Forex Blog

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


Worst Forex Indicator/Tool Ever

April 24, 2017

Each trader has his or her own best trading tool — be it a simple moving average or a complex system that combines volume, market sentiment indicators, and Elliott Wave count done on Fibonacci numbers. It seems that Forex traders favor the simpler methods. The more straightforward the indicator …

Forex Brokers Update — April 23rd, 2017

April 23, 2017

There were no new brokers this week, but we have some updates to report:

Whaleclub now accepts deposits and withdrawal requests in Dash cryptocurrency.

IFC Markets is now regulated by CySEC. Added rebates and updated VIP conditions.

JFD Brokers now works with …

Weekly Forex Technical Analysis (Apr 24 — Apr 28)

April 22, 2017


Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.0452 1.0527 1.0627 1.0702 1.0802 1.0877 1.0977

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.0533 1.0639 1.0708 1.0814

US Existing Home Sales Pace Highest Since 2007, EUR/USD Falls

April 21, 2017

EUR/USD dropped today as US existing home sales pace reached the highest level in more than a decade. Markit PMIs were disappointing, but that did not help the currency pair very much. The euro was also under pressure from this weekend’s French elections and yesterday’s terrorist attack

EUR/USD Rises as Eurozone Consumer Confidence Improves

April 20, 2017

EUR/USD rose today, bouncing after yesterday’s small drop. One of the reasons for the rally was the improving consumer confidence, which now stands at the highest level since 2007. (Event B on the chart.) French election polls were also helping the currency pair, showing that markets-favored Emmanuel Macron

EUR/USD Rallies as US Economic Data Misses Expectations

April 18, 2017

EUR/USD rallied today as US macroeconomic reports failed to meet expectations. Not all of them were bad, but that did not prevent the currency pair from rising.

Housing starts were at the seasonally adjusted annual rate of 1.22 million in March. That is below the medium forecast of 1.25 million …

Forex Brokers Update — April 16th, 2017

April 16, 2017

One new broker has been added to list this week:

Circle Markets — an MT4 broker based and regulated in New Zealand. It offers trading accounts starting from $50 and with spreads dependent on the account size.

Updates to the listed companies included:

    JCMFX added Mini account type

Weekly Forex Technical Analysis (Apr 17 — Apr 21)

April 15, 2017


Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.0453 1.0511 1.0560 1.0619 1.0668 1.0727 1.0776

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.0509 1.0556 1.0617 1.0664

EUR/USD Trades Tad Higher After Weak US CPI & Retail Sales

April 14, 2017

Today’s trading was slow and volumes low due to Good Friday observed in many parts of the world. The holiday did not prevent release of several important economic reports today, including US CPI and retail sales. They turned out to be surprisingly poor, sending EUR/USD higher, though the rally …

EUR/USD Backs Off After Wednesday’s Rally

April 13, 2017

EUR/USD retreated following yesterday’s rally caused by comments of US President Donald Trump about dollar’s strength. Analysts said that markets overreacted as the comments did not contradict Trump’s previous stance, giving no really new information, and it is doubtful that the President has the power to influence the exchange …

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) 5 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 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) 28 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