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

Dollar Gains on Euro for Third Session

October 31, 2014

The dollar gained on the euro for the third straight trading session today due to the positive Chicago Business Barometer and the very good Michigan consumer sentiment. The unexpected monetary from the Bank of Japan also helped the greenback as investors in need of safety were running away from the yen to the US currency.

Both personal income and spending

EUR/USD Extends Bearish Trend After US GDP

October 30, 2014

EUR/USD extended yesterday’s losses today after the release of a better-than-expected report on US gross domestic product. The currency pair is attempting to bounce right now and trades not far from the opening level.

GDP rose 3.5% in Q3 2014, according the advance estimate, exceeding the median forecast of 3.1%. The previous …

EUR/USD Loses Steam After FOMC

October 29, 2014 (Last updated on October 30, 2014)

EUR/USD attempted to extend its rally today but failed after the Federal Open Market Committee announced an end to the quantitative easing and made upbeat comments about the state of the US labor market. The dollar jumped against other currencies as a result.

US crude oil inventories increased by 2.1 million barrels …

Poor Data from USA Pushes EUR/USD Further Up

October 28, 2014

EUR/USD extended its rally today as durable goods orders came out worse than was expected. Even positive manufacturing and consumer confidence reports were unable to bring the currency pair down. The Federal Reserve starts its two-day policy meeting today and will announce its decision tomorrow. The announcement …

EUR/USD Edges Higher on US Housing Data

October 27, 2014

EUR/USD rose today as US housing data trailed expectations, damping bets on an early interest rate hike from the Federal Reserve. The currency pair also advanced after the stress-test of European banks that provided relatively positive results.

Pending home sales rose 0.3% in September, trailing …

Forex Hedging as a Means to Protect Against Currency Risks

October 27, 2014

While most traders incorrectly believe that Forex hedging is going both long and short on the same currency pair at the same time, the term actually has a much broader meaning. The main purpose of hedging is to protect. In case of financial trading, the goal of hedging is to protect trader’s capital. …

Forex Brokers Update — October 26th, 2014

October 26, 2014

One new Forex broker has been listed on my website this week:

FX Next — a company based in New Zealand. It provides multi-platform solutions to spot FX traders. They specialize in ECN and offer accounts starting from $100.

Some brokers received updates to their listing profiles:

Weekly Forex Technical Analysis (Oct 27 — Oct 31)

October 25, 2014

EUR/USD

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 …

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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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