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

Weekly Forex Technical Analysis (Feb 2 — Feb 6)

January 31, 2015

EUR/USD

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.0788 1.0943 1.1114 1.1268 1.1439 1.1593 1.1764

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.0947 1.1122 1.1272 1.1447

EUR/USD Stable After US GDP Disappoints

January 30, 2015

EUR/USD was flat today as US gross domestic product expanded last quarter less than was expected by market participants. The euro was not able to gain on the dollar after the disappointing report as data from Europe itself was rather mixed.

US GDP grew at the annual rate of 2.6%

EUR/USD Attempts to Recover After Losses

January 29, 2015

EUR/USD attempted to recover after the previous losses but remains below yesterday’s opening level as of now. Still, the currency managed to stay above today’s opening even as US jobless claims fell much more than was expected. The possible reason for the strength of EUR/USD is the terrible US housing report …

EUR/USD Retains Weakness After FOMC

January 28, 2015

EUR/USD trades below the opening level right now. The currency pair attempted to bounce after the Federal Open Market Committee released its policy statement, reiterating words about patience in timing for raising interest rates. Yet the euro fell back quickly, and it looks like the shared 19-nation currency is …

Going Long USD/RUB Again

January 28, 2015

I did not advertise my previous USD/RUB position because my original intention was just to hedge some of my currency risks. It resulted in the most successful trade in my Forex career. This time, I have decided to re-enter the long based on a number of factors and with double purpose — profit and hedging. Following its December 15

EUR/USD Jumps on Mixed US Data as Traders Wait for Fed

January 27, 2015

EUR/USD climbed 1.1 percent today as mixed US data weakened the dollar, while the euro maintained its strength. The euro was firm even after the anti-austerity Syriza party won the elections in Greece on the weekend. Ahead of the voting, market analysts considered such outcome detrimental to the euro but changed their thinking …

New Swiss Franc Carry Trade?

January 26, 2015

My last carry trade did end quite well for me, though the Swiss National Bank has done a lot to end it poorly for other traders. Looking at the mayhem that ensued following the EUR/CHF floor removal, I thought that it would probably be a good idea to use the situation …

Forex Brokers Update — January 24th, 2015

January 24, 2015

One new company has been listed on EarnForex.com this week:

Tickmill — an offshore company that has took over the retail clients of the Armada Markets broker. The latter has switched to institutional trading only. Tickmill offers MT4 accounts starting with $2 and supports leverage up to 1:500 on currencies.…

Weekly Forex Technical Analysis (Jan 26 — Jan 30)

January 24, 2015

EUR/USD

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.0421 1.0768 1.0985 1.1332 1.1550 1.1897 1.2114

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.0735 1.0921 1.1300 1.1485

Euro Continues to Feel Pressure from ECB

January 23, 2015

EUR/USD extended yesterday’s drop today, falling to the lowest level since September 2003, as the euro continues to feel pressure from the monetary policy announcement of the European Central Bank. While the currency pair trimmed its losses as of now, it still trades below the opening level.

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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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