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

EUR/USD Trades Sideways with Small Downward Slant

October 1, 2014

EUR/USD failed to demonstrate some definite direction during the day, rising and falling, but staying not far from its opening level today. Mixed US reports did not push the currency up or down.

ADP employment report demonstrated a growth by 213k jobs in September following 202k reported …

EUR/USD Drops on Euro Data, Recovers on US News

September 30, 2014

The US dollar rose against the euro following bad news from the eurozone today and lost some of the gains following poor reports from the United States. German unemployment growth in September (event A on the chart) and eurozone September core CPI (event B on the chart) were the biggest factors for the currency pair today.…

Do You Measure Angles on Forex Charts?

September 29, 2014

I will not write any detailed explanations of the question as I usually do with my other Forex polls because I do not want to tilt the results of the poll to one side or another. I will just ask the question below:

Do you measure angles on Forex charts?

    Yes. Yes, but only with

EUR/USD Recovers on Moderate US Data

September 29, 2014

The euro managed to rise today following a rather good report on the US income and spending growth and a moderately poor report on housing. The currency pair failed to rally, but is still showing a nice intraday uptrend.

Personal income and spending increased by 0.3% and 0.5% respectively in August. Income grew in line with the forecasts, …

Forex Brokers Update — September 27th, 2014

September 27, 2014

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

SpediaFX — a regulated broker from New Zealand with pretty high minimum account size — even for Micro accounts it is $750. Their spreads are very low and the maximum leverage is pretty high — …

Weekly Forex Technical Analysis (Sep 29 — Oct 3)

September 27, 2014


Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.2382 1.2529 1.2606 1.2754 1.2830 1.2978 1.3054

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.2511 1.2570 1.2736 1.2795

Dollar Is Gaining on Strong GDP Numbers

September 26, 2014

The US dollar returned to its rally versus the single eurozone currency today following the third estimate report on Q2 GDP in the United States. A minor update on the consumer sentiment index did not bother the EUR/USD pair much — it continued to move down.

US GDP rose at an annualized rate of 4.6% in the second …

EUR/USD Recovers Somewhat on Negative US Data

September 25, 2014

EUR/USD continued to fall during the early trading session today but stalled during the European Forex trading session and reversed its direction after today’s macroeconomic data from the USA had been released. The currency pair benefited from both reports.

Initial jobless claims rose from 281k to …

EUR/USD Reacts with a Fall to US-Positive News

September 24, 2014

The US dollar fell against the euro today following quite a nice report on the US housing market. The oil inventories report was not a good signal for the USD, but the main drop was undoubtedly caused by the new home sales report.

New home sales were at a seasonally-adjusted annual rate of 504k in August. …

Week Starts with Drop to New Low for EUR/USD

September 22, 2014

The start of this week was light on economic data, making traders pay more attention to future economic releases. Tomorrow’s manufacturing report for China was in the focus of discussion among market analysts, and traders speculated that the data may show lack of growth in China’s manufacturing sector. Such talks led to risk …

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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 …

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, …

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