Blog – Page 71 – The Plot

April 14
2015

EUR/USD Bounces After Six Sessions of Losses

EUR/USD rose today for the first time in seven trading sessions. Today’s data from the eurozone was good while US economic indicators came out worse than expectations. The growth outlook from the International Monetary Fund added fuel to the rally as the IMF revised its growth projections for the United States down and for the euro-area up. PPI rose 0.2% in March, a bit less than forecasters predicted — 0.3%. The index dropped 0.5% […]

April 13
2015

EUR/USD Trades Near Opening During Monday’s Session

EUR/USD bounced a little after touching the session low but remained below (but close to) the opening level during Monday’s trading. The dollar remained firm even though today’s US economic data was not supportive for the currency. Treasury budget deficit shrank to $52.9 billion in March from $192.3 billion in February. Still, the actual budget shortage was bigger than the predicted $43.1 billion. (Event A on the chart.) On Friday […]

April 13
2015

Trend vs. Counter-Trend Trading

I have recently noticed that many of my trades turn out to be against the direction of the current trend. Indeed, it seems that several of the popular chart patterns (channels, double/triple tops and bottoms, and even flag patterns) are based on a trend reversal, which is counter-trend by definition. Of course, not all chart patterns are counter-trend — triangles, head-and-shoulders, and pennants provide confirmations to the current trend rather than seeking its reversal. […]

April 12
2015

Will EUR/GBP Return to Long-Term Bearish Trend?

Despite the discouraging failures of my most recent two attempts to earn from the chart patterns, I still plan continuing with my strategy further. The euro/pound pair is on a verge of breaking the neckline of its medium-term double top formation. It is presenting a peak of the euro’s two weeks long recovery wave from the 8-year low of March 11. The pattern is very smooth. You can see the tops and the neckline marked with the yellow […]

April 12
2015

Bitcoin in Forex — Pay and Trade!

I have added a list of Bitcoin Forex brokers and also an introductory description of Bitcoin as a payment system to EarnForex.com today. For now, there are only 17 companies in the list. There are two kinds of them: FX brokers that accept Bitcoin payments or are ready to provide BTC withdrawals. In most cases, such companies use some third-party processing services (e.g. BitPay or Coinbase) to instantly convert all incoming payments into […]

April 11
2015

Weekly Forex Technical Analysis (Apr 13 — Apr 17)

EUR/USD Floor pivot points 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res 0.9968 1.0268 1.0435 1.0735 1.0903 1.1202 1.1370 Woodie’s pivot points 2nd Sup 1st Sup Pivot 1st Res 2nd Res 1.0235 1.0369 1.0702 1.0837 1.1169 Camarilla pivot points 4th Sup 3rd Sup 2nd Sup 1st Sup 1st Res 2nd […]

April 11
2015

Forex Brokers Update — April 11th, 2015

One new company has been added to the list of Forex brokers during the week that is ending: LCG — a prominent London-based company with FCA regulation and MetaTrader 4 platform. The minimum account size is a weird number of $33.33 with LCG and they set the maximum leverage to 1:300 for FX instruments. LCG Three updates to other listed companies: FXOpen AU no longer accepts payments via SOFORT and giropay. […]

April 9
2015

EUR/USD Drops for Fourth Session

EUR/USD fell today following yesterday’s FOMC minutes. Today’s economic data from the United States did not provide enough information to push the dollar in either direction. This resulted in a decline of the greenback against some currencies, though the dollar gained on most of major rivals, including the euro. Initial jobless claims rose to 281k last week from the previous week’s revised level of 267k, in line with expectations. (Event A on the chart.) […]

April 8
2015

EUR/USD Breaks Below Opening After FOMC Minutes

The Federal Open Market Committee released minutes of its March meeting today. EUR/USD dropped below the opening level after the release though the currency pair was moving down even before the event. The minutes were not entirely favorable to the dollar, but it looks like market participants preferred to pay attention mostly to the good part. US crude oil inventories grew by 10.9 million barrels to a new record last […]

April 7
2015

Script to Place Orders with Position Size Calculator

If you have thought that trading based on the accurately calculated position size cannot get any better, think again. Now you can use a MetaTrader script to place orders based on the calculations of the Position Size Calculator indicator. The script will detect the position size calculated by the indicator and will place a trade accordingly, whether it is an instant order or a pending one. For pending orders, it will also detect […]