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

Forex Brokers Update — September 20th, 2014

September 20, 2014

No new brokers this week. There were only some updates to the existing listings to report:

GAINSY added Neteller deposit option.

Blackwell Global opened offices in Australia, Nigeria, Vietnam and is now regulated by ASIC. They now offer support in Korean language and introduced a Web Trading account type. …

Weekly Forex Technical Analysis (Sep 22 — Sep 26)

September 20, 2014

EUR/USD

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.2605 1.2716 1.2772 1.2884 1.2940 1.3051 1.3107

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.2702 1.2745 1.2870 1.2912

EUR/USD Bounces from Lowest Since July 2013

September 18, 2014

EUR/USD rebounded today following the drop to the lowest level since July 2013. Mixed US data played a part in the bounce of the currency pair, but it is likely that the most important reason for the rally was profit-taking after yesterday’s huge drop.

Both housing starts and building permits fell …

EUR/USD Sinks to New Lows After FOMC

September 17, 2014 (Last updated on September 18, 2014)

EUR/USD dipped today to a new multi-year low after the Federal Open Market Committee released its monetary policy statement. Federal Reserve chief Janet Yellen was speaking at the press-conference after the meeting, and the Fed released its economic projections as well as plans for eventual normalization of monetary policy. The dollar was not …

EUR/USD Edges Higher as FOMC Meeting Starts

September 16, 2014 (Last updated on September 17, 2014)

EUR/USD edged higher today as market participants speculated that the Federal Reserve’s statement will not be as hawkish as was previously thought and the Fed will not drop the pledge to keep interest rates low for a “considerable time”. The Federal Open Market Committee starts its policy meeting today …

Do You Believe in Forex Tick Volume?

September 15, 2014

Quite often, I get requests from Forex traders to implement this or that indicator or expert advisor that applies tick volume to analyze or trade currency pair. Tick volume that is present in every MetaTrader platform is based on the number of price updates (ticks) that come during …

EUR/USD Dips as Traders Wait for FOMC Statement

September 15, 2014

The majority of Forex market participants continue to bet on an interest rate hike in the near future, driving the US dollar higher. They anxiously wait for the outcome of the two-day policy meeting of the Federal Open Market Committee this week, hoping to see hints about timing of such hike in a central bank’s statement. EUR/USD bounced …

Forex Brokers Update — September 13th, 2014

September 13, 2014

One new company has been added:

Vistabrokers — a CySEC-regulated company with easy entry conditions and rather low (by modern standards) maximum leverage of 1:100. The only available platform is MetaTrader 4. Their main selling edge is their analytics and VIP conditions available to rather small accounts.…

Weekly Forex Technical Analysis (Sep 15 — Sep 19)

September 13, 2014

EUR/USD

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.2770 1.2815 1.2889 1.2934 1.3009 1.3054 1.3129

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.2822 1.2904 1.2942 1.3024

EUR/USD Gains, Ignoring Positive US Data

September 12, 2014 (Last updated on September 13, 2014)

Economic reports from the United States were positive this week, but they did not prevent EUR/USD from rising at both the current and the previous trading sessions. The currency pair erased its previous gains and should close near its weekly opening if it stays at the current level.

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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 …

Backtesting Reversible Expert Advisor Based on Trend Persistence

May 7, 2013

Reading about such an interesting concept as Hurst exponent did not go without leaving a trace in my trader’s mind. Is it really so that we cannot use any information about the recent chart’s tendency to keep repeating previous bars or to keep reversing them? Being a man of practice, …

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