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

Forex Trade Entry Checklist

April 20, 2015
An essential checklist for smooth execution of a basic Forex trading entry.

Weekly Forex Technical Analysis (Apr 20 — Apr 24)

April 18, 2015


Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.0275 1.0398 1.0603 1.0726 1.0931 1.1054 1.1259

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.0419 1.0645 1.0747 1.0973

Forex Brokers Update — April 18th, 2015

April 18, 2015

One new company has been added during the week:

Solforex — a New Zealand regulated broker with MetaTrader 4 platform and several account types — from simple $200 minimum STP to premium $10,000 accounts with extremely low spreads and commission for trading.

Two existing brokers have been …

EUR/USD Struggles to Keep Going Upward

April 17, 2015

EUR/USD continued to rise today but halted its rally and is now struggling to keep its gains. Economic data from the United States and the eurozone was mixed, giving no edge to the currency pair.

US CPI increased 0.2% in March on a seasonally adjusted basis, at the same rate as in February and in line with …

EUR/USD Continues March Upward

April 16, 2015

EUR/USD extended its upward move during the current trading session as most of today’s economic reports from the United States missed expectations. The better-than-expected manufacturing indicator made the currency pair pause the rally, yet it looks like the euro is ready to resume its march upward against the dollar now.…

EUR/USD Rescued After Initial Drop

April 15, 2015

At the start of the Wednesday’s trading session EUR/USD was moving down, and it looked like the Tuesday’s rally had come to an end. Yet the euro was rescued by yet another set of worse-than-expected economic indicators released from the United States. This allowed the currency pair to rebound. The European Central Bank made

EUR/USD Bounces After Six Sessions of Losses

April 14, 2015

EUR/USD rose today for the first time in seven trading sessions. Today’s data from the eurozone was good while US economic indicators came out worse than expectations. The growth outlook from the International Monetary Fund added fuel to the rally as the IMF revised its growth projections for the United States …

Trend vs. Counter-Trend Trading

April 13, 2015

I have recently noticed that many of my trades turn out to be against the direction of the current trend. Indeed, it seems that several of the popular chart patterns (channels, double/triple tops and bottoms, and even flag patterns) are based on a trend reversal, which is counter-trend by definition. Of course, not all …

EUR/USD Trades Near Opening During Monday’s Session

April 13, 2015

EUR/USD bounced a little after touching the session low but remained below (but close to) the opening level during Monday’s trading. The dollar remained firm even though today’s US economic data was not supportive for the currency.

Treasury budget deficit shrank to $52.9 billion in March from …

Bitcoin in Forex — Pay and Trade!

April 12, 2015

I have added a list of Bitcoin Forex brokers and also an introductory description of Bitcoin as a payment system to today. For now, there are only 17 companies in the list. There are two kinds of them:

    FX brokers that accept Bitcoin payments or are ready to provide BTC withdrawals. In most
  • MT4
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Script to Place Orders with Position Size Calculator

April 7, 2015

If you have thought that trading based on the accurately calculated position size cannot get any better, think again. Now you can use a MetaTrader script to place orders based on the calculations of the Position Size Calculator indicator. The script will detect the position size calculated by the indicator …

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…
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