Forex Blog

An interesting Forex broker reached my attention recently — DeltaStock. It’s a Bulgarian registered brokerage company, which is operating on the on-line Forex market since 2001. DeltaStock also offers CFD, metals, commodities and stocks (only Bulgarian companies) trading. It offers both fixed and variable spreads to choose from and both downloadable and browser trading platforms to trade. I think that this broker would be quite interesting for the Bulgarian Forex traders and those outside Bulgaria who are searching for some good trading conditions.

EUR/USD trend: sell.
GBP/USD trend: sell.
USD/JPY trend: hold.
EUR/JPY trend: sell.

The U. S. dollar gained against the euro and the pound today after the release on personal income and spending came out. EUR/USD fell down from 1.5813 to 1.5761, while GBP/USD slid down from 2.0071 to 1.9947.

Personal income rose 0.5% in February — above the forecasted and the previous month’s 0.3% growth. Personal spending grew at a very slow pace in February; it rose 0.1% — the same as it was expected and lower than the previous 0.4% growth.

Michigan Sentiment Index final value for March was released today at 69.5 — below the expected 70.0 and the February’s 70.8.

EUR/USD turned to a mainly bearish trend after the GDP and unemployment statistics were released in U.S. today at 8:30 EST. Dollar went up from 1.5845 to 1.5750 dollars per euro.

The gross domestic product in the fourth quarter of 2007 gained 0.6% as was forecasted by the major market analysts and the previous GDP report. While the value is definitely low, it’s still above zero and it also held stable against the expectations of the possible revision.

Initial jobless claims last week decreased slightly — they went down from 375,000 (revised down from 378,000) to 366,000. The consensus expectation was at 371,000.

EUR/USD gained more than 100 pips today as it continued to grow on Forex before and after the fundamental news releases in U.S. Some of those releases were rather neutral, while one was particularly bad. Although EUR/USD descended from its historical maximums it is now starting to return to the bullish trend.

Durable goods orders in February dropped 1.7%, while a growth of about 0.8% was expected. It followed the 4.7% drop in January.

New home sales in U.S. were at 590,000 in February — they dropped compared to January’s revised value (601,000) , but were both above the expected 580,000 and above the unrevised January’s 588,000.

Crude oil inventories remained unchanged during the last week in U.S. The stagnation followed a very small positive change by 0.1 million barrels in previous week.

Today’s update to the MetaTrader expert advisors on my site isn’t very original. For many people MACD Sample expert advisor was the first EA that they tried on the MT4 strategy tester. It’s a well known sample advisor from MetaQuotes, designed to show the basic Forex strategy implementation for the MQL. The one that is now freely available on my site differs slightly from the original version. I’ve decided to make some enhancements and optimized it for GBP/USD pair and H4 (4 hour) timeframe.

In a one year backward test it made about 44% of the initial deposit with 0.3 standard lot position size. The drawdown also wasn’t small, but 10% is quite good, in my opinion. Download this expert advisor and try it for yourself. If you get some interesting results with it on forward tests, don’t hesitate to contact me.

A new Forex broker was added to the list of PayPal Forex brokers on my site today — GFS Forex & Futures. Apart from having the long name and accepting PayPal as one of the funds transferring methods this broker can boast being a registered member of NFA and CFTC.

GFS Forex & Futures offers a custom Forex trading platform — OperaFX Pro. To start trading with them you’ll need to open either a mini account with the minimum of $500 or a standard account with a minimum of $10,000. Leverage is 1:100 for standard accounts and 1:200 for mini accounts.

EUR/USD trend: sell.
GBP/USD trend: sell.
USD/JPY trend: hold.
EUR/JPY trend: sell.

A new addition to my strategy Forex e-books collection arrived today and now can be downloaded by everyone — it’s FX Wizard by Rob Walton. This e-book is about almost everything that is connected to the successful Forex trading — basic money management, discipline, the overall systematic behavior of the trader and, of course, the trading system development. It’s intended for the experienced Forex traders that know the basics and are eager to learn the more important information. But if you trade for several years then you should already know everything that this book can tell you about. If you have just turned from being a Forex newbie to first significant successes and failures in trading then this e-book is for you.

EUR/USD reversed almost fully its previous weekly earnings today. It fell from 1.5642 to 1.5419 — that’s more than 1.4% in a single day. The euro, being fundamentally overbought, was doomed to a correction. But such a fast drop can mean something more than a short-term correction wave. Though the fundamental data that came out today in U.S. wasn’t very good for dollar.

Initial jobless claims last week increased to 378,000 from the previous week’s 356,000 (revised up from 353,000). The increase to 360,000 has been expected. This indicator is still very bad and is signaling that the employment market in U.S. is still suffering from the financial crisis.

Leading indicators isn’t very important indicator in Forex trading, but it can show the overall health of the economy in U.S. In February leading indicators index fell 0.3% — as expected.

Philadelphia Fed index measures the state of the manufacturing conditions. In March it improved slightly from the record low February’s -24.0 to -17.4. But its value is still very low and indicates the weakness of the manufacturing sector.