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EUR/USD Bounces After Dipping Intraday

June 28, 2017

EUR/USD slid intraday but bounced later after signals about possible monetary tightening in Great Britain and Canada drove the US dollar down. The unexpected drop of US pending home sales was not helping the greenback either.

Pending home sales fell 0.8% in May from April instead of rising …

EUR/USD Surges After Speech of ECB President

June 27, 2017

EUR/USD surged today after the speech of Mario Draghi, President of the European Central Bank. (Event A on the chart.) Markets considered his comments to be hawkish, that is why the currency pair reacted positively. Good US macroeconomic indicators halted the rally, but EUR/USD was still hanging near the day’s …

USD/CAD in Ascending Channel on H4

June 25, 2017

After falling to its June 14 low, the USD/CAD currency pair began rising slowly, forming a perfect ascending channel pattern on its four-hour chart. A bearish breakout from this pattern would imply a continuation of the previous strong downtrend of the US dollar against the loonie.

The channel is marked with the yellow …

USD/JPY Consolidates in Bullish Pennant After Rally

June 25, 2017 (Last updated on June 26, 2017)

A rather rough bullish pennant pattern has formed on the 4-hour chart of the USD/JPY currency pair. The pair’s rally started on June 14 following a new monthly low. It has managed to set up a new higher high and then entered a consolidation that seems like a valid bullish pennant formation, which …

Forex Brokers Update — June 25th, 2017

June 25, 2017

Only three brokers have some changes to report on since the time of the previous brokers update post:

FXTM now accepts deposits in Bitcoin.

HYCM added trading in BTC/USD and deposits via Neteller.

Profiforex began accepting US traders. Launched Arabic version of its website. …

Weekly Forex Technical Analysis (Jun 26 — Jun 30)

June 24, 2017

EUR/USD

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.1043 1.1081 1.1137 1.1175 1.1231 1.1269 1.1325

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.1085 1.1146 1.1179 1.1240

EUR/USD Rallies After Markit PMIs Miss Expectations

June 23, 2017

EUR/USD rallied today after Markit released indicators for US manufacturing and services, which showed an unexpected drop. Better-than-expected housing data did not affect the currency pair much.

Markit released a flash report for manufacturing and services in June, and both indicators missed expectations. Manufacturing PMI fell from 52.7 to 52.1, …

EUR/USD Logs Marginal Loss Despite US Data

June 22, 2017

EUR/USD fell today despite disappointing macroeconomic data from the United States. The drop was marginal, though, and was not enough to erase yesterday’s gains, which were not big themselves.

Initial jobless claims rose to 241k last week from the previous week’s revised level of 238k, …

EUR/USD Rallies Despite Positive US Housing Data

June 21, 2017

US housing data released today was very good, surprising market participants. It followed yesterday’s better-than-expected current account balance. Yet all the good reports did not prevent the dollar falling against the euro. The drop was marginal, though, and the EUR/USD currency pair was still trading lower …

Forex Brokers Update — June 20th, 2017

June 20, 2017

The last two weeks saw one new broker added to the list of Forex companies:

EverFX — a Cypriot broker that is specializing on big accounts but is also offering standard accounts from $300. 1:500 leverage is available and trading is done via MT4 and with commission per …

Free Order Management EA with a Graphic Control Panel

February 6, 2017

I remember myself during my early Forex years, sitting on a bunch of positions across five or six currency pairs and thinking — how do I make them all close at once when their total profit reaches my target? Now, I have developed a tool that does exactly that. I am pleased to announce the launch …

PSC Panel Scaling for High-DPI Displays

December 21, 2016

MetaQuotes has spurred my development process, forcing me to release the next version of the Position Size Calculator indicator much faster than I had intended to. Their latest changes to both MT4 and MT5 platforms prevented compilation of the PSC source code due to new way the string variables must be …

New: See Swaps Info, Control Trading Script via PSC Panel

November 11, 2016 1 Comment

It is time to release another version of Position Size Calculator indicator. It has some important bugs fixed and also adds new exciting features, including two new tabs. The complete list of changes is provided below.

    The Balance button on the Main tab now has a third

Major Fixing of Position Size Calculator + Symbol Leverage Display

September 20, 2016 2 Comments

I have uploaded a new version of Position Size Calculator indicator for MetaTrader today. It addresses several issues mentioned in the forums and in support messages and provides better usability. Here is the list of changes:

    Calculated symbol Leverage is now visible in the Margin tab of the panel. Fixed a bug that

MetaTrader Panel for Position Size Calculator

September 7, 2016 (Last updated on February 5, 2017) 7 Comments

In February 2008, I have launched a simple online position size calculator — a tool that helped thousands of traders to open trades based on their risk preference. In March 2012, I have published the first version of position size calculator (PSC) indicator for MetaTrader. Now, 4 …

See Currency Rate Change in Percents on Your Chart

June 13, 2016 1 Comment

Daily Percentage Change is the latest addition to the list of free MT4/MT5 indicators I share on EarnForex.com. It is loosely based on this MT4 indicator. The main advantage of such an indicator is that it can be used in price action trading to get the understanding of the current session’s direction …

MetaTrader Templates Tutorial — Copying Settings Between Charts and Platforms

May 20, 2016 (Last updated on January 29, 2017) 4 Comments

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 — …

Will Hedging and Real Ticks Backtesting Sway You Toward MT5?

May 9, 2016 1 Comment

In March, MetaQuotes had launched a public beta of MetaTrader 5 platform with position hedging and backtesting on real ticks. In April, the developer had pushed the modification to brokers’ demo servers. The companies can disable creation of hedging accounts in MT5 (which they mostly do). However, the feature is already there and soon …

How to Add Alerts to MetaTrader Indicators

March 22, 2016 (Last updated on December 21, 2016) 36 Comments

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 guide …

Display Weekly and Monthly Market Profile in MetaTrader

January 25, 2016

After introducing the MetaTrader Market Profile indicator back in 2010, today I have finally updated both the MT4 and MT5 versions to work with weekly and monthly trading sessions in addition to the daily ones. Also, I have improved its functionality and fixed a number of bugs:

    Color scheme selection is now