Forex Blog

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

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Biggest Forex Scam Pt. X (Christopher B. Cornett)

February 8, 2016 No Comments

Unlike other financial markets, the Forex market has very little legal and capital restrictions. Thus, it is a blessing for a beginner who lacks financial strength. However, con artists misuse the FX market for their personal gains. Thus, it is a must to scrutinize the schemes related to the foreign exchange trading. …

Disfigured Double Top on GBP/CAD Weekly Chart

February 7, 2016 No Comments

Not all chart patterns are created to look like an ideal example — some of them look horribly despite meeting the formal requirements of their kind. The latest development on GBP/CAD weekly chart is just such a case. The pattern began forming back in July 2015. The first top was reached in the end …

Forex Brokers Update — February 6th, 2016

February 6, 2016 No Comments

With nearly a month since the last brokers update post, there is quite a lot of new things to report on. Three new brokers have been listed on EarnForex.com during the period:

Vipro Markets — a classic Cypriot Forex broker with MT4 platform and $25 minimum account …

Weekly Forex Technical Analysis (Feb 8 — Feb 12)

February 6, 2016 No Comments

EUR/USD

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.0466 1.0640 1.0899 1.1073 1.1332 1.1506 1.1764

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.0662 1.0942 1.1094 1.1374

Poor NFP Don’t Prevent EUR/USD from Falling

February 5, 2016 No Comments

Nonfarm payrolls released on Friday missed analysts’ expectations, but that did not translate into a rally of EUR/USD. In fact, the currency pair dived after the release. It could be explained by the fact that while employment growth was disappointing other parts of the report were positive, especially wage growth. …

Monetary Tightening in Question, EUR/USD Continues March Higher

February 4, 2016 No Comments

EUR/USD extended its rally today following dovish comments from New York Fed President William Dudley that led to speculations that the Federal Reserve would not be able to perform even a single interest rate hike this year. US economic data was not helping …

Weak Services Data Leads to Crash of USD vs. Euro

February 3, 2016 No Comments

Services sector indicators from both Markit Economics and Institute for Supply Management were weak today. This lead for a drop by more than 1 percent of the US dollar versus the euro. Even strong US employment data was unable to rescue the greenback.

ADP employment grew by 205k in January

Sticking with a Broker — How Long? Poll.

February 2, 2016 (Last updated on February 3, 2016) No Comments

Undeniably, there are many valid reasons to leave a broker and join another, especially if you are an active Forex trader. At the same time, sticking to one company can also be beneficial in a way — you build up trust, you get used to all their small peculiarities, and with years …

EUR/USD Starts Week Strong

February 1, 2016 No Comments

EUR/USD started the week strong, though not strong enough to erase the Friday’s big drop that has demolished gains of three days in one swoop. Monday’s economic data released from the United States was relatively soft while macroeconomic indicators released from the eurozone were decent for the most part. …

Weekly Forex Technical Analysis (Feb 1 — Feb 5)

January 30, 2016 No Comments

EUR/USD

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.0578 1.0683 1.0757 1.0862 1.0935 1.1041 1.1114

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.0675 1.0741 1.0854 1.0919
MT4Forex bookchartForex pollinfographicstutorialMetaTrader script

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 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) 25 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 …

Margin Warnings When Calculating Position Size in MetaTrader

February 13, 2015 No Comments

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 …