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Forex Brokers Update — July 30th, 2017

As no new brokers have been listed during the week, here is the list of changes to the existing company listings:

AAAFx added Bitcoin deposit option and now supports trading in cryptocurrencies.

AMarkets, AvaTrade, Alpari, ADS Prime, Admiral Markets, and AxiTrader have been marked as brokers that offer Autochartist software to their customers.

Listing of CMS Forex has been disabled as the company is no longer operating.

If you have any questions or comments regarding any of the latest Forex brokers updates, please feel free to reply using the form below.

Posted on Forex blog.

Forex Brokers Update — July 16th, 2017

Forex Brokers Update — July 16th, 2017

One new company has been added to the list of Forex brokers this week:

FXPIG — an offshore broker with a Vanuatu license. It offers trading via MT4 and cTrader platforms with a minimum of $500 balance and a maximum of 1:400 leverage.

FXPIG

Some listed brokers have been updated:

If you have any questions or comments regarding any of the latest Forex brokers updates, please feel free to reply using the form below.

Posted on Forex blog.

How to Pick Targets Using 1-2-3 Patterns

How to Pick Targets Using 1-2-3 Patterns

By Admiral Markets

Dear traders,

In our previous blog post, I showed you how to use the 1-2-3 Forex pattern. Today, I will demonstrate how to estimate targets using Fibonacci Expansion that comes with our MetaTrader 4 Supreme Edition trading package.

Fibonacci Expansion

Fibonacci Expansion is a default tool available in MetaTrader, which is also crucial for price action target. This article will introduce the essential Fibonacci Expansion levels that you might want to use with 1-2-3 pattern trading strategies. To be able to use the Fibonacci Expansion tool properly, I recommend you to watch the video below.

Fibonacci Expansion Custom Levels

In order to add custom levels to the Fibonacci Expansion tool, you first need to select the tool from the drop-down menu in MetaTrader 4. This is how you do it:

Source: AM MT4,GBP/USD H1 Chart, July 5, 2:20 Platform Time

Once you have selected the tool in Properties, add the following levels:

  1. FE 61.8
  2. FE 100.0
  3. FE 138.2
  4. FE 150
  5. FE 161.8
  6. FE 200

Please enter some of these levels manually within the indicator properties.

Source: AM MT4,GBP/USD H1 Chart, July 5, 2:30 Platform Time

The characteristics of these levels are important for our price analysis and will add up to 1-2-3 pattern trading.

Fibonacci Expansion 61.8

This is the first important level of the tool. It doesn’t usually act as a strong support or resistance when the price approaches it directly, but rather when the 61.8 support or resistance had already been broken (backward approach). It then transforms into a strong S/R level.

Fibonacci Expansion 100.0

This is considered to be a weak support or resistance level. But if the 1-2-3 pattern point 3 equals or is close to 61.8 of 1-2 retracement, FE 100 should be a strong S/R level.

Fibonacci Expansion 138.2

This is a level similar to 61.8 FE, with very similar characteristics.

Fibonacci Expansion 150

A very strong S/R level, usually strong for USD crosses, where the USD is the base currency. (e.g., USD/CHF, USD/JPY, USD/CAD, USD/SGD, etc.). It is also a strong level for EUR based crosses, where the EUR is the base currency (e.g., EUR/USD, EUR/GBP, EUR/JPY etc.).

Fibonacci Expansion 161.8

A very strong S/R level that possibly marks the end of correction.

Fibonacci Expansion 200

Possibly the strongest S/R level that marks the end of correction, price reversal, and change of the trend.

How to Place Fibonacci Expansion Targets

Simply add Fibonacci Expansion to the 1-2-3 pattern that has been formed to estimate possible price projection targets. The only correct way to do it is shown in the following example.

Source: NZD/JPY Chart, AM MT4, June 20, 15:15 Platform Time

  1. Identify the 1-2-3 pattern;
  2. Place Fibonacci Expansion;
  3. When the price breaks point 2, take the trade and follow the price to one of the important Fibonacci Expansion S/R levels.

Source: AM MT4,GBP/JPY H1 Chart, July 5, 2:50 Platform Time

Stop-Loss Placement

Stop-losses are usually placed below point 3 of the 1-2-3 chart pattern for long trades and above point 3 for short trades. However, if a trader wants to be slightly more conservative with a trade, they might opt to place a protective stop above or below point 1 of the pattern.

Final Words

As always, the single most important thing out of all the things that matter in trading is proper money management. Try to prioritise your setups and do not use your capital for chasing pips where they simply do not exist. Reserve your capital for proper trade setups with the 1-2-3 reversal pattern using low risk and proper targets. 1:2 Risk:Reward is a good choice, but protect your trade with a profit stop if you are an intraday trader.

If you need any question answered, please ask in the comment section below.

Cheers and safe trading,

Nenad

MT4 Supreme Edition + Volatility Protection

Article by Admiral Markets

Source: How to Pick Targets Using 1-2-3 Patterns


Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.

 

AUD/NZD Proceeds With Uptrend As Expected

AUD/NZD Proceeds With Uptrend As Expected

By Admiral Markets

The AUD/NZD went exactly as planned rejecting from the POC zone. Our previous AUD/NZD analysis showed a strong support which was respected and the pair proceeds with uptrend. The pair is above W H3 and D H5 which suggests strong uptrend. If we see a retracement, pay attention to POC 1.0465-85 (50.0, ATR pivot, W H3, D H5/H4, EMA89, inner trend line). As you can see this is the cluster of support so now moment buyers might be waiting for another chance to push the price higher. If the price breaks and closes above 1.0550, we might see 1.0600 – W H5 level.

Follow @TarantulaFX on twitter for latest market updates

Connect with Nenad Kerkez T on Facebook for latest market updates.

W L3 – Weekly Camarilla Pivot (Weekly Interim Support)

W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)

D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)

D L3 – Daily Camarilla Pivot (Daily Support)

D L4 – Daily H4 Camarilla (Very Strong Daily Support)

POC – Point Of Confluence (The zone where we expect price to react aka entry zone)

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Article by Admiral Markets

Source: AUD/NZD Proceeds With Uptrend As Expected


Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.

Your Weekly Fundamental View (10 – 14 July)

Your Weekly Fundamental View (10 – 14 July)

By Admiral Markets

AM-WeeklyFR-Banner-6.png

Need to Know

The upcoming week seems to be relatively calm from a fundamental point of view with only a few major news announcements. The most volatile news is to be expected from Canada as the Bank of Canada (BOC) will release its decision on raising interest rates. High on the list is also the speech from Fed Chair Yellen as well as CPI and retail sales in the U.S., which will reveal more information about the strength of the US economic growth.

Coming Up

The Australian NAB Business Confidence on Tuesday, 11 July

The National Australia Bank (NAB) is an index based on completed surveys with 350 businesses outside of the farming industry. The survey asks them to rate the relative level of business conditions.

Why should you care? A level above 0 indicates an improving economy, whereas a number below 0 shows decreasing economic conditions. The previous figure for the NAB is 7.

Unemployment Rate in Great Britain on Tuesday, 11 July

The unemployment level will be announced in Great Britain. The percentage provides important information about the job market and how many people are currently seeking employment.

Why should you care? A decline in the unemployment rate indicates economic improvement, whereas a rise indicates worsening conditions. Both the previous and current figures are at 4.6%.

Canada Interest Rate and Statement on Wednesday, 12 July

The Bank of Canada (BOC) will announce its interest rate decision for Canada. The BOC will add an official statement and policy report to provide investors and the general public with more information about the economic outlook as well as the conditions and trends behind the rate decision. A press conference that will address questions from the press is also expected.

Why should you care? The current interest rate stands at 0.5%, with the forecast remaining at the same figure, 0.5% (*).

Claimant Count Change and Average Earnings on Wednesday, 12 July

The claimant count change indicates how many people were claiming unemployment benefits in the previous month. The average earnings number covers the three-month average of the rise or fall of wages.

Why should you care? A rise of the count change shows that more benefits were claimed, which indicates a worsening of the job market, whereas a fall shows less benefits claimed and an improvement of the job market respectively. An increase in the average earnings is positive for consumption, CPI, and economy. The previous average earnings is 2.1%, and the current forecast stands at 1.8% (*). The previous claimant count change lies at 7.3k.

Fed Chair Yellen Testimony on Wednesday and Thursday, 13 and 14 July

On Wednesday, US Federal Reserve (Fed) Chair Yellen is expected to testify before the House Financial Services Committee on the semi-annual monetary policy report. The following day, Yellen will speak on the semi-annual monetary policy report before the Senate Banking Committee.

Why should you care? The Fed Chair announcements are always followed closely by the market for potential updates on the economic outlook, inflation development, and interest rate change.

China Trade Balance on Thursday, 13 July

The balance of trade will provide data on the difference between imported and exported goods from and to China in the previous month. A positive figure means that exports exceed imports, and a negative one indicates the opposite.

Why should you care? Export and import numbers from China have a large impact on the global economy as China produces and exports many articles to the West, but also imports many inputs to manufacture and deliver the products. The previous figure stands at $40.79B, and the forecast is $42.44B (*).

FA jul.png
Source: China Trade Balance Since 2011

CPI and Retail Sales Data from the U.S. on Friday, 14 July

The CPI, the core CPI, and retail sales are announced this day. The figures will provide more information about the pace of the US economy. Recent numbers have shown a slight slowdown in the growth, but the overall outlook remains bullish. These four data points will provide more information about the economic trend.

Why should you care? Positive numbers indicate a growing economy, whereas negative numbers, a potential slowdown. The previous inflation rate is 1.9%, and the expected rate stands at 1.7% (*). For the core inflation rate, both the previous and forecasted rates amount to 1.7% (*). The previous retail sales rate is -0.3%, and the expected rate, 0.1% (*).

(*)
Admiral Markets – Forex Calendar

Forex101 Forex Trading Course

Article by Admiral Markets

Source: Your Weekly Fundamental View (10 – 14 July)


Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.

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