Blog – Page 51 – The Plot

November 19
2015

Dollar Remains Subdued

The dollar remained soft today despite yesterday’s hawkish FOMC minutes. Some market analysts think that the currency is weak because the December interest rate hike is already factored in. Others say that the minutes showed that US policy makers are still not completely certain that the economic situation warrant tighter monetary policy. Whatever the case, EUR/USD is higher today even though […]

November 18
2015

EUR/USD Jittery After FOMC Minutes

The Federal Open Market Committee released minutes of its latest monetary policy meeting. As it could be expected, the release resulted in volatility on the Forex market. EUR/USD jumped after the event but backed off almost immediately. The minutes looked hawkish for the most part, showing the monetary tightening next month is probable. Housing starts were at the seasonally adjusted rate of 1.06 million in October, trailing market expectations of 1.16 million […]

November 15
2015

USD/JPY Posts Bullish Flag — Ready to Go Higher

The daily chart of USD/JPY is currently showing a good example of a bullish flag pattern. Its pole has formed during the first week of November and its flag part has formed during the month’s second week. It follows a rather small uptrend and indicates a possibility for the currency pair to breakout higher. The pattern is marked with one finite yellow line, which denotes a pole, and two parallel yellow lines that […]

November 15
2015

GBP/JPY in Ascending Channel — Recipe for Downtrend

Unlike its US dollar twin, GBP/JPY is preparing to make a dip lower based on the ascending channel pattern that has formed since the beginning of October. A bearish breakout from the channel would mean a return to a long-term downtrend that was active in this Forex pair since June. See the channel bordered with the yellow lines on the chart screenshot below. The cyan line is my breakout entry level positioned at 10% […]

November 14
2015

Weekly Forex Technical Analysis (Nov 16 — Nov 20)

EUR/USD Floor pivot points 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res 1.0528 1.0601 1.0684 1.0757 1.0840 1.0913 1.0996 Woodie’s pivot points 2nd Sup 1st Sup Pivot 1st Res 2nd Res 1.0603 1.0689 1.0759 1.0845 1.0916 Camarilla pivot points 4th Sup 3rd Sup 2nd Sup 1st Sup 1st Res 2nd […]

November 14
2015

Forex Brokers Update — November 14th, 2015

Two new companies have been added this time: Silicon Markets — a Forex broker with regulation in Britain and South Africa. They offer MT4 accounts starting from $50 and with 1:100 leverage. CFD products are also available for trading. Silicon Markets Alvexo — a regulated Cypriot broker with a wide range of accounts starting from $500. The higher the minimum account size for the account type the better spreads you […]

November 13
2015

EUR/USD Reverses Thursday’s Gains

EUR/USD was rising yesterday but erased its gains today even though economic data from the United States was mixed. Speculations about the possible December interest rate lift-off by the Federal Reserve continue to weigh on the currency pair. Additionally, growth of the eurozone economy trailed economists’ expectations. (Event A on the chart.) The euro attempted to rally despite the worse-than-expected data but failed. Looking at US indicators released over Friday’s session, […]

November 10
2015

EUR/USD Drops on Monetary Policy Outlook

EUR/USD fell today amid speculations that the European Central Bank will ease its monetary policy in December while the Federal Reserve may start monetary tightening. The policy outlook led to the drop of the currency pair even though economic data released from the United States over the trading session was not good. Import prices fell 0.5% in October compared to a 0.1% drop predicted by experts. Export prices dropped […]

November 9
2015

Hiring Freelancers for Forex Trading Related Coding Jobs

If you have some trading strategy that can be automated or a good idea for a technical indicator, you have two options: first, implement it yourself using MetaTrader or cTrader, or some other platform with custom code support; second, hire someone else to do the work. The first option is out of choice if you do not know how to code. Choosing the second option means that […]

November 8
2015

Descending Channel on EUR/CHF Daily Chart

You can see a case of a rather uneven descending channel of the daily chart of EUR/CHF as of now. The channel takes its start following September’s peak, which marked the end of the 5-month bullish wave. The channel here represents a correction following an uptrend. Traders can use the upside breakout as a continuation signal. The only disadvantage in this specific pattern is the rate concentration near the upper border. The channel itself is marked with the yellow […]