Forex Blog, Forex Trading Information

Carnival of Forex Trading February 3, 2008

2008-02-03T10:16:00.000+02:00

Welcome to the February 3, 2008 edition of Carnival of Forex Trading.Nate presents Scalping: Don't Lose Your Head posted at Legion Forex, saying, "Become a legionnaire!" Raymond presents Invest In Gold As A Hedge Against Inflation, Recession, and The Weakening Dollar posted at Money Blue Book. Jed Norwood presents Having Profitable Losses

Forex Technical Analysis for 02/04-02/08 Week

2008-02-02T10:06:00.000+02:00

EUR/USD trend: sell.GBP/USD trend: sell.USD/JPY trend: sell.EUR/JPY trend: sell.Floor Pivot Points: Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res EUR/USD 1.4390 1.4526 1.4662 1.4798 1.4934 1.5070 1.5206 GBP/USD 1.9230 1.9438 1.9543 1.9751 1.9856 2.0064 2.0169 USD/JPY 103.92 104.82 105.67 106.57 107.42 108.32 109.17 EUR/JPY 151.70 153.63 155.63 157.56 159.56 161.49 163.49

Falling Nonfarm Payrolls Fail to Support EUR/USD

2008-02-01T15:36:00.000+02:00

Nonfarm payrolls is one of the most important indicators of the U.S. economy’s health. Market analysts expected it to grow up in January by 50,000. But in reality it didn’t grow at all, instead it dropped by 17,000. At first, this fueled dollar bears’ activity and drove EUR/USD up close to the historical borders, but then, after release of some other important indicators, it went down to about

U.S. Dollar Regains Positions on Mixed Fundamentals

2008-01-31T15:57:00.000+02:00

Today, EUR/USD lost a small part of the pips that were gained yesterday after the Fed’s interest rate cut by 0.50%. Even the bad employment statistics didn’t prevent dollar from recovering from 1.4860 to 1.4814 against European currency. This can be also partially explained by the major resistance level that has formed near 1.4870 rate on EUR/USD.Personal income in December rose by 0.5% — better

Dollar Falls after FOMC Lowers Interest Rates

2008-01-30T15:41:00.000+02:00

The main intrigue for today Forex trading session was the FOMC’s meeting at which the next interest rate should have been decided. As the most market participants expected FOMC lowered overnight interest rate in U.S. by 0.50% to 3.00%, farther widening the gap between U.S. and European interest rates. The decision was made under the pressure from the deepening crisis in the both housing and

Forex Trading Edge New MetaTrader 4 Broker

2008-01-30T11:20:00.000+02:00

Recently I’ve been contacted by the manager of Forex Trading Edge. It’s quite a new Forex broker that started to operate near the end of 2007. Forex Trading Edge is the introducing broker for Forex.com broker. Usually I don’t like to list the introducing brokers as the separate entities, but this one got my attention, because it offers a MetaTrader 4 platform, something that Forex.com is missing.

Slight Strengthening of Dollar

2008-01-29T17:49:00.000+02:00

Good fundamental macroeconomic data that was coming out today helped the U.S. dollar to fight back some of the pips, lost to euro yesterday. EUR/USD began this day at 1.4779, but now it hovers near the 1.4756 level. It's not a big gain for the greenback, but it has a potential to continue the trend during the rest of the week.Durable goods orders in December unexpectedly rose by 5.2%, which is a

Forex Research Paper on Volatility, Spreads and Quotes Frequency

2008-01-29T11:46:00.000+02:00

Now you can download a new free research paper related to the Forex market from the e-books section of my site. It is "The Interaction Between the Frequency of Market Quotes, Spread and Volatility in Forex" that was published in the Applied Economics journal more than 10 years ago. This paper researches the relations between volatility, spreads and the frequency of the new market data in the

Support and Resistance MetaTrader Indicator

2008-01-27T12:03:00.000+02:00

Enjoy the new MetaTrader indicator — Support and Resistance — ready to be downloaded from the indicators page. This indicator shows the dynamic support and resistance levels directly on the chart. It applies the levels to the certain periods that are treated as the trends or sub-trends. This indicator was originally developed by Barry Stander (http://myweb.absa.co.za/stander/4meta/), but I have

Forex Technical Analysis for 01/28-02/01 Week

2008-01-26T08:13:00.000+02:00

EUR/USD trend: sell.GBP/USD trend: hold.USD/JPY trend: buy.EUR/JPY trend: hold.Floor Pivot Points: Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res EUR/USD 98.3103 49.8734 98.3517 49.9148 98.3931 49.9562 98.4345 GBP/USD 1.8987 1.9162 1.9497 1.9672 2.0007 2.0182 2.0517 USD/JPY 102.27 103.62 105.18 106.53 108.09 109.44 111.00 EUR/JPY 145.84 148.98 152.84 155.98 159.84 162.98 166.84

Euro Rises as Dollar Weak on Average Releases

2008-01-24T16:15:00.000+02:00

Today EUR/USD again showed a good level of gains, recovering from the major drop that was seen on Monday. It's already up by almost 0.8% and is looking strong. The reason for this behavior lies in the good Eurozone fundamental data and average data from U.S. today.Initial jobless claims report for the last week showed an insignificant drop by 1,000 compared to previous 302,000 (which has been

Float - New Addition to MT4 Indicators

2008-01-23T13:07:00.000+02:00

One of my site's visitors asked me abouth the MetaTrader 4 indicator called "Float". So I've decided to find this one and add it to the MT4 indicators list I maintain. Now everyone can download this interesting indicator and try to use it in Forex trading. It is designed to detect big trend changes and the current trend 'exhaustion level'. As the bonus it also shows the Fibonacci levels on the

LiteForex Adds e-Bullion and Liberty Reserve

2008-01-22T12:22:00.000+02:00

A good news from the LiteForex broker. Yesterday they announced that they are adding e-Bullion and Liberty Reserve on-line payment systems as the options to deposit funds into the Forex trading accounts. Although these systems are less popular than WebMoney or e-gold, which are already supported by LiteForex, it is a good addition for a Forex broker as it adds comfort to the traders' necessary

Mathematics of Money Management Forex E-Book

2008-01-21T10:59:00.000+02:00

Now you can freely download another money management in trading related Forex book from my site — Mathematics of Money Management: Risk Analysis Techniques for Traders. It is written by Ralph Vince, the author of many books about the use of math in trading. Although this e-book is quite heavy on mathematics (calculus and statistics) it's intended for the general readers both for those that are

Forex Technical Analysis for 01/21-01/25 Week

2008-01-19T10:14:00.000+02:00

EUR/USD trend: sell.GBP/USD trend: sell.USD/JPY trend: sell.EUR/JPY trend: sell.Floor Pivot Points: Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res EUR/USD 1.4167 1.4378 1.4499 1.4710 1.4831 1.5042 1.5163 GBP/USD 1.9169 1.9340 1.9447 1.9618 1.9725 1.9896 2.0003 USD/JPY 102.49 104.20 105.53 107.24 108.57 110.28 111.61 EUR/JPY 148.20 151.94 154.07 157.81 159.94 163.68 165.81

EUR/USD Down for 4th Day

2008-01-18T18:57:00.000+02:00

Euro is dropping down against the U.S. dollar for the fourth day in a row now. Declining stock markets force traders to cash out into dollars, increasing the demand for them. Today's fall is minimal (less than 20 pips), but still keeps euro from rising and dominating over the dollar as it has been doing in 2007.Leading indicators in U.S. released by the Conference Board showed a decrease in

Euro Tries to Regain Yesterday Loss

2008-01-17T14:35:00.000+02:00

Euro tries to reclaim the pips it lost yesterday during one of the strongest falls of the recent days. Yesterday EUR/USD lost 152 pips or more than 1% of its rate. Today only a small recovering is seen with no more than 30 pips trailback, which can be easily accounted to the technical correction. Overall picture of the EUR/USD daily chart more and more reassembles the "head and shoulders" pattern

Euro Down Fastest Since December

2008-01-16T20:05:00.000+02:00

EUR/USD unexpectedly fell today after the moderate fundamental statistics were released in the United States. This currency pair declined from 1.4803 opening price to 1.4656 making it the largest daily drop for EUR/USD since December 14.CPI (Consumer Price Index) in December showed a better than expected growth, increasing by 0.3% - still lower than in previous month (0.8%), but above the

Retail Sales for December Disappoint Dollar Bulls

2008-01-15T16:27:00.000+02:00

EUR/USD has been ranging up and down through the whole day as the Forex traders were expecting the release of the important fundamental data today. After the retail sales report for December came out, euro started to gain at a fast pace against the U.S. dollar and broke the important resistance level of 1.4900.December advance estimate of the retails sales fell down by 0.4% after a 1.2% growth a

New Science of Technical Analysis

2008-01-13T19:36:00.000+02:00

I uploaded a new Forex e-book to the site today - it's called "The New Science of Technical Analysis". It was written by Thomas R. DeMark, one of the founders of the modern technical analysis and developer of the DeMark's pivot points. This book is more suited for the experienced Forex traders, because it goes quite deep into the techniques of chart analyzing, while being not very entertaining (

Forex Technical Analysis for 01/14-01/18 Week

2008-01-12T17:17:00.000+02:00

EUR/USD trend: sell.GBP/USD trend: sell.USD/JPY trend: hold.EUR/JPY trend: sell.Floor Pivot Points: Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res EUR/USD 1.4493 1.4567 1.4671 1.4745 1.4849 1.4923 1.5027 GBP/USD 1.9077 1.9280 1.9422 1.9625 1.9767 1.9970 2.0112 USD/JPY 106.41 107.40 108.12 109.11 109.83 110.82 111.54 EUR/JPY 157.35 158.64 159.71 161.00 162.07 163.36 164.43

Dollar Steady Even After Trade Balance Deficit Widens

2008-01-11T17:16:00.000+02:00

The dollar showed a mild growth against the euro today even after the trade balance report showed the widening of the deficit. Against the Great Britain pound the U.S. dollar also went up, with GBP/USD hitting the lowest value since march - 1.9481, but lost the most of the gain after the trade balance release.The U.S. international trade balance deficit increased in November from $57.8 billion to

Interest Rate Decision's Influence on EUR/USD

2008-01-10T16:53:00.000+02:00

Today the European Central Bank decided to leave the interest rate unchanged at 4.00%, as it was expected by the markets. But the EUR/USD went up after the decision became known - the currency pair gained more than 70 pips. What has caused that? Along with the rate decision ECB announced another $20 billion intervention to the banks to add more dollar liquidity. That greatly cut the dollar's

Random Forex Trading - Expert Advisor

2008-01-08T15:28:00.000+02:00

Recently I was reading about the random walk hypothesis and I've got interested in this idea. So, I though that it would be really fun to develop a MetaTrader expert advisor that will trade completely random. No indicators or other ways to base the forecasts on the past data, just a plain "coin flipping". After several days of coding and testing (testing mostly) the myRandom expert advisor was

MetaTrader Indicators User's Tutorial

2008-01-07T10:14:00.000+02:00

There are many free MetaTrader indicators available on-line, but some people still enounter problems in attaching these indicators to a chart or even compiling them when needed. This simple user's tutorial was made by me for those that want learn attaching custom MT4 indicators.1. Download custom MT4 indicator and save it to the 'indicators' folder inside the 'experts' folder inside your

Carnival of Forex Trading - January 6, 2008

2008-01-06T09:51:00.000+02:00

Welcome to the January 6, 2008 edition of Carnival of Forex Trading.Ian Welsh presents Has the Dollar Hegemony's Tipping Point Been Passed? posted at The Agonist, saying, "Being the standard reserve currency mattered. Knowing when the switch is occuring will be important for betting the trend." Vahid Chaychi presents Is Forex a Suitable Job for Everybody? posted at

Forex Technical Analysis for 01/07-01/11 Week

2008-01-05T10:05:00.000+02:00

EUR/USD trend: sell.GBP/USD trend: hold.USD/JPY trend: sell.EUR/JPY trend: sell. Floor Pivot Points: Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res EUR/USD 1.4340 1.4454 1.4597 1.4711 1.4854 1.4968 1.5111 GBP/USD 1.9144 1.9409 1.9573 1.9838 2.0002 2.0267 2.0431 USD/JPY 102.01 104.96 106.78 109.73 111.55 114.50 116.32 EUR/JPY 151.94 155.84 157.96 161.86 163.98 167.88 170.00

EUR/USD Soars on Disastrous Employment Data

2008-01-04T16:01:00.000+02:00

EUR/USD showed a growth of more than 100 pips in one hour immediately after the employment data from the United States were released today. While trading flat and even falling a little during the day, EUR/USD broke through its own record level setting a new historical maximum to 1.4824.Nonfarm payrolls growth was expected to fall from 94k in November to 70k in December, but the released data was

MetaTrader History Data Importing and Converting Tutorial for Quality Backtesting

2008-01-03T12:02:00.000+02:00

Backtesting MetaTrader expert advisors on historical data is a good way to test a strategy. But testing on the limited data supplied with MT4 installation gives a very poor quality of testing (usually below 50%). So, how to achieve a 90% quality in backtesting of MT4 expert advisors? It's not that hard really, just follow this simple tutorial and you will able to test any MetaTrader EA.1.

Happy Trading in 2008!

2007-12-31T10:09:00.000+02:00

Soon the New 2008 Year will come and I just want to wish you a happy Forex/CFD/Stocks trading in the next year. Earn more than you've got in 2007, learn new strategies and open new opportunities on the Forex market! Never stop at what you've already mastered and you will find your own financial freedom!

Forecast for 2008 Forex, Oil, Interest Rates

2007-12-30T11:35:00.000+02:00

OK, the New Year is coming close and as this year is ending it's about time to try to forecast the future of the Forex market (and some other factors that influence Forex) for the year 2008. My last forecast (for 2007) didn't get its own post on this blog, but I must admit that it was a disastrous attempt - I thought that dollar will start to grow and it lost more than 10% against euro, I also

Forex Technical Analysis for 12/31-01/04 Week

2007-12-29T10:27:00.000+02:00

EUR/USD trend: hold.GBP/USD trend: hold.USD/JPY trend: hold.EUR/JPY trend: hold.Floor Pivot Points: Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res EUR/USD 1.4123 1.4245 1.4484 1.4606 1.4845 1.4967 1.5206 GBP/USD 1.9532 1.9642 1.9803 1.9913 2.0074 2.0184 2.0345 USD/JPY 109.13 110.71 111.50 113.08 113.87 115.45 116.24 EUR/JPY 160.92 162.33 163.84 165.25 166.76 168.17 169.68

U.S. Dollar Continues Falling

2007-12-28T16:04:00.000+02:00

EUR/USD continued to rally today after four unprecedented days of growth, making it the full bullish week for this currency pair with the every trading day session ending in favor of euro. Even holidays with their low financial trading volume couldn't save USD from losing 2% against EUR.Chicago PMI (Chicago Business Barometer) rose to astonishing 56.6 in December after being only 52.9 in

EUR/USD Rallies Despite of Holidays

2007-12-27T16:57:00.000+02:00

Despite the holidays period has already came to the U.S. and European markets, EUR/USD is rallying up fast for the second day in a row now. And if today there is plenty of fundamental news that can push euro up by almost 100 pips against U.S. dollar, yesterday's bullish candle has no such reasons.Today, the employment market of U.S. showed that it is suffering because of the subprime lending

Interview with eToro

2007-12-26T13:09:00.000+02:00

Jeff MacKenzee, the account manager of the eToro partners team agreed to answer some of my questions regarding eToro's innovative Forex trading platform. eToro is known for brining to the on-line Forex market trading some untraditional types of Forex trading. eToro platform doesn't look like any other and can be easily understood by someone who never read about Forex or charting. More information

CFD Trading - My 2007 Results

2007-12-25T10:20:00.000+02:00

OK, CFD trading is a bit offtopic for the Forex blog, but as many Forex brokers also offer CFD trading services and it is in a lot way similar to Forex trading (high leverage, MetaTrader platform, no dividends), I thought that it would be interesting to share my results for 2007.I've decided to use standard demo account of $10,000 solely for CFD trading in January 11, 2007 with the condition to

Automated Trading Championship 2007 Came to End

2007-12-23T11:27:00.000+02:00

The Automated Trading Championship 2007, which was started by the MetaQuotes Software Corp. (the company that made MetaTrader trading platform), ended yesterday and the winners have been announced:Participant Better earned the first prize of $40,000 with his outstanding neural network expert advisor, which has turned $10,000 into $130,475.45 in 12 trading weeks. Too bad this has been done on demo

Forex Technical Analysis for 12/24-12/28 Week

2007-12-22T10:52:00.001+02:00

EUR/USD trend: hold.GBP/USD trend: hold.USD/JPY trend: hold.EUR/JPY trend: hold.Floor Pivot Points: Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res EUR/USD 1.4166 1.4238 1.4308 1.4380 1.4450 1.4522 1.4592 GBP/USD 1.9269 1.9539 1.9687 1.9957 2.0105 2.0375 2.0523 USD/JPY 111.62 112.18 113.09 113.65 114.56 115.12 116.03 EUR/JPY 160.10 160.92 162.41 163.23 164.72 165.54 167.03

EUR/USD Corrects Up Before Holidays

2007-12-21T16:27:00.000+02:00

EUR/USD played back fully the yesterday's decline, but still ended the last week before the holiday period with a small loss. Forex market will be open despite of any holidays, but the price volatility will be low and no major movements can be expected.November personal income and spendings report turned out to be better than it was for October and not the least reason for it lies in the

Dollar Steady Against Pound, Euro

2007-12-20T18:02:00.000+02:00

U.S. dollar gained against other currencies today, showing a significant change in GBP/USD, along with a little less strong appreciation in EUR/USD. As no important positive data was released for USD, this growth may be accounted to the inertial buying of dollar and position closing on the previous good news and the loss of interest to carry trade.Final numbers for GDP growth and GDP deflator in

Dollar Unchanged After Housing Data

2007-12-18T15:16:00.000+02:00

Dollar remains almost unchanged against euro even after the release of the U.S. housing data. EUR/USD grew up by about 16 pips only for the whole day with the main movement direction changing constantly. Supported by the yesterday data on the net foreign purchases, dollar doesn't want to give up positions even after the not so good data in the real estate sector.U.S. Census Bureau released the

NY Empire State Manufacturing Index

2007-12-17T18:26:00.000+02:00

Dollar continued to strengthen against major currency pairs (except the Swiss franc) even after the very pessimistic release of the December NY Empire State Manufacturing Index report, which fell down by 17 points to 10.3. Federal Reserve Bank of New York reported that the new orders and shipments declined significantly in December according to their survey.Among the good news was the Treasury

New Broker and Good News from LiteForex

2007-12-16T11:56:00.000+02:00

I've updated the brokers section adding another Muslim-friendly Forex broker that doesn't charge or give any overnight interest over the open positions. While being crucial to Muslim traders this quality can be useful to other traders that prefer positions with negative overnight interest. GCI Financial is not a new Forex broker, it operates since 2002, which is rather old for the on-line brokers

Forex Technical Analysis for 12/17-12/21 Week

2007-12-15T10:17:00.000+02:00

EUR/USD trend: sell.GBP/USD trend: sell.USD/JPY trend: buy.EUR/JPY trend: hold.Floor Pivot Points: Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res EUR/USD 1.3970 1.4191 1.4309 1.4530 1.4648 1.4869 1.4987 GBP/USD 1.9594 1.9872 2.0023 2.0301 2.0452 2.0730 2.0881 USD/JPY 108.19 109.34 111.30 112.45 114.41 115.56 117.52 EUR/JPY 158.39 160.14 161.79 163.54 165.19 166.94 168.59

EUR/USD Falls on Before and After CPI

2007-12-14T15:43:00.000+02:00

EUR/USD fell down to its monthly minimum value today as the traders expected for the CPI release for November to come out. It touched 1.4468 - the lowest value since November 6 minutes after the data was released.Consumer Price Index in November rose at 0.6% annualized rate, as it was already expected by the majority of analysts, while Core CPI showed a 0.3% growth that month.Industrial

EUR/USD Bearish After Excellent Economic Data

2007-12-13T15:57:00.000+02:00

EUR/USD began the day with some slow downtrend, but continued to accelerate its bearish tendencies after news releases from U.S. showed some well above average macroeconomic stats.Advance retail sales report for November from U.S. Census Bureau showed that this indicator increased by 1.2% compared with October - much better than 0.6%, which was expected by the market analysts.The Producer Price

EUR/USD Mildly Volatile on Trade Balance Data

2007-12-12T16:29:00.000+02:00

EUR/USD was ranging today inside the yesterday's rate limits which were formed with the bullish tendencies triggered by the Tuesday FOMC meeting's statement. Main operational interest rate in the United States was cut by 25 basis points, which equals 0.25% - from 4.50% to 4.25%, while futures markets for the interest rate predicted a 0.50% cut.Today came out the information on the international

Forex E-Books: Two New Pieces

2007-12-10T19:25:00.000+02:00

Two new Forex e-books were uploaded to my site today, again, they are more articles than books, but I think that they fit better in Forex books section rather than articles, because they are finely formatted into the Word documents (EDIT: I've converted them to PDF as a more conventional format) and are more complex than other articles. These e-books both come from Mr. S.A. Ghafari, who decided

Forex Technical Analysis for 12/10-12/14 Week

2007-12-08T10:11:00.000+02:00

EUR/USD trend: sell.GBP/USD trend: sell.USD/JPY trend: buy.EUR/JPY trend: hold.Floor Pivot Points: Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res EUR/USD 1.4286 1.4405 1.4531 1.4650 1.4776 1.4895 1.5021 GBP/USD 1.9598 1.9889 2.0096 2.0387 2.0594 2.0885 2.1092 USD/JPY 108.01 108.78 110.23 111.00 112.45 113.22 114.67 EUR/JPY 158.77 159.83 161.76 162.82 164.75 165.81 167.74

EUR/USD Unconcerned with U.S. Employment Data

2007-12-07T15:28:00.000+02:00

EUR/USD was mainly ranging today as the markets were undecided whether it is going bullish or bearish expecting the release by U.S. BLS on the November employment situation. After quite optimistic release came out dollar bulls took their ride for a while, but then euro bulls started to push EUR/USD back up keeping it slightly above the average daily range.Nonfarm payrolls - the main indicator of

Offset Trading Strategy E-Book

2007-12-06T10:53:00.000+02:00

Another Forex strategy e-book can now be downloaded from my site, it is Offset Trading by Dana Martin. This e-book isn't very bright, but describes one of the most potentially profitable Forex trading strategy - range breakout trading on news releases. After 2-3 pages of actually describing the strategy it becomes a some sort of advertisement for MB Trading broker and their trading platform. But

Dollar Stronger Against Euro, Pound

2007-12-05T16:55:00.000+02:00

Dollar started to trade higher today against euro after the productivity report by the Bureau of Labor Statistics came out, as it was trading against pound sterling earlier in the morning after some bearish data on United Kingdom PMI and housing were released.Nonfarm productivity (revised value) in third quarter of 2007 increased unexpectedly well - by 6.3%. Previous value was 4.9% and the

New MetaTrader Indicator

2007-12-04T16:14:00.000+02:00

I've added a new MT4 indicator - Var Mov Avg - based on the varying period moving averages crosses. It can be used as a current trend indicator and can be very good on the trendy markets. On the flat market it will show some bad picture, but it can be filtered out. This indicator also produces a sound alert every time it detects a trend change.

MetaTrader 4 Expert Advisors and Indicators

2007-12-03T16:47:00.000+02:00

I've reworked the MetaTrader expert advisors page gradually, removing more than a half of the expert adviors that were poorly tested earlier and aren't profitable according to my new test results. I've been testing all the expert advisors on the period from 11/19/2006 to 11/19/2007 and EAs that were successful on this period I also tested on a 11/19/2004 to 11/19/2007 period to confirm their

Carnival of Forex Trading - December 2, 2007

2007-12-02T09:25:00.000+02:00

Welcome to the December 2, 2007 edition of Carnival of Forex Trading. ATradeADay presents What kind of trader are you? posted at A Trade A Day, saying, "Does your method have an edge? Are you a swing trader because it works? Or do you day trade because it sounds cool..."

Forex Technical Analysis for 12/03-12/07 Week

2007-12-01T09:33:00.000+02:00

EUR/USD trend: sell.GBP/USD trend: sell.USD/JPY trend: buy.EUR/JPY trend: hold.Floor Pivot Points: Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res EUR/USD 1.4258 1.4443 1.4537 1.4722 1.4816 1.5001 1.5095 GBP/USD 2.0154 2.0343 2.0453 2.0642 2.0752 2.0941 2.1051 USD/JPY 104.52 105.87 108.53 109.88 112.54 113.89 116.55 EUR/JPY 155.66 157.51 160.13 161.98 164.60 166.45 169.07

Another Day of Weak U.S. Statistics

2007-11-30T15:54:00.000+02:00

Euro tried to regain some of its strong positions against U.S. dollar today after some new weak economical statistics regarding personal income and spendings were released to the financial market traders. But after construction spending and very optimistic PMI reports were released dollar started to press on euro and EUR/USD returned to its daily open value.The most notable are the personal

FXcast Offers Corporate Accounts

2007-11-30T11:13:00.000+02:00

FXcast Forex broker announced today that it is now starting to accept corporate Forex trading accounts, providing full array of required paperwork. A legal company trading account can allow some successful Forex traders to create managed pool accounts based on FXcast brokerage. So, if you think you are good at Forex trading and view yourself as an entrepreneur you can try opening your own Forex

GDP Data Released in U.S. Today

2007-11-29T15:45:00.000+02:00

EUR/USD confirmed its downtrend intentions today falling from yesterday's retracement to 1.4740 level. One of the reason for a stronger dollar can be seen in expectations for the increased real GDP growth in third quarter of 2007.U.S. Bureau of Economic Analysis released its preliminary report on real Q3 Gross Domestic Product. The growth was higher than the previous advance value for third

EUR/USD Retraces After Bad Fundamentals

2007-11-28T18:49:00.000+02:00

EUR/USD seemed almost completely independent of the important fundamental indicators which were signaling the worsening economical situation in USA. EUR/USD was falling by more than 100 pips during the day, but then it returned to a more moderate loss - 50 pips.Manufacturers' durable goods orders in October 2007 decreased by $0.9 billion which is 0.4% the previous month value. The consensus

Consumer Confidence Lowest Since 2005

2007-11-27T20:43:00.000+02:00

In November Consumer Confidence Index, surveyed by the Conference Board Inc., fell by 8.3 points to its lowest value since 2005. It decreased from 95.6 in October to 87.3 this month. Consumer confidence is the important measure of the consumers' readiness to spend money and take credits. When this index falls so sharply, it usually means that U.S. economy is experiencing a slowdown or even a

Free Forex Webinar

2007-11-26T16:27:00.000+02:00

Today I've "attended" a Forex trading webinar by http://www.fxinstructor.com. FXOpen informed me via the MetaTrader 4 mail message that FX Instructor will be holding a free technical analysis on-line lessons on November 26th. The webinar lasted through Asian, European and New York sessions with two hour and a half breaks. The communication via hotCam software went smooth and interactive. There

marketindex by ABN AMRO

2007-11-25T11:12:00.000+02:00

Some traders don't like trading with brokers registered in some offshore zone with a little or no regulation at all. For these customers exist such Forex brokers as marketindex. ABN AMRO marketindex is the broker which offers financial market trading services as the division of one of the largest banks in Europe. marketindex offers Forex, CFD, commodities and indexes trading. They offer their own

Forex Technical Analysis for 11/26-11/30 Week

2007-11-24T11:17:00.000+02:00

EUR/USD trend: hold.GBP/USD trend: sell.USD/JPY trend: hold.EUR/JPY trend: sell.Floor Pivot Points: Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res EUR/USD 1.4303 1.4462 1.4649 1.4808 1.4995 1.5154 1.5341 GBP/USD 2.0151 2.0301 2.0463 2.0613 2.0775 2.0925 2.1087 USD/JPY 103.35 105.45 106.88 108.98 110.41 112.51 113.94 EUR/JPY 155.06 157.26 158.99 161.19 162.92 165.12 166.85

ActiveTrades - Multipurpose Forex Broker

2007-11-23T12:13:00.000+02:00

ActiveTrades is my new addition to the Forex brokers list. It is quite an old on-line British broker, which allows not only Forex trading (via MT4 platform), but also stocks CFD trading and the access to the world exchanges: CME, CBOT, NYMEX, COMEX, LIFFE, EUREX, IDEM, NYSE and NASDAQ via futures trading. ActiveTrades also supports many different trading platforms: MetaTrader 4, J Trader, Ninja

Learning Flawless Execution of a Trading System

2007-11-22T11:51:00.000+02:00

A new trader's psychology related e-book for you to read:Learning Flawless Execution of a Trading System by Mark DouglasIt's more like an article - just 4 pages long, but it contains a useful information for all Forex traders that have problems in applying a trading strategy. Sometimes, it seems that you know better than your strategy and you correct its actions. Mark describes why such approach

Pessimistic Indicators from U.S.

2007-11-21T15:37:00.000+02:00

U.S. dollar looks unsure whether to fall or to rise on the Forex market after some important macroeconomic indicators were released today. One of the most important data came out from the University of Michigan and Reuters - Michigan Sentiments Index, which represents consumer confidence. Consumer confidence is important, because it will determine future consumer spendings that in their turn fuel

Mixed Housing Data and FOMC Minutes

2007-11-20T15:33:00.000+02:00

EUR/USD is hitting its all-time record high level beyond 1.4800 after the pessimistic analysts' forecasts on housing data appeared to be almost completely true today. Housing Starts for the October grew to a seasonally adjusted annual rate of 1.229 million, compared to 1.193 million in September and 1.175 million expected for this month. Meanwhile Building Permits dropped significantly - October

Scalping Forex Strategy Article

2007-11-20T09:53:00.000+02:00

Now you can read a new Forex article on my site - Scalping The Forex Market For Profits Every Day (by Dean Sauders). As you can guess from its title it is about scalping. This article offers an interesting scalping strategy based on the big amount of Weighted Moving Average. Basically, it is a support and resistance system traded on M1 charts with 24 different levels. Scalping this way gives

Forex Trader's Cheat Sheet

2007-11-18T11:28:00.000+02:00

I've added a new Forex e-book to my site - The Forex Trader's Cheat Sheet. It's not just a book, but a real cheat sheet which can be used every time you consider opening a new position on Forex market. It has several pages of explanations on how to apply its statistical data and a printable version of cheat sheet for 5 currency pairs: GBP/USD, GBP/JPY, EUR/USD, USD/CHF and USD/JPY. As the authors

Forex Technical Analysis for 11/19-11/23 Week

2007-11-17T08:58:00.000+02:00

EUR/USD trend: hold.GBP/USD trend: sell.USD/JPY trend: sell.EUR/JPY trend: sell.Floor Pivot Points: Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res EUR/USD 1.4304 1.4412 1.4536 1.4644 1.4768 1.4876 1.5000 GBP/USD 1.9793 2.0073 2.0309 2.0589 2.0825 2.1105 2.1341 USD/JPY 106.89 108.01 109.53 110.65 112.17 113.29 114.81 EUR/JPY 153.98 156.33 159.60 161.95 165.22 167.57 170.84

Dollar Suffers From Lower Industrial Production

2007-11-16T16:29:00.000+02:00

EUR/USD stopped its fall today and jumped back up to 1.4670 levels on Forex after today's Federal Reserve release on industrial production. In this October industrial production fell by 0.5% after 0.2% growth in September and median expectation at 0.1% for this month. That means that FOMC will probably need to adjust U.S. interest rates once again to stimulate economy growth.With the decrease of

Marketiva Adds New Trading Instruments

2007-11-16T07:14:00.000+02:00

These news aren't that new, but for Forex traders it would be interesting to know, that Marketiva broker now offers world indexes (Dow Jones, Nasdaq 100, S&P 500, DAX and FTSE 100) and precious metals (gold, silver, platinum and palladium) trading. Metals are now part of the Commodities tab in Marketiva's Streamster, which may hint for adding other commodities (think of oil) too. Spreads for the

CPI at 0.3%, Jobless Claims at 330k, Oil Inventories Grow

2007-11-15T16:23:00.000+02:00

The release of the not so good news from the U.S. economy caused a wave of bullish dollar speculation on Forex with the increased risk aversion sentiments among traders. Going back from stocks to bonds wasn't prevented even by the fear of another possible cut rate before the year's end. EUR/USD fell from almost 1.4700 to the powerful psychological support level of 1.4600.Bureau of Labor

Minor Update

2007-11-15T09:42:00.000+02:00

I've updated Forex brokers description pages to use AJAX for broker rating system. So now you can vote for your favorite broker without having to reload a page. It's not a big thing, but I think that my visitors should be able to do thing in a convenient way :-). If you didn't rate your Forex broker yet, please do it now, it will take just a few seconds now.

Low Producer Prices Inflation Helps Dollar

2007-11-14T18:19:00.000+02:00

After Bureau of Labor Statistics reported its statistical data for October Producer Price Index (which indirectly affects Consumer Price Index with a time lag) today, U.S. dollar began reclaiming some of its strength against major currencies. Most notably - against Euro which grew significantly against all majors today. After PPI report dollar went back from past 1.4700 levels to 1.4670 levels.

Will Better Budget Deficit Help USD?

2007-11-13T21:03:00.000+02:00

U.S. dollar started its decline against other majors almost with the beginning of today's Asian trading session. EUR/USD broke through 1.4600 level but fell from it several times. Overall trading day for EUR/USD can be described as the "highly volatile correction".The only important (to Forex market) economical data from U.S. today is Federal budget deficit figures by U.S. Treasury. It came out

Forex Technical Analysis for 11/12-11/16 Week

2007-11-11T11:42:00.000+02:00

EUR/USD trend: sell.GBP/USD trend: sell.USD/JPY trend: sell.EUR/JPY trend: sell.Floor Pivot Points: Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res EUR/USD 1.4188 1.4316 1.4496 1.4624 1.4804 1.4932 1.5112 GBP/USD 2.0357 2.0569 2.0736 2.0948 2.1115 2.1327 2.1494 USD/JPY 104.87 107.69 109.18 112.00 113.49 116.31 117.80 EUR/JPY 155.03 158.59 160.52 164.08 166.01 169.57 171.50

Currency Trader — Free Forex Magazine

2007-11-06T19:42:00.000+02:00

Currency Trader is one of my favorite monthly read. It is published every month by http://www.currencytradermag.com/ website and contains many articles by professional authors. Articles vary from covering recent news topics to technical analysis matters, to fundamental macroeconomic factors. From every issue I learn a lot of important information on global economics and some interesting

New Metatrader Broker - iTradeFX

2007-11-05T20:37:00.000+02:00

I've added a new MetaTrder 4 Forex broker to the Forex brokers section today - iTradeFX. It's not a new broker to the on-line market, in fact it offers trading services since 2004, but it is a new broker to my site. iTradeFX has its own trading platform - WinTrader (along with a more common MetaTrader 4), which in my opinion is much inferior to MT4, though I'm sure it is quite popular among

Carnival of Forex Trading - November 4, 2007

2007-11-04T08:36:00.000+02:00

Welcome to the November 4, 2007 edition of Carnival of Forex trading. More general articles these time with a more detailed approach on pivot points trading and trailing stop technique. Allen Taylor presents Doubling Stocks With A Small

Forex Technical Analysis for 11/05-11/09 Week

2007-11-03T09:17:00.000+02:00

EUR/USD trend: sell.GBP/USD trend: sell.USD/JPY trend: buy.EUR/JPY trend: hold.Floor Pivot Points: Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res EUR/USD 1.4255 1.4315 1.4409 1.4469 1.4563 1.4623 1.4717 GBP/USD 2.0273 2.0401 2.0647 2.0775 2.1021 2.1149 2.1395 USD/JPY 112.02 113.02 113.93 114.93 115.84 116.84 117.75 EUR/JPY 161.88 163.08 164.86 166.06 167.84 169.04 170.82

New Work Places Sink Dollar

2007-11-02T19:21:00.000+02:00

For some strange reasons good data on October nonfarm payrolls which came out today had a very bad impact on dollar's pricing against major currencies. With 1.4524 on EUR/USD greenback fell down to its new historical minimums as with Canadian dollar - USD is now worth only 0.9326 CAD. Monthly nonfarm payrolls is one of the most looked at health barometers for U.S. economy. With a very weak past

Fed Sees No Major Problems in U.S. Economy

2007-10-31T19:44:00.000+02:00

Today is a very important day for the financial traders from all over the world - Fed is to decide its interest rate policy until the next meeting (if not further). While almost 92% of all traders expected rate cut by 25 basis points - to 4.50% - the main intrigue was concealed in Fed's formulation and reasons for the cut (or its absence in case they would decide to leave things as they were).

eToro - Forex Innovation

2007-10-31T18:47:00.000+02:00

Making something new in world of the retail on-line Forex services is a great job, hardly accomplished by Forex brokers today. eToro is a new kind of broker that brings innovative ideas to Forex trading via Internet. Aiming on the novice traders (like some other brokers - Pip Forex and Marketiva) it offers a very simple, yet interesting approach to buy and sell currencies. eToro developed its

Trade Your Way to Financial Freedom E-Book

2007-10-30T20:46:00.000+02:00

Another great e-book was added to my site today - it is "Trade Your Way to Financial Freedom" by Van K. Tharp. Too bad it is a rather poor quality scan. Nonetheless it is a very important book for all financial traders. And, in my opinion, it is especially important to Forex traders. Because it has so wonderful section about position sizing and money management which is usually Forex trader's

HY Markets - On-Line Forex Broker

2007-10-29T18:23:00.000+02:00

Long time since I've updated my Forex brokers section, so today is a good day to do it, IMHO. HY Markets is a rather new broker on the on-line Forex market, but they have a good and long off-line history with offices in both United Kingdom (London) and United Arab Emirates (Dubai). For their customers HY Markets offer custom web trading platform which makes trading possible from virtually any

Forex Technical Analysis for 10/29-11/02 Week

2007-10-27T10:07:00.000+03:00

EUR/USD trend: buy.GBP/USD trend: buy.USD/JPY trend: buy.EUR/JPY trend: hold.Floor Pivot Points: Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res EUR/USD 1.3944 1.4035 1.4213 1.4304 1.4482 1.4573 1.4751 GBP/USD 2.0015 2.0136 2.0329 2.0450 2.0643 2.0764 2.0957 USD/JPY 111.50 112.38 113.28 114.16 115.06 115.94 116.84 EUR/JPY 157.59 159.03 161.68 163.12 165.77 167.21 169.86

New Signs of Recession for U.S. Economy

2007-10-25T19:14:00.000+03:00

The closer it is to the October 31st when the FOMC's meeting on interest rates policy will be held the stronger the dollar bears feel themselves on the Forex market. With almost each day bringing new reasons for the Fed to decrease interest rate again this time the decision became clear now.Initial jobless claims for the last week decreased compared to the previous week report, but still came out

Oil And Home Sales Fall Again

2007-10-24T21:37:00.000+03:00

This day was very volatile on Forex EUR/USD pair, but it was without a distinct leader among those two. With dollar falling and rising during the day it ended almost at the same point it started. But trend for the rest of the week could have been probably founded today by two important fundamental reports on U.S. economics.First, the crude oil inventories for the last week fell by whopping 5.29

Forex Technical Analysis for 10/22-10/26 Week

2007-10-20T10:08:00.000+03:00

EUR/USD trend: buy.GBP/USD trend: buy.USD/JPY trend: hold.EUR/JPY trend: hold.Floor Pivot Points: Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res EUR/USD 1.4015 1.4080 1.4190 1.4255 1.4365 1.4430 1.4540 GBP/USD 2.0124 2.0206 2.0361 2.0443 2.0598 2.0680 2.0835 USD/JPY 109.91 112.21 113.35 115.65 116.79 119.09 120.23 EUR/JPY 158.36 161.03 162.39 165.06 166.42 169.09 170.45

Dollar Takes More Beating

2007-10-18T22:33:00.000+03:00

Today U.S. dollar continued its way down the Forex market to historical bottoms of its rate against Euro currency. With EUR/USD hitting its new historical maximum at 1.4309, there is a little doubt now that dollar will stop euro reaching and breaking 1.4500 level. This is mainly caused by bad U.S. data coming out last weeks, which might mean another Fed rate cut by the end of the month.First

EUR/USD Fluctuations Continue

2007-10-17T18:09:00.000+03:00

EUR/USD retraced back to 1.4200 level today after some very disappointing housing data came out in U.S. Overall situation continues to remain uncertain with the EUR/USD ranging between 1.4050 and 1.4250. It now formed a clear plateau pattern on the daily chart marking some major break in the Euro vs. Dollar struggle.Housing report for September showed a further downfall in this economics sector

Success Story of a Part Time Forex Trader

2007-10-16T18:08:00.000+03:00

A new Forex article was added to my collection today. Hearing another success story of the Forex trader might as old to some people, as motivating to others. I think this one will be at least useful to many Forex traders. Experienced and professional Forex traders can say that part time Forex trading can't be good and that it will always lack the "full market control and awareness". Yes, I'd

Street Smarts - a Book About Short-Term Forex Strategies

2007-10-15T19:44:00.000+03:00

A new Forex strategy e-book now can be downloaded from my site - this time it's about many (really a lot) powerful short term strategies and the basic rules of trading Forex using such strategies. It even has a chapter on Wolfe Waves - one of my best trading method for Forex charts. But don't expect to spend 20-30 minutes to read some strategy from this e-books and begin earning millions in a few

FXcast Announces Trading Competition

2007-10-14T15:35:00.000+03:00

FXcast Forex broker announced a Forex traders competition which will be held on real accounts from the 1st till 30th of November with the best trader to receive $5,000 prize. Minimum account size for the competition is not high - just $250, but that will surely add more adrenaline for the participants and will make the whole event more exciting. On the other side - real accounts will stop some

Forex Technical Analysis for 10/15-10/19 Week

2007-10-13T10:23:00.000+03:00

EUR/USD trend: sell.GBP/USD trend: sell.USD/JPY trend: hold.EUR/JPY trend: hold.Floor Pivot Points: Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res EUR/USD 1.3823 1.3919 1.4048 1.4144 1.4273 1.4369 1.4498 GBP/USD 2.0012 2.0128 2.0243 2.0359 2.0474 2.0590 2.0705 USD/JPY 116.03 116.41 117.01 117.39 117.99 118.37 118.97 EUR/JPY 161.24 162.69 164.71 166.16 168.18 169.63 171.65

Dollar Regains Positions After Mixed News

2007-10-12T19:05:00.000+03:00

After yesterday's EUR/USD high peaks dollar is showing a good trend today moving the EUR/USD pair back to below 1.4200 levels hitting bottom 1.4150 mark. That of course can be considered as an ongoing correction for the previous weeks growth of Euro, especially considering that there were too few good news for the U.S. economy on which the dollar growth could have been based.Monthly retails sales

Dollar Loses On Good U.S. Trade Balance

2007-10-11T21:11:00.000+03:00

A significantly improved trade balance of the United States was reported today with the value of -$57.6B ($1.6B improvement from previous month). While narrowing trade balance deficit is a good news for the whole U.S. economy a reaction on this news wasn't very good on the currency market. Dollar stopped its strengthening and gave up almost 100 points against Euro currency hitting 1.4240 daily

FXcast Now Offers Exchange Service

2007-10-09T19:17:00.001+03:00

FXcast Forex broker now offers e-currency exchange services to its customers. They offer almost free exchange of e-gold to WebMoney or Liberty Reserve. This service is done with the low 2.7% commission which is fully compensated after the trader close a specific amount of positions This amount is determined as $10 of commission for every 1 full standard Forex lot. I think it is a good addition to