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

EUR/USD at New Lows After Draghi Speaks

March 5, 2015

EUR/USD dropped to a fresh low today after Mario Draghi, President of the European Central Bank, said that the ECB will start asset purchases on Monday and will continue to buy bonds till September 2016 or longer if necessary. (Event A on the chart.) The announcement made the currency pair weaker …

EUR/USD Crashes to 11-Year Low

March 4, 2015

EUR/USD sank today, reaching the lowest level in more than 11 years. The euro was under selling pressure after economic data from several European countries disappointed market participants. Meanwhile, US employment continued to grow at steady pace and the services sector expanded faster than was expected.

ADP

What Forex News Sources Do You Prefer?

March 2, 2015 (Last updated on March 3, 2015)

Getting timely news about the currencies you are dealing with can be crucial in Forex trading. Even if you trade based on technical analysis, real world events may shake the most reliable strategies. For instance, investment banks spend tons of money to keep their trading floors with …

EUR/USD Starts Week with Small Gain

March 2, 2015

EUR/USD rose a little during the first trading session of the current week as macroeconomic data from the United States was disappointing. The currency pair met resistance at the 1.1240 level and is moving down now.

Personal income rose 0.3% in January, at the same rate as in December, missing the median forecast of 0.2%. Personal spending …

Forex Brokers Update — February 28th, 2015

February 28, 2015

One new company has been added to the list during the last two weeks:

Key To Markets — a New Zealand broker operating since 2013. It offers accounts starting with $100 and provides only commission based trading services. Many trading instruments are available. The choice of platforms is …

Weekly Forex Technical Analysis (Mar 2 — Mar 6)

February 28, 2015

EUR/USD

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.0897 1.1036 1.1116 1.1256 1.1335 1.1475 1.1555

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.1021 1.1086 1.1241 1.1305

Traders Focus on Durable Goods Orders, EUR/USD Lower

February 26, 2015

EUR/USD dropped today, ending its sideways movement, as traders focused their attention on the positive report about US durable goods orders. This allowed the dollar to gain on the euro even though other indicators were not that good. The currency pair was trading in a range for the most part of the month, but …

EUR/USD Little Changed Again

February 25, 2015

EUR/USD barely moved from its opening level during the current trading session. While the euro attempted to rally during early Wednesday’s trading, it retreated to the opening quickly.

New home sales were at the seasonally adjusted annual rate of 481k in January, little changed from the revised December’s value of 482k. …

EUR/USD Flat After Yellen’s Testimony

February 24, 2015

EUR/USD was flat today with a slight downside bias. The dollar was not particularly strong as the testimony of Janet Yellen, Federal Reserve Chairperson, was more dovish than the market has counted on. Weak US macroeconomic indicators were not helping the greenback either. At the same time, …

EUR/USD Drops After German Data, Trims Losses After US Report

February 23, 2015

EUR/USD tumbled today after the German business climate report came out worse than market participants have anticipated. (Event A on the chart.) The currency pair touched the low of 1.1295 intraday but bounced to 1.1350 later as US housing data was not impressive as well.

Existing home sales fell …

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Position Size Calculator Is Now a Separate Window Indicator

February 20, 2015

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

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 …

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 …

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