Day: November 7, 2011

November 7
2011

Japanese Yen Gains in Forex Trading

Last week, Japanese leaders intervened in an effort to help keep the yen weak. However, the maneuver didn’t go off as well as expected, thanks to demand for Japanese assets from China. And, today, yen is strengthening again as a safe haven. Indeed, yen is gaining against most major currencies right now, heading higher against other currencies, especially those in Europe, as concerns about stability in the eurozone continue. Even […]

Read more
November 7
2011

Concerns about the Eurozone Send US Dollar Higher

US dollar is higher right now, gaining as risk aversion makes an appearance. With Italy on the verge of a Greek-like crisis, Forex traders are concerned about what could happen next. It’s true that the Greeks managed to form a unity government, and this government is likely to shepherd through the austerity measures that will lead to the available bailout funds for Greece. However, there is doubtful news to replace it. […]

Read more
November 7
2011

Concerns Shift to Italy, Making Euro Weaker

The euro declined today as investors turned their attention from Greece to Italy and the situation there was bad enough to spur talks about spreading of the debt contagion across the Eurozone. Greek Prime Minister George Papandreou agreed to resign and let the unity government, formed by the ruling and the opposing parties, to make arrangements for getting the bailout. The news brought a little relief as now Italy may lose its leader. Italian Prime Minister Silvio […]

Read more
November 7
2011

Franc Drops as CPI Falls, SNB Ready to Intervene Again

The Swiss franc weakened today after the report showed that the inflation in Switzerland unexpectedly declined, spurring the speculation that the central bank may tighten the peg of the Swiss currency to the euro. The Federal Statistical Office reported that the Swiss Consumer Price Index fell by 0.1 percent in October, following the 0.3 percent growth in the preceding month. Analysts promised the index to increase by 0.2 percent. The members of the Swiss National Bank were already worried […]

Read more
November 7
2011

How Many Forex Brokers Did You Trade with?

I have no problem believing that some Forex traders are lucky enough to find the perfect broker the first time they open a live trading account. In this case their search for good execution, honest quotes and responsive support ends there. But for the rest of the traders, the search for a good broker lasts for years. Personally I have had an active real account with a total of 4 Forex brokers. And I count only brokers […]

Read more
November 7
2011

Detect Pin-Bar Patterns with MetaTrader

During my searches, I’ve encountered several MetaTrader indicators capable of detecting Pinbars on the chart. Some of them can be found here: http://www.earnforex.com/forum/f12/random-indicators-8052/ and here: http://www.earnforex.com/forum/f12/pinbar-indicator-8377/. Unfortunately, they all have disadvantages — lack of customization parameters and even outright detection bugs. That’s why I’ve decided to create my own Pinbar pattern detector that would help traders to work with the Forex Pinbar trading system. The resulting indicator is completely […]

Read more