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Forecasting the Next Nonfarm Payrolls & Unemployment — Poll

April 6, 2020

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 …

Forex Brokers Update — April 5th, 2020

April 5, 2020

No new companies have been added to our list of brokers this week, but we had the following changes to the existing listings:

RoboForex raised the maximum leverage for ECN-PRO NDD accounts from 1:300 to 1:500.

PFD — corrected commission size in PFDProPlus (MT4) accounts.

Pepperstone removed Polish, Japanese, …

Weekly Forex Technical Analysis (Apr 6 — Apr 10, 2020)

April 4, 2020 2 Comments

EUR/USD

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.0304 1.0539 1.0676 1.0910 1.1047 1.1281 1.1418

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.0514 1.0627 1.0886 1.0998

EUR/USD Weakens as Coronavirus Takes Its Toll on US Employment

April 3, 2020

The US dollar continued to strengthen against the euro despite the unexpectedly poor employment data reported in the United States today. Perhaps, the reason is the fact that the European PMI indicators now look even more dismal as the pandemic hurts not only people’s health but also economic well-being of the eurozone nations.…

EUR/USD Drops Following Another Disastrous Week of Growth in Initial Jobless Claims

April 2, 2020

As the COVID-19 pandemic continues to wreak havoc on the US employment, the relevant macroeconomic indicators surprise even pessimistic traders. Although EUR/USD was in a slow downtrend during the early trading session today, it declined sharply following the release the US fundamentals.

Initial jobless claims doubled to 6,648k during the week ending …

EUR/USD in Downtrend — Better-than-Expected US Data Helps

April 1, 2020

The US dollar has managed to strengthen against the euro today despite the exponentially increasing number of COVID-19 positives in the United States. Some of the important macroeconomic indicators that were released in the USA today came out better than expected, which helped the greenback against other currencies.

ADP employment dropped by …

Forex Market to Be Quarantined

April 1, 2020

Today, the World Health Organization (WHO) together with the Bank for International Settlements (BIS) issued a joint statement requesting a complete lockdown of the Forex market due to the ongoing global COVID-19 pandemic.

On WHO recommendation, the BIS, after conducting comprehensive consultations with world’s leading central banks and FX …

EUR/USD Drops, Rebounds from Daily Low

March 31, 2020

EUR/USD fell today but has bounced from the daily low by now. Analysts speculated that the decline was a result of the demand for the greenback from firms at the end of the month and the quarter. US macroeconomic reports released yesterday and today were better than expected for the most part.

S&P/Case-Shiller home price index rose …

Which Forex Volatility Indicator Do You Prefer?

March 30, 2020

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 …

Rough Diamond Top on Daily Chart of EUR/CAD

March 29, 2020

The EUR/CAD currency pair had rallied rather strongly on the global COVID-19 news and the demise of crude oil prices. The pair began its uptrend back on February 20, peaking on March 19, and completing the consolidation phase of the diamond top formation this week. The last time I had traded a diamond top pattern was …

Highly Customizable Indicator to Trade Round Numbers

March 18, 2020 1 Comment

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 …

Most Trending Currency Pairs in Forex + TrendStats Script

February 17, 2020

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 …

New Indicator to Trade Price Action — Basing Candlesticks

December 2, 2019

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, …

Color Market Profile Based on Bullish/Bearish Bars

October 18, 2019

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 …

My sRs Trend Rider 2.0 Test and Review

July 23, 2019

Disclaimer: I have received a free copy of sRs Trend Rider 2.0 for review, but I am in no way affiliated with Vladimir Ribakov.

sRs Trend Rider 2.0 is a trading system, which includes a set of expert advisors and indicators as well as an explanatory ebook. The main purpose of sRs Trend Rider 2.0 …

Switch ATR Timeframes and Move SL/TP Lines Freely in New PSC

July 8, 2019 2 Comments

Version 2.22 of Position Size Calculator fixes two minor bugs and introduces three cool new features:

You can set the input parameter UseCommissionToSetTPDistance to true and then the Take-profit button will use the entered commission when calculating the TP line location:

If you leave …

[Poll] What Is the Best Way to Backtest?

March 4, 2019

If you want to be sure that your strategy can yield better results than you would attain by simply buying and selling randomly, you need to test it. There are two ways of doing it: backtesting (when you use past data to see how the strategy …

PSC Now Supports ATR SL/TP and Reverse Risk Calculation

February 27, 2019

Apart from some bugfixes, the version 2.18 of Position Size Calculator contains three new features:

    ATR-based stop-loss and take-profit are now a thing. If you prefer to set your SL/TP by the multiples of the Average True Range indicator, you can now do so automatically with

Ignore or Append Saturday/Sunday Hours in Market Profile

December 24, 2018

The new version of Market Profile, which has been released just now, implements two new major changes and two minor ones.

The first major change is that you can now control how the indicator processes Saturday and Sunday candlesticks. Before the update, it would try …

PSC Gets Ready for Volumes with 8 Decimal Places in Crypto

November 6, 2018 2 Comments

With ampler layout and lots of bugs squashed, version 2.15 of Position Size Calculator together with version 1.06 of PSC-Trader have been released today. The main goal of this update was to fix as many errors and inconsistencies in calculation and display as possible. The second goal was to add some of the requested …