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Rough Diamond Top on Daily Chart of EUR/CAD

March 29, 2020

The EUR/CAD currency pair had rallied rather strongly on the global COVID-19 news and the demise of crude oil prices. The pair began its uptrend back on February 20, peaking on March 19, and completing the consolidation phase of the diamond top formation this week. The last time I had traded a diamond top pattern was …

Forex Brokers Update — March 29th, 2020

March 29, 2020

No new brokers have been listed on our website this week, but the following brokers have been updated:

AAFX Trading launched MT5 demo accounts.

LegacyFx now offers trading in cryptocurrencies with the following range of pairs: BTC/USD, BTC/ETH, ETH/USD, LTC/USD, BCH/USD, and XRP/USD.

LCG no …

Weekly Forex Technical Analysis (Mar 30 — Apr 3, 2020)

March 28, 2020 1 Comment

EUR/USD

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.0292 1.0464 1.0803 1.0975 1.1315 1.1487 1.1826

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.0506 1.0887 1.1017 1.1399

EUR/USD Fails to Extend Rally to Sixth Session

March 27, 2020

EUR/USD declined today following five consecutive sessions of gains. While the currency pair was attempting to extend its rally at the start of Friday’s trading session, currently the pair trades below the opening level. The coronavirus pandemic continued to affect markets negatively, and the stock markets reversed earlier gains. Meanwhile, US macroeconomic …

EUR/USD at Weekly High After Jobless Claims Surge to Historic Record

March 26, 2020 (Last updated on March 27, 2020)

EUR/USD was rising today and touched the highest level in a week after US jobless claims reached the highest level on a record. Federal Reserve Chairman Jerome Powell predicted a recession in the United States but his comments had little impact on the currency pair.

As a result of the coronavirus pandemic, initial jobless claims surged …

EUR/USD Continues to Rise After US Stimulus Package

March 25, 2020

EUR/USD continued to rise for the fourth consecutive session today. The market sentiment improved after the US Senate approved a $2 trillion stimulus package. Meanwhile, US macroeconomic data continued to provide positive surprises, with durable goods orders rising instead of falling.

Durable goods orders rose by 1.2% in February …

US Services PMI Drops to Record Low, EUR/USD Gains

March 24, 2020

EUR/USD rose today, gaining for the third consecutive trading session, though it has trimmed its gains by now. The biggest news lately was yesterday’s announcement of unlimited quantitative easing from the Federal Reserve. As for US macroeconomic data, Markit releases showed deterioration of the US economy, with the services index …

Forex Brokers Update — March 22nd, 2020

March 22, 2020

Two new brokers have been added to the list of FX companies on our website during this week:

Scandinavian Capital Markets — a regulated Forex broker from Sweden (authorized by the FSA) with MetaTrader 4 and cTrader platforms. Their minimum account size is $10,000 but they offer high …

Weekly Forex Technical Analysis (Mar 23 — Mar 27, 2020)

March 21, 2020

EUR/USD

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
0.9876 1.0257 1.0475 1.0856 1.1074 1.1455 1.1673

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.0216 1.0394 1.0815 1.0993

ECB Stimulus Package Fails to Buoy EUR/USD

March 19, 2020

The European Central Bank announced a massive €750 billion stimulus package today. But while it helped to bring yields on European bonds lower, it did little to shore up EUR/USD. Some US macroeconomic reports, namely unemployment claims and the Philly Fed manufacturing index, were extremely poor, but …

Highly Customizable Indicator to Trade Round Numbers

March 18, 2020 1 Comment

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 …

Most Trending Currency Pairs in Forex + TrendStats Script

February 17, 2020

Quite some time has passed since I published my last post on the Forex pairs that trend the most. A lot of stuff has changed since then and because a lot of readers have asked me to post an update, I am finally doing it today. But not only that, I am …

New Indicator to Trade Price Action — Basing Candlesticks

December 2, 2019

Quite some time ago, one of our forum members asked for an indicator to detect basing candles in MetaTrader. Today I present a new free indicator both for MT4 and MT5 — Basing Candlesticks.

It is a minimalistic indicator that compares the body size of the candle against its high-low range and, …

Color Market Profile Based on Bullish/Bearish Bars

October 18, 2019

Our Market Profile indicator has received another major update today — version 1.13 implements the following changes:

Market Profile blocks (TPO’s) can now be colored according to whether the original bar is bullish or bearish in contrast to the bar being older or newer. This might be useful to quickly …

My sRs Trend Rider 2.0 Test and Review

July 23, 2019

Disclaimer: I have received a free copy of sRs Trend Rider 2.0 for review, but I am in no way affiliated with Vladimir Ribakov.

sRs Trend Rider 2.0 is a trading system, which includes a set of expert advisors and indicators as well as an explanatory ebook. The main purpose of sRs Trend Rider 2.0 …

Switch ATR Timeframes and Move SL/TP Lines Freely in New PSC

July 8, 2019 2 Comments

Version 2.22 of Position Size Calculator fixes two minor bugs and introduces three cool new features:

You can set the input parameter UseCommissionToSetTPDistance to true and then the Take-profit button will use the entered commission when calculating the TP line location:

If you leave …

[Poll] What Is the Best Way to Backtest?

March 4, 2019

If you want to be sure that your strategy can yield better results than you would attain by simply buying and selling randomly, you need to test it. There are two ways of doing it: backtesting (when you use past data to see how the strategy …

PSC Now Supports ATR SL/TP and Reverse Risk Calculation

February 27, 2019

Apart from some bugfixes, the version 2.18 of Position Size Calculator contains three new features:

    ATR-based stop-loss and take-profit are now a thing. If you prefer to set your SL/TP by the multiples of the Average True Range indicator, you can now do so automatically with

Ignore or Append Saturday/Sunday Hours in Market Profile

December 24, 2018

The new version of Market Profile, which has been released just now, implements two new major changes and two minor ones.

The first major change is that you can now control how the indicator processes Saturday and Sunday candlesticks. Before the update, it would try …

PSC Gets Ready for Volumes with 8 Decimal Places in Crypto

November 6, 2018 2 Comments

With ampler layout and lots of bugs squashed, version 2.15 of Position Size Calculator together with version 1.06 of PSC-Trader have been released today. The main goal of this update was to fix as many errors and inconsistencies in calculation and display as possible. The second goal was to add some of the requested …