Forex Blog

If you ever wanted to trade using Tom DeMark’s TD Sequential methods on a MetaTrader broker but found the currently available indicators lacking, you will be delighted to get hold of my latest creation — TD Sequential Ultimate. It is a free open-source indicator available for MetaTrader 4 and MetaTrader …

Have you ever wanted to set up a schedule for your MetaTrader platform to turn off AutoTrading at a given day and time and then re-enable it at some other day and time? Me neither! But I am quite sure there are many people who need something like that. AutoTrading Scheduler…

Price Alert indicator has got a complete overhaul today and is now equipped with a small but very functional panel. You can use it to set price levels, enable and disable alert types, and quickly remove the indicator. Push-notification alerts are now supported by the indicator. Additionally, input …

Today a new version of Market Profile indicator for MetaTrader 4 and 5 has been released. There are three main additions to the indicator this time:

The biggest one is the rectangle sessions. They are enabled by setting the Session input parameter to Rectangle and adding any …

Another major release of Position Size Calculator is out today — version 2.29. Its biggest highlight is the possibility to create multiple trades based on a single calculated position size by launching the PSC-Trader script (which also got updated to version 1.08). The list of changes is available below:

Divide

Our Account Protector is a powerful expert advisor, but not in the sense it is often understood by online Forex traders. It doesn’t trade for you by opening buy or sell positions automatically. Account Protector manages your trading account’s risk by enabling you to select a set of actions to trigger when …

Trading off round numbers is a rather popular technique in Forex and other financial markets. Although round price levels rarely hold any meaningful fundamental value, they provide solid psychological points of reference to human traders. This makes them quite effective when trading psychology-dominated markets. That …

Quite some time has passed since I published my last post on the Forex pairs that trend the most. A lot of stuff has changed since then and because a lot of readers have asked me to post an update, I am finally doing it today. But not only that, I am …

Quite some time ago, one of our forum members asked for an indicator to detect basing candles in MetaTrader. Today I present a new free indicator both for MT4 and MT5 — Basing Candlesticks.

It is a minimalistic indicator that compares the body size of the candle against its high-low range and, …

Our Market Profile indicator has received another major update today — version 1.13 implements the following changes:

Market Profile blocks (TPO’s) can now be colored according to whether the original bar is bullish or bearish in contrast to the bar being older or newer. This might be useful to quickly …

This is not a new book, so the chances are you have probably already read it or at least read about it. The Quarters Theory: The Revolutionary New Foreign Currencies Trading Method^(ad) was written by Ilian Yotov and published back in 2010, but I have got my hands on it only …

Locked-in Range Analysis: Why most traders must lose money in the futures market (Forex) is the name of the e-book by Tom Leksey. It teaches the Locked-in Range Analysis (LRA) method developed by the author. The book is available for free download in two languages — English and Russian.

The e-book was first published in 2017. …

Lehman Brothers was a titan of financial trading before going bankrupt in September 2008. In March 2010, Anton R. Valukas and his law firm Jenner & Block produced a 2200-page report on the company. It was used in the bankruptcy court hearings. Consequently, the report has been made public. Yesterday, …

Today, I would like to present a review of a research paper called Crowds, Crashes, and the Carry Trade. It was published by Valeri Sokolovski, a finance scholar at the Stockholm School of Economics. It was presented by Mr. Sokolovski at the conference called Exchange Rate Models for a New Era: Major …

This book was recommended to me by a fellow redditor from /r/Forex. Trade Mindfully: Achieve Your Optimum Trading Performance with Mindfulness and Cutting Edge Psychology^(ad) is one of the books on trading psychology that provide valuable advice and actionable techniques. Another trading book of such a high quality …

Although the field of trading psychology looks oversaturated at this stage, considering that we have such a jewel of the genre as Trading in the Zone by Mark Douglas, I would still like to share an e-book that offers an interesting approach to dealing with the psychological problems in trading. Enough to Be Dangerous is a very …

Japanese candlestick charts have become a staple trading tool since a long time ago. An Introduction to Japanese Candlestick Charting had been written by Erik Gebhard of Altavest quite some time before that (in the year 2000). Nevertheless, this e-book can still serve as a primer for newbie …

A necessary disclaimer: I have received a complimentary copy of the book from its author, so my review may be biased due to that.

Momo Traders: Tips, Tricks, and Strategies from Ten Top Traders^(ad) is a book about successful day traders in stock markets. It was written by Brady Dahl …

Reviewing an economics study paper that is 8 years old but is still relevant today is an odd experience. The Impact of Economic News on Financial Markets published by John C. Parker in April 2007 is a good example of such a document. John is an econometrician with nearly 40 years …

Elliott Wave theory is a popular topic in Forex trading — almost 20% of this blog readers use EW in their analysis. Last year, I have uploaded a book, which offers a new approach to achieve a definitive wave count in Elliott Wave analysis. Today, I bring to your attention another …

After peaking on September 1, the EUR/USD currency pair is trading in a clear downtrend, which took the form of a descending channel as of today. A descending channel inside a bigger uptrend offers a bullish breakout opportunity — the smaller channel serves as a trend continuation pattern.

The yellow lines on the screenshot below mark the descending channel’s borders. …

CAD/CHF has been in a rather clear downtrend since May 2018. In March of 2020, the currency pair began to consolidate inside a symmetrical triangle (actually a mix of a symmetrical triangle and of an descending triangle) on its weekly timeframe chart. A strong breakout of the bottom border would suggest a continuation of the previous trend down.

The triangle’s borders …

I didn’t post any channel pattern setups since 2018, and the last descending channel setup had been posted back in 2017. This makes today’s descending channel on the daily chart of AUD/NZD a rather rare find. The pattern began forming inside a long-term bullish trend of the currency pair since August 18. …

One month after another AUD/NZD @ H4 pattern had led my trade to a take-profit, albeit in a trend-continuation setup, the Aussie vs. Kiwi pair has now formed a reversal pattern that promises an attractive entry should the actual breakout occur. Being a four-hour timeframe pattern, this double top didn’t …

USD/CHF, which is experiencing a very strong bearish trend since March this year, looks to be ready to switch for a rally, albeit temporarily, if the double bottom pattern that we see on the 4-hour chart holds its ground.

On the chart screenshot below, you can see the pattern’s neckline and the two …

Since mid-March, the Australian dollar had been experiencing a strong uptrend against its US counterpart, which stopped only after the first week of June. Then, the currency pair entered a consolidation phase that took form of an ascending triangle — a continuation chart pattern — on the daily timeframe.

The screenshot below shows the triangle’s …

Following the example of its major counterpart, AUD/NZD seems to be ready to breakout to the upside for some additional, albeit short-term, bullish action on its H4 chart. The currency pair had been in a strong uptrend for 3 days starting on July 13 before it entered a consolidation phase in the shape of a symmetrical …

Following the failure of the double top formation to reverse the currency pair’s trend to the downside in May, AUD/USD had continued its uptrend. Since June 10, the rally has stalled and has formed a symmetrical triangle pattern, which suggests that bullish continuation is possible.

The following chart shows the triangle marked …

The long-term correction on the AUD/USD daily chart that started back in March this year follows a 2-year bearish trend on this currency pair. The correction seems to be over now as it has hit the double top resistance with the Aussie ready to go further down.

On the chart below, you can see …

EUR/USD is a currency pair that is probably on every trader’s radar nowadays as it is consolidating since early march after two years of a steady downtrend. The symmetrical triangle we are looking at on the weekly timeframe chart is a nearly perfect example of a continuation pattern. However, before the actual breakout …

According to many authors and my own experience, achieving success in Forex is nearly impossible without a great deal of automation. Such automation can involve market analysis tools, signal indicators, execution automation (expert advisors), and performance analysis tools. Automating any of those components, brings about verifiability, repeatability and, …

EUR/USD remains the most popular currency pair on Forex. Unsurprisingly, retail traders are interested in its future. Like many others, you might be asking a question — how far can it still go? On the one hand, we have a breach of the massive long-term trendline running since 2008. On the other …

Our timeframes poll from 6 years ago has shown that the majority of traders prefer daily timeframes in their Forex trading. Nowadays, the diversity of timeframes offered by modern trading platforms is astounding, with some platforms allowing unrestricted customization of the period. Still, analyzing timeframes that no one …

Repainting indicators are technical indicators that change their output values on past candles based on the candles that came in later. Some traders also consider indicators that change their current candle’s value based on the updating High/Low/Close values repainting, but this is hardly an issue that results …

There are innumerable ways to approach Forex trading and to base your entries and exits on. Traders who aim to reach profitability upgrade their trial-and-error ways into a sort of a trading system with a specific set of rules. In most cases, these trading systems (or strategies) use some main foundation …

When you add a moving average (or nearly any other indicator) to a chart, you can usually set the base price type to apply it to. That choice is most often left unchanged from its default — the Close price. However, changing it might be worthwhile in various applications. …

The latest report on US employment (Friday nonfarm payrolls) has turned out to be significantly worse than consensus forecasts suggested. However, the released numbers clearly didn’t cover the worst of the employment crisis, which is currently ravaging the United States. There were two reasons for that. First, the reference …

Trading without indicators (naked Forex trading or pure price action) is popular among traders nowadays. Still, even many price action proponents rely on some measure of volatility to analyze charts and to time trades. This measure is most often provided by some sort of a technical indicator. What …

The COVID-19 pandemic is wreaking havoc on people’s lives, on countries’ economies, and on financial markets. Yet, similarly to other world-scale events (like Brexit or the US political elections), it also offers opportunities to re-evaluate currency exchange rates of the affected economies, providing a reward to traders who manage to properly forecast the consequences …

Today, I would like to talk about a topic, which is of particular interest to many potential investors and account managers — what is the fair value for managing someone else’s funds in Forex? PAMM accounts are especially popular among Forex traders. According to our old poll, more than a half …

Following our detailed infographic explaining the basics of VPS application in Forex trading, the IT specialists from Swiss Artmotion offer their own interpretation of the trading infrastructure problem. The infographic explains how the trader’s choice of server hardware (and software too) impacts the profits earned and lost. The main idea is that a meticulous …

Since my explanation of how VPS can enhance automated Forex trading was quite popular among this blog’s readers but lacked an easy-to-understand visual explanation, we have created this infographic. You can learn about hosting your MetaTrader expert advisors on a virtual private server in just …

The final piece of Forex infographics that is presented to you by EarnForex is the visualized statistics of the currency and currency pair popularity in Forex trading. Although London still hosts the largest volume of daily Forex transactions, the Great Britain pound is only 4th by popularity, the same as GBP/USD among the currency …

Despite the fact that the US dollar is the most popularly traded currency in the modern FX market, the worldwide leader for the currency trading is not the US but UK with its capital city of London. The presented infographics displays the geographical distribution of global Forex trading turnover. The data is from April, …

According to the latest reports, the Forex industry is growing rapidly. For a better picture of the current state of the foreign exchange market I’ve decided to create a set of infographics. The first one shows the global FX turnover along with the biggest participants — the financial institutions that provide liquidity to the retail Forex brokers. The data …

The regulation of Forex brokers is one of the most discussed topics in trader communities. It is also a topic of considerable importance because the safety from non-trading related risks depends mainly on the supervising authorities. According to a poll we had a few years ago, the vast majority of our …

This is another post about one of the many Forex scams being run by unscrupulous individuals online who are taking advantage of unsuspecting victims with lofty promises of guaranteed profits from the Forex markets.

The US Commodity Futures Trading Commission (CFTC) announced on August 9, 2019, that …

On July 19, 2019, the Commodity Futures and Trading Commission (CFTC) announced that Kelvin O. Ramirez had been fined over $2.9 million for soliciting money from clients using fraudulent claims and then embezzling the money instead of trading FX on behalf of his clients as he had promised.

Ramirez …

Forex traders and professional investors in general would be well aware of the numerous currency trading related scams that are being unearthed every year. While the underlying principle behind a Forex scam is always the same – to prey on greed – the modus operandi changes according to the circumstances. In the recent …

The tactics employed by the perpetrators of investment frauds had undergone little change in the past century. However, there is no dearth of unsuspecting investors who fall prey to such Ponzi schemes. The reason is that crooks have a clear understanding of the human psychology. Whileon Chay, a New York resident, is one …

Unlike other financial markets, the Forex market has very little legal and capital restrictions. Thus, it is a blessing for a beginner who lacks financial strength. However, con artists misuse the FX market for their personal gains. Thus, it is a must to scrutinize the schemes related to the foreign exchange trading. …

A conservative estimate of the amount lost by the American public, between 2008 and 2014, in Ponzi investment schemes stands at $50 billion. The estimated value does include the sum ripped off by con artists through stock, real estate, and commodity schemes as well. However, the majority of the investors lost their hard-earned money in Ponzi …

We continue our series about the notable Forex scams with an article about an enterprise called Botfly LLC, which operated from 2005 through 2010.

In a calm state of mind, a close look at the promotional materials of any scammer will quickly reveal to any layman that the offer is too …

The Forex market stands apart from other financial markets in terms of liquidity, capital requirements, trade timings and leverage. However, much like other businesses, scammers do operate in FX markets as well and always look for an opportunity to prey on unsuspecting investors. Even though authorities continue to expose extensive and long-running Ponzi …

After almost five years break, I am continuing the series about most famous Forex scams. Today, the story goes about a guy named Danny Wall and his fraudulent educational and money management facility.

Forex trading can be a great way to earn money — if you understand how …

Many think of bitcoin as an investment and rightly so, it has grown from being worth fractions of a penny to being worth hundreds of dollars in a few short years. Price fluctuations have made it a popular commodity to trade both in the futures market and in real time. Bitcoin now easily surpasses $100 …

You might already know how to copy input parameters for a single indicator across different charts and platforms. You also might have mastered the power of copying the whole account profiles from one MetaTrader instance to another. However, sometimes, what you need is just to copy one chart — …

Many MetaTrader users are struggling to work with indicators on multiple charts. They pose a reasonable question: “Is there a way to save indicator input parameters from one chart and easily load them on another?” The answer is: “Yes, it is definitely possible!” Traders often ask me about …

Originally, I intended this post as a do-it-yourself guide on how to add alerts to MetaTrader indicators without knowing how to code at all. But writing it, I came to realization that even if a trader knows nothing about MQL language and coding he will have to learn some basics through this …

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 …

There are two different ways to get price alerts in your MetaTrader Forex trading platform. The first one is to use the built-in Alerts system. The second way is to use the special Price Alert indicator. The former is much simpler and more customizable, while the latter allows setting visual …

Update 2016-05-09: This tutorial is now obsolete. Please refer to MetaTrader Indicators — User’s Tutorial for MT5 indicators installation instructions.

This tutorial covers only MetaTrader 5 indicator installation. If you need info on MetaTrader 4 indicator installation, please, refer to my previous tutorial…

Sometimes, it is necessary to copy all your MetaTrader chart settings to another PC or save them while you are reinstalling Windows on your current PC, or in cases when you are moving to a new broker and have to …

Trailing stop allows you to automatically protect the profits with your positions. It adjusts itself according to the current market rate and the amount of pips you give it to trail behind. Trailing stop is a great tool for the conservative and long term traders as it easily creates protective «airbag» for the trades. There are two basic ways …

Update 2016-05-09: The tutorial has been completely revamped to reflect the most current and easiest way to install new indicators in MetaTrader — both MT4 and MT5.

This tutorial covers indicator installation for MetaTrader 4 and 5. Since MT4 Build 600, there is no difference in the way it is done in the two …