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

Triple Top on AUD/NZD Daily Chart

November 23, 2014

A notable triple top pattern appears on a daily chart of the AUD/NZD currency pair. You can see it at the end of the long-term uptrend lasting since the beginning of this year. Although the pattern looks rather rough, I believe that it can serve as a valid entry trigger for a bearish trade.

The pattern is marked …

Forex Brokers Update — November 22nd, 2014

November 22, 2014

One addition to the list of brokers this week:

Forexite — a genuinely offshore company with a very low minimum account size ($1) and a custom trading platform (TradeRoom). They offer only currencies for trading and have leverage fixed at 1:100.

Quite a few important updates this week:

Weekly Forex Technical Analysis (Nov 24 — Nov 28)

November 22, 2014


Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.2085 1.2230 1.2310 1.2454 1.2534 1.2679 1.2758

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.2214 1.2277 1.2438 1.2501

EUR/USD Doesn’t Move Far Today

November 20, 2014

EUR/USD was down today, but the drop was small as movement of the currency pair was contained in a tight range. The euro held ground against the dollar even though economic data from the United States was good for the most part while PMI figures from Europe were weaker than market …

False Rally of EUR/USD

November 19, 2014

EUR/USD attempted to rally after the Federal Open Market Committee released minutes of its October meeting. The rally turned out to be false as the currency pair retreated to the opening level very quickly.

Housing starts were at the seasonally adjusted annual rate of 1.01 million in October, a little below the September’s value of 1.04 …

EUR/USD Climbs on Positive Economic Sentiment

November 18, 2014

EUR/USD climbed today, erasing yesterday’s losses, as the economic sentiment for both Germany and the whole eurozone was surprisingly positive. (Event A on the chart.) It allowed the euro to gain on the dollar even though data from the United States also beat expectations.

US PPI rose 0.2% in October while analysts …

EUR/USD Unable to Maintain Rally

November 17, 2014

EUR/USD attempted to extend Friday’s rally today but failed. The currency pair was falling even as US economic indicators disappointed dollar bulls. One of the reasons for the euro’s weakness is comments from European Central Bank President Mario Draghi who voiced his concerns about health of Europe’s economy.…

Forex Brokers Update — November 16th, 2014

November 16, 2014

The latest addition to our list of brokers is the following company:

GDMFX — a broker registered in New Zealand. It offers MT4 trading platform and caters for spot and binary option traders. The minimum to start trading is $100, while the leverage is maxed at 1:500.

Updates to the existing Forex companies during the week:…

It Is CAD/CHF Again, Now with Symmetrical Triangle

November 16, 2014 (Last updated on November 21, 2014)

My previous CAD/CHF trade attempt was not successful at all. This time, the pair has formed what looks like a symmetrical triangle pattern on the daily chart. It had started forming back in early October with CAD’s fall, which triggered a sell trade of my last trade. As the long-term trend …

Weekly Forex Technical Analysis (Nov 17 — Nov 21)

November 15, 2014


Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.2276 1.2335 1.2428 1.2487 1.2581 1.2640 1.2733

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.2343 1.2445 1.2496 1.2598
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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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