Forex Blog

First-hand Forex trading experience and information about foreign exchange market that will be useful to traders


Forex Brokers Update — May 30th, 2016

May 30, 2016 No Comments

No new companies have been added last week, but quite a few of the listed brokers have been updated:

RoboForex and ActivTrades now support MT5 hedging accounts.

Forex Club removed the Azerbaijani version of its website.

Alpari has lowered the minimum account size for MT5 ECN

New Calculator — Celebrating EarnForex Blog’s 10th Anniversary

May 29, 2016 No Comments

Today is a special day for EarnForex Blog — it turns ten. My first post here was not something readers could use to help them trade better. This time, to celebrate the blog’s 10 years of service, I offer a gift to everyone — a new online calculator: Percentage Gain/Loss and Recovery.…

Weekly Forex Technical Analysis (May 30 — Jun 3)

May 28, 2016 No Comments


Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.0936 1.1024 1.1068 1.1155 1.1200 1.1287 1.1332

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.1013 1.1047 1.1145 1.1179

US GDP Revised Higher, EUR/USD Hurries to Downside

May 27, 2016 No Comments

EUR/USD sank today after the positive revision of the first quarter’s US gross domestic product. The negative revision of the consumer sentiment index did little to stop the fall. Now, traders wait for the speech of Fed Chair Janet Yellen scheduled on 17:15 GMT.

US GDP rose 0.8% in Q1 2016 according …

Dollar’s Rally Stalls Despite Amazing Economic Reports

May 26, 2016 No Comments

US economic reports released today were stellar, but this did not prevent EUR/USD from rising for the second day. One of the possible reasons for such behavior can be skepticism of market participants regarding chances for a June interest rate hike from the Federal Reserve. Traders wait …

EUR/USD Sticks Head Up, Probing for Rally

May 25, 2016 No Comments

EUR/USD was trading mostly in a range today with a slight downside bias. Yet just recently the currency pair moved to the upside sharply. The current trading session was light in terms of economic data from the United States. And without additional indications about probability of a June interest rate hike, it may …

EUR/USD Breaks Down After Two Days of Stability

May 24, 2016 No Comments

EUR/USD broke to the downside today after two days of small gains. The major factor that helped the dollar to outperform the euro was the outlook for a June interest rate hike from the Federal Reserve. Macroeconomic data also played its part as the US housing report was superb while the economic sentiment

Is There Seasonality in Forex?

May 23, 2016 No Comments

With summer months approaching, it would be curious to see whether the FX market is becoming more or less suited for active trading than during the rest of the year. Summer season is usually associated with whipsawing sideways market that offers little opportunities for day trading. In stock trading, …

EUR/USD Fails to Rally During Quiet Session

May 23, 2016 No Comments

The US dollar has started today’s trading on a weak footing but is regaining its strength as of now. As a result, EUR/USD was rising earlier but now is moving lower, breaking below the opening level. Monday was quiet in terms of major events and macroeconomic data from the United States. European …

EUR/AUD Shows Ascending Triangle on 4-Hour Chart

May 22, 2016 (Last updated on May 24, 2016) No Comments

A major uptrend consolidation pattern is now visible on the H4 chart of the EUR/AUD currency pair. It has started forming back in early May and now looks pretty impressive — with all the necessary features of a proper ascending triangle, which include a horizontal upper side and an inclined lower side confirmed by at least …

MT4Forex bookchart patternsForex pollinfographicstutorialMetaTrader script

MetaTrader Templates Tutorial — Copying Settings Between Charts and Platforms

May 20, 2016 No Comments

You might already know how to copy input parameters for a single indicator across different charts and platforms. You also might have mastered the power of copying the whole account profiles from one MetaTrader instance to another. However, sometimes, what you need is just to copy one chart — …

Will Hedging and Real Ticks Backtesting Sway You Toward MT5?

May 9, 2016 No Comments

In March, MetaQuotes had launched a public beta of MetaTrader 5 platform with position hedging and backtesting on real ticks. In April, the developer had pushed the modification to brokers’ demo servers. The companies can disable creation of hedging accounts in MT5 (which they mostly do). However, the feature is already there and soon …

How to Add Alerts to MetaTrader Indicators

March 22, 2016 (Last updated on March 23, 2016) No Comments

Originally, I intended this post as a do-it-yourself guide on how to add alerts to MetaTrader indicators without knowing how to code at all. But writing it, I came to realization that even if a trader knows nothing about MQL language and coding he will have to learn some basics through this guide …

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 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 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 (Last updated on April 2, 2016) 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