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EUR/USD trend: hold.
GBP/USD trend: sell.
USD/JPY trend: hold.
EUR/JPY trend: hold.
GBP/JPY trend: sell.

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Read the rest of Forex Technical Analysis for 11/02—11/06 Week (14 words)

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Another down-day for Global Equity Markets as they were all lower on Wednesday. In the U.S the DJIA was down 1.21%, or 119 points to 9762.  The Dollar has continued to strengthen across the board to the exclusion of the JPY.

Oil continues its recent sell-off down a little over $2 a barrel to 77.46.  Gold, the other recent headline commodity is now trading at 1,027.  On the Agriculture front, corn, wheat, and soybeans were also down to end the day.

The Bond market rallied for a second day as the auction on 5 year Treasury bonds brought in $41 billion.  This was the largest show of demand in this issue in nearly 2 years.  This is further support that investors are at least temporarily leaving equities and heading back to safer ground.  Given the size of these auctions one would also have to believe that low rates are here to stay for near term.

All of this news has been dollar positive and will continue to be so.  Some of what we are seeing in the Foreign Exchange markets have simply been the dollar covering for those that massively short the greenback. It does not yet appear that traders are turning to take massive positions in USD at this point.

There are a couple of key items to watch on the data front tomorrow. BOJ will release their Rate decision.  In the Euro zone, German Unemployment is set to print.  In the U.S. 3Q GDP figures are due out.  In addition, Jobless Claims will be published which turned out to be quite a market mover last week.

Upcoming Forex Events for October 29, 2009

EUR      German Unemployment Change   Forecast  15.00K  Previous  -12.00K  

USD      GDP (QoQ)                                        Forecast  3.10%    Previous  -0.70%

USD      Initial Jobless Claims                          Forecast  520.00K Previous  531.00K 

NZD      Building Consents (MoM)             Previous   1.70%

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Higher oil inventories combined with the decrease of new home sales in the United States helped the U.S. dollar move forward against the European currency for the fourth day in a row today. EUR/USD is currently trading near 1.4752.

Durable goods orders was the only positive report today that showed a growth by 1% in September compared to August. A month ago 2.6% decline was reported. The median forecast for this indicator’s growth was also 1%.

New home sales decreased from 417k to 402k seasonally adjusted annual rate in September. A growth to 440k was expected by the investors.

Crude oil inventories increased by 0.8 million barrels last week. Total motor gasoline inventories added 1.7 million barrels during the same period and are once again above the upper limit of the average range.
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Read the rest of Fourth Day of Negative Rally on EUR/USD (13 words)

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Two weeks have passed since the MetaTrader 5 public Beta version has been released. In MT5 a completely new order/position system is introduced; it doesn’t allow hedging and allows only one open position per currency pair per trading account. It simplifies the trading by removing the situations with more than one position on the same currency pair (such positions just eliminate each other if opened in opposite direction) and also saves trader’s balance from excess swap charges (usually swaps on the same pair in the opposite direction are negative in total). Of course, such system is extremely different from the one that millions traders got used to while trading on MetaTrader 4. With the new system you can’t just open any amount of position and manipulate them in a comfortable manner, instead you have to deal with one position and a lot of ”virtual” pending orders. Even stop-loss and take-profit orders in most cases require creation of the separate pending orders that will partially close the existing position. I haven’t decided yet whether the new position system of MT5 is better or inferior to MT4 because it’s still a beta version and many things can change in the future. And how about you?

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Read the rest of Position System in MT5 vs. MT4 (22 words)

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EUR/USD trend: sell.
GBP/USD trend: sell.
USD/JPY trend: buy.
EUR/JPY trend: buy.

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Read the rest of Forex Technical Analysis for 10/26—10/30 Week (14 words)

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I’ve had my first experience with the MetaTrader 5 indicator coding. It took me two days to rewrite one of my old MT4 indicators to MT5 (actually it was rather a conversion from MQL4 to MQL5). It wasn’t very easy — in fact I’ve expected some sort of backward compatibility, albeit limited, from new MetaTrader platform or some tool from MetaQuotes Software that would do the code conversion automatically. So, I’ve converted BMA (Bands Moving Average) from.mq4 to.mq5 and it retained its full functionality, which is quite great. You can now freely download BMA indicator for MetaTrader 5. If you’ve missed my announcement of MetaTrader 5 Beta Testing you can still download the latest Beta from MetaQuotes.

Now, about the conversion process… From it I can make several early conclusions about the new MQL5 language and its differences from the old MQL4. The conclusions that would be interesting to the MQL developers are the following:

• Conversion isn’t trivial, as many things are done in completely different way now.
• Indicators’ code has became more structured now.
• With the abundance of the new Enumerated types and structures its now easier to write a reliable code, which can is easy to edit.
• The event system is great.
• When coding indicators with MQL5 you can do everything that you could be doing with MQL4.
• The on-line help for MQL5 is still quite raw.

For the traders, it’s hard to come up with something useful from new MT5 indicators because I was only converting an MT4 indicator, not developing something new with a new functionality, but there are advantages I can outline:

• Enumerated types allow more clear input parameter setting — no more numeric codes for MA modes, for example.
• Indicators can now work with the unlimited amount of bars in the chart.
• Indicators can now track and process some values intrinsic to ECN brokers.

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Read the rest of My Experience with MetaTrader 5 Indicator Coding (26 words)

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Although EUR/USD managed to hit its new record high level (since August 11th, 2008) today, the currency pair is trading in a red zone as the demand for dollar pulls it down. The decreased producer prices and the below-forecast values on housing that were reported in U.S. today press heavily on EUR/USD during the U.S. Forex trading session. The currency pair is trading near 1.4931 now after hitting as high as 1.4993.

Producer Price Index (PPI) declined by 0.6% in September compared to a previous month, during which it grew up by 1.7%. The economic analysts forecasted an unchanged index value for September.

Building permits were at seasonally adjusted annual rate of 573k in September, which is below 580k reported for August and 595k expected by the traders. Housing starts rose from 587k to 590k annual rate in September, but 610k rate was predicted by the forecasts.
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Read the rest of EUR/USD Hits New 14-Month High, Bearish Day (13 words)

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EUR/USD trend: sell.
GBP/USD trend: sell.
USD/JPY trend: hold.
EUR/JPY trend: sell.

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Read the rest of Forex Technical Analysis for 10/19—10/23 Week (14 words)

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EUR/USD rose to its maximum level in more than a year today as the set of the fundamentally stimulating reports moved the global stock markets up, lowering the attractiveness of the U.S. dollar as a reserve currency. Along with the better than expected macroeconimical statistics and the FOMC minutes release, EUR/USD was also spurred by the good financial reports from the major U.S. companies. The currency pair is now trading near 1.4913, while the daily high was set at 1.4946.

Advance retail sales report for September showed a monthly decrease by 1.5%, which followed a 2.2% growth during a previous month. The decrease isn’t a good result but the forecasted change was -2.1%, which would have been much worse.

U.S. export prices decreased by 0.3% in September after rising by 0.7% in August, while the import prices went up by 0.1% after rising by 1.6% a month earlier.

Business inventories fell by 1.5% in August, following a decrease by 1.1% and a forecast of a decrease by 1%.

Crude oil inventories dropped by 1.0 million barrels last week and total motor gasoline inventories increased by 2.9 million barrels during the same period.
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Read the rest of EUR/USD at Max Level Since August 2008 (13 words)

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The trading style solely depends on the individual agenda and preferences. One of the effective way to trade forex is swing trading. What is swing trading anyway? What is common misconception about swing trading? How can you swing trade efficiently?
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