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

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Read the rest of Forex Technical Analysis for 02/01—02/05 Week (14 words)

MetaTrader 4 platform with ECN execution - FXOpen.

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The EUR/USD continued its losing streak today despite worse-than-expected data published in the United States. The dollar declined versus most of the main traded currencies but maintained the highest rate in 2010 versus the euro as the single currency continues to be under the influenced of pessimism in the Eurozone. EUR/USD currently trades at 1.3991.

Initial jobless claims were at 470k during the past week from a previous number of applications of 478k (revised). Forecasts expected less applications at 451k.

Durable goods orders advanced 0.3% in December from a previous revised decline of 0.4% in November. Actual figures frustrated forecasts that expected an advance of 2.1% in orders.
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Read the rest of EUR/USD Remains Bearish Despite U.S. Weak Data (13 words)

MetaTrader 4 platform with ECN execution - FXOpen.

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Hello my readers! Today I think that I need your help to solve some uneasy situation that concerns some of the reviews on EarnForex.com and thus is important for the quality of the content and information that you as the site’s visitors receive from it.

The situation involves a trader (let’s call him Joe), a broker (let’s call it ACME-Forex) and a bunch of rather rough reviews of this broker submitted by Joe. Trader Joe was trading successfully with ACME-Forex until one day he decided to withdraw his capital. After his request was refused, he submitted several reviews to EarnForex.com and some other Forex-related websites. These reviews were rather straightforward as they went straight from his heart. ACME-Forex didn’t like these reviews and began to persuade me to remove them from my site. I must say that I have a rather strict policy for the reviews — I never remove reviews unless I am really sure that they are fake, and so I refused. Then ACME-Forex finally came to an agreement with trader Joe to return almost all his capital but on some conditions. These conditions require Joe to ask all the sites where he submitted his reviews to remove them. The final part of Joe’s capital (1/3 of it) will be returned to him only when all his reviews are removed from all sites. In my opinion, it wasn’t very wise on Joe’s side to sign such an agreement, as he obviously can’t control the reviews posted on some websites, but he did sign it.

So, now Joe asks me to remove his reviews from my site for ACME-Forex to return his money to him. And as I don’t remove reviews in such cases and refuse, he blames his “suffering” on me. I agree that he should get his capital back, but I also believe that it shouldn’t cost my visitors the possibility to read the actual reviews of ACME-Forex as I consider all reviews useful to traders.

Since removing those reviews from EarnForex.com will influence my readers, I feel obliged to ask your opinion on this matter. Should I remove Joe’s reviews so he could get his money back and new traders couldn’t read these reviews or shouldn’t I?

Note: There is a poll embedded within this post, please visit the site to participate in this post’s poll.

I would also really appreciate it if you would leave a commentary with your opinion on this matter.

MetaTrader 4 platform with ECN execution - FXOpen.

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

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Read the rest of Forex Technical Analysis for 01/25—01/29 Week (14 words)

MetaTrader 4 platform with ECN execution - FXOpen.

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The latest Forex broker that I’ve added to my site today is Vantage FX. It’s a white label partner of another Australian broker — GOMarkets. It’s a separate company regulated by ASIC, but in terms of the retail Forex services it doesn’t add anything new as a broker compared to GOMarkets. The only thing that’s making them worth adding to my site is their tools for developing, testing and hosting the expert advisors for the MetaTrader 4 platform. So, if you prefer automated trading then this broker has some positive features to offer, otherwise you won’t be too excited by the conditions:

• Leverage can be as high as 1:300.
• The minimum to start trading is $120.
• Spreads fluctuate between 1 and 2 pips for the EUR/USD currency pair.
• Expert advisor database, VPS hosting for MT4 and EA Test Lab.
• Trade gold and silver in addition to traditional Forex.
• No convenient ways to deposit/withdraw money.

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Read the rest of Rather Pointless Australian Broker — Vantage FX (16 words)

MetaTrader 4 platform with ECN execution - FXOpen.

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The EUR/USD declined intensively today as risk aversion remained high favoring the U.S. dollar as Chinese equities markets dropped on the country’s new lending restrictions. The euro continues to suffer from a negative sentiment fueled by concerns regarding the growing Greek budget deficit, and as data published in the U.S. came within forecasts with a slightly positive outcome, the dollar reached the highest rate versus the European single currency in 2010. EUR/USD continues to fall currently at 1.4139.

Building permits were at seasonally adjusted annual rate of 653k in December, showing figures above forecasts that expected 590k permits approved and from a previous reading of 589k (revised) in November. Housing starts for December were at a seasonally adjusted level of 557k from a previous revised rate of 580k in November. Forecasts expected housing starts to be at 580k.

Producer Price Index (PPI) had a timid increase of 0.2% in December from a previous advance of 1.8% in November. The actual figures expected no changes for this index.

Net long-term purchases of the U.S. securities by the foreign investors published yesterday were at $126.8 billion in November from a previous revised reading of $19.3 billion. Data came much above forecasts that expected just $30.3 billion.
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Read the rest of USD Advances on U.S. Data, Risk Aversion (13 words)

MetaTrader 4 platform with ECN execution - FXOpen.

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It’s been a while since the last time I’ve converted some indicator from MT4 to MT5 platform. So, today I present Support and Resistance indicator, which was initially written by Barry Stander for MetaTrader 4. It was a very simple conversion since the code was quite small in the MT4 version. The indicator uses only one standard MetaTrader indicator — Bill Williams’ Fractals. The resulting converted version of the indicator for MT5 has some advantages:

• The structure is much more clear.
• Removed unnecessary code and global variables.
• Now it’s easier to edit and update this indicator.

But there are also some disadvantages compared to MT4 version:

• For some reason MT5 prohibits the use of ”&” symbol in the indicator’s short name.
• Code became bigger.
• A lot of additional code for converting the arrays.
• There is a bug in MT5 (Build 239) iFractals function that returns “double max” instead of zeros when the fractal value is empty.

You can get the code of MT5 version or read more info about this support and resistance indicator.

Update: It turns out that in MetaTrader 5 the EMPTY_VALUE constant is intentionally equal to DBL_MAX, so it’s a normal behavior for iFractals to return DBL_MAX values when the indicator’s value is empty.
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Read the rest of Support and Resistance Indicator in MetaTrader 5 (25 words)

MetaTrader 4 platform with ECN execution - FXOpen.

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The U.S. Commodity Futures Trading Commission (CFTC) has put up a new regulatory proposition for the market participants to discuss. In addition to the capital, regulatory and risk-disclosure requirements, the FCMs (futures commission merchants) and RFEDs (retail foreign exchange dealers) will be limited to 1:10 leverage maximum. Considering the popularity of 1:100 leverage in the on-line Forex industry, such a limit, if implemented, would hit hard the Forex broekrs registered or operating in United States. CFTC announced this proposal on January 13th and the part about the leverage in it reads:

For example, FCMs and RFEDs would be required to maintain net capital of $20 million plus 5% of the amount, if any, by which liabilities to retail forex customers exceed $10 million. Leverage in retail forex customer accounts would be subject to a 10-to-1 limitation.

The good thing that it’s still just a proposal and that CFTC is expecting a feedback from the market participants to evaluate the necessity and possibility of such means. You may send your opinion to CFTC via the e-mail: secretary@cftc.gov (don’t forget to use “Regulation of Retail Forex” as the subject) or via the postal mail:

David Stawick, Secretary, Commodity Futures Trading Commission
1155 21st Street, N.W.
Washington, DC 20581

In either case include RIN 3038-AC61 identification number in the body of your mail.
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Read the rest of CFTC Wants to Limit Leverage to 1:10 (18 words)

MetaTrader 4 platform with ECN execution - FXOpen.

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Once again Greece’s economic situation influenced the EUR/USD currency pair setting it down after several days of gains for the European common currency. Even if the U.S. didn’t provide positive data today, the euro remained less attractive as ECB officials and Angela Merkel showed concern regarding Greece’s raising budget deficit, which could, according to them, affect the euro’s performance. EUR/USD currently trades at 1.4476, erasing all of yesterday’s gains fort he euro.

Retail sales posted negative figures for December, decreasing 0.3%. It was a sharp fall from November’s revised increase of 1.8%. Forecasts were frustrated as they expected an timid but positive advance of 0.4%.

Initial jobless claims rose during the past week to 444k applications, compared to a previous revised number of 433k two weeks ago, and also above forecasts that expected 438k jobless claims.

U.S. export prices advanced 0.6% percent in December while import prices remained neutral in a monthly comparison. Both import and export prices increased in 2009 at 8.6% and 3.4% respectively.

Business inventories increased by 0.4% in November from a revised rise of 0.4% in October. Forecasts once again missed out excepting more optimistic numbers, signaling an increase of just 0.1%.
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Read the rest of EUR/USD Drops on Greek Deficit Outlook (13 words)

MetaTrader 4 platform with ECN execution - FXOpen.

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One of the most important tools of trade of the Forex trader is the trading platform — a middleman between the trader’s strategies and systems and the Forex broker. In practice, a big part of the trader’s success depends on the quality of the offered platform. It can be used for analysis, order execution, money management, news receiving, communication with the broker and other trader and for many other things. Some platforms are unique to the particular broker and aren’t offered by anyone else. Others are offered by many brokers and are quite universal. I prefer MetaTrader 4 platform, but most of the time I trade with a broker that doesn’t support MT4, but I still use MT4 demo for all my analysis and use the broker’s platform only for order execution. And what’s your preferred platform?

Note: There is a poll embedded within this post, please visit the site to participate in this post’s poll.
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Read the rest of What’s Your Favorite Forex Trading Platform? (18 words)

MetaTrader 4 platform with ECN execution - FXOpen.

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