Forex Blog

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

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My 2020 Forex Trading Results

January 4, 2021

With 2020 finally coming to its long-awaited end, it is time for me to check up on the performance of my Forex trades during the year. Fortunately, my overall trading results in 2020 were positive and much better than they had been in 2019. Although I still have three trades (AUD/JPY

EUR/USD Rises amid Risk Appetite

January 4, 2021 (Last updated on January 7, 2021)

EUR/USD rose today as the market sentiment was positive, making investors less interested in the safety provided by the US dollar. As for US macroeconomic data, the manufacturing sector continued to expand, accelerating the pace of growth. Construction spending was also rising, though missed expectations slightly.

Markit manufacturing PMI rose from 56.7 …

My 2021 Forex Forecast Trades

January 4, 2021

To avoid posting my predictions for the currency pairs in 2021 without actually committing to them, I have entered seven trades based on my Forex forecast. Unfortunately, I couldn’t execute all of the forecast trades because the broker I used (Binary.com) doesn’t provide Ends Between binary options for NZD/USD and oil instruments. …

Rectangle Pattern on Weekly GBP/CHF Chart

January 3, 2021

The long-term rectangle formation that you can now see on the weekly chart of the GBP/CHF currency pair can be dated back to March 2020. Since then, the pair has been trading inside a horizontal channel that can be used for a breakout setup to the upside as well as to the downside.

You can see …

Forex Brokers Update — January 3rd, 2021

January 3, 2021

The past two weeks have seen us updating the following brokers’ listings on EarnForex.com:

LiteForex now shows EU and non-EU account types separately.

Interactive Brokers is now regulated by the Central Bank of Ireland via its Interactive Brokers Ireland Limited subsidiary.

ActivTrades now has an office in Luxembourg.

Forex24

Weekly Forex Technical Analysis (Jan 4 — Jan 8, 2021)

January 2, 2021

EUR/USD

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.2013 1.2091 1.2153 1.2232 1.2294 1.2372 1.2434

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.2087 1.2145 1.2228 1.2286

Forex Forecast for 2021

January 1, 2021 (Last updated on January 4, 2021)

2020 is now over (to the best as we all hope), and it is now time to review my 2020 Forex forecast and to offer my attempt of predicting the movement of currency pairs, gold, oil, and interest rates for 2021. The COVID-19 pandemic wreaked havoc not only to the world’s economies but also to lots of forecasts. …

EUR/USD Moves Up Chaotically Lacking Definite Fundamental Factors

December 30, 2020

The euro has strengthened against the US dollar today, but the intraday market picture was utterly anarchic, spiking both up and down in a matter of minutes. The US macroeconomic indicators released today were rather mixed, causing disorder among foreign exchange traders.

Chicago PMI rose slightly in December — from …

CedarFX: Commission-Free Trading on Forex, Crypto & More

December 28, 2020

The following post is a paid advertisement. The content was provided by the advertiser.

Commission-free trading often comes with a catch. Online broker CedarFX however, is crushing that stereotype with its 0% Commission Account. Having made a name for itself through this original account type, CedarFX has paved …

Weekly Forex Technical Analysis (Dec 28, 2020 — Jan 1, 2021)

December 26, 2020

EUR/USD

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.1993 1.2062 1.2121 1.2189 1.2249 1.2317 1.2377

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.2059 1.2117 1.2187 1.2245

MetaTrader Historical Data Importing and Converting Tutorial for Quality Backtesting

January 13, 2021 84 Comments

Update 2021-01-13: This tutorial has been updated to provide accurate information regarding 90% vs 99.9% modelling quality and to present a simpler method of getting quality historical data in your MT4 platform.

Backtesting MetaTrader expert advisors on historical data is a good way to test a strategy. But testing on the default …

Right Side Histogram Display for Market Profile Indicator

December 7, 2020

Another feature update of the Market Profile indicator has been released today. There are three main big changes in the new version of the indicator:

Right-hand drawing of the market profile histogram is now available. To enable it, you have to set RightToLeft input to true. For all trading …

PSC Update — Stop-Limit Orders and Script Confirmation Window

November 18, 2020 5 Comments

With no updates in almost 6 months, it is time to announce the latest version of Position Size Calculator — 2.32. It includes 24 changes to this MetaTrader indicator. The most exciting upgrades are listed below for your information:

    Stop-limit orders are now supported in MetaTrader 5

MT4/MT5 Indicator to Plot TD Sequential Setup, Countdown, and Support/Resistance Levels

September 8, 2020 (Last updated on November 30, 2020) 2 Comments

If you ever wanted to trade using Tom DeMark’s TD Sequential methods on a MetaTrader broker but found the currently available indicators lacking, you will be delighted to get hold of my latest creation — TD Sequential Ultimate. It is a free open-source indicator available for MetaTrader 4 and MetaTrader …

Basic Scheduling EA for MetaTrader

August 11, 2020 1 Comment

Have you ever wanted to set up a schedule for your MetaTrader platform to turn off AutoTrading at a given day and time and then re-enable it at some other day and time? Me neither! But I am quite sure there are many people who need something like that. AutoTrading Scheduler

Control Panel for Price Alert Indicator in MT4/MT5

July 20, 2020

Price Alert indicator has got a complete overhaul today and is now equipped with a small but very functional panel. You can use it to set price levels, enable and disable alert types, and quickly remove the indicator. Push-notification alerts are now supported by the indicator. Additionally, input

Arbitrary Rectangle Sessions with Market Profile Indicator

July 14, 2020

Today a new version of Market Profile indicator for MetaTrader 4 and 5 has been released. There are three main additions to the indicator this time:

The biggest one is the rectangle sessions. They are enabled by setting the Session input parameter to Rectangle and adding any …

Divide Your Position into Multiple Trades with Several Take-Profit Levels with New Position Size Calculator

May 29, 2020 4 Comments

Another major release of Position Size Calculator is out today — version 2.29. Its biggest highlight is the possibility to create multiple trades based on a single calculated position size by launching the PSC-Trader script (which also got updated to version 1.08). The list of changes is available below:

    Divide

Account Protector Gets New Conditions, Actions, and Control

April 17, 2020

Our Account Protector is a powerful expert advisor, but not in the sense it is often understood by online Forex traders. It doesn’t trade for you by opening buy or sell positions automatically. Account Protector manages your trading account’s risk by enabling you to select a set of actions to trigger when …

Highly Customizable Indicator to Trade Round Numbers

March 18, 2020 4 Comments

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 …