Forex Blog

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


EUR/USD at Highest Since August 2015 After ECB Meeting

July 20, 2017

EUR/USD reached flash highs today, rising to the strongest level since August 2015, after the European Central Bank monetary policy decision (event A on the chart) and the press-conference of ECB President Mario Draghi (event B on the chart). While the central bank kept its policy unchanged, Draghi mentioned that policy …

EUR/USD Inches Down Ahead of ECB Policy Announcement

July 19, 2017

EUR/USD inched down today as traders were waiting for tomorrow’s policy announcement from the European Central Bank. Today’s economic docket was almost empty, but the housing report released in the United States was good, helping the dollar to gain on the euro.

Both housing starts and building permits climbed …

EUR/USD Jumps to New Highs

July 18, 2017 (Last updated on July 19, 2017)

EUR/USD rallied today, touching the level not seen since May 2016, as another effort to repeal the Affordable Care Act failed, leading to increasing concerns that US President Donald Trump will find heavy resistance to his reforms, including tax cuts. That, combined with doubts …

[Poll] Is Forex Trading Legal in Your Country?

July 17, 2017

Various countries deal with the retail Forex trading industry differently. Long gone are the days when regulators ignored small traders and their relationship with brokers. Developed countries set up the regulatory frameworks that protect the retail customers but create many restrictions. At the same time, some …

Bearish Pennant (Flag) Appears on EUR/CAD 4-Hour Chart

July 16, 2017 (Last updated on July 19, 2017)

Following the surge of the Canadian dollar on Wednesday, July 12, induced by the central bank’s rate hike, the EUR/CAD currency pair has formed a bearish pennant pattern on its H4 chart. Although it resembles a flag pattern, the converging edges make it technically a pennant.

The chart screenshot below shows the pennant formation …

Forex Brokers Update — July 16th, 2017

July 16, 2017

One new company has been added to the list of Forex brokers this week:

FXPIG — an offshore broker with a Vanuatu license. It offers trading via MT4 and cTrader platforms with a minimum of $500 balance and a maximum of 1:400 leverage.

Some listed brokers have been updated:

Weekly Forex Technical Analysis (Jul 17 — Jul 21)

July 15, 2017 (Last updated on July 18, 2017)


Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.1276 1.1323 1.1395 1.1442 1.1514 1.1561 1.1633

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.1329 1.1407 1.1448 1.1526

EUR/USD Reverses Losses After Soft Economic Data from USA

July 14, 2017

EUR/USD gained today, reversing yesterday’s losses, as almost all economic reports released from the United States during the current trading session were bad. In particular, inflation, closely watched by the Federal Reserve, missed expectations.

CPI was unchanged in June while economists were counting on at least 0.1% increase. The index …

EUR/USD Stable After Mixed US Data

July 13, 2017

EUR/USD was stable today following mixed economic releases from the United States. Yesterday’s testimony from Federal Reserve Chairwoman Janet Yellen was dovish, but that did not prevent the currency pair from falling during the previous trading session.

PPI rose 0.1% in June while experts …

EUR/USD Moves Higher During Quiet Trading

July 11, 2017

EUR/USD went up today. Trading was quiet, with few economic releases. But those that came out favored the euro over the dollar, pushing the currency pair higher. Traders wait for tomorrow’s testimony of Federal Reserve Chair Janet Yellen.

Wholesale inventories rose 0.4% in May …

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 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) 41 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