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

Forex Brokers Update — July 27th, 2014

July 27, 2014

No new brokers this time, but there were quite a few updates to the existing listings:

AForex removes its Invest Pro account type and replaces it with an all-new Direct account type. It is based on MirrorTrader platform and offers very flexible conditions for those traders who wish …

Weekly Forex Technical Analysis (Jul 28 — Aug 1)

July 26, 2014
Floor Pivot Points
Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
EUR/USD 1.3255 1.3338 1.3383 1.3466 1.3511 1.3593 1.3639
GBP/USD 1.6786 1.6873 1.6924 1.7011 1.7063 1.7150 1.7201
USD/JPY 100.63 100.91 101.37 101.65 102.11 102.39

Fundamental Data Results in Volatility for EUR/USD

July 24, 2014

EUR/USD demonstrated big swings today, reacting to mixed fundamental indicators. At first, the currency pair jumped on positive data from Europe. It retreated later after the unexpected drop of US jobless claims but bounced after the worse-than-expected US housing data.

Initial jobless claims dropped from 303k to …

Positive Data from USA Pushes EUR/USD To New Lows

July 22, 2014

EUR/USD dropped to the lowest level since November at today’s trading session as positive macroeconomic data from the United States suggested that the Federal Reserve may start monetary tightening sooner than was expected. Meanwhile, the European Central Bank shows signs that it is ready for additionally …

Would You Use Automatic Channel Detecting Indicator?

July 21, 2014

Chart pattern trading is often considered to be a purely subjective field of currency trading because there are no standards to the chart pattern definitions. A trader has to use his own discretion when deciding to mark the patterns on a chart and also to do so manually. Both elements bring a lot of subjectivity …

Forex Brokers Update — July 19th, 2014

July 19, 2014 (Last updated on July 21, 2014)

Two new companies have been added to the list of Forex brokers on this week:

Pantheon Finance — a Russian Forex broker registered by the International Financial Services Commission of Belize. This offshore company offers mini, ECN and PAMM accounts with MT4 trading platform. The trading conditions are …

Weekly Forex Technical Analysis (Jul 21 — Jul 25)

July 19, 2014
Floor Pivot Points
Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
EUR/USD 1.3314 1.3402 1.3464 1.3551 1.3613 1.3701 1.3763
GBP/USD 1.6862 1.6948 1.7017 1.7104 1.7172 1.7259 1.7327
USD/JPY 100.30 100.69 101.00 101.39 101.71 102.10

EUR/USD Drops, Makes Up Losses

July 18, 2014

EUR/USD dropped today as the theme of risk aversion continued to dominate the Forex market but recouped from losses by now as economic indicators from the United States were worse than market participants have counted on.

Preliminary Michigan Sentiment Index fell from 82.5 in June to 81.3 in July instead …

EUR/USD Fails to End Decline

July 17, 2014

EUR/USD rallied during the first half of the current trading session, attempting to end its two-day decline, but failed and headed for a third consecutive daily loss. The currency pair was pressed down by risk aversion caused by geopolitical tensions …

Yellen’s Comments Drive EUR/USD Down for Second Day

July 16, 2014

EUR/USD dropped for a second trading session today as Federal Reserve Chairwoman Janet Yellen was testifying today. Yellen’s stance turned out to be not as dovish as it seemed. While the Chairwoman still believes that monetary accommodation remains appropriate, she also suggested that monetary tightening may …

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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, …

Get Alerted on Local Minimum/Maximum Breakout

April 19, 2013

A new MetaTrader indicator is now available for download from — Recent High/Low Alert. The purpose of this indicator is very simple — to show the high/low level over the last N bars and send alerts if it breaks. The idea of this indicator was suggested by a Three-Bar Exit technique from …

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