providing support in Indonesian). Added Thai language version of the website.

ThinkForex stopped supporting SpeedTrader, ZuluTrade, …

Weekly Forex Technical Analysis (Oct 20 — Oct 24)

October 18, 2014


Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.2365 1.2495 1.2627 1.2757 1.2889 1.3019 1.3151

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.2495 1.2628 1.2757 1.2890

EUR/USD Drops on US Data, Attempts to Regain Strength

October 16, 2014 (Last updated on October 18, 2014)

EUR/USD sank today, following yesterday’s big jump, as all today’s economic reports from the United States were far better than even most optimistic expectations. Yet the currency pair managed to shed most of its losses and is trading not that far from the opening level as of now.…

Poor US Data Helps EUR/USD to Gain

October 15, 2014

EUR/USD advanced today as the majority of US economic reports were bad. The currency pair lost some of its gains after few positive reports were released but still trades high above the opening level.

PPI fell by 0.1% in September, while most market participants counted on an increase by the same rate. …

What Is the Long-Term Future of EUR/CHF?

October 13, 2014

Having sold my long EUR/CHF positions a few days ago, I still retain my interest in the potential moves of this currency pair. My last year’s poll about EUR/CHF future has shown an excessive level of bullish optimism among this blog’s readers, who expected it to go up to 1.3000 by the end of 2013.…

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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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