This blog offers fundamental analysis, technical analysis and various currency trading information.
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 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 …
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 …
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 …
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. …
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 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, …
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 …
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 …
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 …
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 …
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.
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:
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 …
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 …
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 — …
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 …
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 …
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:
Arbitrage is a practice of earning money by simultaneously buying and selling the same asset on different markets without exposing yourself to the asset value risk. The simplest example of FX arbitrage would be to buy a currency at one broker at an Ask price that is lower than the Bid price you can sell it …
Currency trading is by and large carried out in the OTC (over-the-counter) market. Lack of a central regulatory authority has given rise to numerous Forex brokers with offices in exotic locations. A large section of the retail traders depend on these Forex brokers to trade currencies from the comfort of their home. While it just …
As per efficient market hypothesis, it is almost impossible to outperform the market. The reason is that market’s efficiency ensures that relevant details of an asset are incorporated in the prevailing trading price. It means that, theoretically, there is no possibility of buying and selling an asset low and high respectively. …
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 …
Food has a direct effect on the performance of a trader. A healthy diet keeps a trader alert and active throughout the day. This would ultimately enable a trader to have a clear understanding of the price movement in the market, to validate signals without lack of concentration and to take successful trading decisions without any dilemma. In this regard, let …
Three years after publishing our first extensive comparison of the top Forex calendars of that time, we return to the subject with the information updated to reflect everything that the industry has to offer in 2016–2017.
Technical analysis is the statistical study of market data (price, volume, etc.), while fundamental analysis is …
While all transactions in a stock or futures markets are carried out under the supervision of an exchange, Forex is an over-the-counter market where the transacting parties can be from different corners of the globe. Thus, in the interest of investors, it becomes all the more important for the regulatory authorities to closely monitor the brokers facilitating the trades. …
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 …
The normal gap trading strategy — that is buy/sell after a weekly gap to profit from gap’s compensation — has a nice statistical evidence behind it. But what do we know about forecasting the weekly gaps based on information available to us on late Friday session?
I have decided to backtest …
Market Profile indicator is a powerful tool developed by a CBOT trader. Its original purpose was to graphically organize price and time information obtained during a trading session in a manner useful to traders. Today’s Forex market is quite different from what commodity futures trading was back in 1985 …
Without looking at any charts, my first thought about the strongest major currency during the last five years would have been the US dollar. After all, it was the major winner in the global financial crisis of 2008 when the markets had run for safety while the dollar’s rivals fared poorly. …
If you ever wondered what is the total cumulative risk of your currently open orders and positions, then my latest MetaTrader tool — Risk Calculator — will help you to answer that question even if you have many orders with interwoven stop-loss and take-profit levels.
Although, I am …
The aim of a Forex trading checklist is to prevent impulsive trading and accidental mistakes. An essential checklist for smooth execution of a basic Forex trading entry is presented below. Feel free to build on it and modify it according to your trading style.
The influence of the US presidential cycles on the stock market is known for years. There are articles published in the peer-reviewed economics journals focusing on the idea of trading using the presidential cycle as a signal. One of the latest such articles is The Four-Year U.S. Presidential Cycle and the Stock Market published in Graziadio Business Review by Marshall Nickles …
It strikes me how some traders use their reward-to-risk ratio as a base for setting either take-profit or stop-loss of their positions. They usually follow these steps or similar: set stop-loss to some important chart level, multiply the stop-loss in pips by desired reward-to-risk ratio and get the take-profit level from it.…
