Tag: Forex

‘Productivity’ as a Fundamental Indicator & Its Impact On The Forex Price Charts

Post author By Reddy Shyam Shankar
Post date 2 April, 2020
No Comments on ‘Productivity’ as a Fundamental Indicator & Its Impact On The Forex Price Charts

Introduction

Productivity is an important fundamental indicator that talks about the levels of the industrial output of a country. It is one of the leading indicators in the Forex market, which has a long-term impact on the currency’s value. The industrial output is linked to the theory of demand and supply, which means the availability of raw material and policies set by the monetary policy committee directly affects the overall output. Let us understand this concept in depth by looking at the definition of Productivity first.

What is Productivity?

Productivity is defined as the ratio of total output volume to the total input volume. The ratio is mentioned in the form of an average, which expresses the total output of a category of goods divided by the total input, say raw materials or labor. In simple words, Productivity measures how efficiently the inputs such as labor and capital are being used in a country to produce a given level of output.

Productivity determines economic growth and competitiveness and hence is the basic source of information for many international organizations for measuring and assessing a country’s performance. Analysts use ‘Productivity’ data to also determine capacity utilization, which in turn allows one to assess the position of the economy in the business cycle and to forecast economic growth.

Measuring Productivity

Before we see how Productivity is analyzed, we need to consider various methods of measuring the output and input components of Productivity and the limitation of using each of these estimates.

Output

When we are talking about output, the number of units produced of each category of commodity or service should be counted in successive time periods and aggregated for the company, industry, and the whole economy. This output should be measured in comparison to some other indicator of equal importance, usually cost or price per unit in a period. The changes in the price of the goods produced are observed for two or more periods that are said to influence the aggregate output volumes. Price deflation is usually employed to get the estimation of the real gross product by sector and industry. The obtained estimates will be used as numerators in the productivity ratios.

The limitation of using the above methods is that quantities and prices for many outputs of finance and service industries are deficient.

Input

Labor input is easy to measure, as it only involves counting the heads of persons engaged in production. But in fact, the number of hours worked is preferable to just the number of people. This dimension, too, is related to the compensation received per hour of work, also known as wage. The official estimates, however, do not differentiate among various categories of labor where they measure labor inputs by occupation, industry, and other categories.

The drawback of using this method for estimating the labor input is that it is difficult to find the relation between the number of hours worked and hours paid for during paid holidays and leaves.

Determinants of Productivity

Technology determines the maximum level of output that can be reached and the quality of output that is required. In this age of technological advancement, innovations and automates systems play a major role in carrying out the production activity. Technological changes are happening very fast in some industries while it is gradual in others.

The Skills of the workers matter a lot when determining Productivity on an individual level. For example, if an unskilled worker tries to carry out a task, he might make more mistakes and will not be able to optimize the time to work, whereas a skilled worker will need less time to do the same job.

Some other methods of attaining high Productivity are through adequate levels of earnings, high job security, quality education and training, good and safe working conditions, and an appropriate work-life balance.

The Economic Reports

The economic reports of Productivity are published every month for most of the countries. There is also the collective data that combines the monthly statistics of a country which is published on a yearly basis. The productivity data is maintained and provided by two big OECD (Organisation for Economic Cooperation and Development) databases, which are ISDB (International Sectoral DataBase) and STAN (Structural Analysis DataBase). At these sources, we can find the data from 1970 for countries like the United States, Japan, and other European countries.

Analyzing The Data

From a trading perspective, Productivity plays a vital role in the fundamental analysis of a currency pair. The productivity data shows the production capacity of a country. Using this data, various agencies decide which goods need to be imported and exported from the country. By comparing the data of two countries, one can determine which economy is stronger and has the potential to grow.

One thing to keep in mind when analyzing the data is to compare similar economies as different countries will have a different level of development. When looking at developed countries, it is fair to expect the productivity ratios to be in triple digits, and for developing economies, it could be in two digits.

Impact on the currency

The impact due to Productivity on the currency is split into two different categories, i.e., the ‘traded’ and the ‘non-traded’ sector of the economy. The ‘traded’ sector is made up of industries that manufacture goods for import to foreign countries and hence have a presence in the foreign exchange market. The ‘non-traded’ sector is comprised of industries that produce goods for the domestic market only.

So, as the prices of goods of the ‘traded’ increase, the currency of that country is set to appreciate and thereby increasing the inflow of funds into the country. In the case of ‘non-traded’ sector goods, an increase in the price of such goods is not good for the economy as this would make the products costlier and people will have to spend more to purchase them. This would negatively impact the currency, and institutions will not be willing to invest in such countries.

Sources of information on Productivity

Productivity data is available on the most prominent economic websites that provide a detailed analysis with a comparison chart of previous data. Using this information, a trader can analyze and predict the future data of the economy. Here is a list of major countries of the world with their productivity stats.

GBP | AUD | USD | EUR | CHF | CAD | NZD | JPY

Higher Productivity has an impact on the profit of a company and the wages of the employees. High profits due to high Productivity generate cash flow, increase loan provision from banks, and, most importantly, attract investment from foreign investors. Due to this, companies can afford to pay more wages to their employees without losing market share.

Impact Of Productivity News Release On The Price Charts

Productivity is one of the most important economic indicators that measure the annualized change in the labor efficiency of the manufacturing sector. As Productivity plays a major role in an economy, it is necessary to analyze the impact of the same on the currency. The below image shows that Productivity is not a crucial factor for forex traders, which means the Productivity data might not have a long-lasting effect on the currency. However, one should not forget the data that affects the manufacturing sector and hence indirectly impacts the GDP. Therefore, we should not underestimate the figures.

To explain the impact, we have considered the NonFarm Productivity of the US, which is released by the Bureau of Labor Statistics of the US Department of Labor. A ‘higher than expected’ reading should take the currency higher and is said to be positive for the economy, while a lower than expected reading is considered to be negative for the economy and should take the currency lower. The latest figures show that there has been a 1.4% rise in Productivity levels from the previous quarter. Let us find out the impact on the US dollar.

NZD/USD | Before the announcement | 5th March 2020

The above chart is of the NZD/USD currency pair before the Productivity numbers are announced. What we essentially see is a strong down move that has resulted in a reversal of the uptrend. The volatility is high even before the news release. The reason behind this move is much greater expectations of Productivity than before, which is making traders buy US dollars. Now, if the Productivity numbers were to be lower than before, we can expect a reversal of the downtrend, but it might not be sustainable as it is not a high impactful event.

NZD/USD | After the announcement | 5th March 2020

After the Productivity data is announced, volatility further increases on the downside, and the market moves much lower. What we need to observe is that even though the market goes lower, it fails to make a ‘lower low.’ This is because the productivity data is not of much importance to traders, and hence the impact will not last long. Therefore, the market respects the news for just a couple of candles and later takes support at the lowest point and goes higher. From a trading point of view, the only way to trade Productivity news release in this pair is by going ‘short’ after the news outcome and exit at the nearest opposing point.

GBP/USD | Before the announcement | 5th March 2020

GBP/USD | After the announcement | 5th March 2020

The above images represent the GBP/USD currency pair, where the characteristics of the chart are totally opposite to that of the NZD/USD chart. Here, the uptrend seems to be dominating, which is also confirmed by the moving average indicator. The forecasted productivity data is not having any impact on the pair before the news announcement, which means the data is relatively weak against British Pound. After the announcement is made, we see the market moves up as the data was no better than the forecasted data. The ‘news candle’ leaves a wick on the top since the data was mildly positive for the US dollar but has no significance. Therefore, the volatility increases on the upside with a minor impact, and the market continues its uptrend. In this pair, we don’t really see a point of ‘entry’ as we don’t have technical factors supporting the trade and hence should be avoided.

USD/CHF | Before the announcement | 5th March 2020

USD/CHF | After the announcement | 5th March 2020

The above chart of USD/CHF is similar to that of GBP/USD pair, but since the US dollar is on the left-hand side, the chart is in a downtrend. Here too, the US dollar is showing a great amount of weakness before the news announcement, which means even a positive Productivity data is less likely to result in a reversal of the trend. After the news announcement, we see that the price suddenly shoots up, and the price closes as a bullish candle. As the impact of Productivity data is less, the sudden rise in volatility shouldn’t last, and hence this could provide an opportunity for joining the trend. When volatility increases on the downside, we can take ‘short’ positions in the market with a stop loss above the ‘news candle.’ This is how we need to analyze such news outcomes.

That’s about Productivity and its impact on the Forex market. If you have any doubts, please let us know in the comments below. Cheers.

Tags Advanced Forex Analysis, Economic Indicators, Forex, Forex Fundamental Analysis, Fundamental Analysis, fundamental indicators, Macro Economics, Productivity, Skills of the workers, Technology

Forex Assets

GBP/INR Exotic Pair – Analyzing The Trading Costs Involved

Post author By Reddy Shyam Shankar
Post date 2 April, 2020
No Comments on GBP/INR Exotic Pair – Analyzing The Trading Costs Involved

Introduction

GBP Pound sterling, also known as the pound, is the official currency of the United Kingdom. It is very well known, and in fact, it is the fourth most-traded currency in the Forex market. INR (Indian rupee) is the official currency of India. This currency is controlled and managed by the Reserve Bank of India.

GBP/INR

In the Forex market, one currency is always quoted against the other as the currencies are trades in pairs. GBP/INR represents the trading of the Pound sterling against the Indian rupee. In this case, the first currency (GBP) is the base, and the second (INR) is the quote currency. The GBP/INR is classified as exotic-cross currency pair.

Understanding GBP/INR

To find out the relative value of one currency, we need another currency to compare. If the value of the base currency goes down, the value of the quote currency goes up and vice versa.

The market value of GBPINR determines the strength of INR against the GBP. This can be easily understood as 1GBP is equal to how much INR. So if the exchange rate for the pair GBP/INR is 94.034, it means 1GBP is equal to 94.034 INR.

Spread

Forex brokers have two different prices for currency pairs: the bid and ask price. The bid price is the selling price, and ask is the buy price. The difference between the ask and the bid price is called the spread. The spread is how brokers make their money. Below are the spreads for GBP/INR currency pair in both ECN & STP brokers.

ECN: 55 pips | STP: 57 pips

Fees

A Fee is simply the commission we pay to the broker each time we execute a position. There is no fee on STP account models, but a few pips on ECN accounts.

Slippage

Slippage refers to the difference between the trader’s expected price and the actual price at which the trade is executed. It can occur at any time but mostly happens when the market is fast-moving and volatile. Also, sometimes slippage occurs when we place a large number of orders at the same time.

Trading Range in GBP/INR

The amount of money we will win or lose in a given amount of time can be assessed using the trading range table. It is a representation of the minimum, average, and maximum pip movement in a currency pair. This can be evaluated simply by using the ART indicator combined with 200-period SMA.

Procedure to assess Pip Ranges

Add the ATR indicator to your chart
Set the period to 1
Add a 200-period SMA to this indicator
Shrink the chart so you can assess a significant period
Select your desired timeframe
Measure the floor level and set this value as the min
Measure the level of the 200-period SMA and set this as the average
Measure the peak levels and set this as Max.

GBP/INR Cost as a Percent of the Trading Range

The cost of trade mostly depends on the broker and varies based on the volatility of the market. This is because the total cost involves slippage and spreads apart from the trading fee. Below is the representation of the cost variation in terms of percentages. The comprehension of it is discussed in the following sections.

ECN Model Account

Spread = 55 | Slippage = 3 |Trading fee = 5

Total cost = Slippage + Spread + Trading Fee = 3 + 55 + 5 = 63

STP Model Account

Spread = 57 | Slippage = 3 | Trading fee = 0

Total cost = Slippage + Spread + Trading Fee = 3 + 57 + 0 = 60

Trading the GBP/INR Exotic pair

The GBP/INR is an exotic-cross currency pair and is volatile in nature. For instance, the average pip movement on the 1H timeframe of this pair is about 432 pips. From the above tables, it is clear that the higher the volatility, the lower is the cost of the trade. However, this is not an advantage as it is risky to trade when the markets are highly volatile.

While reading the above tables, if the percentages are larger, higher are the costs on the trade. Likewise, if the percentages are small, lower are the costs. So, this can be interpreted as the trading costs are higher for low volatile markets and lower for high volatile markets.

It is always recommended to trade when the volatility is around the minimum values. Because at min values, the volatility is low, and the costs are a little high compared to the average and maximum values. But, if your priority is towards reducing costs, you may trade when the volatility of the market is around the average values. Cheers!

Tags Asset Analysis, British Pound, Forex, Forex Assets, GBP INR, Indian Rupee, Margin Currency, Pip Value, trading, Trading Costs

Forex Signals

Bear Continues its Domination

Post author By Tareq Sikder
Post date 2 April, 2020
No Comments on Bear Continues its Domination

Chart EUR/JPY H1 Chart

EUR/JPY made a strong bearish move on the H1 chart yesterday. The chart shows that it made a breakout at yesterday’s lowest low today. As of writing, the last candle closed well above the breakout candle. A short entry is triggered at 116.370. The price may head towards the South and find its next support at around the level of 115.255 area.

Let us have a look at the trade summary

Entry: Sell at 116.370

Stop Loss: Above 117.640

Take Profit: 115.255

Tags Bearish, Breakout, EURJPY, Forex, H1 chart, signal

Forex Forex Brokers

MagnumFX Review

MagnumFX is an online Forex and CFD broker that is based in Cyprus and regulated by the Cyprus Securities and Exchange Commission (the “CySEC”). MAgnumFX have set out their core values around their clients, aiming to offer integrity, opportunity and to build and maintain their positive reputation. We will be using this review to look through their rather limited site to see what information we can find on their trading conditions and so you can decide if they are the right broker to suit your trading needs.

Account Types

There isn’t an account information page or any information on the trading accounts at all, so because of this, as we go through this review we will outline any information that we find, if there is multiple information pertaining to multiple account types we will outline them in each section, otherwise, everything in this review will be relevant to the available account.,

Platforms

MagnumFX is currently offering just the one trading platform which is MetaTrader 4, the platform is used all over the world by millions of traders and comes with a whole host of helpful features. It can be used anywhere as a desktop download at home, a mobile application on the move or as a web trader on any device. It also has access to a database of thousands of indicators and expert advisors which allows for advanced analysis and automated trading, the platform also offers features such as one-click trading, multiple charts, multiple timeframes and can be used in multiple languages.

Leverage

MagnumFX is following the guidelines of the ESMA which means thair leverage is rather limited, the recommendations state the following:

Leverage limits on the opening of a position by a retail client from 30:1 to 2:1, which vary according to the volatility of the underlying:

30:1 for major currency pairs

20:1 for non-major currency pairs, gold, and major indices

10:1 for commodities other than gold and non-major equity indices

5:1 for individual equities and other reference values

2:1 for cryptocurrencies

Being limited to 1:30 can restrict not only risk management strategies but also the profit potential of an account.

Trade Sizes

Minimum trade sizes start from 0.01 lots and go up in increments of 0.01 lots. There is no information on the site regarding a maximum trade size or how many trades you are able to have at any one time.

Trading Costs

There isn’t any information on the site regarding trading costs, this goes for both commissions or swap charges. We would expect there to be some swap charges present as it is the norm, they are charged when you hold a trade overnight and will be visible within the MetaTrader 4 trading platform.

Assets

There is not a full breakdown or product specification available from MagnumFX which is a shame, many potential clients should be looking to see if their preferred asset and instrument is available to trade, not knowing could cause them to look elsewhere. A product specification can also give a lot of information about the trading conditions such as spreads and commissions, so not that being available is a shame.

Spreads

The spreads are another entity that we are not sure of, there are no examples or mentions of spreads, so their starting values are not known, we do know that the spreads will be variable which means they can be influenced by the markets, the more volatility in the markets the higher the spreads will go, different instruments will also have different natural spreads.

Minimum Deposit

There isn’t any financial information available on the site, this includes what the minimum deposit value may be.

Deposit Methods & Costs

As there isn’t any financial information available we do not know which methods are available to deposit with, we also do not know if there are any added fees. This is vital information as clients need to know how they can get their money into the broker, they do not want to sign up only to find that they cannot deposit as they do not use the available methods.

Withdrawal Methods & Costs

Just like with the deposit methods there is also no information surrounding the available deposit methods or any potential fees and commissions for withdrawing. Once again it is important for potential clients to know how they can get their money back and if it will cost them to do so.

Withdrawal Processing & Wait Time

As we do not know what methods are available to withdraw, we also do not know how long it will take, MagnumFX also does not state what their aim for processing times are, we would hope that any requests would be fully processed within 7 days of the request being made.

Bonuses & Promotions

There are no active bonuses or promotions from MangumFX at the time of writing this review, this does not mean that there won’t be any in the future though, so if you are interested in bonuses you could always contact the support department to see if there are any coming up that you could take part in.

Educational & Trading Tools

This is another aspect of the broker that is lacking, there is no information on the site in regards to education or tools. Many modern brokers are now trying to help their clients improve through the use of analysis or education, so it would be good to see MagnumFX do something similar.

Customer Service

There are a few little ways to get in contact with the MagnumFX customer service department, they haven’t stated what their opening times are but you are able to get in contact using the postal address provided, as well as the available phone number and email address.

Address: KPMG Center, 1 Agias Fylaxeos Street, 2nd Floor, Office 1, 3025 Limassol, Cyprus.
Phone: + 357 25 053547
Email: [email protected]

Demo Account

There isn’t any information on the site that indicates that there are demo accounts, you would be able to open one up through MetaTrader 4 but not directly through the site so the trading conditions within those demo account would be unknown. Demo accounts are important for a broker as they allow you to test out new strategies as well as the trading conditions without any real risk.

Countries Accepted

This information is not available anywhere on the website, so if you are wanting to get more info on your eligibility we would recommend contacting the customer service team to find out if you are eligible or not.

Conclusion

There isn’t a lot of information available on the website, we have an understanding of the trading platform available and the amount of leverage that is being offered. Apart from those aspects, there is not a lot of information around the trading costs, available assets or funding methods. Without any of that information being available, we would have to recommend looking elsewhere for a broker to use.

Tags Forex, Forex Broker, review

Forex Daily Topic Forex Price-Action Strategies

Don’t Lose Patience if a Chart Does not Produce the Signal

Post author By Tareq Sikder
Post date 2 April, 2020
2 Comments on Don’t Lose Patience if a Chart Does not Produce the Signal

Breakout strategy traders wait for a breakout followed by a breakout confirmation candle. If the next candle does not close with a new higher high/lower low from the breakout candle, traders must not trigger entry. The price may go towards the trend sometimes, but it often goes another way. In today’s lesson, we are going to demonstrate an example of this where everything looks good, but it ends up without producing a signal candle.

The chart shows that the price heads towards the North with good bullish momentum. It finds its resistance and makes a correction. Upon finding its support, the chart produces a bullish engulfing candle. The candle suggests that the price may head towards the North. The buyers are to wait for the breakout followed by a breakout confirmation candle to trigger a long entry.

The price heads towards the North but does not make a breakout candle yet. The last candle closes within the level of resistance. The buyers must wait and keep their eyes on the chart since the breakout may take place anytime soon.

Here it comes. The last candle on the chart breaches through the level of resistance closing well above it. This is one good breakout candle. This must attract the buyers to stick with the chart and hope for the next candle to close above the breakout candle to trigger the entry. It looks extremely good. The entry is knocking at the door. Let us proceed to the next chart.

The breakout strategy buyers must be disappointed. After all the hours of waiting, the chart produces a bearish inside bar. Pullback buyers may wait for a bullish engulfing candle to go long in the pair. However, this chart does not have anything to offer for the breakout strategy traders at the moment. Let us proceed to the next chart to find out what happens.

The chart produces a bullish inside bar. However, the price heads towards the South with good bearish momentum. The last candle seems to hit the level of support as well. This means it does not produce any signal for the pullback buyers as well. It is disappointing when traders do not get the signal they wait for a long time. However, it does not hurt as much as a losing trade does. After a long wait, if a chart does not produce the signal, it often leads us towards taking bad entry in other pairs. Let us make sure we never do that. Patience is a great virtue as far as Forex trading is concerned. Traders must make sure that they have this virtue.

Tags Breakout, breakout strategy, Bullish, bullish momentum, Forex, Forex price action, Price Action

Forex Videos

Is Forex Gambling? The Harsh Truth!

Post author By Keiran
Post date 2 April, 2020
No Comments on Is Forex Gambling? The Harsh Truth!

https://youtu.be/K2KtSnNdNwg

What Is Forex & Is It Not Just Gambling?

There has been an explosion in interest in forex trading since the advent of the retail Forex market, which opened up after the internet was born.

Example A, Much hype has been made of people making fortunes from forex trading in the retail space. So is it all true, or is it a fabrication, and is it really easy to make money trading Forex? Unfortunately, wherever there is money involved, there will always be fraud, and therefore you will find a lot of scams in the forex retail space within social media sites such as Youtube and Facebook and Instagram, etc. People upload videos onto YouTube telling you that they will help you make a fortune and then, of course, they want to be paid money for their education programs or perhaps trading on your behalf with your money, when in actual fact they are ill-equipped and do not care about making a profit for you, they are simply out for your subscription fee or investment funds.
And so the forex world may conjure up ideas of easy money and wealth, with flash cars, luxurious houses, jet-set lifestyles, and exotic holidays. That is the reality Far from the portrayal that many of these scammers would lead you to believe?
In truth, the forex market is a skilled profession. There is a steep learning curve to go through to understand how this industry works. It is a highly complex and extremely fluid marketplace, Where over 5 trillion dollars are traded every day and which is interconnected throughout the financial markets With other asset classes such as stocks bonds, precious metals commodities, and oil. You would not strip a car engine down if you had not been to college to learn about car mechanics and you would not attempt to build a house without first learning how to do so, and you would not try and operate on a human being without first learning all the processes, having been to university. And the forex market is exactly the same: you must learn about economics and the fundamentals surrounding the government’s financial policies of the countries whose currencies you wish to trade in. You will need to learn how to look at trading charts, in what is called technical analysis, to learn how currencies, which are always traded in pairs, are moving against each other, in order to successfully find the trends and trade them accordingly.

Therefore the effort that you put into accumulating the relevant knowledge is the only way that you will be able to successfully and consistently make money trading Forex. Once you have learnt everything that you need to be able to trade successfully, you will then need to backtest your results and forward test them on a demo account before you risk losing your hard-earned money trading in the marketplace for real. Therefore there is no quick fix strategy on how to make money trading; anything short of what is necessary means that you will simply be gambling. And the forex market can be deadly if you slip up.

So how does this market work? The Forex or FX market is an international exchange that is un-centralized, which means that nobody is in charge of it, and where currencies are bought and sold against each other in pairs. We are over 5 trillion dollars being traded from Monday to Friday, 24 hours a day. It is the most liquid business on the planet. There are specific windows when the volume is higher than at other times during the day, and these are the best x to seek out trans in currency pairs and where traders look to latch onto a trend because this is where the real money can be made due to the increased volume going through at these particular times.

Example B, Just like other commercial areas, fluctuations in currencies are largely driven by supply and demand. If you have too much of a product, it tends to be cheaper, and where a product is difficult to obtain, it becomes more expensive, and this can be true with currencies.

Example C, So when there is a surplus of a particular currency, it becomes cheaper to obtain And may fall against a particular counterpart currency.

Example D and the opposite is true when demand for a currency increases and there are fewer sellers, in which case the price of the currency will become more expensive against its counterpart currency, and the value of the currency will therefore rise.
So how do we apply this demand and supply scenario to the forex market? Each time a currency is bought, surplus demand is created within the market, which subsequently pushes the price of balance, and the price will rise.
And each time I currency is sold, a surplus supply is created. And this time the opposite is true, it throws the market price off balance and pushes the price down.

The Amount that the price moves up or down during these situations is dependent on the amount of volume going through at any particular time, and this fluctuates during the day, and where during those periods where extra volume is experienced during the busiest times of the trading day. Therefore the biggest likely market moving generators tend to be central banks, large financial institutions, large hedge funds, sovereign wealth funds, and whereby the retail sector has a much smaller impact on price fluctuations due to the fact that they only make up a very small part of the forex market.
These constant price fluctuations in the forex market are the main driver for how traders make money in trading. The economic events in the world are constantly changing, where government policymakers adjust their financial policies in relation to the swings in the fortune of their countries’ which affects their gross domestic product and whereby economic data releases, which come out on a weekly and monthly basis are the main drivers as to why there are consistent movements in price action pertaining to the balance of supply and demand for each currency.

Because currencies are always traded in pairs when trading, you are betting on the value of one currency against another moving up or down based on the underlying supply and demand for each currency.

Tags Forex, gambling, trading

Forex Course

Introduction To Forex Course 4.0

Post author By Reddy Shyam Shankar
Post date 2 April, 2020
No Comments on Introduction To Forex Course 4.0

Hello People,

As you all know, we have completed Course 3.0 successfully. Thanks a lot for the brilliant response and great job on the quizzes you all have taken. We have covered some of the most critical fundamentals pertaining to technical analysis in course 3.0. Please make sure to practice all the concepts we have discussed in a demo account. Without practice, it is impossible to ace the Forex Market using technical analysis. We have also made a quick navigation guide for Course 3.0 so that it’ll be easier for you to get a quick recap whenever required. You can find that guide in the link below.

Quick Navigation Guide – Forex Academy Course 3.0

With all these learnings in mind, we will be moving on to the Forex Academy Course 4.0. We have discussed most of the basics concerning technical trading in the previous course. Hence, we will be exploring some sophisticated strategies and intermediate to advanced concepts of technical analysis in Course 4.0. It is crucial to have acquired the knowledge of whatever we have studied in the previous course to catch up with these complex concepts. So it is highly recommended to finish the previous course before starting off with this one.

Topics that will be covered in Course 4.0

✫ Forex Chart Patterns & Their Importance

✫ Trading The Most Popular Chart Patterns

✫ Oscillators

✫ Momentum Indicators

✫ Pivot Points & their importance

Each of these topics will have about 7 to 10 course articles with corresponding quizzes. The USP of this course are the writers who prepared TOC and the related content. They are professional technical & price action traders who have a combined experience of 20+ years in the Forex market. So make sure to follow all the concepts that are discussed in this course and practice them well to become a successful Technical Trader. Also, try to answer the quiz questions until you get all the questions right. We wish you all the luck. Cheers!

Tags Chart patterns, Course 3.0, Course 4.0, Forex, Forex Course, Forex Trading, Indicators, Oscillators, Pivot Points, Technical Analysis, Technical Trading, trading

Forex Elliott Wave

Analyzing the Triangle Pattern – Intermediate Level Part 3

Post author By Eduardo Vargas
Post date 2 April, 2020
No Comments on Analyzing the Triangle Pattern – Intermediate Level Part 3

In the previous article, we expanded the ideas of the triangle pattern; in particular, we talked about the contracting triangle and its variations. In this last part dedicated to the triangle pattern, we will review the non-limiting triangle.

Non-Limiting Triangle

Non-limiting triangles do not differ much from limiting triangles. Both types of triangles must meet the minimum construction requirements. However, they will have the following characteristics:

– Channeling. In the case of the non-limiting triangle, the trend lines are not convergent but divergent.

1. Congestion occurs just at or near the apex of the convergence lines.

The wave analyst should note that the term “just or near the apex” refers to the end of wave E being close to the intersection of both trend lines and the extent of wave E to be measured in terms of the time spent in the triangle formation.

b. The triangle pattern is considered Non-Limiting if the measurement of time elapsed from its beginning until the end of wave E, and the apex occurs after 40% of the interval has passed.

c. There must be a post-thrust correction that must return to the apex area.

If the triangle met any of these three conditions, then the triangle will be said to be of the non-limiting type.

Post-Triangular Thrust

The distance of the thrust outside the limits of the non-limiting triangle does not have a specific restriction. However, it can reach the length equivalent to the longest segment of the triangle.

Likewise, once reached this extension, there is a possibility that the price will continue in the original direction of the thrust.

Expanding Triangles

Expanding triangles are very frequent in complex corrections. It is characterized because as it progresses in its formation, each segment, or the majority, is larger than the previous one.

The rules that characterize the expanding triangles are described below:

Wave A or Wave B will always be the smallest wave in the triangle.
In most cases, the E wave will be the longest.
Expanding triangles cannot be part of wave B of a zigzag pattern. Nor can they be part of an intermediate wave, that is, waves B, C, or D of a triangle of higher degree.
In most cases, the E wave will be the longest and most complex segment of the triangle. This wave can be formed by a zigzag or by a complex correction.
Generally, wave E will pierce the trend line joining the ends of waves A and C.
Line B-D should act similarly to contracting triangles.
The extension of the thrust of the expanding triangle must be less than the longest wavelength of the triangle.
When comparing the length from wave E to wave A, it must be verified that each previous wave must be greater than or equal to 50% of the next wave.

The following figure shows the three most common types of expanding triangles, of which the irregular is the most likely to appear in the real market.

In expanding triangles also exists limiting and non-limiting triangles. However, in this type of formations, there is no post-triangular variation between one and the other. The difference lies in the wave position that the triangle holds, which can be “standard” or be part of a complex correction.

Limiting Expanding Triangle

The term “limiting” refers to whether the triangle is a fourth wave or a B wave. Its main characteristics are described below.

1. An expansive limiting triangle usually appears in wave B, particularly in irregular failures or in flat wave formations with failure in wave C.

2. The thrust outside the triangle is a minimum of approximately 61.8% of the structure, measured from its highest to the lowest level.

Horizontal Expanding Triangle

This variation rarely appears in the real market. However, this does not mean that there is no possibility of it showing up in real markets.

The main characteristics of a horizontal triangle are:

1. Wave A must be the smallest of the formation.

2. Waves B, C, D, and E y must each exceed the final point of the previous wave.

3. There is a possibility that wave E will exceed the guideline of waves A-C.

Irregular Expanding Triangle

This variation is more common, and its characteristics are as follows:

1. Wave B is smaller than Wave A, while the rest of the waves maintain their increasing characteristics.

2. The longer the duration of the pattern, the higher the chance that the guideline will tilt up or down.

Continuous Expanding Triangle

This expanding triangle has a bias due, on the one hand, because wave B is longer than wave A, and on the other hand, because wave C is the shortest. The E wave, meanwhile, can be more volatile or “violent” than the rest of the waves.

Non-Limiting Expanding Triangle

These types of triangles tend to appear in complex corrective formations, for example, in the first or last stage of a complex sequence. In this sense, in a complex corrective structure, the thrust will generate a wave X.

Finally, concerning the apex, it is located before wave A and must be produced before it reaches 20% of the construction time of wave A.

Conclusions

With this article, we have ended the standard corrective patterns defined by the Elliott wave theory. As we have seen in previous examples, expansive triangles also usually appear on waves 4 and B. However, this does not mean that they cannot appear on wave 2.

In the next educational article, we will see the process of validating impulsive structures.

Circle Markets Review

Circle Markets is an online foreign exchange broker based in New Zealand. Founded in 2008, Circle Markets allows you to trade on any one of 140 currency pairs. Traders can also choose from 7 different commodity markets and any one of 14 leading world stock market indices. Foreign exchange trading is complicated. Circle Markets aims to simplify the process. Whether you’re a professional trader, account manager or investor, Circle Markets makes it easy to do what you need to do. That is the claim from Circle Markets themselves, we will be using this review to see if they really do achieve this and to see how they compare next to the competition.

Account Types

There are three different accounts available to use, they each have their own conditions and features. The account comparison page doesn’t give a whole bunch of information so we will expand on the differences as we go through the review, we have outlined the information we do know below.

Standard Account: This account requires a deposit of $50 to open, it can be leveraged up to 1:500. The account has institutional grade spreads with no added commissions. The account can be in a currency of EUR, USD, GPB, JPY, ETH, BTC or USDT with a stop out level being set at 40%.

Swap-Free Account: Swap-free accounts do not pay or earn swap or interest on any trades for Currencies, Metals & Indices, only an Administration fee is applicable on any overnight trades. The account requires a deposit of $50 to open, it can be leveraged up to 1:500. The account has STP spreads with no added commissions. The account can be in a currency of EUR, USD, GPB, JPY, ETH, BTC or USDT with a stop out level being set at 40%.

ECN Account: This account requires a deposit of at least $2,000 to open and can use EUR, USD, GPB, JPY, ETH, BTC or USDT as a base currency. The account can be leveraged up to 1:500, it comes with spreads on EURUSD averaging from 0 pips to 0.3 pips and due to the low spreads, there is an added commission of $3 per side or $6 per round lot traded, the stop out level for the account is set at 40%.

Platforms

Just the one main platform available from Circle Markets, MT4 is an all-in-one trading platform with a user-friendly interface and easy to use functionalities allowing traders to analyze the markets, place orders and manage their own risk all with a single click; traders can also manage several trading accounts simultaneously, not to mention its cutting edge technology which includes a web-based solution enabling traders to trade at any time from any device and from anywhere in the world. Thousands of free and paid signals with various profitability and risk levels working on a demo and real accounts are at your fingertips. MetaTrader 4 provides the full-fledged environment for the development, testing and optimizing algorithmic/automated trading programs.

Leverage

The leverage on all three accounts can go as high as 1:500, the leverage can be selected when opening up an account and can be changed by sending a request to the customer service team.

Trade Sizes

Trading sizes on all three accounts start from 0.01 lots (this is also known as a micro-lot) and go up in increments of 0.01 lots, so that would mean that the next available trade would be 0.02 lots and then 0.03 lots. We, unfortunately, do not know what the maximum trade size is or how many trades you can have open at any one time. CFDs have a minimum trade size of 1 lot and a maximum trade size of 100 lots.

Trading Costs

The ECN account has an added commission of $3 per side, which equates to $6 per lot traded which is in line with the average that we see around the industry. The Standard and Swap-Free accounts do not have any added commissions as they use a spread based system.

There are swap charges on the ECN and Standard accounts, these are fees that are charged for holding trades overnight and can be viewed either on the site or within the MT4 trading platform. The Swap-Free account does not have this fee, however, it has an additional administration fee instead.

Assets

The assets have been divided up into various groups that we will now outline them below along with the instruments found within them.

Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNOK, EURNZD, EURSEK, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPUSD, NZDCAD, NZDCHF, NZDJPY, NZDUSD, USDCAD, USDCHF, USDCNH, USDTRY, USDJPY, USDNOK, USDSEK, USDSGD, USDZAR, USDCZK, EURCZK, EURTRY, EURZAR.

Crypto: BTCUSD, BTCEUR, and ETHUSD (Bitcoin and Ethereum).

Indices: Australia 200, EU Stocks 50, France 40, Germany 30, Japan 225, UK 100, US 30, US 100, US 400, Spain 35.

Commodities:
XAUUSD (Gold), XAGUSD (Silver), US Crude Oil, Brent Crude Oil, Natural Gas.

Spreads

The Standard account states that it has Institutional grade spreads, looking at the spread page, it seems that EURUSd is starting at around 0.7 pips. The Swap-Free account uses STP spreads, but we believe they will be around the same value. The ECN account has spreads starting from between 0.0 pips and 0.3 pips.

The spreads are variable which means they will be influenced and move with the markets, the more volatility will cause them to grow larger, as will a lack of liquidity in the markets. Different instruments will also have different spreads, so while EURUSD has a starting spread of 0.7 pips, GBPUSd has a starting spread of 1.9 pips.

Minimum Deposit

The minimum deposit requirement to open up an account is $50, this will allow you to use the Standard account or Swap-Free account, if you want to use the ECN account then you will need to deposit at least $2,000. Once an account has been opened the minimum deposit amount reduces down to $10 depending on the method you use to deposit with.

Deposit Methods & Costs

There are a few different methods available to deposit with, these are Credit/Debit Card, Local Bank Transfer, SEPA Bank Transfer, Payeer, FasaPay, Bank Wire Transfer. There are no added fees for depositing into Circle Markets, however, you should check with your own bank or processor to see if they add any outgoing transfer fees of their own. It should be noted that the 0% deposit fees for Credit/Debit cards are for deposits under $2,000, for deposits over you should contact the customer service team to find out what the cost will be.

Withdrawal Methods & Costs

The same methods are available to withdraw with, however, they each now have their own fees and conditions.

Credit/Debit Card – There is an added fee of 2.5% when withdrawing, you can only withdraw the same amount that you deposited, any additional withdrawals will need to use another available method.
Local Bank Transfers – There is an added fee of 2.5% for withdrawals.
Euro Transfer – There are no added withdrawal fees.
Payeer – There are no added withdrawal fees.
FasaPay – There are no added withdrawal fees.
Bank Transfer – A fee of $20 is added to the withdrawal request.

As always, you should check with your own bank or processor to see if they will add any fees for incoming transfers and processing.

Withdrawal Processing & Wait Time

Circle Markets will start the withdrawal process within 1 hour of your request, and it takes 1 working day by us before you are credited with your funds via the same payment method you used in order to deposit. Neteller and Skrill are the fastest systems for withdrawal, overseas wire transfers are often very fast reaching European banks the next day, some intermediaries can cause delays of up to 7 days for clients in certain countries.

Bonuses & Promotions

When looking through the site we did not come across any information on promotions or bonuses so it does not appear that there are any active ones at the time of writing this review. This does not mean that there won’t be any so if you are after a bonus, you could always contact the customer service team to see if any are coming up that you could take part in.

Educational & Trading Tools

There are a few small aspects available on the site, the first is a forex compounding calculator allowing you to see how the compounding of your account will work, there is also a currency converter available. The next section is an economic calendar, this details different upcoming news events and also indicates any potential effect the news could have on the markets. There is also a guide to CFDs and even a few small guides based on how to use the trading platforms.

Circle Markets offers VPS hosting, however the plans that they have all cost around $20 a month minimum, this is a shame as a lot of brokers are now offering a free VPS to their clients as long as they have a certain balance or, maintain a certain trading volume.

Customer Service

The Circle Markets support team is available 24 hours a day 7 days a week so they are always reachable. You can contact Circle Markets using the available submission form, simply fill it in and you should then get a reply via email. They also provide you with a postal address, email address and a phone number for a choice of contact methods.

Address: 1 Bank St, Warkworth, New Zealand
Email: [email protected]
Phone: (+64) 9889 1223

Demo Account

In order to open up a demo account, you will need to sign up for an account, due to this we do not know what the trading conditions of the demo account are or if there is an expiration time on it. The demo account will allow you to test out new strategies or trading conditions without any real risk.

Countries Accepted

The following statement is present on the site: “Circle Markets Ltd does not provide services for citizens/residents of certain regions, such as Canada, Cuba, Iran, Iraq, Myanmar, North Korea, Sudan, Syria, The United States. We Only accept New Zealand clients who are defined as ‘Wholesale Investor’ or ‘Eligible Investor’ as per New Zealand law for Financial Services Providers Act FSPA 2008.“

Conclusion

Circle Markets offers a small choice in trading conditions through their various accounts, the leverage is good up at 1:500, the spreads are also reasonable, combined with the industry average of $6 per lot traded on the ECN account, the trading costs are competitive. There are enough assets to keep you busy and when it comes to funding methods there is a choice available, however, they are slightly limited, there are also fees when withdrawing depending on the method used. There is a little bit of education but nothing that will make you an expert and the customer service team is available 24/7 which is good to see.

Tags Forex, Forex Broker, review

Forex Forex Brokers

DaxBase Review

DaxBase is a broker based in the Marshall Islands and focuses on a number of key features which are its fast withdrawal times, non-stop trading (even over weekends), a wide range of deposit and withdrawal methods, 100% secure trading, 24/7 support and they have over 10,000 transactions processed every day. We will be using this review to look into what is on offer and to see how they compete with the competition.

Account Types

There are three different account types available, they do not outline the trading conditions however they each have their own features, this is what we know so far.

Bronze Account: This account requites at least a deposit of $250 to open, it comes with 24/7 live video chat support, withdrawals are within one hour and there is a demo account available.

Silver Account: This account requires a deposit of at least $1,000, it comes with 24/7 live video chat support, withdrawals are within one hour, there is a demo account available and you get access to a master class web session.

Gold Account: The Gold account requires a deposit of at least $3,000. It comes with 24/7 live video chat support, withdrawals are within one hour, there is a demo account available, access to a master class web session and a personal success manager.

Platforms

DaxBase uses its own trading platform, unfortunately, there was not much information provided about it so there isn’t too much we can say in this section of the review.

Leverage

Leverage on all accounts can go up to 1:100, leverage can be selected when opening up an account, we are not sure if it can be changed once an account has been opened though.

Trade Sizes

DaxBase does not use the traditional lot system, instead, they trade using dollar amounts. The minimum trade size is $1, we do not know what the maximum trade size is though.

Trading Costs

We do not know if there is any commission on the trading accounts, there is no mention of it anywhere on the site so we will assume that there aren’t any.

Assets

Unfortunately, there isn’t a full breakdown of the viable assets. This is a shame as a lot of potential clients will ook to ensure that the instrument or currency pair that they prefer to trade is available, not having this information present could cause them to look elsewhere. Dax Base does have several cryptocurrencies shown on their home page, so we have included those for you below.

Spreads

We, unfortunately, we do not have any information about the spreads on the accounts or due to the nature of the broker if there are any at all.

Minimum Deposit

The minimum deposit required to open up an account is $250 which will get you access to the Bronze account, if you want a different account you will need to deposit at least $1,000. We do not know if the minimum deposit amount reduces once an account has been opened.

Deposit Methods & Costs

We have outlined the available deposit methods below along with any potential fees.

Visa / MasterCard – 5% fee
Bitcoin – No added fee
Ethereum – No added fee
Altcoins – No added fee
Perfect Money – No added fee

While DaxBase does not add fees to the majority of the methods using some method such as crypto coins will incur a network fee that you will be responsible for paying.

Withdrawal Methods & Costs

The same methods are available to withdraw with and we have outlined the same withdrawal fees below.

Visa / MasterCard – 5% fee
Bitcoin – No added fee
Ethereum – No added fee
Altcoins – No added fee
Perfect Money – No added fee

Withdrawal Processing & Wait Time

The processing time for the withdrawals should happen within 1 hour from the request being made. The amount of time it takes after that will depend on the method used but should be available to use within 1 business day.

Bonuses & Promotions

You can receive a bonus up to 100% of your deposit, we, unfortunately, do not know the terms of the bonus such as what you need to do to make it withdrawable or if there is an expiration time. The available bonus is based on your deposit amount.

There is also a contest with up to $20,000 in prizes, the contest is based on the number of trades that you make within a week. Again, the terms of the bonus are not available or exactly what sort of trade counts for the competition.

Educational & Trading Tools

There doesn’t seem to be any educational material or tools on the site which is a shame as a lot of brokers are now trying to help their clients improve so it would be nice to see something similar here.

Customer Service

The customer service team is available 24 hours a day 7 days a week. You can contact them using an online submission form, you send it off and should get a reply via email. There are also phone numbers in English, Russian, Chinese, Thai, Singapore, and Australia.

English Phone: +1-829-9476391

Demo Account

You can sign up for a demo account through a link on the site, you can select the account currency but that is the only option available, the rest of the trading conditions re the same as what is written above in this review, we are not sure of any expiration times on the account. The demo account allows you to test out the platform and conditions without risking any real capital.

Countries Accepted

The following statement is present on the site: “Daxbase nor its agents or partners are not registered and do not provide any services on the USA territory.” You can also check with the customer service team to see if you are eligible for an account just in case you are still not sure.

Conclusion

DaxBase works a little different to a normal broker, their three accounts do not really offer much different apart from a little bit of extra support. The trades start low at just $1 and the minimum deposit is just $250 making them quite accessible. Lots of methods available to deposit and withdraw with including cryptocurrencies which are good to see, there are also not many fees for moving your money around. While the conditions seem good, if you are looking for a traditional trading experience you will need to look elsewhere for a more traditional broker.

Tags Forex, Forex Broker, review

Forex Forex Brokers

BMFN Review

BMFN is a foreign exchange broker based in Vanuatu and is under the provision of the Vanuatu Financial Services Commission. They state that they have been in the markets since 1988 and have 14 offices worldwide, offer segregates client trust accounts and have over 12 deposit methods along with an immediate withdrawal system. We will be delving into the deepest parts of the site to find out exactly what services are offered and to help you decide if they are the right broker for you to use.

Account Types

There doesn’t seem to be a breakdown of available accounts or any sort of comparison so we are not able to list any features here. Throughout the review, we will be looking at different aspects of the brokers if there are any indications of differences or multiple accounts we will outline any differences within those individual sections.

Platforms

BMFN use MetaTrader 4 as their trading platform of choice, MT4 is compatible with hundreds and thousands of expert advisors and indicators to help make your trading more straight forward. It also offers high levels of customization and flexibility, impressive analytical tools and is accessible via a desktop download, mobile application, and web trader. There is a reason why it is one of the most used platforms and trusted by millions of traders all around the world.

They also have a platform called UniTrasder, which is designed for both novice and professional traders looking for an edge. The logical interface, comprehensive reporting, and position keeping windows make UniTrader the best choice for people who want to trade various financial products at once. Trailing Stop and Take Profit functionality are implemented server-side. You can be sure that your positions will be closed at the best price, even if you are not near your computer.

Leverage

The maximum leverage available for all accounts is 1:400, this can be selected when you first open up an account and you will need to contact the customer service team if you wish to change it on an already active account.

Trade Sizes

A lot on BMFX equals 10,000 units instead of the usual 100,000. The minimum trade size is 0.1 lots which are the same as a 0.01 lot on a normal trading account. Trades then go up in increments of 0.1 lot. We do not know what the maximum trade size is or what the maximum number of open trades you can have at any one time is.

Trading Costs

We do not know if there are any added commissions on the trading accounts however the front page does seem to indicate that there are no added charges, what we do know is that there are swap charges, these are fees that are charged for holding trades overnight and can be viewed within the MetaTrader trading platform.

Assets

The assets have been broken down into various categories, we will now outline the instruments within each one.

Forex:
EURUSD, USDCHF, USDJPY, EURJPY, EURCAD, CHFJPY, CADJPY, GBPUSD, EURGBP, GBPJPY, NZDUSD, GBPCHF, AUDUSD, AUDJPY, EURAUD, NZDJPY, GBPCAD, GBPAUD, AUDNZD, AUDCHF, EURCHF, AUDCAD.

Commodities:
US Crude Oil, Silver, Gold, Platinum.

Indices:
Europe 50, US SP 500, US JJ 30, France 40, Germany 30, Nasdaq 100, FTSE 100, Nikkei 225, USD Index.

Equities:
There are plenty of shares available from the likes of Yahoo, Verizon, Target, Intel, and IBM.

Spreads

There isn’t too much information on spreads, the front page of the site states that they aim for a target spread of 1.4 pips on most major forex pairs, however no indication for any others. The spreads are variable which means they will move with the markets when there is added volatility they will be higher.

Minimum Deposit

The minimum amount required to open up an account is $50, we do not know if this amount reduces once an account has already been opened.

Deposit Methods & Costs

The front page of the site indicates that there are over 12 different methods for depositing, however, the deposit method only indicates Skrill and Credit/Debit card. The FAQ also mentions Bank wire Transfer as a method. BMFN does not charge any fees for deposits. The only fees that are charged are the bank fees (third party fees) which depend on every bank policy.

Withdrawal Methods & Costs

The same methods should be available but as we do not know them all we only know that Bank Wire Transfer and Skrill are available to sue, as you cannot withdraw using Credit / Debit card. There are no fees added for withdrawals but when using Bank Wire Transfer there may be a fee of $50 added by the bank.

Withdrawal Processing & Wait Time

Withdrawals/Deposits are processed within the first 24 hours after receiving the request. It takes between 3 to 5 working days for a Bank Wire to be received in general. It depends on the bank, the corresponding bank, etc.

Bonuses & Promotions

The FAQ indicates that there is a bonus available on deposits, however, the link provided takes you to a page that has no information about a bonus. So you may need to contact the customer service team to see if any are available and to find out what the terms of the bonuses are.

Educational & Trading Tools

There are a few tools available, the first being an economic calendar that details upcoming news and the markets that they may affect. There is also an education center that has a number of things like beginner courses, trading tools, trading strategies, MetaTrader tutorials and ebook available.

Autochartist is also available this tool offers traders automated market-scanning tools that highlight trade opportunities based on support and resistance levels. Autochartist products include chart pattern formations such as Triangles, Wedges, Head-and-Shoulders and Channels, Fibonacci Retracements, Extensions, ABCD, Gartley and Butterfly patterns, key Levels – the technical analysis of horizontal support and resistance levels, autochartist provides a list of currently active trading opportunities that have had a high probability of success over the past 6 months, performance statistics provide insight as to which patterns have reached their forecast levels over the last 6 months, e-mail subscriptions provide one with a technical outlook of the markets for the next 24 – 48 hours and event Impact Analysis provides a view on how the major currency pairs’ prices moved during major financial news releases.

Customer Service

The customer support team is available 24 hours a day 5 days a week, they close over the weekends just like the markets do. Their contact form is very limiting, it only offers an online form to fill in with your name, email, phone and comment. The front page says that they have locations in 14 countries including Australia, the UK, UAE, Egypt and more, and it also states that the customer service team can speak any language as there are 2,5000 assistants worldwide. However, they don’t really offer a way to contact them.

Demo Account

Demo accounts are available but you need to have a full account in order to create one and so we do not know what the trading conditions or potential expiration of the demo accounts are.

Countries Accepted

When opening up the site, the following statement was presented: ”Please be advised, the services and products described on this website are not offered to citizens of E.U. member states, The United States, Canada, Japan, Turkey, and Australia. BMFN Limited and its products and services offered on the site www.bmfn.com NOT registered or regulated by any U.S. or Canadian regulator and not regulated by FINRA, SEC, NFA or CFTC..”

If you are still not sure you can check your eligibility with the customer service team prior to signing up.

Conclusion

We do not know too much about the specific trading conditions offered, we know what is mentioned on the front page of the site but nothing else, if we go only by those stated figures then the trading conditions seem quite competitive. There is an ok selection of assets and when we look at the deposit and withdrawal methods we are left a little empty, there is not much information about them, it says there are over 12 ways to deposit but we only saw a specific mention of 3 of them, no fees (apart from Bank Wire) is good though.

Tags Forex, Forex Broker, review

Forex Forex Brokers

Xtream Forex Review

Xtream Forex is a forex broker that is regulated and registers in the Marshall Islands. They state that their main advantages are their deep liquidity, competitive prices, the superior quality of order execution, tight limit/stop levels, the security of funds, fastest deposits and withdrawals, exceptional customer service and the list continues. In this review, we […]

Account Types

Should you decide to sign up with Xtream Forex, you will have the choice of 5 different accounts each with their own features and requirements, here is an overview of each one.

Micro Account: This account has a minimum deposit requirement of just $5 which makes it very accessible. It has spread starting from 1 pip and has no additional commission. The margin call level is set at 50 % and the stop out level at 20%. It uses market execution and has a maximum leverage of up to 1:1000. This account can be used as an Islamic account and the minimum trade size is 0.01 lots with a maximum number of 250 trades open at any one time. It can use expert advisors and scalping, as well as hedging. The maximum trade size is 5 lots and it is eligible for bonuses.

Standard Account: The Standard account has an entry requirement of $250. It has spread starting from 1 pip and has no additional commission. The margin call level is set at 60 % and the stop out level at 30%. It uses market execution and has a maximum leverage of up to 1:400. This account can be used as an Islamic account and the minimum trade size is 0.01 lots with a maximum number of 500 trades open at any one time. It can use expert advisors and scalping, as well as hedging. The maximum trade size is 50 lots and it is eligible for bonuses, it also has access to an account manager.

ECN Account: This account requires a minimum deposit of $250 to open. It has spread starting from 0 pips and due to the low spreads has an added commission of $7 per lot traded. The margin call level is set at 60 % and the stop out level at 30%. It uses market execution and has a maximum leverage of up to 1:400. This account can be used as an Islamic account and the minimum trade size is 0.01 lots with a maximum number of 500 trades open at any one time. It can use expert advisors and scalping, as well as hedging. The maximum trade size is 50 lots and it is eligible for bonuses, it also has access to an account manager.

ECN Pro Account: This account increases the minimum deposit of up to $5,000. It has spread starting from 0 pips and due to the low spreads has an added commission of $5 per lot traded. The margin call level is set at 60 % and the stop out level at 30%. It uses market execution and has a maximum leverage of up to 1:200. This account can not be used as an Islamic account and the minimum trade size is 0.1 lots with a maximum number of trades open at any one time is unlimited. It can use expert advisors and scalping, as well as hedging. The maximum trade size is 100 lots and it is not eligible for bonuses, it also has access to an account manager.

VIP Account: This account increases the minimum deposit of up to $20,000 and is the top-tier account. It has spread starting from 0 pips and due to the low spreads has an added commission of $1 per lot traded. The margin call level is set at 60 % and the stop out level at 30%. It uses market execution and has a maximum leverage of up to 1:200. This account can not be used as an Islamic account and the minimum trade size is 0.1 lots with a maximum number of trades open at any one time is unlimited. It can use expert advisors and scalping, as well as hedging. The maximum trade size is unlimited and it is not eligible for bonuses, it also has access to an account manager.

Platforms

Xtreme Forex uses MetaTrader 4 as its only trading platform, which is of course perfectly fine. Millions of FX traders choose to use Meta Trader 4. Not only is the platform used for its unique features and flexible trading system, but also for its advanced charting & technical analysis tools, expert advisor functionality, and various technical indicators.

Leverage

The maximum leverage that you can use depends on the account that you are using, we have outlined them below.

Micro: 1:1000
Standard: 1:400
ECN: 1:400
ECN Pro: 1:200
VIP: 1:200

The leverage can be selected when opening up an account and should you wish to change it on an already open account you can do so by getting in contact with the customer service team.

Trade Sizes

The minimum and maximum trade sizes are based on your account type and are as follows.

Micro: 0.01 min / 5 max
Standard: 0.01 min / 50 max
ECN: 0.01 min / 50 max
ECN Pro: 0.1 min / 100 max
VIP: 0.1 min / Unlimited

We would recommend not trading in sizes larger than 50 lots, as the bigger a trade becomes the harder it is for the markets or liquidity provider to execute the trade quickly and without any slippage.

Trading Costs

The Micro and Standard account use a spread based system and so have no added commissions. The ECN account has an added commission of $7 per lot treaded, the ECN Pro account $5 per lot traded and the VIP account ahs an added commission of $1 per lot traded. The standard at the moment seems to be $6 per lot traded so the values offered are in line or better than this.

Swap charges are also present, these are interest charges that are incurred for holding trades overnight, they can be both negative or positive and can usually be viewed from within the trading platform of choice.

Assets

There are plenty of assets available, Xtream Forex has broken them down into a number of different categories, we will outline some examples of the instruments available within each category.

Forex: AUDCAD, CADCHF, EURCZK, EURGBP, EURUSD, GBPCHF, GBPJPY, USDCAD, USDDKK, USDSGD, USDZAR. There are more available, this was just a small selection.

Commodities: Natural Gas, WTI Crude Oil, Brent Crude Oil, Gold and, Silver.

Indices: AUD 200, ESP 35, EUSTX 50, FRA 40, UK 100, GER 30, JPN 225, Nasdaq 100, S&P 500, US 30, HKG 50, Copper and Dollar.

Stocks: Loads of stocks, too many to list, but a few include the likes of Amazon, Apple Tesla, Google, Netflix and, Ferrari.

Cryptocurrencies: There are a lot of tradable pairs each crypto is tradable against multiple assets such as Bitcoin against USD, GBPO, JPY and, EUR. Coins such as Bitcoin, Ethereum, Litecoin, Ripple, Dash, Eidoo and many more are available to trade.

Spreads

The spreads that you get also depend on the account you are using, the Micro and Standard accounts have spread starting from 1 pip, the ECN, ECN Pro and VIP accounts have spread starting from as low as 0 pips due to their added commissions.

The spreads are variable (also known as floating) so this means that when the markets are being volatile, the spreads will often be seen higher. It is also important to note that different instruments and assets have different starting spreads, so while AUDCAD may start at 2.3 pips, other assets like GBPCHF may start slightly higher, in this case, 3.1 pips.

Minimum Deposit

The minimum deposit required to open an account is $5, this gets you the Micro account. If you want a different account you will need to deposit at least $250.

Deposit Methods & Costs

The following methods are stated as being accepted: Neteller, Skrill, Visa Credit / Debit, MasterCard Credit/Debit, QIWI Wallet, Bitcoin, Bank Wire Transfer, Jeton and WebMoney. There are no added fees for depositing your funds, but be sure to check with your bank to see if they add any fees of their own.

Withdrawal Methods & Costs

It seems that the same methods are available to withdraw with, these are Neteller, Skrill, Visa Credit/Debit, MasterCard Credit/Debit, QIWI Wallet, Bitcoin, Bank Wire Transfer, Jeton and WebMoney. Once again there are no added fees for withdrawing but check with your bank or processor to see if they add any fees of their own.

Withdrawal Processing & Wait Time

We could not locate this information on the site so we cannot say how quickly Xtreme Forex will process your request, depending on the method used it can take between 1 to 5 business days for the money to process once Xtream Forex has processed the initial request.

Bonuses & Promotions

There are a few different bonuses currently available.

100% Credit Bonus: Receive up to $20,000 credit per account, this bonus is for trading purposes and is not withdrawable, if you withdraw funds then you will lose a proportion of the bonus too. Original deposit and any profits are withdrawable, however, each withdrawal will reduce the bonus amount equal to what is being withdrawn.

30% Tradable Bonus: Receive up to 30% as a tradable bonus, the more you deposit the more you will get. The bonus is withdrawable once a trading volume has been met, 10% of the bonus must be traded in lots, so a bonus of $200 will need 20 lots to be traded for it to be withdrawable.

The other promotion is for Introducing Brokers so we will not get into that at it is not relevant to us.

Educational & Trading Tools

There are a few different educational aspects to the website, the first is a trading tools section which has a number of different calculators including a position size calculator and a pip calculator. There is also an economic calendar that details upcoming news events and which markets they may affect. There is also an e-course, which his a very basic course on trading, giving a base understanding of what things are and how they work, ok for beginners but for those that have traded before t is nothing you won’t have already seen. Finally, there is a news section, which you can probably guess is just market news.

Customer Service

The customer support team is available 24/5 and is closed over the weekends and on bank holidays just like the markets are. We didn’t locate a dedicated contact us page, instead of needed to go to the bottom of the site to find some details. There is a live chat feature to speak to someone quickly, there is also a phone number should you wish to contact someone over the phone and finally there is an email address in case you prefer communicating that way.

Demo Account

Demo accounts are available to sue by signing up and filling out a short form, unfortunately, information like the trading conditions or if there is an expiration on the account is not available. Demo accounts allow potential new clients to test out the trading conditions and servers while it allows current clients to test out new strategies without risking any of their capital.

Countries Accepted

The information about which countries are accepted and which are not is not present on the website, so if you are interested in joining, be sure to get in contact with the customer service team to check if you are eligible for an account or not.

Conclusion

Trading conditions offered by Xtream Forex seem pretty competitive, the spreads are ok for all account types and those with a commission are either in line with the industry standard of $6 or under. Plenty of assets to trade is positive along with plenty of deposit and withdrawal methods. There was a little information surrounding the deposit and withdrawals missing, such as processing time, however, the majority of the information is present, they just need to add a few of the finer details.

Tags Forex, Forex Broker, review

Forex Forex Brokers

Forexite Review

Forexite is a foreign exchange broken that started trading in 1998, Forexite is licensed and regulated by the International Financial Services Commission (IFSC). Some of their standout features according to themselves are heir really nice customer support, safe platform, unique trading platform, variety of instruments including cryptocurrencies, their regulation, confidentiality, and their honesty with no […]

Account Types

There seems to be just the one account type on offer, as we go through the review we will outline some of its features in a little more detail, but some of its basic features are as follows.

Account Information:
The minimum deposit required is $1, the minimum trade amount is also $1 with a maximum trade size of $5,000,000. The account has access to the singular trading platform and can use stop and limit order types.

Platforms

Forexite uses Traderoom as their trading platform, there is a whole PDf going over its features which is too much for us to go through, instead, we have listed below the key features that it offers.

1) A possibility to trade with low risk – a safety Forex trading.
2) No slippage at the order execution (in normal market conditions).
3) The trading terms on both real and virtual accounts completely coincide.
4) A public quotation.
5) Confidentiality.
6) No restrictions on the minimum deposit.
7) A daily accrual of interest.
8) Any amount of deals.
9) Virtual (demo) trading without restrictions.

Leverage

The maximum leverage available is 1:100, we are not actually sure if there are any other leverage options available, as the only number stated is 1:100.

Trade Sizes

Trade sizes start from 0.01 lots. In addition, there are minimum and maximum dollar amounts, as shown below.

Trading Costs

In terms of trading commissions there don’t seem to be any included as the account uses a spread based system, there are however swap charges which are fees charged when holding trades overnight, they can be both positive or negative and can be viewed within the trading platform that is offered as well as directly on the website.

Assets

Forexite has a few different instruments available to trade, we have outlined them below so you can get an idea of what is on offer.

Forex:
EURUSD, GBPUSD, USDCHF, USDJPY, EURGBP, EURCHF, EURJPY, GBPCHF, GBPJPY, CHFJPY, USDCAD, USDCAD, EURCAD, AUDUSD, AUDJPY, NZDUSD, NZDJPY, USDNOK, USDSEK, USDDKK, USDCZK, USDHUF, USDPLN, USDSGD, USDZAR, USDRUB, EURRUB, USDUAH, EURUAH, USDHKD, EURHKD, USDCNH, EURCNH, USDILS, EURILS, USDMXN, EURMXN, USDTRY, EURTRY, EURNOK, EURSEK, EURDKK, EURCZK, EURHUF, EURPLN, EURSGD, EURZAR, GBPCAD, GBPAUD, GBPNZD, AUDCHF, AUDCAD, AUDNZD, NZDCHF, NZDCAD, CADCHF, CADJPT.

Metals:
Gold and Silver.

Crypto:
BTCUSD, BTCEUR, ETHUSD, ETHEUR, LTCUSD, LTCEUR.

Indices:
Nasdaq, S&P 500, DJI, USX

Commodities:
WTI Crude Oil, Brent Crude Oil

Spreads

Spreads start from around 3 pips, it is not completely clear to us whether the spreads are variable or fixed so we cannot say for sure. Different instruments do have different spreads, so while EURUSD has a spread of 3 pips, GBPJPY has a spread of 7 pips stated.

Minimum Deposit

The minimum deposit required to open up an account is $1, this is also the amount that you need to maintain in order to be able to trade on the account, this low limit can make Forexite a very accessible broker for those with fewer funds, however, the recommended deposit amount is $500 and due to the spreads being so high we would not recommend depositing under this $500.

Deposit Methods & Costs

There are a few methods available to deposit with, these are Bank Wire Transfer, WebMoney and Credit and Debit Card (Visa and MasterCard). When depositing these are no additional fees added by Forexite, however, you should always check with your own bank or payment provider to see if they will add any outgoing transfer processing fees of their own.

Withdrawal Methods & Costs

The same three methods are available to withdraw with, for clarification those are Bank Wire Transfer, WebMoney and Credit and Debit Card (Visa and MasterCard), there is also the addition of Cryptocurrencies. There are some additional fees when withdrawing through these methods, we have outlined them below for ease of understanding.

Bank Wire Transfer – No fee on the broker side
Credit and Debit Card – 3% fee, min 5 USD
WebMoney – 1% fee, min 1 USD
Cryptocurrency – 1% fee, min 5 USD

With cryptocurrencies being available for withdrawal it is strange that they are also not stated as a deposit method.

Withdrawal Processing & Wait Time

Forexite will try to process withdrawal requests as quickly as possible, it will most likely take between 1 to 5 working days for your withdrawal request to fully process and be available in your account, this will depend on the method used and that methods own processing time.

Bonuses & Promotions

Forexite has made it clear that they do not offer any sorts of bonuses or contests, so if you are looking for a bonus you will be out of luck and would need to look towards a different broker.

Educational & Trading Tools

There doesn’t appear to be any available educational material or trading tools to help with your trading. This is a shame as many brokers are now aiming to help their clients improve on their trading skills, so it would be nice to see Forexite do something similar for their clients too.

Customer Service

The customer service page doesn’t state what the team’s opening times or availabilities are. They have provided their clients with a postal address as well as a legal address, there is then also an email address and phone number available to use.

Address: Forexite Ltd., Drake Chambers, Road Town, Tortola, British Virgin Islands
Phone: +1 718 663 0013
Email: [email protected]

Demo Account

We didn’t notice any information about demo accounts, this does not mean that they are not available, just that we did not see them mentioned anywhere. Demo accounts allow you to test out the servers and also new strategies without any real risk to your capital.

Countries Accepted

This information is not available on the site so if you are thinking of signing up then we would recommend contacting the customer service team to make sure you are eligible for an account.

Conclusion

Forexite has tried to make things simple by offering just the one account type and also just the one trading platform. The issues come when we start looking at the trading conditions, with just the one account type available there is no way to reduce the initial spreads, they are starting at 4 pips which is incredibly high, and if there are variable they could go even higher. There is a limited amount of ways to deposit and withdraw which could limit some people who prefer to use other methods. The good news is that there are plenty of assets available to trade.

Hopefully, you should now have enough information to decide if they re the right broker for you to use. If not then be sure to check out some of the other reviews to find the broker that is right for you.

Tags Forex, Forex Broker, review

Forex Forex Brokers

Capital BTC FX Review

Capital BTC Fx is a foreign exchange broker that was founded in 2013 and is located in the United Kingdom. Capital BTC Fx aims to offer outstanding customer support, a multi-product bouquet, advanced trading platforms, tight spreads and to offer an experienced founding team. We will be using this review to look at the services being offered and to see if they achieve these and also so you can decide if they are the right broker for you.

Account Types

There are four different accounts available to sue with Capital BTC Fx, each having its own features and requirements, so let’s briefly outline what they are.

Standard Account: This account requires a deposit of at least $500, the account does not come with any additional features.

Classic Account: The Classic account requires a minimum deposit of at least $5,000, it comes with online chat and access to all platform features.

Gold Account: This account requires a minimum deposit of at least $50,000, it comes with online chat, access to all platform features, has access to Autochartist, SMS signals, a VIP manager and an individual telephone line.

Premium Account: This account requires a minimum deposit of at least $150,000, it comes with online chat, access to all platform features, has access to Autochartist, SMS signals, a VIP manager, an individual telephone line, special promotions on one on one trading and personal reports on the stock markets.

Platforms

The only platform available to trade with at Capital BTC Fx is MetaTrader 4, this platform offers robust functionality for active trading and advanced market analytics. Its software package provides numerous unique order options, tools for technical analysis, custom indicators and trade automation.

Through the development and implementation of cutting-edge technologies, MT4 is able to provide a sophisticated suite of features. It is highly accessible as it can be used as a desktop download, mobile application or as a web trader within your internet browser.

Leverage

The maximum leverage available is 1:200, it is not clear which accounts this is relevant to but the homepage simply states that the max is 1:200. This can be selected when opening up a new account.

Trade Sizes

The minimum trade sizes start at 0.,01 lots and go up in increments of 0.02 lots so the next available trade would be 0.02 lots and then 0.03 lots. The maximum trade size is not known but whatever it is we would suggest not trading over 50 lots in a single trade due to execution speed and slippage. It is also not known to us what the maximum number of open trades you can have at any one time is.

Trading Costs

There has been no mention of any additional commissions added to the account so as far as we understand there aren’t any. There are however swap charges which are fees for holding trades overnight, they can be both positive or negative and can be viewed within the MetaTrader 4 trading platform.

Assets

There, unfortunately, isn’t a full breakdown of the available assets, this means we do not know what is available to trade. This can be quite off-putting to potential new clients who will often look to see if a broker has their favorite instruments to trade, not knowing will make them look elsewhere.

Spreads

We do not have a full breakdown of the available assets so we also do not have a full breakdown of the available spreads. The only spread mentioned is on the home page which says that the spread on EUR/USD is around 1.6 pips, we would be assuming that this is the starting figure and would be relevant to the top tier account. Lower tier accounts will most likely have higher starting spreads. The spreads are variable though, which means they move with the markets when there is added volatility they will be seen higher and different instruments will have different starting spreads.

Minimum Deposit

Unfortunately, we do not know what the minimum deposit amount is or the deposit requirements for opening up any of the available accounts.

Deposit Methods & Costs

There isn’t a dedicated funding page detailing deposit methods, instead, we can only go with the information provided which is an image of Visa, Maestro, MasterCard, Neteller and AstroPay at the bottom of the site. There are no added fees for depositing and we would always suggest contacting your bank or processor to see if they will add any fees of their own.

Withdrawal Methods & Costs

As there was no information for deposits you would be right if you assumed there wouldn’t be any for withdrawals either. The same images are present which are Visa, Maestro, MasterCard, Neteller, and AstroPay so we would expect those methods to be available for withdrawing to. Unlike with deposits, there is no information about any potential withdrawal fees.

Withdrawal Processing & Wait Time

We do not know how long it will take for Capital BTC Fx to process withdrawals but we would hope for any requests to be fully processed between 1 to 7 working days from the time the request is made.

Bonuses & Promotions

There is a 30% bonus available, the only details about the promotion are on the account sign up page which states that you can get a 30% bonus on your first deposit. There is no more information surrounding it such as how to convert the bonus into real funds or what the maximum bonus available is.

Educational & Trading Tools

There doesn’t seem to be any educational stuff on the site apart from the account page indicating some one on one training and reports, the one thing it does mention is that Autochartist is also available, this offers features to help with your trading, it can identify and react to market movements, check the quality and competitiveness of your broker’s pricing, manage your cash exposure, optimize your stop loss and take profits, capitalize on known outcomes of news events and identify and react to market movements that are not typical.

Customer Service

Should you wish to contact the customer service team you can do so 24 hours a day 7 days a week. You can use the online submission form to fill in your query and then get a reply back via email, or you can use the provided phone number, email address or skype username.

Address: 5 North Colonnade, London, E14 4BB, United Kingdom
Email: [email protected]
Phone: +39 0282947312
Skype: capitalbtcfx.com

Demo Account

We did not see any mention of a demo account so this leads us to believe there isn’t one unless you can sign up for one once an account has been opened. Demo accounts can offer potential clients a way to test out the trading conditions and also for current clients to test new strategies without any risk, so if they are not available Capital BTC Fx should look at adding them to their service.

Countries Accepted

This information is not stated on the site and so we would recommend contacting the customer service team to find out if you are eligible for an account prior to signing up.

Conclusion

There is a lot of information missing from the Capital BTC Fx website, things like tradable assets, spread, deposit and withdrawal methods are all vital bits of information that just aren’t there. Without it, it is impossible to get a real picture of the trading conditions or costs of using Capital BTC fx as a broker, it is enough to put us off and any potential clients off from signing up. Due to those reasons, we cannot currently recommend them as a broker to use at this point in time.

Tags Forex, Forex Broker, review

Forex Assets

GBP/TRY – Knowing The Trading Costs Involved While Trading This Exotic pair

Post author By Reddy Shyam Shankar
Post date 1 April, 2020
No Comments on GBP/TRY – Knowing The Trading Costs Involved While Trading This Exotic pair

Introduction

GBP Pound sterling, also known as the pound, is the official currency of the United Kingdom and many others. The sterling is the fourth most-traded currency in the Forex market. On the other hand, TRY is known as the Turkish lira. It is the official currency of Turkey and the self-declared Turkish Republic of Northern Cyprus.

GBP/TRY

Currency pairs are the national currencies from two countries coupled for being exchanged in reference to each other. In the Forex, one currency is quoted against the other. GBP/TRY is the abbreviation for the Pound sterling against The Turkish lira. In this case, the first currency(GBP) is the base currency, and the second(TRY) is the quote currency. The GBP/TRY is classified as an exotic-cross currency pair.

Understanding GBP/TRY

In the Forex market, to find out the relative value of one currency, we need another currency to compare. The market value of GBPTRY determines the strength of TRY against the GBP that can be easily understood as 1GBP is equal to how much lira(TRY), so if the exchange rate for the pair GBPTRY is 8.0877. It means in to order to buy 1GBP we need 8.0877 TRY

If the value of the base currency goes down, the value of the quote currency goes up and vice versa.

Spread

The broker provides us with two prices, Ask price and Bid price. Here, the Bid price is the buy price, and the Ask price is the Sell price. The difference between the ask and the bid price is called the spread. The spread is how brokers make their money.

ECN: 61 pips | STP: 64 pips

Fees

A Fee is simply the commission we pay to the broker each time we execute a position. There is no fee on STP account models, but a few pips on ECN accounts.

Slippage

Slippage refers to the difference between the trader’s expected price and the actual price at which the trade is executed. It can occur at any time but mostly happens when the market is fast-moving and volatile. Also, sometimes when we place a large number of orders at the same time.

Trading Range in GBP/TRY

The amount of money you will win or lose in a given amount of time can be assessed using the trading range table. It is a representation of the minimum, average, and maximum pip movement in a currency pair. This can be evaluated simply by using the ATR indicator combined with 200-period SMA.

Procedure to assess Pip Ranges

Add the ATR indicator to your chart
Set the period to 1
Add a 200-period SMA to this indicator
Shrink the chart so you can assess a significant period
Select your desired timeframe
Measure the floor level and set this value as the min
Measure the level of the 200-period SMA and set this as the average
Measure the peak levels and set this as Max.

GBP/TRY Cost as a Percent of the Trading Range

ECN Model Account

Spread = 61 | Slippage = 3 |Trading fee = 5

Total cost = Slippage + Spread + Trading Fee = 3 + 61 + 5 = 69

STP Model Account

Spread = 64 | Slippage = 3 | Trading fee = 0

Total cost = Slippage + Spread + Trading Fee = 3 + 64 + 0 = 67

Trading the GBP/TRY

From the trading range table, it can clearly be ascertained that this pair is very volatile. For example, the pip average pip movement in the 1H timeframe is as high as 400 pips. This also means that the risk is high from the 1H timeframe all the way to the 1M timeframe.

As far as the costs are concerned, it is in favor of the traders. This is because the greater the volatility, the lower are the costs. That is the reason the percentage values are large in the min column and comparatively smaller in the average and max columns.

With this in mind, one can opt to trade this pair when the volatility values are between the minimum and average. In doing so, the volatility will be comparatively lower, which in turn reduces the risk on the trade and also keeps the cost in balance with the volatility.

Tags Asset Analytics, British Pound, Exotic Currency Pairs, Forex, Forex Assets, GBP, GBP/TRY, London, trading, TRY, Turkey, Turkish Lira, UK

Forex Market Analysis

Gold’s Choppy Session Continues -Quick Trade Setup!

Post author By Ali B.
Post date 1 April, 2020
No Comments on Gold’s Choppy Session Continues -Quick Trade Setup!

On Wednesday, the precious metal gold prices firmed as investors sought safe-haven securities following the U.S. economic figures which heightened concerns of an economic slowdown amid growing global constraints and lockdowns to fight the coronavirus pandemic.

On Wednesday, the precious metal gold prices firmed as investors sought safe-haven securities following the U.S. economic figures, which heightened concerns of an economic slowdown amid growing global constraints and lockdowns to fight the coronavirus pandemic.

Gold prices fell nearly 0.9% at $1,585.08 an ounce during the U.S. session as the release of Advance Nonfarm payroll seems to have a muted impact on gold prices. The United States Federal Reserve has proved a temporary repo facility for foreign central banks and other international monetary authorities.

Hence, this should continue to decrease the bullish pressure on the greenback and possibly move the ball into sellers court. Selling in the U.S. dollar can support gold, but right now, we aren’t seeing any significant movement in the market.

The G20 finance ministers and central bankers meet bankers’ to come up with any meaningful results apart from committing to previous commitments given to respond to COVID-19. In addition to the current meeting, the next meeting is due on 15 April, which keeps the uncertainty high in the financial and commodities markets.

Lastly, intensifying fears about an expected global recession further benefitted the USD’s safe-haven status, which helps improve dollar prices, while driving selling pressure on gold.

On the technical front, the precious metal is trading at 1,585 level, having immediate support at 1,577 and resistance at 1,600 level for now. Bullion has completed 50% Fibonacci retracement until 1,577 level, and violation of this level can open up further room for selling until the next support level of 1,548, which marks the 61.8% Fibo level.

XAU/USD – Daily Technical Levels

Support Resistance

1,560.95 1,606.8

1,544.43 1,636.13

1,498.57 1,681.99

Pivot Point 1,590.28

On the higher side, a bullish breakout of 1,600 level can extend buying until 1,620 and 1,635 level. Consider staying bearish below 1,600 level today. Good luck!

Tags Forex, Gold, trading

Forex Signals

EUR/JPY Heading South to Examine Double Bottom – Buy Limit In Place

Post author By Ali B.
Post date 1 April, 2020
No Comments on EUR/JPY Heading South to Examine Double Bottom – Buy Limit In Place

The EUR/JPY is trading bearish, falling from 118.650 to 117 area in the wake of stronger Japanese yen and weaker Euro. On the fundamental’s front, most of the news is anti-Euro, and it’s likely to drive the selling trend in the Euro.

The Italian administration is ramping up spending projects “significantly” to lessen the financial consequence of the coronavirus. The global central banks are on the move, so the Italian finance department is also pushing considering the death toll, which has now surpassed 12,000.

At the same time, the headline Italy Manufacturing Purchasing Managers’ Index, which measures the progress in overall business conditions – dropped from 48.7 in February to 40.3 in March to indicate a decline in the health of the Italian manufacturing division for the eighteenth month running.

On the technical front, the EUR/JPY currency pair is likely to find immediate support at 116.800, but it’s less likely to be held as the pair seems to fall further until 115.350 level. It’s the same level that supported the EUR/JPY pair back on March 9 and 12. Closing of the doji candle or bullish reversal candle will be an indication that investors are respecting this level and may drive buying sooner or later.

Entry Price: Buy Limit at 116.307

Take Profit 117.307

Stop Loss 115.707

Risk/Reward 1.67

Profit & Loss Per Standard Lot = -$560/ +$934

Profit & Loss Per Micro Lot = -$56/ +$93.4

Tags EUR/JPY, Forex, signal

Forex Forex Brokers

BNFX Review

BNFX does not give a lot of information about themselves away, but it appears that they are a foreign exchange broker that is looking to provide the most transparent, stable and neutral trading environment to their clients. They pride themselves in their safety of funds and advanced technology. Throughout this review, we will be looking into the services being offered so you can decide if they are the right broker for you.

Account Types

There are three different accounts on offer, each one having different trading conditions and requirements, so let’s briefly look at what is on offer.

STP – Mini Account: This account requires a minimum deposit of $50 and can be in either EUR or USD. It comes with leverage up to 1:100 and the typical spreads are between 1.5 pips to 3.0 pips on major pairs. Trade sizes start from 0.01 lots and it uses MetaTrader xStation as its trading platform. Mobile trading is also available as is market data, there is also no software fees or inactivity fees. There is no added commission on this account.

STP – Standard Account: This account requires a minimum deposit of $500 and can be in either EUR or USD. It comes with leverage up to 1:100 and the typical spreads are between 0.9 pips to 1.8 pips on major pairs. Trade sizes start from 0.01 lots and it uses MetaTrader xStation as its trading platform. Mobile trading is also available as is market data, there is also no software fees or inactivity fees. There is no added commission on this account.

True ECN Account: This account requires a minimum deposit of $1,000 and can be in either EUR or USD. It comes with leverage up to 1:100 and the typical spreads are between 0 pips to 0.4 pips on major pairs. Trade sizes start from 0.01 lots and it uses MetaTrader xStation as its trading platform. Mobile trading is also available as is market data, there is also no software fees or inactivity fees. There is an added commission of $0.04 per 1000 traded (0.01 lot) so $4 per lot traded.

Platforms

There are two different platforms available to trade with, one is the highly popular MetaTrader 4, the other is something called the BNFX xStation, so let’s see what they offer.

MetaTrader 4: MT4 has quickly become the world’s most used trading platform hosting millions of traders. Accessible as a mobile application, desktop download or web trader, it is accessible from anywhere in the world. It’s compatible with hundreds and thousands of expert advisors and indicators to help with your trading needs.

BNFX xStation: BNFX X Station was designed for advanced currency traders who prefer more control, flexibility, customizations, and speed than traditional retail trading software packages. It provides true one-click trading on Level 2 market depth/order book views, built-in trading calculator, in-platform economic calendar, customizable layouts saved in the cloud, and a direct connection to the BNFX liquidity infrastructure. It was designed from the ground up as an ECN/STP platform

Leverage

All three accounts come with a maximum leverage of 1:L100, the leverage can be selected when you open up a new account and should you need to change it on an already open account you will need to send your request to the customer service team.

Trade Sizes

Trade sizes start from 0.01 lots (also known as micro-lots) on all three accounts, they then go up in increments of 0.01 lots so the next trade would be 0.02 lots and then 0.03 lots. It is not known what the maximum trade size is but we would not recommend trading under 50 lots due to execution and slippage issues. We are also not clear on what the maximum number of open trades that you can have at any one time is.

Trading Costs

There is only one account that has any added commission and that is the True ECN account, it has a $0.04 commission per 1000 traded (0.01 lot), so $4 per round lot traded which is below the industry average of $6 per lot traded. The STP Mini and STP Standard accounts have noa added commissions as they use a spread based system that we will look at later in this review.

There are also swap fees which are charged for holding trades overnight, they can be both positive or negative and can be viewed within the trading platform of choice.

Assets

Unfortunately, there isn’t a full breakdown or product specification available, this means that we are not able to see exactly what assets and instruments are available to trade. This information is always good to have especially as many potential clients will look to see if their favorite assets are available before signing up. Not having this available makes it appear like there may not be a huge selection of instruments available to trade.

Spreads

The three different accounts have different starting spreads, we have outlined the ranges of them below.

STP – Mini: Variable, starting between 1.5 pips to 3 pips for major pairs.
STP – Standard: Variable, starting between 0.9 pips to 1.8 pips for major pairs.
True ECN: Variable, starting between 0 pips to 0.4 pips for major pairs.

The spreads are variable which means they move with the markets, when there is added volatility they will often be seen higher and, as shown above, different instruments will have different starting spreads.

Minimum Deposit

The minimum amount required to open up an account is $50 which allows you to open up an STP Mini account, should you want to use the ECN account then you will need to deposit at least $1,000. It is unknown if the minimum deposit requirement reduces for further deposits to top up an account.

Deposit Methods & Costs

Sadly there isn’t any information on the site regarding deposit methods or anything to do with them except for two little images of Visa and MasterCard, so we will be confident to say that they will be available, but we cannot say about any other methods. We also cannot comment on whether there are any added fees for depositing by BNFX.

Withdrawal Methods & Costs

As there is no information about deposits you would be right to assume that there is none about the withdrawals either, we could not find anything apart from the two images of Visa and MasterCard mentioned before. Just like the deposits, there is also no mention of any potential fees for withdrawing.

Withdrawal Processing & Wait Time

Sadly we also do not have any information on this topic, we would hope that any withdrawal requests would be fully processed between 1 to 7 working days after the request is made depending on what methods are available to withdraw with.

Bonuses & Promotions

From what we can see there are no active promotions or bonuses at the time of writing this review, however, if you are interested in bonuses, you could contact the customer service team to see if there are any upcoming promotions you could take part in.

Educational & Trading Tools

There doesn’t seem to be any educational content on the site which is a shame as a lot of modern brokers are looking to help their clients improve through education or tools, so it would be nice to see BNFX do something too.

Customer Service

If you want to get in contact with BNFX it is unfortunate that there is only one way to do it, and that is via an online submission form. When filling out the form you can select the department between General Questions, Compliance Department, Media Relations and Technical Support. There is no access to a phone number or direct email address which is a little concerning.

Demo Account

There is an open demo account button, unfortunately clicking it brings up a page that doesn’t want to load properly, so it is currently impossible for us to open up a demo account. In regards to the demo account, there is no information about the trading conditions that they use or if there is an expiration time, however, this may have been present on the page that is not loading for us.

Countries Accepted

The only statement about accepted countries is the following “THIS WEBSITE IS NOT INTENDED TO SOLICIT RESIDENTS OF THE UNITED STATES OF AMERICA.” So if you are not sure of your eligibility we would recommend getting in contact with the customer service team to find out.

Conclusion

It is nice to have a choice between different types of accounts, in this case, STP and ECN, the trading costs of the ECN and STP Standard accounts seem reasonable and having a choice of trading platforms are good to have. Unfortunately, we do not know what assets are available as there is not a breakdown or specification and even more worryingly is the lack of information on funding. Not knowing how to deposit or withdraw and even how much it will cost you is a real concern. This coupled with the fact that there is only one way to contact the customer service team which can be quite limiting is enough for us to recommend looking elsewhere for your trading needs.

Tags Forex, Forex Broker, review

Forex Forex Brokers

Henordy Review

Henordy is a foreign exchange broker situated in the United Kingdom. They state that they are dedicated to developing new products, providing excellent customer service and an EA intelligence trading system. In this review, we will be looking into what is actually being offered so you can decide if Henordy is the right broker for you.

Account Types

Information regarding different accounts is not readily available on the website. From looking over the website it seems that there is only 1 type of account, the standard account. This account requires a minimum deposit of $100, has a minimum trade size of 0.01 lots and maximum leverage of 1:100. It has an average spread of around 3.3 pips and it used MetaTrader 4 as its trading platform.

Platforms

Henordy only offers a singular trading platform which is MetaTrader 4, let’s take a look at what MetaTrader 4 offers. In terms of accessibility, MT4 is second to none, available as a desktop download, an app for Android and iOS devices and as a WebTrader where you can trade from within your internet browser. MetaTrader 4 is a great trading solution to have. There is however also a copy trading service where you can copy a number of different accounts, we, unfortunately, can not say how profitable or safe these accounts are.

Leverage

The maximum leverage provided is 1:100 which is low when comparing it to the competition, although 1:100 can still provide good profit opportunities. Leverage can be selected when opening up an account, you will need to get in contact with the customer service team should you wish to change the accounts leverage once it is already open.

Trade Sizes

Trade sizes start at 0.01 lots which are also known as a micro lot. They then go up in increments of 0.01 lots so the next trade would be 0.02 lots and then 0.03 lots. We did not see any information regarding the maximum trade size, but no matter what it is we would not recommend trading trades larger than 50 lots as the bigger the trade becomes the harder it is for the markets and liquidity providers to execute the trades quickly and without any slippage.

Trading Costs

The account information that we found shows that the account uses a spread based payment structure and so there is no additional commission added to the trades or account.

There are swap charges though, which are either negative or positive and are paid when holding trades overnight, these swap fees can be viewed from within the MetaTrader 4 trading platform.

Assets

Henordy has broken down its assets into three categories, Forex, Metals, and CFDs. In terms of forex pairs, there is not a full breakdown or even a stated amount of how many there are so this is a complete unknown to us. In terms of metals, there are the usual 2 which are Gold and Silver, when it comes to CFDs there is a small selection including US 30, SPX 500, NAS 100, UK 100, ESP 35, FRA 40, HIKG 33, JPN 225, AUS 200, US Oil and UK Oil.

Spreads

Unfortunately, there is not a full breakdown of what spreads are available, they seem to be averaging around 3.3 pips though for EURUSD which is relatively high. The spreads are also variable which means they move with the markets, when the markets are being volatile the spreads often widen and get bigger and can be seen higher than 3.3 pips or lower too. You should also keep in mind that different instruments will have different spreads, so while EURUSD may average around 3.3 pips, different pairs such as AUDNZD will average at a higher spread.

Minimum Deposit

The minimum deposit when opening up an account is $100, this is also the minimum deposit amount for any further top-up deposits made to an already opened account.

Deposit Methods & Costs

Henordy does not actively state which methods of deposit they use, however looking through the site there is an image of UnionPay on the homepage which would indicate that they are usable on the site. There is also mention of Bank Wire Transfers when looking through the help section of the site so we can safely assume that Bank Wire Transfer is also available. There does not seem to be any further information and there is also no information in regards to any fees.

Withdrawal Methods & Costs

Just like the deposit method information, there is not any present on the website, so we can only assume that the same UnionPay and Bank Wire Transfers are available to use. Just like deposits there is no information on fees either, be sure to check with whatever processor or bank you use to see if they will add any fees of their own.

Withdrawal Processing & Wait Time

This information is currently not present, as Bank Wire Transfers are one of the withdrawal methods we would expect withdrawals to take at least 2 to 5 working (business) days to become available in your account.

Bonuses & Promotions

From looking through the site it does not appear that there are any active promotions or bonuses if this is something that you are after then we would suggest checking back regularly tor getting in touch with the customer service team.

Educational & Trading Tools

There is a learning center on the website, this comprises some very basic information on trading systems, risk management and teaching you how to use MetaTrader 4. This information is very basic and if you have traded at all before, it will not be the most helpful so we would suggest looking elsewhere for your learning needs.

Customer Service

The customer service page is as basic as most of the other things on the site, there is a physical address posted as well as a singular email address. There is also a web submission form, where you can fill in your query and you should then get a reply via email. No mention of opening times but we will expect them to be closed over the weekends at the same time as the markets are closed.

Demo Account

We could not locate any information regarding demo accounts so it does not appear that they are currently available with Henordy. This is a shame as potential clients often like to use them to test out the trading conditions and servers, while current clients often like to use them to test out new strategies without risking any of their own capital. Henordy should really look to add demo accounts to their arsenal.

Countries Accepted

Henordy does not specify which countries are eligible or not, so if you wish to sign up we would suggest getting in contact with the customer service team to see if you are able to have an account with them.

Conclusion

Henordy aimed to be innovative and different, however they fell short of this expectation, there is so much information missing from the website, a full breakdown of tradable assets is always good but it is not present here, along with a complete lack of information regarding the accounts that can be used. The accounting side doesn’t get much better with little information about deposit and withdrawal methods and even more so about any potential fees, considering Henordy is going to be holding our money, this information should have been a basic requirement. Pretty much the only information available is what trading platform is available, due to all this, we find it hard to recommend Henordy as a broker to use at this time.

Tags Forex, Forex Broker, review

Forex Price-Action Strategies

The Benefit of Checking Minor Chart before Taking Entry

Post author By Tareq Sikder
Post date 1 April, 2020
No Comments on The Benefit of Checking Minor Chart before Taking Entry

In one of our lessons, we have learned that when a breakout confirmation candle comes out with a long upper or lower shadow needs to be checked on the 15-min chart. The last 15 M candle plays a significant role to drive the price towards the breakout direction. A breakout confirmation candle with a long upper or lower shadow does not mean that the last 15M candle comes out as a reversal candle. We are going to demonstrate an example of this in today’s lesson.

The price after being bearish finds its support. The chart produces two bullish candles consecutively. A level of resistance produces a bearish reversal candle. The correction length looks good. Let us proceed to the next chart.

The next candle comes out as a bearish candle as well. However, it closes within the consolidation support. The sellers are to wait for a candle to breach the level closing well below it. It is waiting time for the sellers.

The last candle breaches through the consolidation support. The breakout does not look an explicit breakout. However, it closes below the level. If the next candle closes below the breakout level, that would confirm the breakout. The breakout confirmation candle holds the key for the sellers.

The last candle closes below the breakout candle. This confirms the breakout. However, look at the long lower spike. This looks ominous for the sellers. In naked eyes, it does not look to be a good confirmation candle for the sellers to trigger a short entry. Let us now flip over to the 15 M chart and find out how the last candle comes out.

This is the 15 M chart. The last candle is a strong bearish candle despite having a long lower spike. We do not need to flip over to any minor chart here. This means the pair is having a strong bearish momentum in the 15 M chart, which is a signal for the sellers to trigger a short entry.

As expected, the next candle comes out as a bearish candle. It seems that the price is going to hit 1R in a hurry. Let us proceed to the next chart to find out how the trade goes.

The price heads towards the South with one more candle. It hits the take profit level (1R) with ease. The price may make a more bearish move as well. The trade setup with a less promising breakout confirmation candle works wonderfully well for the traders. Do not forget to check the 15 M chart if the confirmation candle has a long upper/lower shadow. It may help you decide which entry to take and which one not to.

Tags Bearish, Breakout, Bullish, bullish candle, correction, Forex, Forex price action, Price Action, Support, Technical Analysis, trading

Forex Elliott Wave

Analyzing the Triangle Pattern – Intermediate Level Part 2

Post author By Eduardo Vargas
Post date 1 April, 2020
2 Comments on Analyzing the Triangle Pattern – Intermediate Level Part 2

In our previous article, we saw that the triangle pattern is the most common of the three standard formations defined by R.N. Elliott. In this educational post, we will review the different types of variations of this corrective structure.

Contractive Triangle

Within the group of triangles, this formation is the most common of all. The minimum requirements of this structure are:

1. Once the contractive triangle is completed, the price must make a “thrust” that should be greater than or equal to 75% of the largest internal segment. On the other hand, this movement should not exceed 125% of the most extended triangle segment.

The following figure shows two cases. In the first, we see that wave A is the most extended segment of the contracting triangle after wave E is completed. The thrust can reach between 75% and 125% of wave A.

In the second case, we observe that wave B is the most extensive of the contracting triangle. Analogously to the previous case, we distinguish that the thrust made by the price should not be less than 75% nor greater than 125 of wave B.

2. In this type of triangle, the thrust must further exceed the highest (or lowest) end it reached during structure formation.

In other words, when the contracting triangle is about to be completed, two parallel lines should be drawn over the most extended segment, depending on which side the thrust is on, the price should touch the top or bottom line.

3. The E wave must be the smallest of all the segments of the triangle in terms of price.

As we observe in the following figure, the internal segment corresponding to wave E must be the smallest of all in terms of price, but not the time it takes for this movement to complete.

Limiting triangle

R.N. Elliott defined the limiting triangle as a formation that occurs in the waves fourth and B. Its name is because its completion must occur under specific conditions,

The completion of the limiting triangle in wave E must happen in the range of 20% to 40% before the apex point of the triangle.

Horizontal Limiting Triangle

1. The trendlines of the triangle must move in opposite directions.

In other words, when drawing the ends of the triangle corresponding to the end of waves A-C and B-D, the trendlines must correspond to a contracting triangle respecting the basic structure defined by Elliott.

2. The apex of the triangle must be within a range whose amplitude is 61.8% of the most extended segment of the triangle and whose center is the midpoint of that segment.

In the case of the previous figure, the most extended wave is wave B. However, this is analogous for the situation in which wave A or wave C is the longest in the triangle.

3. Wave D must be smaller than the internal leg corresponding to wave C. Likewise, the segment corresponding to wave E must be shorter than wave D.

Irregular Limiting Triangle

This type of triangle must perform a higher thrust and with greater speed than in the case of the horizontal triangle. The distinctive element of this formation is wave B, which must be longer than wave A. In general, its main characteristics are as follows.

Wave B should not be higher than 261.8% of Wave A. Under normal conditions, it should be less than 161.8% of Wave A.
Waves C, D, and E must be smaller than the previous wave.
The trend lines of the triangle must have opposite directions.

Running Limiting Triangle

This type of wave can be confused with the Double Three corrective structure. Its main characteristics are:

Wave B is longer than Wave A. It is also the largest segment of the triangle.
Wave C is smaller than Wave B.
Wave D is shorter than Wave C.
Wave E is shorter than Wave D and is the smallest of the triangle.
The thrust after the completion of wave E can become more extensive than wave B and even reach 261.8% of wave B.

Conclusions

In this educational article, we have examined the different variations of triangles and expanded their contracting variants. We must emphasize that its importance lies in the fact that this type of formations, in particular, the contracting triangle, is the most common of all triangular patterns. The knowledge of how triangles behave can provide the wave analyst with an advantage that would allow him to more accurately predict what the next market move would likely be.

In the next article, we will see the last part of the corrective formations. In particular, we will review the non-limiting triangles and their main characteristics.

Daily F.X. Analysis, April 01 – Top Trade Setups In Forex – Eyes on Advance ADP Figures

Post author By Ali B.
Post date 1 April, 2020
No Comments on Daily F.X. Analysis, April 01 – Top Trade Setups In Forex – Eyes on Advance ADP Figures

The U.S. dollar failed to keep its momentum, with the Dollar Index marking a day-high of 99.93 before closing down 0.2% on the day to 99.01. Later today, eyes will be on the Markit as it will publish final readings of March Manufacturing PMI for the eurozone (44.6 expected), Germany (45.5 expected), France (42.9 expected), the U.K. (47.0 expected) and the U.S. (48.0 expected). The European Commission will report February jobless rate (steady at 7.4% expected). The German Federal Statistical Office will post February retail sales (+0.1% on month expected). Here’s a technical and fundamental outlook for today…

Economic Events to Watch Today

EUR/USD – Daily Analysis

The EUR/USD was broadly flat at 1.1027. Official data showed that the eurozone’s CPI grew 0.7% on year in March (+0.8% expected), while the German jobless rate was steady at 5.0% (5.1% estimated). Later today, the eurozone’s February jobless rate (7.4% expected) and German retail sales (+0.1% on month estimated) will be released.

Italy marked as the second-highest country of confirmed cases in the world after the United States (140,470). Total cases are 92,472 confirmed, marking up the highest death rate in the world.

Today, the manufacturing data are also scheduled to release in this day later. A disappointment on expectations by a big margin will likely send the greenback lower across the board. The European Commission will report February jobless rate (steady at 7.4% expected). The German Federal Statistical Office will post February retail sales (+0.1% on month expected).

Looking forward, all traders now keep their eyes on the German retail sales and manufacturing data, which is scuddled to release on at 06:00 GMT. The coronavirus headlines will take a driver’s seat while investors are likely to hold cash in the form of U.S. dollars due to intensifying coronavirus concerns.

Daily Support and Resistance

S1 1.0772
S2 1.0886
S3 1.0958

Pivot Point 1.0999

R1 1.1071
R2 1.1112
R3 1.1226

EUR/USD– Trading Tips

On Wednesday, the EUR/USD is trading slightly bearish at 1.097, having an immediate support level of around 1.0947. As we can see on the 4-hour chart above, the EUR/USD had formed a bullish channel supported the pair around 1.1060, but has now been violated. The breakout of an upward channel has a huge potential to drive the selling trend in the EUR/USD currency pair.

On the higher side, the EUR/USD pair is facing resistance at 1.1050 area. Bullish crossover of 1.1050 area can open further room for buying until 1.1145 level. Whereas, the chances of a bearish bias will remain strong if the pair closes a 4-hour candle below 1.0950 level today. On the lower side, the target is likely to target 1.0947 and 1.0885.

GBP/USD– Daily Analysis

The GBP/USD was little changed at 1.2413. A day before, Sterling surged as traders reconciled their portfolios before the end of the first quarter of 2020, although analysts said the currency remained fragile.

However, the worse than expected economic events throughout the first quarter continued to weigh on the market’s risk-tone during the early Asian session.

Today, the US ADP Employment report and the ISM Manufacturing data are scheduled to release in this day later. A miss on expectations by a significant margin will likely send the greenback lower across the board. However, the losses could be temporary, mainly because the coronavirus outbreak is not showing any sign of slowing down with the number of cases in the U.S. continue to rise and reached above 177,000 so far.

The economic calendar is mostly empty for the U.K.; therefore, the coronavirus updates will keep the driver’s seat until the U.S. session. Moreover, the ADP Employment Change and March month activity numbers from the world’s largest economy will be essential to watch for taking fresh direction.

Daily Support and Resistance

S1 1.202
S2 1.2208
S3 1.2319

Pivot Point 1.2396

R1 1.2507
R2 1.2584
R3 1.2772

GBP/USD– Trading Tip

The GBP/USD hasn’t moved much as it continues trading sideways around within a narrow trading range of 1.2275 – 1.2425. On the 4 hour timeframe, the Cable is forming bullish and bearish candles, showing a tug of war between the bulls and bears. We may not see further trends until and unless the pair manages to come out of this narrow range. In order to do this, the pair needs a solid fundamental reason, which we are not expecting from the United Kingdom.

On the 4-hour timeframe, the GBP/USD pair is pretty much likely to find resistance around 1.2470, along with support around 1.2278. In the case of market breaks bellow 1.2278, we may see GBP/USD prices heading into the selling zone until 1.2100 and 1.2005. Whereas, the chances of buying remains solid over 1.2275 until 1.2520.

USD/JPY – Daily Analysis

The USD/JPY currency pair looking flat and hit the high of 107.95 from the low o 107.25 mainly due to the greenback continue to pick the bids as a safe-haven demand after the report in the U.S. said that experts expecting the virus could kill almost 100,000 and 240,000 Americans despite social distancing measures.

The USD/JPY got support also from the Bank of Japan’s Tankan corporate survey, which showed Japanese manufacturers turned downbeat for the first time in seven years. The USD/PY is trading at 107.58 and consolidates in the range between the 107.25 – 107.94.

Besides, the risk sentiment in the market is getting worse time by time due to intensifying concerns over the coronavirus (COVID-19). As in result, the USD/JPY pair dropped earlier as JPY was getting strong bids due to its safe-haven demand while the U.S. dollar strength was supporting the pair to stay bullish.

As per the latest report, the coronavirus outbreak is not showing any sign of slowing down with the number of cases in the U.S. continue to rise and reached above 177,000 so far. The coronavirus cases continue to increase in Europe, with Spain and Italy reporting a total of 200,000 cases so far.

The U.S. President Trump was increasing the possibilities of another major infrastructure package or some $2trn within the next relief bill. At the same time, the Democratic House Speaker, Nancy Pelosi, also declared that the United States should start developing and discussing the 4th stimulus bill. Thus, the USD/JPY pair can trade bearish in the wake of a weaker dollar and stronger yen.

Daily Support and Resistance

S1 105.37
S2 106.64
S3 107.08

Pivot Point 107.91

R1 108.35
R2 109.17
R3 110.44

USD/JPY – Trading Tips

On Wednesday, the USD/JPY is trading at 107.570, consolidating sideways, right above an immediate support level of 107.200. The USD/JPY’s trading range remains narrow as the upper limit stays at 108.500, and the lower limit rests at 107.150.

We see neutral candles, which may trigger a breakout at any side of the market. But the bullish breakout of 108.650 resistance level can lead the USD/JPY prices higher towards 109.750 level. Until then, we should look for doing choppy trading by selling below 108.600 and buying over 107.250. Below 107.200, the next support will stay around 105.990. All the best for today!

Tags Daily Brief, EURUSD, Forex, Fundamental Analysis, GBPUSD, Technical Analysis, trading, USDJPY

Forex Forex Brokers

FXLatam Review

FXLatam is an online foreign exchange broker that is based out of Saint Vincent and the Grenadines, they don’t actually provide a lot of information about themselves, so a few of their main selling points include instant withdrawals, live chat, an industry-leading platform, forex and crypto in one account. We will be using this review to see if they really do offer those services and to find out any additional information about them that we can.

Account Types

There are 5 different account types available to use, they do not seem to have any different trading conditions, and the account comparison page doesn’t actually indicate any differences within the accounts, just the required amounts and trading volume needed. We outlined the requirements below.

Gold Account: This account requires a minimum deposit of $500 and a minimum trading volume of $2,500.

Platinum Account: This account requires a minimum deposit of $1,000 and a minimum trading volume of $10,000.

Diamond Account: This account requires a minimum deposit of $5,000 and a minimum trading volume of $50,000.

Emerald Account: This account requires a minimum deposit of $10,000 and a minimum trading volume of $100,000.

Crown Account: This account requires a minimum deposit of $50,000, the minimum trading volume is not known and simply states to call them for more information.

Platforms

FXLatam uses its own trading platform rather than one of the more established platforms like MetaTrader 4. The platform is relatively basic, it doesn’t have many of the features that many traders will not be used to.

Leverage

The maximum leverage available from FXLatam is 1:200, this is applicable for all account types, this leverage can be selected when first opop[enign up an account. We are not sure if you are able to change it once an account is set up, if you need to change it we would suggest sending a change request to the customer service department. You can buy and sell and select the size of your trades, there is very limited graph information and functions available. The platform looks more like it would be at home at a Binary Options broker rather than this forex broker.

Trade Sizes

Trade sizes start from 1,000 units which are the same as 0.01 lots. Trades then go up in increments of 100 units which is 0.001 lots, so the second available trade is 0.011 lots and then 0.012 lots. We do not know what the maximum trade size is, or how many open trades and orders you can have at any one time.

Trading Costs

There is no mention of any commissions, and when using the demo platform there was no indication of any commissions, and this is good due to the spreads being so high (we look at these in a later section of the review). There is also no information about potential swap charges, the majority of brokers have them so we expect that FXLatam will as well, but we cannot say for sure.

Assets

The assets have been broken down into a number of different categories, there wasn’t a list available on the site which is a shame as many potential clients won’t want to open up a demo account just to see what is available, but that is exactly what we did, we have outlined the available instruments below.

Forex: AUDUSD, EURCHF, EURGBP, EURJPY, EURUSD, GBPCHF, GBPJPY, GBPUSD, USDCAD, USDCHF, USDJPY, AUDCAD, AUDCHF, AUDHKD, AUDFJPY, AUDNZD, CADCHF, CADJPY, CHFJPY, CHFNOK, DKKSEK, EURAUD, EURCAD, EURDKK, ERUHUF, EURILS,. EURMXN, EURNOK, EURNZD, EURPLN, EURRUB, EURSEK, GBPAUD, GBPCAD, GBPCNH, GBPNZD, NZDCAD, NZDCHF, NZDJPY, NZDUSD, USDDKK, USDHKD, USDILS, USDMXN, USDNOK, USDLN, USDRUB, USDSEK, USDSGD, USDTRY, USDZAR.

Indices: AEX25, Australia 200, CAC 40, China A50, CNX Nifty, DAX 30, Dow Jones, Euro Stoxx 50, FTSE 100, Hang Seng, IBEX 35, Nasdaq 100, Nikkei 225, Russell 2000, Swiss Market, S&P 500, US Dollar Index.

Crypto: ADA, BTC, BTG, DASH, EOS, ETC, ETH, IOT, LTC, NEO, QTUM, TRX, XLM, XMR, XRP, ZEC.

Commodities: Coca, Coffee, Corn, Cotton #2, Orange Juice, Soybean, Sugar #11, Wheat, Brent Crude Oil, Gas Oil, Heating Oil, Natural Gas, RBOB Gasoline, WTI Crude Oil, Copper, Gold, Palladium, Platinum, Silver.

Stocks: There are stocks from countries such as Australia, Canada, France, Germany, Italy, Russia, Spain, Switzerland, United Kingdom, and the dUnite States.

There are also plenty of EFTs and Bonds available to trade.

Spreads

There isn’t a list or set of examples of the spreads available on the site, instead, we had to scour the internet, for example, a few different sites seem to indicate the same starting spreads which lead us to believe they should be accurate. The spreads for EUR/USD seem to be around 3,.5 pips and are fixed, this means that they do not move no matter what is going on within the markets. 3.5 pips are very high and indicate that the trading is quite expensive here, different instruments will also have different spreads, so 3.5 pips will be the lowest, higher spreads will also be present.

Minimum Deposit

There is some contradictory information on the site regarding the minimum deposits. The accounts page indicates that the minimum amount required to open up an account is $500, while the FAQm states that it is $250, so we believe that the figure has changed at some point, but we are not clear on which one is the actual amount, just to be safe, we will say that it is $500 as this covers both scenarios.

Deposit Methods & Costs

There are a lot of images displayed at the bottom of the site, however very little information to go with them, there are in fact so many pictures it can make it a little hard to work out which are payment methods and which are assets or banks. So the ones that we can work out are QIWI Wallet, WebMoney, Visa, MasterCard, Yandex, WebPay, and Bitcoin.

There isn’t any information surrounding any possible fees, this does not mean that there aren’t any, it just means they aren’t stated on the site, we would also suggest contacting the payment provider that you will be using to see if they will add any fees of their own.

Withdrawal Methods & Costs

Once again, there isn’t any information on the site regarding withdrawal methods, we only have the same pictures at the bottom of the screen which are QIWI Wallet, WebMoney, Visa, MasterCard, Yandex, WebPay, and Bitcoin. There is only some information stating about Card and Bank withdrawals within the funding terms and conditions.

Similarly to the deposits, there isn’t any information surrounding any fees when withdrawing, again, this does mean that there won’t be any, it just means they aren’t stated on the site, we would also suggest contacting the payment provider that you will be using to see if they will add any fees of their own.

Withdrawal Processing & Wait Time

Withdrawal times are not stated on the site which is a shame, due to this we would expect any withdrawals to be fully processed between 1 to 7 days from the request it is made, this will depend on the processing times of FXLatam and the processing times of the method that you have used to withdraw with.

Bonuses & Promotions

There is the usual affiliate scheme, refer people to the broker and earn, there is also an initial deposit bonus. You can receive up to a 100% bonus, this sounds good in principle, but it is buried in so many terms that it really isn’t worth it. As we went through the bonus conditions it became more and more apparent that this is something to avoid, some of the terms state that in order to withdraw, you would need to make further deposits, you would also need to trade 25 times the value of your deposits (all deposits) and the bonus funds, any withdrawals will remove the bonus completely so your funds will be locked in. This is a bonus that you should probably avoid.

Educational & Trading Tools

There isn’t much when it comes to education being provided by FXLatam. The only things that are available seem to be on the homepage, which is a news section consisting of a list of top trades, popular trends and financial news (however that is currently giving an error). There isn’t anything that will actually educate you or to help your analysis, which is a shame as a lot of modern brokers are trying to help their clients improve on their trading technique and knowledge, so it would be nice to see FXLatam do something similar.

Customer Service

FXLatam is offering a number of different ways to get in contact with them, they do not state what their opening times are though. You are able to use the online submission form, fill it in and you should then get a reply via email, you can also use one of the many phone numbers which are available in countries such as Chile, Mexico, Panama, Peru, UK, and Colombia. There is also a postal address available and an email address, so plenty of ways to contact them.

Address: Get Financial LTD Suite 305, Griffith Corporate Center P.O Box 1510 Beachmont, Kingstown, St. Vincent and the Grenadines.
UK Phone: +442031502952
Email: [email protected]

Demo Account

A demo account is available to use, the account uses the same trading conditions that we have stated throughout this review. The demo account allows you to test out the platform without having to risk any of your own capital.

Countries Accepted

This information does not seem to be available on the site, so we would recommend contacting the customer service team to check whether you are eligible for an account or not, prior to signing up for one.

Conclusion

FXLatam offers plenty of account types but they don’t seem to have any differences, at least not any differences that are noted on the site. The actual trading conditions are a little expensive, the leverage available is 1:200 which is fine, but the spreads are starting from 3.5 pips which can make things very expensive to trade, the good news is that there are plenty of assets to trade. There is also a bit of confusion with the funding, mainly just images at the bottom of the screen and no real information on the methods or costs. Due to these things, at this point in time, we would recommend looking elsewhere for a broker to use.

Tags Forex, Forex Broker, review

Forex Forex Brokers

GMI Edge Review

GMI Edge is a forex broker that is registered and regulated in Vanuatu, there isn’t much information on their website about them, no about ‘About Us’ page or outline of their goals. So we will be going into this review blind, looking at all aspects of their service and site to see if they stand up to the competition and so you can decide if they are the right broker for your trading needs.

Account Types

There are four different accounts available to choose from, each with its own features, so let’s outline what they are.

Standard Account:
This account has a deposit requirement of $25 and must be in USD. The contract size is 100,000 units and leverage can go as high as 1:2000. Expert advisors are allowed as is hedging. There are no added commissions on the account which has a minimum trade size of 0.01 lots, a maximum of 50 lots and can have 200 orders open at any one time. Swap-free versions are available and the margin call level is set at 60% with the stop out level at 30%. It has a variable spread and has affiliate rewards available.

Standard (Bonus) Account:
This account has a deposit requirement of $25 and must be in USD. The contract size is 100,000 units and leverage can go as high as 1:2000. Expert advisors are allowed as is hedging. There are no added commissions on the account which has a minimum trade size of 0.01 lots, a maximum of 50 lots and can have 200 orders open at any one time. Swap-free versions are available and the margin call level is set at 60% with the stop out level at 30%. It has a variable spread and has affiliate rewards available.

Cent Account:
This account has a deposit requirement of $2.50 and must be in USD. The contract size is 1,000 units and leverage can go as high as 1:1000. Expert advisors are allowed as is hedging. There are no added commissions on the account which has a minimum trade size of 0.01 lots, a maximum of 150 lots and can have 200 orders open at any one time. Swap-free versions are available and the margin call level is set at 60% with the stop out level at 30%. It has a variable spread and has affiliate rewards available.

ECN Account:
This account has a deposit requirement of $100 and must be in USD. The contract size is 100,000 units and leverage can go as high as 1:5000. Expert advisors are allowed as is hedging. There is an added commission of $4 per lot on the account which has a minimum trade size of 0.01 lots, a maximum of 50 lots and can have 200 orders open at any one time. Swap-free versions are available and the margin call level is set at 60% with the stop out level at 30%. It has a variable spread and has affiliate rewards available.

Platforms

The only platform on offer is MetaTrader 4 which is one of the most used and secure platforms for trading Forex, allowing you to analyze the financial markets, use Expert Advisors (EA) and use a whole host of indicators and scripts to analyze your next move and transaction. Millions of traders with a wide range of needs choose MetaTrader 4 to trade in the market. Usable and accessible by all, MT4 is available as a mobile application, web trader and as a download for your desktop or laptop.

Leverage

The leverage that you get depends on the account you use and the balance you have. We have outlined the differences in available leverage below.

Standard Account:
$25 – $10,000 = 1:2000 max
$10,001 – $30,000 = 1:1000 max
$30,001 – $100,000 = 1:300 max
$100,001 and above = 1:100 max

Standard (Bonus) Account:
$25 – $1,000 = 1:2000 max
$1,001 – $5,000 = 1:1000 max
$5,001 – $20,000 = 1:500 max
$20,001 – $100,000 = 1:200 max
$100,001 and above = 1:100 max

Cent Account:
$2.50 – $1,000 = 1:1000 max
$1,001 – $2,000 = 1:500 max
$2,001 and above = 1:100 max

ECN Account:
$100 – $20,000 = 1:500 max
$20,001 – $100,000 = 1:300 max
$100,001 and above = 1P:100 max

The leverage is fixed and selected when opening up an account.

Trade Sizes

Trade sizes for all accounts start from 0.01 lots and go up in increments of 0.01 lots. The Standard, Standard (bonus) and ECN accounts have a max trade size of 50 lots and the Cent account has a maximum of 150 lots. You can also have a maximum of 200 orders at any one time.

Trading Costs

The ECN account is the only account that has an added commission, the commission of $4 per lot traded. The other accounts use a spread based system that we will look at later. There are also spread charges which are charged for holding trades overnight. Islamic swap-free versions of each account are also available.

Assets

The assets have been broken down into a few different categories. We have outlined them below including the instruments within them.

Forex: EURUSD, USDJPY, GBPUSD, USDCHF, AUDUSD, NZDUSD, USDCAD, EURGBP, EURCHF, EURJPY, GBPJPY, CHFJPY, AUDJPY, NZDJPY, CADJPY, AUDNZD, EURAUD, EURCAD, GBPCHF, GBPAUD, GBPCAD, GBPNZD, EURNZD, AUDCHF, AUDCAD, CADCHF, NZDCAD, NZDCHF, USDMXN, USDHKD, USDCNH, EURSEK, EURNOK, USDSEK, USDDKK, NOKSEC, USDZAR, USDNOK, EURTRY, USDTRY, USDSGD.

Metals: Gold and Silver.

Energy: US Crude Oil and UK Crude Oil.

Indices: These are not yet available and the site states that it is coming soon.

Spreads

The different accounts have different spreads if we look at EURUSD, the Standard and ent accounts have an average spread of 1.6 pips, the ECN account has an average spread of 0.2 pips. The spreads are variable which means they move with the markets when there is added volatility they will be seen higher. Different instruments also have different spreads so while EURUSD has an average of 1.6 pips, GBPJPY has an average of 2.8 pips.

Minimum Deposit

The minimum deposit amount is $2.50 which will allow you to open up a cent account if you want a standard account the minimum deposit required is $25.

Deposit Methods & Costs

There are a number of different ways to deposit, these are Local Bank Transfer, Neteller, Skrill, Perfect Money, DragonPay and FasaPay. The site states that there are no added fees from GMI Edge, however, there is an added fee of 3.95% on all deposits from Neteller, Skrill, Perfect Money, DragonPay and FasaPay. So there is, in fact, an added fee.

Withdrawal Methods & Costs

The same methods are available to withdraw with, for clarification these are Local Bank Transfer, Neteller, Skrill, Perfect Money, DragonPay and FasaPay. There are no added fees for withdrawals but be sure to check with your own bank to see if they will add any incoming transaction fees.

Withdrawal Processing & Wait Time

GMI Edge will aim to process any withdrawals within 24 hours of the request. All methods are then transferred instantly apart from Local Bank Transfer which will be available the next working day.

Bonuses & Promotions

There are two different promotions on offer.

30% Bonus: You can receive a 30% bonus up to $500 on your first deposit. This bonus is automatically available for all clients who deposit into their trading accounts with the maximum bonus amount of $500. Your bonus can be used to open positions as well as cover losses in floating positions. Any profits generated can be withdrawn at any point in time, however, any withdrawal of funds will result in the full removal of your trading bonus.

15% Bonus: You can receive a 15% bonus of up to $5,000. This bonus is automatically available for all clients who have used the 30% Deposit Bonus and continue to make deposits into their trading accounts. You will continue to receive the 15% bonus until you reach the maximum total bonus amount of $5000. Your bonus can be used to open positions as well as cover losses in floating positions. Any profits generated can be withdrawn at any point in time, however, any withdrawal of funds will result in the full removal of your trading bonus.

Educational & Trading Tools

There doesn’t seem to be any educational material available, many brokers are now looking to help their clients improve their trading so it would be good to see GMI Edge follow this route and add some educational material.

Customer Service

Should you need to contact GMI Edge, you can do so by using the online submission form to fill in your query and get a reply via email You can also use the available email address and phone number. There is also a live chat feature available.

Email: [email protected]
Phone: 1800 282260

Demo Account

Demo accounts are available and allow you to test out the trading conditions and strategies with no risk. We do not know the details of the account such as what account it mimics or any potential expiration times.

Countries Accepted

This information is not available on the site so if you are interested in joining, get in touch with the customer service team first to see if you are eligible or not.

Conclusion

GMI Edge is offering a few different accounts, each having its own conditions, they cater to everyone with both Cent accounts and Standard lot size accounts. The spreads and commissions are ok, the commission is below the industry average but the spreads are a little higher. There is also a small lack of tradable assets with indices coming soon it will help to improve this issue. Looking at deposits and withdrawals, there are enough options available and withdrawals are fee-free, there are some fees for depositing which could be a little expensive at just under 4%. Whether they are the right broker to sue is up to you.

Tags Forex, Forex Broker, review

Forex Market Analysis

Descending Trendline Resisting Crude Oil’s Bullish Bias – Get Set for Selling!

Post author By Ali B.
Post date 31 March, 2020
No Comments on Descending Trendline Resisting Crude Oil’s Bullish Bias – Get Set for Selling!

The WTI crude oil prices slid further, as the Trump administration extended social-distancing guidelines through April 30, leading traders to expect lower fuel consumption ahead. U.S. Nymex crude oil futures shed a further 6.6% to $20.09 a barrel, the lowest level since February 2002. Brent tumbled 8.7% to $22.76.

Crude oil prices are still facing selling pressure, even after the fresh, positive news in the market. The continued concerns about the global economic slowdown from the coronavirus pandemic kept giving some support to the U.S. dollars as a safe-haven demand.

The negative correlation between the U.S dollar and commodities are keeping the WTI prices in a selling mode. During the beginning of this week, physical demand for WTI and its prices fell globally.

WTI Crude Oil – Daily Technical Levels

Support Resistance

20.95 22.42

20.13 23.06

18.66 24.53

Pivot Point 21.59

The WTI crude oil prices are facing resistance at 21.90, which is extended by the downward trendline. On the lower side, support stays at 19.45 level, which is also extended by horizontal support level. The MACD is suggesting bearish bias along with all the fundamentals in the market. Today we can look for adding selling trades below 20.75 with a target of 19.40. Good luck!

Tags Forex, trading, usoil, WTI

Forex Forex Brokers

Blue Bull Capital Review

Blue Bull Capital is a Forex and CFD broker located in the United Kingdom. They were founded with one objective, to provide traders with safe, easy and low-cost access to the foreign exchange markets. They aim to become one of the leading providers of this service, in this review we will be looking into the services being offered to see if they achieve their mission and so you can decide if they are the right broker for you.

Account Types

It seems that there are two accounts on offer from Bue Bull Capital, both having different requirements and trading conditions.

Standard Account: The standard account requires a minimum deposit of $500, this account can be in a base currency of USD, EUR, GBP, PLN or AED. It comes with leverage up to 1:500 and the spreads are variable. There is no added commission and it used a market execution model. Micro lots (0.01 lots) are allowed and it uses the MetaTrader 4 trading platform. It has the availability to trade forex, indices, commodities, softs, stocks, and cryptos, the account also has swap charges for holding trades overnight.

Pro Account: The pro account requires an increased minimum deposit of $20,000. The account can be in USD, EUR, GBP, PLN or AED. It comes with leverage up to 1:500 and the spreads are always 0.5 pips better than the starter account spreads. There is no added commission and it used a market execution model. Micro lots (0.01 lots) are allowed and it uses the MetaTrader 4 trading platform. It has the availability to trade forex, indices, commodities, softs, stocks, and cryptos, the account also has swap charges for holding trades overnight.

Platforms

Blue Bull Capital has chosen MetaTrader 4 as their only trading platform, so let’s see what it offers. MetaTrader 4 is compatible with hundreds and thousands of different indicators, expert advisors, signal providers and more. MT4 is second to none, available as a desktop download, an app for Android and iOS devices and as a WebTrader where you can trade from within your internet browser. MetaTrader 4 is a great trading solution to have.

Leverage

The maximum leverage for both account types is 1:500 which is what a lot of brokers are now aiming for. The leverage can be selected when opening up an account and should you wish to change it on an already open account, you should get in contact with the customer service team with this request.

Trade Sizes

Trade sizes start at 0.01 lots (known as a micro lot), they then go up in increments of 0.01 lots, so the 0.02 would be the next available trade followed by 0.03 lots. There isn’t a mention of the maximum trade size, however, we would recommend not trading in sizes larger than 50 lots, as the bigger a trade becomes the harder it is for the markets or liquidity provider to execute the trade quickly and without any slippage.

Trading Costs

There are no additional commissions added to either of the accounts as they use a spread based structure that we will look at later in this review. Swap charges are present which is a charge, either positive or negative incurred from holding a trade overnight, these fees can be viewed from within the MetaTrader 4 trading platform.

Assets

The assets available from Blue Bull Capital have been broken down into 6 different categories, we will briefly look at each to see some examples of what is available to trade.

Currency Pairs: There are 49 different currency pairs available which include forex majors and forex minors. Some examples of the pairs available are AUDCAD, CHFJPY, EURUSD, USDCNH, and USDZAR.

Metals: Three metals on offer including the regular Gold and Silver which are then joined by Platinum.

Indices: For Indices, there are 11 in total, these include GBP 100, AUD 200, JPY 225, GER 30, SPA 35, HKD 33 and NASDAQ 100.

Commodities: Just three commodities are available to trade with Blue Bull Capital which are Brent Crude Oil, WTI Crude Oil, and Natural Gas.

Futures: Two futures are also available which are Coffee Arabica and Coffee Robusta.

Shares: There are 193 different shares available which are lower than we would have expected, a range of these include the major shares such as Apple, Amazon, Facebook, Tesla, and many more.

Spreads

Spreads seem to be the same for both accounts and start at around 2.4 pips, we say to start as the yare variable (floating) which means they move with the markets, when the markets are being volatile then they will often be seen higher. Different instruments also have different starting spreads, so while EURUSD may start at 2.4 pips, other pairs such as GBP/CAD may start at 8.3 pips (numbers were taken from the instrument page of the website).

Minimum Deposit

The minimum amount required to open an account is $500 which gets you the Standard account, if you want the Pro account you will need to deposit $20,000. Once an account is open, further top-ups are as low as $5 depending on the method used.

Deposit Methods & Costs

There are a number of different methods available, each one has the ability to deposit in USD or EUR and the good news is that there are no fees added by Blue Bull Capital and they even cover all costs from certain electronic methods.

Methods available:
Bank Wire Transfer, MasterCard Credit/Debit Card, Visa Credit/Debit Card, MegaTransfer, NganLuyng, Skrill and Neteller.

When using Bank Wire Transfer, be sure to check with your bank to make sure they do not add any fees of their own.

Withdrawal Methods & Costs

The same methods are available to withdraw with, for clarification, these are Bank Wire Transfer, MasterCard Credit/Debit Card, Visa Credit/Debit Card, MegaTransfer, NganLuyng, Skrill and Neteller.

All fees are covered by Blue Bull Capital except for NganLuyng which has a 0.5% fee, also be sure to check with your bank when using Bank Wire Transfer to see if they add any of their own fees.

Withdrawal Processing & Wait Time

PRocessing is done the same working day as the request is made, if made after closing hours then it will be processed on the next working day. The following times are advised by Blue Bull Capital.

24 Hours:
MasterCard Credit / Debit Card, Visa Credit / Debit Card, MegaTransfer, NganLuyng, Skrill and, Neteller.

2 – 5 Days:
Bank Wire Transfer

Bonuses & Promotions

There is apparently a bonus available, however, the promotions page simply states: “Special & Flexible bonus for your trading to benefit your investment!”. There isn’t any more context or information around it. However, we managed to find a PDF on the bonus which contains its features and terms. The bonus is a 100% deposit bonus and can be used once. There does not appear to be a limit to the amount. It states that the bonus period is 6 months but there is no indication how to change the bonus funds into real funds if that is possible at all, so it may be a bonus just to add extra margin rather than to eventually withdraw.

Educational & Trading Tools

There is an Academy section of the website but it is not actually an academy, in fact, there is very little to it at all. There are some very basic guides on how to do the bare minimum when it comes to trading such as opening a trade, a trading glossary and how to use the MetaTrader 4 trading platform. The glossary is the only thing that is potentially helpful as it tells you what different terms mean.

Customer Service

The contact us page consists of an online submission to fill in and that’s it, you can fill this in and you should then get a reply via email. It was really disappointing to see that there was no other way to get in touch, but luckily in the website footer, there is an email address available as well as a phone number to call.

Demo Account

You can sign up for a demo account using the demo account button. There doesn’t seem to be much more information regarding this. The trading conditions will mimic the real accounts however there is no indication as to how long the accounts remain open for, as some brokers impose a time limit such as 30 days and others do not, so this would be good to know.

Countries Accepted

Blue Bull Capital simply states that its services may be prohibited in certain countries but do not state which ones and that it is your responsibility to know. This is a little unfair as clients will not automatically know, so if you are interested in an account you may need to get in contact with the customer service team to find out if you are eligible or not.

Conclusion

Blue Bull Capital makes a positive start with plenty of information available, the main lack of information comes on the accounts pages as it does not display much information about trading conditions and instead we needed to go through the site to find any of it. Plenty of assets available to trade along with good information on spreads, which are a little on the high side but nothing out of the ordinary. Blue Bull Capital is let down a little with the lack of information on their customer service pages, but more ways to get in contact can be found around the site.

Tags Forex, Forex Broker, review

Forex Price-Action Strategies

Shallow Consolidation to Skip, Deep Consolidation to Go For

Post author By Tareq Sikder
Post date 31 March, 2020
No Comments on Shallow Consolidation to Skip, Deep Consolidation to Go For

In price action trading, consolidation length is a vital factor. The deeper the consolidation, the further the price goes towards the trend. Sometimes, shallow consolidation takes the price towards the trend direction as well. However, we may skip taking entry, when the price makes a shallow consolidation. In today’s lesson, we are going to demonstrate an example of these in the same chart.

In price action trading, consolidation length is a vital factor. The deeper the consolidation, the further the price goes towards the trend. Sometimes, shallow consolidation takes the price towards the trend direction as well. However, we may skip taking entry when the price makes a shallow consolidation. In today’s lesson, we are going to demonstrate an example of these in the same chart.

This is a daily chart. The price after being bearish produced a bullish engulfing candle. The breakout trading strategy traders are to wait for the price to consolidate and produce another bullish engulfing candle to offer them entry.

The price consolidates with a doji candle followed by a bullish engulfing candle. It makes a shallow consolidation. Moreover, the bullish engulfing candle has a long upper shadow. The buyers may skip taking the entry. Let us proceed to the next chart.

The chart shows that the last candle comes out as a bearish candle. If the price consolidates from here, it is going to be a deep consolidation. Let us wait for a bullish engulfing candle closing well above consolidation resistance to trigger a long entry.

Here it comes. The chart produces a bullish engulfing candle closing well above consolidation resistance. The buyers may trigger a long entry right after the candle closes. The last swing high is quite far, offering more than 1R.

The next candle comes out as a bullish candle as well. The candle has a long upper and a lower shadow. Nevertheless, it is a bullish candle. It looks good for the buyers. The price keeps going towards the North with good momentum. It looks the price hits the last swing high easily.

It does not take more than two candles to hit the last swing high. The last candle suggests that the price may go further up. However, the buyers may consider closing their entry or at least take partial profit. The plan has worked wonderfully well for the buyers.

In this chart, we have seen a shallow and a deep consolidation together. Both have offered entries. However, to be safe, we need to stick with the breakout trading strategy’s rule. We may skip taking entry when the price makes shallow consolidation. In most cases, shallow consolidation brings less liquidity. It means it often goes wrong. On the other hand, if the price makes a deep consolidation followed by an engulfing reversal candle, we may trigger an entry.

Tags Bullish Engulfing, daily chart. bullish, engulfing, Forex, Forex price action, Price Action, trading

Forex Forex Brokers

Super Forex Review

Super Forex is an online foreign exchange broker based in Belize and claims that their clients earn over $100,000 profit each day. There is a wide range of assets and accounts for their clients to choose from and their goal is to exceed their customer’s expectations with innovation and customizable services 24/7. With their values of trust, quality, professionalism, and leadership, we will be looking into the services on offer to see if they manage to keep these values and so you can decide if they are the right broker for you to use.

Account Types

There are a lot of accounts, we will briefly outline them below, but won’t go into too much detail at this point of the review.

Standard Account:
The minimum deposit for this account is $1, it can have a currency of USD, EUR, GBP, RUB, ZAR, NGN, CNY, BDT, INR or THB. The accounts lot size is 10,000 units and can be leveraged up to 1:1000. The account has swap charges and comes with fixed spreads and access to the forex copy scheme and bonuses.

Swap-Free Account:
The minimum deposit for this account is $1, it can have a currency of USD, EUR, GBP, RUB, ZAR, NGN, CNY, BDT, INR or THB. The accounts lot size is 10,000 units and can be leveraged up to 1:1000. The account does not have any swap fees and comes with fixed spreads and access to the forex copy scheme and bonuses.

No Spread Account:
The minimum deposit for this account is $1,000, it can have a currency of USD, EUR or GBP. The accounts lot size is 100,000 units and can be leveraged up to 1:1000. The account does not have any swap fees and also has 0 spreads. This account does not have access to the copy scheme and has the welcome, energy, and hot dynamic bonuses available.

Micro Cent Account:
The minimum deposit for this account is $1 with a maximum deposit of $3,000, it can have a currency of USD or EUR. The accounts lot size is 10,000 units and can be leveraged up to 1:1000. The account has swap charges and comes with fixed spreads and access to the welcome, energy, and hot dynamic bonuses.

Profi STP Account:
The minimum deposit for this account is $1,000, it can have a currency of USD only. The accounts lot size is 100,000 units and can be leveraged up to 1:200. The account has swap charges and also has 0 spreads. This account does not have access to the copy scheme and has the welcome, energy, and hot dynamic bonuses available.

Crypto Account:
This account requires a minimum deposit of $100, its base currency is USD but it is then converted into Bitcoin. The account’s trade size is 10 BTC and can be leveraged up to 1:10. The account does not have swap charges and comes with a fixed spread. The account has access to the welcome, energy, and hot dynamic bonuses.

ECN Standard:
The minimum deposit for this account is $1, it can have a currency of USD, EUR or GBP. The accounts lot size is 100,000 units and can be leveraged up to 1:1000. The account has swap charges and comes with floating spreads. The account has access to the welcome, energy, and hot dynamic bonuses.

ECN Standard Mini:
The minimum deposit for this account is $1, it can have a currency of USD, EUR or GBP. The accounts lot size is 10,000 units and can be leveraged up to 1:1000. The account has swap charges and comes with floating spreads. The account has access to the welcome, energy, and hot dynamic bonuses.

ECN Swap-Free:
The minimum deposit for this account is $1, it can have a currency of USD, EUR or GBP. The accounts lot size is 100,000 units and can be leveraged up to 1:1000. The account does not have any swap fees and comes with floating spreads. The account has access to the welcome, energy, and hot dynamic bonuses.

ECN Swap-Free Mini:
The minimum deposit for this account is $1, it can have a currency of USD, EUR or GBP. The accounts lot size is 10,000 units and can be leveraged up to 1:1000. The account does not have any swap fees and comes with floating spreads. The account has access to the welcome, energy, and hot dynamic bonuses.

ECN Crypto:
This account requires a minimum deposit of $100, its base currency is USD but it is then converted into Bitcoin. The account’s trade size is 10 BTC and can be leveraged up to 1:10. The account does not have swap charges and comes with a floating spread. The account has access to the welcome, energy, and hot dynamic bonuses.

Platforms

MetaTrader 4 is the only platform on offer from Super Forex and it is a good option to have. MT4 is compatible with hundreds and thousands of expert advisors and indicators to help make your trading more straight forward. It also offers high levels of customization and flexibility, impressive analytical tools and is accessible via a desktop download, mobile application, and web trader. There is a reason why it is one of the most used platforms and trusted by millions of traders all around the world.

Leverage

The leverage available depends on the account you use, we have outlined them below.

1:1000: STP Standard, STP Swap Free, STP No Spread, STP Micro Cent, ECN Standard, ECN Standard Mini, ECN Swap Free, ECN Swap-Free Mini

1:200: Profi STP

1:10: STP Crypto, ECN Crypto

Leverage can be selected when first opening up an account and you can get it changed by contacting the customer service team with the request.

Trade Sizes

Trade sizes start from 0.01 lots and go up in increments of 0.01 lots. We do not know what the maximum trade size is or how many trades you can have open at any one time.

Trading Costs

The majority of accounts do not have any added trading commissions, the STP No Spread account has an added commission of 0.038 and 0.062 depending on the instrument. The rest of the accounts do not seem to have any according to the product specifications.

The majority of accounts also have swap fees, these are charged for holding accounts overnight. Some accounts do not have them, please refer to the account type section of the review for specific accounts.

Assets

There are over 300 different instruments placed into various categories. Too many for us to write them all down but we have outlined some of them below. They have also not been categorized into different sections, instead, they are placed in lists based on the accounts.

Forex:
USDCHF, EURCHF, EURJPY, AUDUSD, USDCAD, NZDUSD, AUDCAD, AUDCHF, AUDJPY, CADCHF, CADJPY, CHFJPY, NZDCAD, NZDJPY, NZDCHF, EURAUD, GBPCHF, GBPJPY, AUDNZD, EURCAD, EURNZD, GBPAUD, GBPCAD, GBPNZD, USDDKK, USDSEK, USDNOK, USDZAR, EURRUB, USDRUB, AUDSGD, CHFSGD, EURDKK, EURNOK, EURSEK, EURSGD, GBPSGD, HKDJPY, NZDSGD, SGDJPY, USDHKD, USDMXN, USDPLN, AUDCZK, USDSGD, AUDDKK, AUDHKD, AUDHUF, AUDMXN, AUDNOK, AUDPLN, AUDSEK, CADCZK, CADDKK, CADHKD, CADHUF, CADMXN, CADNOK, CADPLN, CADSEK, CADSGD, CHFCZK, CHFDKK, CHFHKD, CHFHUF, CHFNOK, CHFPLN, CHFSEK, CHFZAR, EURCZK, EURHKD, EURHUF, EURMXN, EURPLN, EURZAR, EURTRY, GBPCZK, GBPDKK, GBPHKD, GBPHUF, GBPMXN, GBPNOK, GBPPLN, GBPSEK, GBPZAR, NZDCZK, NZDDKK, NZDHKS, NZDHUF, NZDMXN, NZDNOK, NZDPLN, NZDSEK, NZDZAR, USDCZK, USDHUF, CZKJPY, DKKJPY, HUFJPY, MXNJPY, NOKJPY, SEKJPY, USDTRY, USDCNH.

Metals:
Gold, Silver, Zinc, Platinum, Palladium, and Aluminum.

Stocks:
Plenty of stocks including Apple, Microsoft, IM, and Tesla.

Commodities:
Plenty available including Corn, Wheat, Cotton, Sugar, Cattle and more.

Indices:
Plenty of these are also available including AUS 200, FTSE 100, Nasdaq, Dow Jones and more.

Spreads

The starting spreads depend on the account you are using, we have outlined them below.

STP Standard: Starting from 2 pips fixed spread
STP Swap-Free: Starting from 2 pips fixed spread
STP No Spread: Starting from 0 pips fixed spread
STP Micro Cent: Starting from 2 pips fixed spread
Profi STP: Starting from 0 pips fixed spread
STP Crypto: Starting from 10 pips fixed spread
ECN Standard: Starting from 0 pips variable spread
ECN Mini: Starting from 0 pips variable spread
ECN Swap-Free: Starting from 0 pips variable spread
ECN Mini: Starting from 0 pips variable spread
ECN Crypto: Starting from 0 pips variable spread

We find it hard to believe that the spreads and commission for the ECN accounts are both at 0, but that is what is stated. Fixed spreads mean they do not change, which variable spreads will move up and down depending on the amount of volatility in the markets.

Minimum Deposit

The minimum amount required to open up an account with Super Forex is just $1.

Deposit Methods & Costs

There are plenty of ways to deposit, the good news is that there are no added fees, however, you should contact your own bank or processor to see if they will add any fees of their own. Bank Wire Transfer, Visa/MasterCard, China UnionPay, Skrill, Sticpay, Neteller, PayCo, Triv, FasaPay, Perfect Money, Payeer, OnlineNaira, iPay, FlutterWave, Cryptocurrencies, and local payments are all available to use.

Withdrawal Methods & Costs

The same methods are available to withdraw with, however, now there are added fees that we have outlined below.

Bank Wire Transfer: 3% + 35 USD
Visa/MasterCard: 3% + 7 USD or 3% + 7 EUR for USD / EUR card, 3% + 50 RUB for RUB card, Minimum amount for withdrawal through card: 20 USD or 20 EUR, 3% + $10 on less than $100 withdrawal
China UnionPay: 2%
Skrill: 1 USD if amount < 50 USD, 1.5% if amount > 50 USD
Sticpay: 2.5% + $0.3
Neteller: 1 USD if amount < 50 USD, 2% if amount > 50 USD
PayCo: 0.1%
Triv: 0.5% for Withdrawal
FasaPay: 0.5% for Withdrawal
Perfect Money: 0.5%
Payeer: 1%
OnlineNaira: 2%
iPay: 2%
FlutterWave: 1.4% – 3.8%
Cryptocurrencies: 0.9%
Local Payments: Local Bank wire fee

Withdrawal Processing & Wait Time

Different methods have different processing times, we have categorized them for you.

2 to 4 Business Days: Bank Wire Transfer, Sticpay, OnlineNaira, iPay, FlutterWave.

1 to 3 Business Days: Visa/MasterCard, China UnionPay, Skrill, PayCo, Triv, FasaPay, Perfect Money, Payeer, Cryptocurrencies, Local Payments.

Bonuses & Promotions

There are plenty of different bonuses available, we have outlined some of the features below so you can get an understanding of the sorts of bonuses that Super Forex offer.

No Deposit:
This gets you an account with a $50 balance to trade without having to deposit. Profit acquired from trading on the No Deposit Bonus can be withdrawn. The amount free for withdrawal is determined by your trading volume according to the formula: 1 lot = $1. In other words, to withdraw $50 you must have traded at least 50 lots.

Easy Deposit:
Super Forex always tries to take care of the company’s customers. And especially for You, we`ve developed an “Easy Deposit Bonus”. This bonus amounts to the shocking 1000% of the deposit you choose to make. With an insignificant deposit sum such as $10, you can get a full $100 to trade with, allowing you to operate with a much greater volume than your deposit would normally allow.

Welcome+:
For an unlimited period, all new clients have the chance to receive our Welcome+ Bonus on each initial deposit. This aims to enable customers to trade with a bigger volume, thus helping traders earn more from deals. Typically, the Welcome Bonus gives you 40% extra funds on your deposit. However, our “plus” addition to the bonus adds a dynamic dimension whereby you can get 45% on your second deposit and 50% on the third one if the following criteria are met: This means that through your first, second, and third deposit you can get up to 50% extra funds thanks to the Welcome+ Bonus. After the third replenishment, each consecutive deposit will only be awarded 40% additional funds.

60% Energy:
After you open the trading account, go to your personal cabinet. Click the “Bonuses” tab on the left side of the screen. Choose “60% Energy Bonus“ from the list, and then click the “Get the 60% Energy Bonus” button. You will automatically receive an additional 60% of the amount of your deposit after the money is credited to your account.

120% Hot:
Make a deposit and receive a 120% bonus. The bonus will automatically be credited to your account after you make your first deposit. The bonus can be withdrawn when you’ve completed the requirements.

Dynamic:
This bonus operates on the principle of communicating vessels – the amount you trade and the amount you can withdraw work together. In practice, the more you trade, the more you will unlock for withdrawal from the bonus. One traded lot unlocks $1 in withdrawable funds.1 Lot = $1 of the amount of the bonus to be withdrawn without restrictions.

Educational & Trading Tools

The site has a few different educational materials, and all the courses are completely free. There are training centers to attend for seminars in various different countries, there are some economic news and analytics to help with your own analysis, there is also a forex glossary which details the meaning of different trading terms. There are also some courses covering aspects such as technical and fundamental analysis, news analysis, mathematical analysis and more to help with your trading.

Customer Service

You can contact the customer service team in a whole bunch of ways, there is a callback service, fill in your name and number and someone will give you a call, you can also use the phone number directly. There are also email addresses and skype usernames as well as some other social media available for the Customer Support Department and Partnership Department.

Phone: +65-3-1590282
Email: [email protected]
Skype: client-support.superforex

Demo Account

Demo accounts allow you to test out the market and strategies without risking any of your own capital, so it is good that they are available here at Super forex. The demo account come s with a minimum deposit value of $100 or a maximum of $50,000, it can be in USD, EUR or GBP, does not have the bonuses, trade sizes start from 0.1 lots and go up to 100 lots. The maximum leverage is 1:10 and the spread is fixed.

Countries Accepted

The following statement is available to view on the site: “The services listed on this website are not available to residents of the USA.”

Conclusion

There are a lot of choices when it comes to Super Forex, possibly too much as it can be quite confusing and hard to work out what the differences between each of the accounts actually are. We also still have no idea about the commissions as we find it hard to believe that there are no added commissions on an account with 0 spreads. Apart from that there are plenty of tradable assets and funding methods, free to get money in but can be expensive to get it back out is a trick used by a few brokers we have looked at and is not a nice practice to see.

Loads of bonuses with various features and the education seem to be quite in-depth which is nice. So if you are able to get over the confusing market conditions and the expensive withdrawals then Super Forex could be a good potential broker, but you could also find slightly cheaper brokers out there too.

Tags Forex, Forex Broker, review

Forex Videos

Win More Forex Trades With The Speculative Sentiment Index!

Post author By Keiran
Post date 31 March, 2020
No Comments on Win More Forex Trades With The Speculative Sentiment Index!

https://youtu.be/nYAvF4tj3UA

.Speculative Sentiment Index Index (SSI)

In this presentation, we will be looking at the speculative sentiment index and its significance in the forex market. If you have been researching some of the technical indicators that Traders use, such as the stochastic oscillator or perhaps the Bollinger bands or MACD, you will realize that the majority of them are lagging indicators. That is to say that the data they imprint on our computer screens are based on the previous or historical data, which it uses to plot the various graphs, moving averages and plot lines onto our charts.

Although this information, when carefully analyzed, helps us to determine to a great degree the potential future movements of price action, the very nature of such lagging indicators does not necessarily tell us what is happening at this very moment in time. Whereas price action, which is itself one of the only few leading indicators of price direction, does.
Although this does limit our trading ability to a certain extent, professional traders learn to marry the two together in order to tip the scales in their favor when it comes to pulling the trigger on trades.

Of course, the absolute perfect solution would be if we all traded the same way at the same time. This would be a perfect solution, but of course, it does not happen like this, because of the many different time frames being traded and the many different types of traders, from scalpers to intraday and swing to long term traders. But what if we could take a snapshot of what other traders are doing at any given time, and if we knew what they were doing, and if we could see statistically whether they were more long or more short on a particular pair, this would give us an added advantage, would it not?
This is exactly where the speculative sentiment index comes into play. It should be considered as a leading indicator, along with price action, and incorporated with your other technical tools to help you decide when to trade. So let’s take a look at how it works.

Example A, The speculative sentiment index or SSI is the accumulative trading positions data, which is captured in real-time by various brokers, as there is no central exchange.

Example B, The broker will then filter the information and offer it in graph format where each pair tells traders whether there are more buyers than sellers or vice versa. The information is provided as a ratio between the two groups.

Example C, If we know that there are more buyers or sellers on a particular currency pair that we are interested in trading, it can help to influence us either to take the trade or maybe even to wait on the sidelines. But one of the problems with the SSI is that the information will very likely differ from broker to broker, and from time frame to time frame, in which case it might be advisable for you to check two or three SSi’s on various brokers to help give you a clearer overall picture of which way price action is leaning.

Example D, Some SSiI’s provide more information than others. For example, you might expect to see the positioning, including the ratio of long to short.

Example E, The open interest

Example F, And the change between long and short positions

The more information, the better your decision-making processes will be.

Example G, Next we are going to look at how to use the SSI.

Example H, The positioning statement is one of the most utilized aspects of the SSI report.

Example I, Here we can see the numbers of traders who are long or short on a pair, and in this example, we can see that this broker offers the change in open interest, which is currently – 2.8% for the EURUSD pair. So for every one trader that is holding a long trade in this pair, there are 2.81 traders who are holding short positions. Any position that shows a minus in front of the number represents the number of short positions, while readings that are above zero represent the number of traders who are net long in the pair.

Although the SSI is a leading indicator, it is considered to be contrarian, that is to say, that the information that is supplied by the broker should be used to trade against the retail traders with currently open positions.

Example I, The rationale behind the contrarian aspect of this indicator using the 2.8% of EURUSD traders as an example who are short, means that eventually, the sellers will need to close those positions – by buying the pair to exit and because we know there is only one buyer for every 2.8 sellers, this position will eventually turn as the sellers close out their traders and leave a buying void behind them. And the opposite would apply if there were more buyers than sellers. To maximize the reversal potential of this indicator, it is advised to use it when there is a high ratio of change between the buyers and sellers.

Please remember to check SSI’s on a regular basis because some of them will be updated by the broker on a daily time frame basis, whereas some will update them once an hour or even every 20 minutes. It is important that if you decide to use this information to trade that it is as up-to-date as possible. Only then will it help you to determine whether a particular currency pair is bullish or bearish.

Tags Forex, SSI, Technical Analysis, trading

Forex Course Guides

Forex Course 3.0 – Complete Guide

Post author By Reddy Shyam Shankar
Post date 31 March, 2020
No Comments on Forex Course 3.0 – Complete Guide

Hello everyone,

Firstly, we want to thank you guys for following us throughout the course so well. We feel privileged that we are helping you guys in becoming better traders. Especially in Course 3.0, we have discussed some of the most crucial aspects of technical trading, which are essential for every aspiring technical trader to know. We have seen the quiz results for all the course articles that you guys have taken, and that gave us a gist of how well you’ll be following the topics discussed.

However, for the people who want to revisit a few topics, we would like to make their lives easier. So we are putting up a list of topics that we have discussed in this course. Also, this article will act as a quick revision guide for all the basics involved in Technical Analysis.

In this course, we have started by discussing the concept of Candlesticks and its fundamentals. Then we learned how to trade various candlestick patterns along with their importance. Introduction to Fibonacci trading has been done, and we also have paired the Fib levels with various indicators to generate accurate trading signals. We extended that discussion to Moving Averages and its types. Finally, we have learned the principles of indicator-based trading, where at least 10 of the most popular indicators have been discussed.

Below are the corresponding links for each of the topics that we have discussed in this course.

Candlestick Charts

Concept of Candlesticks – Introduction | Anatomy | Fundamentals

Trading Candlestick Patterns – Single Continuous | Single Reversal | Dual Continuous Dual Reversal | Triple Continuous | Triple Reversal

Deeper Insight – Candlestick Patterns Cheat Sheet | Candlestick + S&R

Fibonacci Trading

Moving Averages

Indicator-Based Trading

With this, we have ended our Course 3.0, and soon we will be starting our Course 4.0, where we will be discussing some of the advanced topics in Technical Trading. So stay tuned and watch this space for more interesting and informative content. Cheers!

Tags bollinger bands, candlestick patterns, candlesticks, Course 3.0, Fib Levels, Fibonacci Levels, Forex, Indicators, MACD, Moving Averages, RVI, Technical analysis course, Technical Trading

Forex Basic Strategies

Trading The ‘London Session’ Like A Professional Technical Trader

Post author By Reddy Shyam Shankar
Post date 31 March, 2020
No Comments on Trading The ‘London Session’ Like A Professional Technical Trader

Introduction

In total, there are five major trading sessions in the Forex market, and we have already discussed the New York Breakout Strategy. In this article, let’s learn the best way to trade the Forex London session. The London session is one of the biggest market movers because a lot of trading volume for instrument trading occurs in this session. The volume of the instrument essentially means the total amount of money that moves the market in any particular session.

Most of the financial centers and major banks start their day around the London session. These banks and institutions try to accommodate their clients in this session alone. This is one of the reasons why the price action is quite volatile and aggressive in this session. In other words, for retail traders, the London session is a prime window to make huge profits from the market. Because of the higher the volatility, the more the trading opportunities.

In this article, we will be sharing some of the proven techniques that can you can use to trade the London Session. The key to finding success while trading the London session is to be extremely disciplined. It is crucial to follow the rules of the strategy and do the required analysis before the London opening. If we miss our entries at the time of the London opening, we can’t expect a second chance to get back with the trend.

London session opens at 8 AM GMT. If you are not aware of the exact time when the London sessions open, you can make use of the Forex Time Zone Converter to accurately find the opening of this session in your local time.

London Session – Breakout Trading Strategy

We have backtested the strategies that have been mentioned below. The results revealed that most of the time, these strategies provide trading opportunities during the first three hours of the London session. Sometimes, the volatility picks up 30 minutes before the opening of the London suggest. But we always recommend you activate your trades only after the opening of the London session.

Find out any currency pair which is in a strong uptrend.
Price action must hold below the resistance line if the market is ranging before the opening of the London session.
Wait for the breakout to happen in the London session.
Let the price action hold above the breakout to confirm if the breakout is valid.
Take a buy entry.
Place the stop-loss below the breakout line.
Take-profit can be placed at the next resistance area.

The same is the opposite in a down-trending market and when we are willing to go short.

Identifying The Currency Pair

The below AUD/CHF Forex pair represents an up-trending market.

Confirming The Breakout

We can see a breakout happening at the opening of the London session. This indicates that the big players are now ready to move the market. The price action held above the breakout line, indicating that the breakout is real. Going long at this point will be a good idea.

Entry, Stop-Loss & Take-Profit

In the below image, you can see that we have taken a buy position right after the breakout in the London session. The stop-loss is placed just below the recent low, and we chose the higher timeframe’s major resistance area to place our take-profit. A lot of traders believe that if they use this strategy to trade the London session, they must close their positions on the very same day. But that’s a wrong perception as we should be deciding that depending on the market conditions. It is logical to hold your positions until the price reaches our desired take-profit area.

London Breakout + MACD Indicator

In this strategy, we have used the MACD indicator to trade London breakouts. MACD is a celebrity indicator which is popular among most of the professional traders. MACD stands for Moving Average Convergence and Divergence. This indicator consists of two lines; the first one is the MACD line, and another one is known as the second line. MACD is a trend following indicator which is used to identify the overbought and oversold market conditions.

The strategy here is to wait for the breakout to happen right after the opening of the London session. At the time of breakout, check if the MACD indicator is at the oversold area. If yes, it is a clear indication for us to go long. If the MACD is above the zero lines, it is even a greater sign as it indicates that the ongoing trend is strong. Anticipating bullish moves from this point will be a good idea.

The below price chart represents the AUD/CAD Forex pair, and we can see the market is in an uptrend.

In the below image, it is clear that the MACD lines crossed over precisely when the breakout happened at the London opening. This is a clear indication for us to look out for buy opportunities in this currency pair.

We went long right after the breakout in the London session as it was confirmed by the MACD crossover. We have placed the stop-loss just below the resistance line. We can set the stop-loss order according to our trading style. If you are a confirmation trader, wait for the things to be in your favor to make an entry and use a wider stop-loss. If you are an aggressive trader, the stops below the recent candle are good enough.

If you are a conservative trader, the stops we placed in the below example is good enough. We always suggest you close your positions at the next resistance area. You can follow that process for this strategy as well. Here in this example, we tried to be a bit creative and closed our positions when the MACD indicator gave us an opposite signal. When the MACD indicates that the market is in an overbought condition, it means that the buyers are exhausted now, and it’s time for us to go short. You can see the bearish moment in the market right after we have booked our entire profits.

Conclusion

Both of the strategies mentioned above are simple and easy to use to trade the London market. If you are a beginner, we suggest you practice them first on a demo account. London breakout often gives reasonable risk to reward trades, and most of the trade results can be seen within a few hours. Make sure to follow all the rules of the above strategies to have the edge over the market. All the very best.

Tags Basic Strategies, Forex, Forex Strategies, Forex Trading, London Breakout, London Session, London Trading Strategy, MACD, trading

Forex Elliott Wave

Analyzing the Triangle Pattern – Intermediate Level – Part 1

Post author By Eduardo Vargas
Post date 31 March, 2020
No Comments on Analyzing the Triangle Pattern – Intermediate Level – Part 1

The triangle is a corrective pattern that has five internal segments. In this educational article, we will review how to analyze the triangle formation.

Triangles and their Characteristics

Within the set of corrective structures defined by R.N. Elliott, triangle formations are more complex to analyze compared to flat and zigzag patterns. This complexity occurs because there is no specific time span that marks the end of this structure.

Despite the complexity of the triangles, it is the most common Elliott pattern to find in the real market. The knowledge of this formation will help wave analysts to understand the price position within the market.

Construction Rules

The construction rules defined for the triangle pattern are detailed as follow:

– Triangles have five internal waves, regardless of the complexity of the inner segments.
– A complete three-wave corrective structure builds each part that makes up the triangle.
– The triangle can have a bullish or bearish inclination. However, its internal structure should not change.
– The triangle has six reference points of the same degree, the origin of wave A, and the end of waves A, B, C, D, and E. From these six extremes, the wave analyst should only channel four points through the contraction lines. The points to consider are the end of wave A with the end of wave C and the end of wave B with the end of wave D.
– The base-line of the triangle is the line that joins the end of waves B and D, and its function is similar to the guideline that joins waves 2 and 4 in an impulsive wave.

The following figure represents the construction model of the triangle pattern.

As can be noted, the triangle pattern tends to appear in a fourth wave or a wave B, in some exceptional cases, this pattern could appear in a second wave.

GBPUSD Consolidates in a Triangle Sequence

The next figure illustrates the GBPUSD pair in its 4-hour timeframe. In the chart, we observe that the Cable rallied since September 03rd when the price found its bottom at level 1.19589.

Once the GBPUSD pair moved in three waves identified in green, the fourth wave consolidated sideways, developing an expanding triangle.

The triangle pattern reveals the alternation principle in terms of time and price.

The GBPUSD pair alternated in terms of time being the triangle pattern more extended in comparison with the second wave. In the same way, the retracement developed by the second wave is sharp compared with the narrow correction realized by the fourth wave.

JP Morgan Consolidated in a Triangle Pattern

The chart below shows JP Morgan Chase & Co (JPM) in its log-scale 2-day timeframe. The ticker JPM developed a bullish impulsive sequence subdivided in five waves from early 2016 when the price found buyers at $52.50 per share.

In the same way, the third wave that was formed corresponds to an extended wave, which makes us conclude that the first and fifth waves will not be extended, and they will be similar in terms of price, time, or both. In this case, both waves are identical in terms of time.

On the other hand, we observe that JPM consolidated developing an expanding triangle pattern with a slight bearish bias. Besides this structural bias, the internal sequence is respected by the price action.

Also, we distinguish the wide extension of the triangular sequence, which moved from late February 2018 until mid-August 2019, when JPM ended its internal wave E labeled in green.

Once JPM completed its fifth internal segment, the price action continued its previous bullish trend and soared to record highs at $141.10 per share.

Conclusions

From the cases analyzed, we can verify the Genn Neely’s affirmation that suggests that “the triangle pattern is a common formation that appears in the market.”

Also, we verified how the alternation principle works in the real market, while a corrective wave is simple, the other will be complex.

Finally, according to the examples reviewed, the triangle pattern could appear independently of the market analyzed, as on currencies, stocks, indices, etc.

In the next article, we will review the different variations of the triangle pattern.

Daily F.X. Analysis, March 31 – Top Trade Setups In Forex – Consumer Confidence Under Spotlight!

Post author By Ali B.
Post date 31 March, 2020
No Comments on Daily F.X. Analysis, March 31 – Top Trade Setups In Forex – Consumer Confidence Under Spotlight!

On Tuesday, the market is mostly focusing on the major and medium impact economic events due to come out from the Eurozone and the United States. In the U.S., the Conference Board will publish March Consumer Confidence Index (110.0 expected). The Market News International will release March Chicago PMI (40.0 expected). S.P./Case-Shiller will report the 20-City Composite Home Price Index for January (+0.4% on month expected).

Economic Events to Watch Today

EUR/USD – Daily Analysis

The EUR/USD retreated 1.0% to 1.1029, snapping a five-day rally. Official data revealed that the eurozone’s Economic Confidence Index slid to 94.5 in March (91.6 expected) from 103.4 in February.

Later today, the eurozone’s March CPI (+0.6% on-year estimated) and German jobless rate (5.1% expected, 5.0% in February) will be reported. The global equities recovered last week, as in result, the greenback weakened its bid tone and helped EUR/USD rise from 1.0636 to 1.1148.

That was mainly due to the U.S. Federal Reserve declaring an open-ended asset purchase program, and the U.S. Senate passed a special $2 trillion fiscal relief package.

Italy marked as the second-highest country of confirmed cases in the world after the United States (105,470). Total cases are 92,472 confirmed, marking up the highest death rate in the world.

The eyes will be on the risk market sentiment, which could turn pro-risk, as the China data released in Asia showed the manufacturing activity recovered sharply to above-50 levels or expansion territory.

The risk-on rally could weaken the safe-haven demand for the U.S. dollar and send EUR/USD higher. On the data front, the German Import Price Index for February and the Unemployment Rate is scheduled to release with the preliminary Eurozone Consumer Price Index for March. Besides this, the U.S. Consumer Confidence and the Chicago Purchasing Managers’ Index are also scheduled to release.

Daily Support and Resistance

S1 1.0862
S2 1.0958
S3 1.1002

Pivot Point 1.1054

R1 1.1099
R2 1.1151
R3 1.1247

EUR/USD– Trading Tips

Technically, the EUR/USD is trading slightly bearish at 1.099, having an immediate support level of around 1.0947. The major currency pair has formed a bullish channel which is supporting the EUR/USD pair around 1.1060, and below this, the next support is likely to be found around 1.1000.

On the higher side, the EUR/USD pair is facing resistance at 1.1150 area. Bullish crossover of 1.1060 area can open further room for buying until 1.1185 level. Whereas, the chances of a bearish bias will remain strong if the pair continues to hold below 1.1060 level today. On the lower side, the target is likely to stay at 1.0947 and 1.0885.

GBP/USD– Daily Analysis

The GBP/USD dropped 0.7% to 1.2364. We haven’t seen much movement in the GBP/USD as the United Kingdom continues to struggle efforts and seems very close to open the world’s biggest hospital, which built-in 10-days. They are also ordering approximately 15,000 ventilators more while saying that it needs to cope with the coronavirus outbreak.

The global news agency, Guardian, indicates the risk for the European Union citizens who have made their houses in the U.K. illegally. Whereas, Dr. Jenny Harries, deputy chief medical officer for England, said during his daily press conference on Sunday that the current limitations and lockdowns in the U.K. could continue for six months.

At the USA front, U.S. President Donald Trump did not suggest the overall lockdown in the country and said no to nationwide stay-at-home order while helping to continue the previous day’s risk-on tone. As in result, the U.S. ten-year treasury yields and most Asian stocks flashing green and mark moderate gains by the press time.

Looking forward, the final figures of the U.K.’s fourth quarter (Q4) GDP, expected to march 0.0% initial forecast, will likely offer fresh direction ahead of the U.S. data. However, news regarding the Brexit and the virus updates will be kay to watch.

Daily Support and Resistance

S1 1.2131
S2 1.2256
S3 1.2319

Pivot Point 1.238

R1 1.2444
R2 1.2505
R3 1.263

GBP/USD– Trading Tip

Technically, the GBP/USD is trading sideways around within a narrow trading range of 1.2275 – 1.2425. Since the Sterling has already crossed over 1.2275 resistance area, this is now going to work as a support. The MACD is still heading into the bullish zone, suggesting strong chances of buying the GBP/USD pair.

On the 4 hour timeframe, the GBP/USD pair is pretty much likely to find resistance around 1.2520, along with support around 1.2278. In the case of market breaks bellow 1.2278, we may see GBP/USD prices heading into the selling zone until 1.2100 and 1.2005. Whereas, the chances of buying remains solid over 1.2275 until 1.2520.

USD/JPY – Daily Analysis

The USD/JPY currency pair found on the bullish track and rose to 108.72, mainly because the risk sentiment remains positive. The slight recovery in the greenback also keeps the pair higher. Elsewhere, the traders gave a little attention to Japan’s data-dump.

Right now, the USD/JPY is currently tradings at 108.52 and consolidates in the range between the 107.78 – 108.72. However, the currency pair also took from the U.S. policymaker’s statement.

At the data front, Japan’s February month data dump, including Retail Sales, Industrial Production and Unemployment Rate, overall flashed upbeat signals. Whereas the Retail Sales (YoY) surprised markets by crossing -1.2% forecast to 1.7%, the preliminary figures of Industrial Production (MoM) also increased above 0.1% expected to 0.4%. While the Unemployment Rate remained stable at 2.4% with Job/Applicants Ratio returning below 1.47 forecast to 1.45.

At the U.S. economic front, U.S. President Donald Trump did not suggest the total lockdown in the country and suggested no to nationwide stay-at-home order while helped to continue the previous day’s risk-on tone. As in result, the U.S. ten-year treasury yields gain 5-basis points (bps) to 0.72%, and most Asian stocks flashing green and mark moderate gains by the press time. Consequently, the USD/JPY pair is exhibiting bullish and bearish biases both. Let’s look at the technical side.

Daily Support and Resistance

S1 105.89
S2 106.85
S3 107.35

Pivot Point 107.82

R1 108.31
R2 108.79
R3 109.76

USD/JPY – Trading Tips

Technically, the USD/JPY is trading at 108.270, heading north to examine the resistance level of around 108.615. At the moment, the USD/JPY pair is consolidating within a narrow range, where the upper limit is 108.500, and the lower limit stays at 107.150.

The USD/JPY may face a bullish pressure in the wake of the bullish engulfing candle, which has been formed on the 4-hour chart around 108.500 area. Such a pattern represents the dominance of bulls in the market. Consequently, the bullish breakout of 108.650 resistance level can lead the USD/JPY prices higher towards 109.750 level. Until then, we should look for doing choppy trading by selling below 108.600 and buying over 107.250. All the best for today!

Tags Daily Brief, Daily Support and Resistance, EUR-USD, Forex, Fundamental Analysis, GBP-USD, Technical Analysis, trading, USD-JPY

Forex Signals

USDCAD to retest 1.4500 level

Post author By Kevin O'Sullivan
Post date 30 March, 2020
No Comments on USDCAD to retest 1.4500 level

USDCAD 1 Hour Chart

The pair has been consolidating between 1.40 and 1.41 and has breached the upper resistance level. With oil prices further in the red today and with recent price action in USDCAD failing to reach the key 1.40 handle traders will be looking for a retest of the highs around 1.45 and maybe beyond.

This is a typical consolidation pattern that traders look for with at least two attempts for price to break out of the consolidation range.

Coupled with President Trump deciding not to put New York into lockdown which has given the US Dollar a small lift in the current session and adds to our theory that this set up should prevail and price action in the pair should continue to trend higher.

Key levels are:

Entry: 1.4140 Long position taken,
Stop Loss: 1.3995
Target: 1.4525

Risk:

Standard lot: $1500
Mini lot: $150
Micro lot: $15

Tags Forex, Trade Setup, trading

Forex Course

90. The ATR Indicator & Its Corresponding Trading Strategy

Post author By Reddy Shyam Shankar
Post date 30 March, 2020
No Comments on 90. The ATR Indicator & Its Corresponding Trading Strategy

Introduction

ATR (Average True Range) is a popular volatility indicator in the market. It is used to find how much the instrument moves on an average over a given period of time. This indicator is introduced by J. Welles Wilder Jr. in his book, ‘New Concepts in Technical Trading Systems.’ Apart from ATR, this book also includes some of the most famous technical indicators such as RSI, ADX, and Parabolic SAR, etc.

The ATR indicator was originally developed to trade the commodities market, but it has been modified in such a way that it could be widely used for stocks, indices, and the Forex market as well. This indicator is not developed to indicate the price direction. Instead, it is used to measure the volatility of the instrument, which is caused by the gaps, up & down moves. ATR is a boundless indicator, unlike the other indicators we learned till now. Higher the ATR level, higher is the market volatility, and lower the ATR level, lower is the volatility of the underlying asset.

Below is an illustration of how this indicator looks on a price chart.

Trading With The ATR Indicator

The image below represents the ATR indicator on a GBP/AUD Forex chart. The orange box indicates the pullback phase, and at this phase, we can see the ATR indicator keeps going down. This means that there is currently low volatility in this pair. Conversely, the uptrend in the Green box indicates high ATR value. This means the big players are back in the business, and they are accumulating big chunks. As a result, the instrument is quite volatile. Furthermore, the yellow box again shows a decline in volatility.

Traders can use this indicator to get an idea of how far the price of an asset is expected to move on a daily basis. We suggest you use this way of trading only on higher timeframes such as daily, weekly, and monthly. If the last closed candle of a daily chart shows 50 ATR value, it means that the last candle has moved 50 pips, and we can expect the next day price movement to move similarly.

First of all, we must find out the ATR value of the last closing candle on the daily chart. Then we can look for buy/sell opportunities at the opening of a new day’s candle. The profit target should be based on the last day’s ATR value. Some traders also use double the value of the ATR indicator to place their take-profit orders. It all depends on what kind of trade you are. If the ATR value is 50, we can go for 50 pip target (conservative move), or you can even go for the 100 pip target (aggressive move)

We can also use the ATR indicator for placing Stop-loss orders. When the ATR gives us the value of the present day, we can use those values to place the stop-loss orders below or above our entry points. If the market hits the stop-loss, it means that the daily price range is moving in the opposite direction. Hence we must exit our positions as soon as we can. The major benefit of placing the stop-loss orders by using the ATR value is that we can avoid the ‘market noise.’ That is, the unusual up and down moves will not stop us out.

Changing the Settings of this Indicator affects its Sensitivity

The standard setting of this indicator is 14, which means the ATR indicator will measure the market based on the last 14 candles. If we use a setting lower than 14, it makes the indicator more sensitive, and it will show us a choppier ATR line. On the other hand, a setting above 14 makes the indicator less sensitive to the price action and shows smoother reading.

In short, most of the Traders use the ATR indicator to check the market volatility and to place the stop-loss & take-profit orders. The higher value of the indicator implies that we must go for deeper stops, and the low value means we must go for smaller stops.

That’s about the ATR indicator and its use cases. Try using this indicator to check the market volatility and place accurate stop-loss orders. There are traders who use this indicator to enter the market as well, but those are advanced strategies that we will be discussing in the future. Cheers.

[wp_quiz id=”68339″]

Tags ATR, average true range, Forex, Indicator Based Trading, Indicators, Market Noise, Pip Value, Technical Analysis, Technical Trading, trading

Forex Market Analysis

Daily F.X. Analysis, March 30 – Top Trade Setups In Forex – German Inflation Figures Ahead!

Post author By Ali B.
Post date 30 March, 2020
No Comments on Daily F.X. Analysis, March 30 – Top Trade Setups In Forex – German Inflation Figures Ahead!

The U.S. Dollar Index slid 0.9% on the day to 98.36 on Friday, wiping out most of its gains made in the prior week. During the day ahead, eyes will be on the European Commission will report the Eurozone’s March Economic Confidence Index (93.1 expected) and final readings of the Consumer Confidence Index (-11.6 previously).

The German Federal Statistical Office will post March CPI (+1.4% on-year expected). The Bank of England will release the number of mortgage approvals in February (68,200 expected) and the M4 money supply.

Economic Events to Watch Today

EUR/USD – Daily Analysis

The EUR/USD jumped 1.0% to 1.1142, posted a five-day rally. Later today, the eurozone’s March Economic Confidence Index (93.1 expected) and German CPI (+1.4% on-year estimated) will be reported.

A series of economic fundamentals drove the pair, and even today market is likely to move on news. In particular, the U.S. initial jobless claims are expected to have risen to 1,000K from the preceding week’s 281K figure in the week ended March 20. The European Union’s upcoming emergency meeting to discuss further steps to combat the virus will be essential to watch.

Global equities recovered last week, as in result, the greenback weakened its bid tone and helped EUR/USD rise from 1.0636 to 1.1148. That was mainly due to the US Federal Reserve declaring an open-ended asset purchase program, and the US Senate passed a special $2 trillion fiscal relief package.

At the coronavirus front, Italy marked as the second-highest country of confirmed cases in the world after the United States (105,470). Total cases are 92,472 confirmed, marking up the highest death rate in the world.

Looking forward, the traders will keep their eyes on the Eurozone consumer and business sentiment indices, which are scheduled to release along with the preliminary German Consumer Price index for March. Apart from this, the eyes will be on the Pending Home Sales and the Dallas Fed Manufacturing Index for taking near-term directions.

Daily Support and Resistance

S1 1.0673
S2 1.0835
S3 1.0935

Pivot Point 1.0997

R1 1.1097
R2 1.1159
R3 1.1321

EUR/USD– Trading Tips

On Monday, the direct currency pair EUR/USD is trading slightly bearish at 1.1025, having an immediate support level of around 1.0947. The major currency pair has formed a bullish channel which is supporting the EUR/USD pair around 1.1060, and below this, the next support is likely to be found around 1.1000.

On the higher side, the EUR/USD pair is facing resistance at 1.1150 area. Bullish crossover of 1.1150 area can open further room for buying until 1.1195 level. Whereas, the chances of a bearish bias will remain strong if the pair continues to break below 1.1060 level today. On the lower side, the target is likely to stay at 1.0947 and 1.0885.

GBP/USD– Daily Analysis

The GBP/USD surged 2.1% to a two-week high of 1.2457. The Bank of England (BOE) failed to offer any fireworks due to a lack of resources while disappointing U.K. Retail Sales, to 0.0% from 0.8% YoY forecast, also couldn’t recall the bears.

Guardian indicates the risk for the European Union citizens who have made their houses in the UK illegally. Whereas, Dr. Jenny Harries, deputy chief medical officer for England, said during his daily press conference on Sunday that the current limitations and lockdowns in the UK could continue for six months.

On the other hand, the United States President Donald Trump expects the virus figures to grow sharply in the next 2-weeks if they do not take lockdown seriously. As in result, the market’s risk-tone continues to flash red, with the US 10-year treasury yields declining below 0.70% and most Asian stocks marking losses by the press time.

Looking forward, the U.S. Dallas Fed Manufacturing and Pending Home Sales will be a key watch. Besides, the traders will also keep eyes on the virus headlines.

Daily Support and Resistance

S1 1.1678
S2 1.2019
S3 1.2234

Pivot Point 1.236

R1 1.2576
R2 1.2701
R3 1.3042

GBP/USD– Trading Tip

USD/JPY – Daily Analysis

The USD/JPY currency pair just started to flashing green and rose above 108.00 level at the press time, mainly due to the broad-based greenback recovery. However, China’s rate cut by 20 basis points on early Monday and infusion of $7 billion liquidity into the banking system started to giving some support to the equity market and turns the market risk-off tone into risk-on.

The USD/JPY pair is currently trading at 108.08 and consolidates in the range between the 107.14 – 108.20. The USD/JPY pair was recently trading near 107.25 and was representing a 0.60% loss on the day, having hit a session low of 107.12 a few minutes before press time, but now the pair got boost after slight recovery came in the equity market.

The People’s Bank of China cut the seven-day reverse repo rate to 2.2% from 2.4% and injected $7 billion or 50 billion Japanese yuan into the banking system, which recently gave some support to the equity market.

Before some time, the action by China had failed to put a bid under the risky assets. The futures on the S&P 500 were keeping losses and was reporting a 1% decline on the day. Stocks in Asia were also feeling the pull of gravity with Japan’s Nikkei index was dropping 3.4%. As a result, the safe-haven Japanese yen was getting bid as safe-haven demand.

Looking forward, the currency pair may drop to their lowest level in the future, mainly due to the fears about the Japanese government may declare a state of emergency due to intensifying coronavirus fears.

Daily Support and Resistance

S1 106.51
S2 108.16
S3 108.75

Pivot Point 109.8

R1 110.4
R2 111.45
R3 113.09

USD/JPY – Trading Tips

The USD/JPY is trading at 107.570, heading towards testing double bottom support around 107.615. For now, the pair is stuck in a narrow range, where the upper limit is 108.500, and the lower limit stays at 107.050. The USD/JPY is facing a bearish pressure in the wake of an increased number of coronavirus cases around the globe which are driving safe-haven appeal in the market.

Consequently, the bearish breakout of 108.150 support level can lead the USD/JPY prices lower towards 105.950 level. Until then, we should look for doing choppy trading by selling below 108.400 and buying over 108.250. All the best for today!

Tags Daily Brief, EUR-USD, Forex, Fundamental Analysis, GBP-USD, Support and Resistance, Technical Analysis, Technical Outlook, USD-JPY

Forex Daily Topic Forex Price-Action Strategies

Long Shadow in Breakout Confirmation Candle

Post author By Tareq Sikder
Post date 29 March, 2020
No Comments on Long Shadow in Breakout Confirmation Candle

In price action trading, breakout, as well as confirmation candle’s attributes, plays a significant role. In today’s lesson, we are going to demonstrate an example of how upper/lower shadow of a breakout confirmation candle plays a role to offer us entry. Let us get started.

In price action trading, breakout, as well as confirmation candle’s attributes, plays a significant role. In today’s lesson, we are going to demonstrate an example of how the upper/lower shadow of a breakout confirmation candle plays a role in offering us an entry. Let us get started.

This is an H1 chart. The chart shows that the price makes a strong bearish move. It finds its support. Having a bounce, it goes towards the North. The last candle suggests that the price may have found its resistance too. If it makes a breakout at the level of support, upon getting breakout confirmation, the sellers may go short in the pair.

The price heads towards the South but not with good momentum. It takes only one candle to make a breakout. The sellers must wait. Let us find out what happens next.

Here it comes. The last candle breaches through the level of support. It has a lower shadow, but it closes well below the level. The sellers are to wait for the second important factor, which is breakout confirmation.

The next candle comes out as a bearish candle closing well below the breakout candle’s lowest low. In naked eyes, the sellers may trigger a short entry right after the last candle closes. However, the confirmation candle has a long lower shadow. To be sure about it, we may flip over to the 15 M chart. Let us have a look at the 15 M chart.

Look at the last 15M candle. This is a bullish pin bar, which is a strong bullish reversal candle. The 15 M traders may push the price towards the North. It means the H1 sellers may have to wait to reach the target. That may even end up being a losing trade. Let us flip over to the H1 again.

The last candle comes out as a bullish corrective candle. Usually, the price goes down after a breakout confirmation in such a setup. It this case, it does not. It may keep pushing towards the North even further. Let us find out what happens next.

Yes, the price heads towards the North further. The last candle breaches through the breakout level as well. This does not look good for the H1 sellers. It all starts with a long lower shadow (in a selling market).

Whenever we see a long lower/upper shadow in an H1 chart, we may check it with the 15 M chart. If the last 15 M candle is a strong reversal candle (for opposite trend), we may skip taking the entry.

Tags Breakout, breakout confirmation, Bullish, corrective candle, Forex, Forex price action, Price Action, trading

Forex Assets

Asset Analytics – Analyzing The GBP/DKK Currency Pair

Post author By Reddy Shyam Shankar
Post date 29 March, 2020
No Comments on Asset Analytics – Analyzing The GBP/DKK Currency Pair

Introduction

GBP Pound sterling, also known as the pound, is the official currency of the United Kingdom and many others. The sterling is the fourth most-traded currency in the forex market. Where in DKK is known as The krone and sometimes Danish crown. It is the official currency of Denmark, Greenland, and the Faroe Islands.

GBP/DKK is the abbreviation for the Pound sterling against the Danish crown. In the Forex, one currency is quoted against the other. Here, the first currency(GBP) is the base currency, and the second(DKK) is the quote currency. The GBPDKK is classified as exotic-cross currency pair.

Understanding GBP/DKK

In Forex, to find out the relative value of one currency, we need another currency to compare. The market value of GBPDKK determines the strength of DKK against the GBP that can be easily understood as 1GBP is equal to how much DKK, so if the exchange rate for the pair GBPDKK is 8.3430. It means that we need 8.3430DKK to buy 1 GBP.

If the value of the base currency goes down, the value of the quote currency goes up and vice versa.

Spread

Forex brokers have two different prices for currency pairs: the bid and ask price. The bid price is the selling price, and ask is the buy price.

The difference between the ask and the bid price is called the spread. The spread is how brokers make their money.

ECN: 39 pips | STP: 42 pips

Fees

A Fee is simply the commission we pay to the broker on each position we open. There is no fee on STP account models, but a few pips on ECN accounts.

Slippage

slippage refers to the difference between the trader’s expected price and the actual price at which the trade is executed. It can occur at any time but mostly happens when the market is fast-moving and volatile. Also, sometimes when we place a large number of orders at the same time.

Trading Range in GBP/HKD

The amount of money you will win or lose in a given amount of time can be assessed using the trading range table. This is a representation of the minimum, average, and maximum pip movement in a currency pair. This can be evaluated simply by using the ART indicator combined with 200-period SMA.

Procedure to assess Pip Ranges

Add the ATR indicator to your chart
Set the period to 1
Add a 200-period SMA to this indicator
Shrink the chart so you can assess a significant period
Select your desired timeframe
Measure the floor level and set this value as the min
Measure the level of the 200-period SMA and set this as the average
Measure the peak levels and set this as Max.

GBP/DKK Cost as a Percent of the Trading Range

ECN Model Account

Spread = 39 | Slippage = 3 |Trading fee = 5

Total cost = Slippage + Spread + Trading Fee = 3 + 39 + 5 = 47

STP Model Account

Spread = 42 | Slippage = 3 | Trading fee = 0

Total cost = Slippage + Spread + Trading Fee = 3 + 42 + 0 = 45

Trading the GBP/DKK

The GBP/DKK is an exotic-cross currency pair and is a volatile market. For instance, the average pip movement on the 1H timeframe is only 333 pips. DKK is considered to be an emerging pair.

Note that the higher the volatility, the lower is the cost of the trade. However, this is not an advantage as it is risky to trade highly volatile markets. Also, the larger/smaller the percentages, the higher/lower are the costs on the trade. So, we can infer that the prices are higher for low volatile markets and high for highly volatile markets.

It is recommended to trade when the volatility is around the minimum values. The volatility here is low, and the costs are a little high compared to the average and the maximum values. But, if you’re priority is towards reducing costs, you may trade when the volatility of the market is around the maximum values.

Tags Danish crown, DKK, Fees, Forex, GBP, GBP/DKK, Lot Size, Pip Ranges, Pip Value, Pound, slippage, spread, trading

Forex Videos

Forex! How To Make Money During The Coronavirus At Home

Post author By Keiran
Post date 28 March, 2020
No Comments on Forex! How To Make Money During The Coronavirus At Home

https://youtu.be/Vy17E2-fues

How to earn a living during the Coronavirus while stuck in isolation

There is no shying away from the fact that we are currently living in unprecedented times. With governments across the world instructing businesses to close their doors, forcing people out of their jobs, as well as being ordered into self-isolation, which will leave many people facing huge debts, and many will go broke with some people losing their businesses and even their homes.

This is not fear-mongering; this is an absolute fact. The world is facing a global recession and a financial meltdown. And things will not improve until such time as the virus has been beaten and vaccines are made available. And because of the unknown nature of the virus and the fact that vaccines can take many months to bring to the market, the dilemma that faces the world is that this is too much of an unknown to be able to say when things will return to normal.
However people are adaptable and will search for opportunities to make a living, and the old adage “invention is the mother of necessity” springs to mind, and where people will reinvent themselves with new business opportunities and where because they will mostly be in isolation those opportunities can only arise online.
Therefore, isn’t it about time that you considered working in the forex industry? Because no matter what happens, the money markets continue to operate even during crises such as we are faced with at the moment.

The benefits of working in the forex industry are that you can set up a business quickly and with very little setup costs. Indeed, all you need is a decent computer and internet connection and then choose a broker who to trade currencies with, and whereby your initial outlay can be as little as $200 in order to start trading, although ideally, you would need to put up at least $1000 in order to be able to realistically begin to make a decent living.

The forex market is the largest financial market in the world and is open 24-hours a day five days a week and where anybody can participate. Even during this crisis many institutions and professional traders, all the way down to retail traders, make money by using chart patterns they see on their computer screens to tell them when currencies – which are always traded in pairs – are too high or too low against their counterparts and therefore may be ready to rise or fall. Traders simply bet on the rise or the fall in currency pairs in order to make a profit. Effective tools can be implemented to minimize losses.

The forex market is a global market and is not centralized, and therefore nobody owns it. Transaction costs are low, and here at Forex Academy, we have an abundance of educational material where you can learn all about trading in the forex market, and we can even show you how to open a risk free demo account to practice what you learn with us before you risk your money for real.

The many articles, posts, and videos have been written by professional financial traders who trade the markets even during these difficult times, and want to share their success with you so that you can have an opportunity during these dark times to learn how to successfully trade forex.

Tags Coronavirus, Forex, trading

Forex Forex Brokers

GCM Asia Review

GSM Asia does not give a lot of information about itself, we can see that they are part of the Fortrade Ltd group and follow the guidelines of the ESMA. They state that some of their main features are that they are safe and reliable, offer accessible trading, offer professional trading environments and give you a wide choice of trading instruments. Throughout this review, we will look into the services on offer to see what they really offer and how they compare to the competition.

Account Types

It seems like there may only be one account as there aren’t any options when signing up or information about account comparisons on the site. As we go through each section we will outline any potential differences, if there are none then each section will be related to the single account on offer.

Platforms

There are three different platforms available to use, we have outlined some of the key features of each platform below.

MetaTrader 4 (MT4): Some of the main features of MT4 include one-click trading, personalized settings in 38 languages, the ability to trade using your desktop, laptop, mobile device or web browser, compatibility with trading robots and expert advisors, as well as thousands of compatible indicators for analysis. There are over 300 instruments available and you can manage your positions using take profits, stop losses, trailing stops and more.

GCMAsia Pro Trader: GCMAsia Pro combines powerful investment tools, real-time stock prices and updates into an easy-to-use interface. Some of this platform’s features include a user-friendly interface, demo accounts, over 300 tradable products, the use of advanced order types, accessible through a desktop download, mobile application or internet browser, you can get notifications of price changes and many more features are available.

Sirix: Sirix is written in HTML5 and is compatible with most major browsers. The Sirix platform has an advanced built-in indicator and chart options, including Bollinger Bands, MACD, Ichimoku Clouds, and Parabolic SAR. In Sirix’s “Social Stream”, you can see real-time transactions and pending orders from other traders. You can find traders who meet your requirements, follow and copy their trades. Sirix is available in 18 languages. Users can change their preferred language on the platform in real-time.

Leverage

The maximum leverage available is 1:30 which is relatively low, the different instruments have different available leverage. Looking through the specification it seems like GCM Asia are following the same guidelines that were set out by the ESMA and are as follows:

-30:1 for major currency pairs
-20:1 for non-major currency pairs, gold, and major indices
-10:1 for commodities other than gold and non-major equity indices
-5:1 for individual equities and other reference values
-2:1 for cryptocurrencies

Trade Sizes

When trading forex pairs a lot is equal to 100,000 units, the minimum trade size starts at 0.01 lots and then goes up in increments of 0.01 lots so the next trade would be 0.02 lots and then 0.03 lots.

Trading Costs

We did not notice any information about commissions however some of the website was not successfully translated so we may have missed it, but as there appears to spread, commissions may not be added. There are swap charges which are charged for holding trades overnight and over the weekends, these can be viewed within the trading platform you are using.

Assets

The assets have been broken down into a number of different categories, we have outlined them below along with the instruments within them.

Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURDKK, EURGBP, EURHUF, EURILS, EURJPY, EURNOK, EURNZD, EURPLN, EURSEK, EURTRY, EURUSD, EURZAR, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPSGD, GBPUSD, GBPTRY, NZDCAD, NZDCHF, NZDJPY, NZDUSD, USDCAD, USDCHF, USDCNH, USDDKK, USDHUF, USDILS, USDJPY, USDMXN, USDNOK, USDPLN, USDRUB, USDSEK, USDSGD, USDTRY, USDZAR.

Commodities: Corn, Cotton #2, Soybean, Sugar, Wheat, Brent Oil, Crude Oil, Gasoline, Heating Oil, Natural Gas, Copper, Gold, Palladium, Platinum, Silver, GAUTRY, GAUUSD, GOLD/TRY, XAUEUR, XAUGBP.

Indices: Australia 200, China 50, Dollar Index, Europe 50, France 40, Germany 30, Hong Kong 50, Italy 40, Japan 225, Netherlands 25, Spain 35, Switzerland 20, UK 100, USA 100, USA 2000, USA 30, USA 500.

Stocks: There are stocks from all over the world including Bank of America, Apple, AT&T, Google, Admiral Group, Aviva, HSBC, and many more.

Bonds: 5 YR US T-Notes, 10 YR US T-Notes, and 30 YR US T-Notes.

EFTs: UltraPro QQQ, UltraPro Short QQQ, and Oil Fund.

Crypto: Bitcoin, DASH, Ethereum, and LiteCoin.

Spreads

We cannot comment properly on the spreads, as the product specification is not in English it is hard for us to fully understand them, the bit that we believe indicates the spreads is showing them starting from around 0.3 pips with others higher at 1.5 pips or more. Again, as we cannot fully understand what is written we do not want to give out information that may not be correct.

Minimum Deposit

We don’t actually know what the minimum deposit requirement is, so we cannot really answer this section of the review.

Deposit Methods & Costs

Sadly, we do not have any information on deposit methods so we are not able to list them here, we also do not know if there are any additional fees added to deposits.

Withdrawal Methods & Costs

As we do not know what the deposit methods are we also do not know what the withdrawal methods are. Just like with the deposits, we also have no understanding as to whether there are any additional withdrawal fees added by FCM Asia.

Withdrawal Processing & Wait Time

It should take between 1 to 7 days for your withdrawal request to complete, but we do not know the exact processing time for GCM Asia itself or what methods are available so it cannot be any more accurate with the prediction.

Bonuses & Promotions

There doesn’t appear to be any active promotions or bonuses. This does not mean that there won’t be and so you could always contact the customer service team to see if there are any coming up that you could take part in.

Educational & Trading Tools

There is something called Trading Central, however, without an account, we were not able to access it. It is designed to help traders choose the best trades and times and offers advice from professional traders. There is also a financial calendar available that shows upcoming news events and the markets that they could affect. Finally, there is also some daily, weekly and monthly analysis available which can give you some trading ideas.

Customer Service

The contact us page is pretty basic, it is a single online submission form to fill in and an email written above it. At the top of the page, there is the addition of a phone number too.

Email: [email protected]
Phone: 400-120-0257

Demo Account

A demo account is available and allows you to test out the markets, GCM Asia actively encourages you to open up a demo account in order to get an idea of the trading conditions available, there is no expiration time on the demo accounts and they are a great way to test new strategies without risking any real capital.

Countries Accepted

The following statement is present on the site: “The information on this website is not intended for residents of the United States, Hong Kong, or the European Union. It is not intended to publish or use information that may violate local laws or regulations to any person or country. IFX Asia does not accept deposits from these countries.”

Conclusion

It was a little harder than usual to get the inflation we needed as the website was not in English. The trading conditions are still a little unknown to us, the leverage is kept low due to the recommendations of the ESMA and the spreads and commissions are not entirely known, so the cost of trading is hard to gauge. There are plenty of assets to trade, unfortunately, we do not know what the deposit or withdrawal methods are or if there are any added fees, so without that information, it is hard for us to recommend them as a broker to use.

Tags Forex, Forex Broker, review

Forex Forex Brokers

Schatz Markets Review

Schatz Markets is a foreign exchange broker that was founded in 2016, they have a number of different goals which includes the desire to amaze their clients with an intense service, be devout and resolute, to manage colleagues and clients with respect, to consider customer opinion, to construct an optimistic crew, to always be responsible and efficient, to operate and adapt innovation and to accept responsibility to their behavior. This is all stuff that sounds great on paper, but we will be using this review to see if they also do these things in reality.

Account Types

Should you decide to sign up there are four different accounts available, each having their own entry requirements and trading conditions, we have outlined them for you below.

Schatz Lite: The minimum deposit requirement for this account is $1,000, it comes with spreads starting from 0.8 pips and has an added commission of $10 per lot traded, The account can be leveraged up to 1:100 and it has currencies, bullions, and indices available to trade. The stop out level for the account is set between 15 – 25%.

Schatz Pro: The minimum deposit requirement for this account is $1,000, it comes with spreads starting from 0.4 pips and has an added commission of $80 per lot traded, The account can be leveraged up to 1:500 and it has currencies, bullions, and indices available to trade. The stop out level for the account is set between 15 – 25%.

Schatz Premium: The minimum deposit requirement for this account is $2,000, it comes with spreads starting from 0.2 pips and has an added commission of $6 per lot traded, The account can be leveraged up to 1:100 and it has currencies, bullions, and indices available to trade. The stop out level for the account is set between 15 – 25%.

Schatz Islamic: The minimum deposit requirement for this account is $1,000, it comes with spreads starting from 0.8 pips and has an added commission of $8 per lot traded, The account can be leveraged up to 1:100 and it has currencies, bullions, and indices available to trade. The stop out level for the account is set between 15 – 25%. This account does not have any swap fees for holding trades overnight.

Platforms

Schatz Markets offers you the desktop, mobile, and web trader versions of MetaTrader 4, the platform comes with a whole host of features that makes it one of the most popular available They include things like live news feeds, ease of use through its user-friendly interface, available advisors make your trading easy, multilingual platform, daily account statement, trailing stop loss facility, configurable charts, and real-time quotes, view all trading activity, the ability to trade directly from the charts and many more features to help with both your trading and analysis.

Leverage

The maximum leverage that you get depends on the account you are using, the Lite, Premium and Islamic accounts all have maximum leverage for 1:100 while the Pro account can be leveraged up to 1:500. The leverage is selected when first opening up an account and should you need to change it, you will need to contact the customer service team with the request.

Trade Sizes

Trade sizes on all accounts start from 0.01 lots and go up in increments of 0.01 lots. We do not know what the maximum trade size available is or how many trades you can have open at any one time.

Trading Costs

There is an added commission on each account, we have detailed them below for you.

Lite Account: $10 per lot traded
Pro Account: $8 per lot traded
Premium account: $6 per lot traded
Islamic Account: $8 per lot traded

Apart from the Premium account, all the commissions charged are above the industry average of $6 per lot traded with the Lite account being quite expensive.

There are also swap charges on all accounts apart from the Islamic account, these are charged for holding trades overnight and can be viewed within the MetaTrader 4 trading platform.

Assets

Sadly, there isn’t a full breakdown of tradable assets, there is a small selection shown but that it is. They have broken their instrument into a number of categories, the first being Forex where there are 60+ currency pairs available including EURUSD, GBPUSD, USDJPY, USDCHF, AUDUSD, and USDCAD. There are also metals and energies, for metals, there is just Gold and Silver but for energies, there are not any examples of what is on offer but we would expect oils and Natural Gas as a minimum. The final group is indices, but again, no examples are given so we cannot comment on what is available at this time.

Spreads

Each account type has a different initial starting spread, they are as follows.

Lite Account: Starting from 0.8 pips
Pro Account: Starting from 0.4 pips
Premium account: Starting from 0.2 pips
Islamic Account: Starting from 0.4 pips

The spreads are variable which means they will be constantly moving with the markets and different instruments will also have different starting spreads so some will naturally be higher than others.

Minimum Deposit

The minimum deposit required to open up an account is $1,000 which will allow you to open either the Lite, Pro or Islamic account. We do not know if this amount reduces for further deposits to top up the account but we suspect that it would.

Deposit Methods & Costs

There are over 9 different financing methods available, unfortunately, the page showing what they are and any details about them are giving a little error. At the bottom of the home page, there is an image of Visa/MasterCard, FasaPay, Neteller, and Skrill so we would assume that those methods are some of the ones available and then we would also expect Bank Wire Transfer to be there too. In terms of fees, we do not know as the page is not loading, but be sure to check with your own bank to see if they will add any transfer fees of their own.

Withdrawal Methods & Costs

As the funding page is not loading properly we do not know for sure what is available but suspect that Bank wire Transfer, Visa/MasterCard, FasaPay, Neteller, and Skrill will all be available to withdraw with. Just like with deposits we do not know of any fees, but you should check with your bank or card issuer to see if they add any processing fees of their own.

Withdrawal Processing & Wait Time

Schultz Markets will aim to process any requests within 24 hours of it being made (more time over weekends and bank holidays). The amount of time after this will depend on the method used but we would expect any requests to be fully processed within 1 to 5 days from it being processed by Schatz Markets.

Bonuses & Promotions

We did not notice any mentions of a bonus or promotions so it seems like there are none running at present, you could, however, contact the customer service team to see if any are coming up as sometimes they are happy to provide a small bonus to potential clients.

Educational & Trading Tools

There isn’t any fixed or dedicated education available, there are just a few small tools or information. There is a new section simply outlining what has happened around the markets and there is a live quotes section showing what the current prices of the markets are, that is about it. It would be good to see Schatz Markets add a few educational tools to help their clients improve on their trading in the future.

Customer Service

The customer service team is available to help and is available 24 hours a day 5 days a week. You can use the online submission form to fill in your query and then get a reply via email, there is also a postal address available as well as an email address so you can choose to contact in one of those ways too. It is a shame that there is no phone number but the methods provided will suffice.

Address: 20-22, Wenlock Road, London, N1 7GU
Email: [email protected]

Demo Account

You can open up a demo account by selecting demo instead of live when opening up an account, demo accounts allow you to test out the trading conditions and anew strategies without risking any of your own capital The trading conditions are not shown on the initial signup page so we do not know which of the accounts you can mimic the trading conditions of or if there is an expiration time on the accounts.

Countries Accepted

This information is not provided on the site so we would recommend contacting the customer service team prior to signing up for an account to ensure that you are eligible for one.

Conclusion

Schatz Markets offers a range of accounts each with their distinct trading conditions, they make things a little more straight forward with just the one platform choice. The spreads are starting low which is good, but they are coupled with a rather steep commission, considering the Lite account has a commission of $10 per lot we would expect the spreads to be a bit lower than 0.8 pips, these combined can make trading very expensive, the other accounts are slightly better but still a little too high compared to the competition.

There isn’t a full breakdown of assets available and the funding page seems to be broken so we do not have any concrete evidence of which methods are available or if there are any fees. With the broker being so expensive and some information missing we would suggest looking for a cheaper broker.

Tags Forex, Forex Broker, review

Forex Forex Brokers

Trade Real Capital Group Review

Post author By Forex Academy
Post date 27 March, 2020
No Comments on Trade Real Capital Group Review

Trade Real is an online foreign exchange broker, they do not give much about themselves away, they start by stating their mission and that is how we will open this review, with the intention to look into the services on offer to see if they manage to stick to their mission plan. “TRADE REAL is […]

“TRADE REAL is no stranger to providing live-streaming prices and timely news updates, by constantly monitoring, maintaining and planning real-time solutions. With our team’s unrelenting perseverance, TRADE REAL has formed tighter bonds with some key liquidity providers in the market, so as to keep liquidity at optimal levels. We excel in market research and information mining and take pride in offering the tightest spreads and most transparent pricing. Furthermore, we execute all client orders at the fastest pace possible, a key requirement for a reliable trading platform.”

Account Types

There isn’t an account comparison page, so as we go through the site we will outline any potential differences in accounts, if there are no differences then it will mean that there is just the one account type available.

Platforms

MetaTrader 4 is the available trading platform, released by MetaQuotes in 2005, MT4
has become one of the world’s most popular trading platforms. It is full of features to help with your trading and analysis like the built-in technical indicators allow you to analyze securities’ quotes, whilst the MQL4 network enables the development and usage of automated trading strategies.

It is highly accessible and can be used as a web trader, mobile application or as a desktop download. Hosting an easy to use user interface, compatibility with expert advisors and indicators and a huge amount of customization, MT4 should be perfect for your trading needs.

Leverage

We do not actually know what the available leverage is, the site simply states that it offers “high leverage”. What that actually means we do not know. We do know that you can change your leverage by sending a request to the customer service team, but that isn’t very helpful when you don’t know what leverages are available.

Trade Sizes

The trade sizes start from 0.01 lots and go up in increments of 0.01 lots, we do not know what the maximum trade size is or how many trades you can have open at any one time.

Trading Costs

The FAQ section of the site has questions such as, “Do you charge any commission for spreads?”, or the answer to this question is “Do you charge any commission for spreads?”, so not the most helpful information for those seeking information about the broker itself. We do not know if there are any added commissions when trading. There are, however, swap charges which can be viewed from within the MetaTrader 4 trading platform.

Assets

There isn’t a full specification of the available assets, instead, there are some pages detailing a little information about each one. The first group is Forex, there are over 40 different instruments on offer including currencies such as the Australian Dollar, Swiss Franc, Euro, Great British Pound, Japanese Yen and US Dollar. In terms of commodities, it looks like just US Crude Oil and Brent Crude Oil are available to trade. For Precious Metals, there is only Gold and Silver tradable against USD. The final section is the Index instruments, they are AXCAUD, EXCEUR, GRCEUR, GECEUR, UKCGBP, JPCJPY, CHCUSD, HSCHKD, HKCHKD, SGDSGD, DJCUSD, NACUSD, SPCUSD.

Spreads

The spreads are not known, the advantages page states that they are tight spreads, but no more information, we do know that they are variable spreads. This means that they are influenced by the markets and will move up and down depending on the amount of volatility or liquidity in the markets.

Minimum Deposit

Sadly we do not know what the minimum deposit requirement is or what is needed to open up an account.

Deposit Methods & Costs

There are a few different methods available to deposit with, these are UnionPay, Visa/MasterCard, Skrill, Neteller, ePayments and Bank Wire Transfer. There are no additional charges added by Trade Real however, you should check with your own bank or card issuer to see if they add any fees of their own.

Withdrawal Methods & Costs

The same methods are available to withdraw with, we have outlined them below along with their minimum withdrawal amounts and any added fees.

UnionPay – Min withdrawal is $25 – $25 added fee
Visa/MasterCard – You can not withdraw using this method
Skrill – Min withdrawal is $50 – 1% added fee
Neteller – Min withdrawal is $50 – 2% (max $30) added fee
ePayments – Min withdrawal is $50 – No added fee
Bank Wire Transfer – Min withdrawal is $200 – $40 added fee

You should also check with the method you are using just in case they add any incoming processing fees of their own.

Withdrawal Processing & Wait Time

Withdrawal requests will be processed within 3 days of the request being made, it will then take an additional 1 to 5 working days for the withdrawal to be fully processed depending on the method used and the method’s own processing times.

Bonuses & Promotions

There does not appear to be any bonuses or promotions active at the time of writing this review, you could always contact the customer service team to see if there are any coming up that you could take part in.

Educational & Trading Tools

The education that is provided is as basic as it can get. They offer a forex glossary which simply tells you what different terms mean, ok to refer back to if you come across something you do not know the meaning of. There is then a guide for using MT$ on Mac and PC, that is all that is on offer, so nothing that will help you become an expert trader, you will need to look elsewhere for that.

Customer Service

The customer service team is available Monday to Friday. Sadly, the only way to get in contact with them is using the online submission form, you will need to fill it in with your question or query and you should then get a reply within 24 hours. This is a really personal approach and it would be good to see additional methods of contact added such as a phone or live chat feature.

Demo Account

Demo accounts are available and allow you to test out the trading conditions and strategies without any real risk, we do not know what the trading counterions are or if there is an expiration time on the accounts.

Demo account registration form.

Countries Accepted

This information is not available on the site so we would recommend contacting the customer service team to find out if you are eligible before you sign up.

Conclusion

There is a lot of information missing, we do not know much about the accounts or their trading conditions so we cannot comment on how expensive it is to trade here. The only real information is on the funding methods which are plentiful but there are withdrawal fees. Very limited ways to contact the customer service team and all the missing information makes this a broker to avoid.

Tags Forex, Forex Broker, review

Forex Assets

Exploring The GBP/HKD Forex Exotic Currency Pair

Post author By Reddy Shyam Shankar
Post date 27 March, 2020
No Comments on Exploring The GBP/HKD Forex Exotic Currency Pair

Introduction

GBP Pound sterling, also known as the pound, is the official currency of the United Kingdom and many others. It is one of the oldest currencies and is further divided into pence. Where in HKD is known as Hong Kong Dollar, and it is the official currency of Hong Kong. One HKD is divided into 100 cents.

GBP/HKD is the abbreviation for the Pound sterling against the Hong Kong Dollar. Here, the first currency (GBP) is the base, and the second currency (HKD) is the quote currency. It is classified as an exotic-cross currency pair.

Understanding GBP/HKD

In Forex, to find out the relative value of one currency, we need another money to compare. The market value of GBP/HKD determines the strength of HKD against the GBP, i.e., It can simply be understood as 1GBP is equal to how much HKD, so if the exchange rate for the pair GBPHKD is 9.254. It means that we need 9.254 HKD to buy 1 GBP. If the value of the base currency goes down, the value of the quote currency goes up and vice versa.

Spread

Forex brokers have two different prices for currency pairs: the bid and ask price. The bid price is the selling price, and ask is the buy price. The difference between the ask and the bid price is called the spread. The spread is how brokers make their money. For this currency pair, the spread values for ECN & STP brokers are as follows.

ECN: 33 pips | STP: 36 pips

Fees

A Fee is simply the commission we pay to the broker on each position we open. There is no fee on STP account models, but a few pips on ECN accounts.

Slippage

Slippage refers to the difference between the trader’s expected price and the actual price at which the trade is executed. It can occur at any time, but it mostly happens when market orders are placed during high volatile conditions. It may also occur when large orders are placed at a time.

Trading Range in GBP/HKD

The amount of money we win or lose in a given amount of time can be assessed using the trading range table. The following table is a representation of the minimum, average, and maximum pip movement in a currency pair. This can be assessed very easily by using the Average True Range (ATR) indicator combined with 200-period SMA.

Procedure to assess Pip Ranges

Add the ATR indicator to your chart
Set the period to 1
Add a 200-period SMA to this indicator
Shrink the chart so you can assess a large time period
Select your desired timeframe
Measure the floor level and set this value as the min
Measure the level of the 200-period SMA and set this as the average
Measure the peak levels and set this as Max.

GBP/SGD Cost as a Percent of the Trading Range

The cost of trade varies based on the volatility of the market. This is because the total cost involves slippage and spreads apart from the trading fee. Below is the representation of the cost variation in terms of percentages. The comprehension of it is discussed in the coming sections.

ECN Model Account

Spread = 33 | Slippage = 3 |Trading fee = 5

Total cost = Slippage + Spread + Trading Fee = 3 + 15 + 5 = 41

STP Model Account

Spread = 36 | Slippage = 3 | Trading fee = 0

Total cost = Slippage + Spread + Trading Fee = 3 + 19 + 0 = 39

Trading the GBP/HKD Currency Pair

The GBPHKD is an exotic-cross currency pair and is a normal ranging market. For instance, the average pip movement on the 1H timeframe is only 49 pips. Note that the higher the volatility, the lower is the cost of the trade. However, this is not an advantage as it is risky to trade highly volatile markets.

Also, the larger/smaller the percentages, the higher/lower are the costs on the trade. So, we can infer that the costs are higher for low volatile markets and high for highly volatile markets. To reduce our risk, it is recommended to trade when the volatility is around the minimum values. The volatility here is low, and the costs are a little high compared to the average and the maximum values. But, if your priority is towards reducing costs, you may trade when the volatility of the market is around the maximum values.

Advantage from Limit orders

When orders are executed as market orders, there is slippage on the trade. But, with limit orders, there is no slippage as such. Only trading fees and the spread will be taken into consideration to calculate the total costs. This method will bring down the cost significantly.

Tags Asset Analytics, ECN STP, Fees, Forex, Forex Assets, GBP, GBP/HKD, Great Britain Pound, HKD, Hong Kong Dollar, Pip Value, spread, trading

Forex Price-Action Strategies

Forex Price Action: Trendline Breakout Strategy

Post author By Tareq Sikder
Post date 27 March, 2020
No Comments on Forex Price Action: Trendline Breakout Strategy

In today’s lesson, we are going to demonstrate an example of trendline breakout trading. Price action trading is mainly based on support/resistance and breakout. It does not mean that support/resistance is only horizontal. A trendline works as support/resistance as well. Let us now proceed and find out how a trendline breakout offers entry.

The price has been bearish by obeying a down-trending trendline. The price has rejection at the trendline four times. Now, it is the sellers’ territory. However, one bullish candle may change the game.

Here it is. One big bullish candle breaches through the trendline’s resistance closing well above it. Usually, trendline breakout traders wait for the price to come back at the trendline again and get a reversal candle to take entry. This is the safest thing to do in trendline breakout trading.

The chart shows that the price heads towards the North for two more candles and comes down for a correction. Trendline’s resistance becomes support now, which is what happens with horizontal support/resistance. The buyers are to wait for a bullish reversal candle to go long in this chart. Typically, a bullish engulfing candle is the best reversal candle to go long as far as the trendline breakout trading strategy.

The chart produces two doji candles. These are reversal candles. However, look at the last candle. This is a bullish engulfing candle; thus, the buyers may go long right after the candle closes. Stop loss is to be set below the new support.

The next candle comes out as a bullish candle too. This looks good for the buyers. Since the price makes a breakout, confirms the breakout, and produces a bullish engulfing candle, it may make a new higher high. However, the safest option to set take profit is at the last swing high.

The price heads towards the North with good bullish momentum. The price hits the last swing high in a hurry. It gets us 2R here. As long as it offers us 1R, we shall go with it. If it offers less than 1R, we may skip taking the entry. The last candle comes out as a bullish candle. It suggests that the price may make a bullish breakout. That is another game. If we want to take a long entry upon the next bullish breakout, it would be based on a horizontal breakout trading strategy.

Trendline breakout trading is quite simple and rewarding. Stay tuned to get to more about trendline breakout trading strategy in our fore coming lessons.

Tags Bullish, bullish reversal, Forex, Forex price action, Price Action, Technical Analysis, trading, trendline, trendline breakout

Forex Fundamental Analysis

Understanding ‘Core Inflation’ & It’s Impact On The Forex Price Charts

Post author By Reddy Shyam Shankar
Post date 27 March, 2020
No Comments on Understanding ‘Core Inflation’ & It’s Impact On The Forex Price Charts

Introduction

Core inflation is the change in the price of the goods and services that do take food and energy into account. It is referred to as ‘core’ because it represents the most accurate illustration of the underlying inflation trends. The reason for the exclusion of food and energy is due to its high volatility. They change so often that they may depict an inaccurate reading of the inflation rate. And the commodity market is the sole cause behind the volatility, as it extensively traded all day.

Why Exactly Food and Energy are Excluded

As already mentioned, Food and Energy are exempted from the calculation of core inflation because the volatility in these markets is too high. This reduces the accuracy of the core inflation rates. Food and energy are considered as the most necessary staples; that is, their demand does not change even if there is a price hike. For instance, let’s say the gas prices rise due to the rise in oil prices. But this rise will hardly affect you as you’ll still need to fill up your tank in order to drive your vehicle. Similarly, you will not become hesitant to go to the grocery store because the prices have risen.

Oil and gas are commodities that are traded on the exchange market where people can buy and sell them. The commodity traded bid on the oil prices when they suspect a fall in supply or a rise in demand. Also, the thick that war will bring down the supply of oil. With this assumption and analysis, they buy at the present price and anticipate a higher price in the future. And this is enough to pump up the oil prices in the market. And if things don’t go as per the plan, the prices fall when they sell. Hence, this creates high volatility in the market.

The food prices are dependent on the prices of gas. The food prices tend to rise along with the gas prices because transportation of the food is dependent on trucking. When the oil prices rise, the effect can be seen in the gas price a week later. And if the gas prices maintain its uptrend, the effect of it can be observed on the food prices a few weeks later.

Measuring Core Inflation

The core inflation is measured by both the Consumer Price Index (CPI) and the core Personal Consumption Expenditure Index (PCE). The PCE is the depiction of the prices of goods and services purchased by consumers in the United States. Also, since inflation determines the trend in trend in the rising prices, the PCE is a vital metric in assessing inflation. However, both PCE and CPI are considered to be very similar as both help in determining the inflation in the economy.

CPI and PCE – Which is the Preferred Measure?

It is observed that PCE tends to provide inflation rates that are less affected by the short-term price changes, which is why the Federal Reserve prefers the PCE index over the CPI. The Bureau of Economic Analysis (BEA), a division of the Department of Commerce, measures the rates by using the existing gross domestic product (GDP) data, which helps in determining the overall trend in the prices. The GDP gives the measure of the total production of goods and services. In addition, BEA takes in the monthly Retail Survey data and compares it with the consumer prices generated by the CPI. In doing so, the data irregularities are removed, which helps in providing long-term trends.

Why is Core Inflation Important?

It is important to asses core inflation because it determines the relationship between the price of the goods and services and the level of the consumer income. If there is an increase in the price of the goods and services and no proportional increase in consumer income, consumer buying power will decrease. So, we can conclude that inflation causes the value of money to depreciate compared to the prices of goods and services.

However, if the consumer income increases, but the price of the goods and services remains unchanged, consumers will theoretically have money buying power. Moreover, there will be an increase in the investment portfolio, which leads to asset inflation. And this can generate additional money for consumers to spend.

Core Inflation and its Impact on the Economy and Currency

Core inflation has both a subtle and destructive effect on economic growth. It is said to be subtle because an increase of one or two percent takes quite a while. However, this can have a positive effect at this rate as well. People purchase goods and services beforehand, knowing that price will rise in the near future. Hence, this increase in demand stimulates economic growth. And since currency depends directly on the economy, the price of the currency rises as well.

Inflation can have a negative effect on the economy, as well. That’s because people will have to spend how much ever high price on food and gas, as they are the essentials. This brings down other consumer sectors in the market because people tend to spend less here. Their businesses are less profitable now. This imbalance in the market lowers the economic output.

Reliable sources of data for Core Inflation

The core inflation rate is released by the countries’ statistics board. For most countries, it is released on a monthly basis. And the reports are in terms of percentages. Below is a list of sources of core inflation data for different countries.

EUR | USD | AUD | GBP For other world countries, you may access those reports here.

How does Core Inflation Affect the Price Charts?

Until now, we understood the definition of Core inflation and its impact on the economy and the currency. Here we shall see the immediate effect of the currency pair when the reports are released. For our example, we will be taking the U.S. dollar for our reference. The core inflation rate in the U.S. is released by the U.S. Bureau of labor statistics. The frequency of the announcement of data is monthly.

Below is the core inflation data released by the U.S. Bureau of labor statistics for the month of February. But, the data for it is announced in the first week of March. We can see that the core inflation has turned to be 2.4 percent, which is 0.1 percent higher than the previous month and the forecasted value. Now, let’s see how this value has affected the U.S. Dollar.

EUR/USD | Before the Announcement – (March 11, 2020 | Before 12:30 GMT)

Below is the chart of the EUR/USD on the 15min timeframe just before the release of the news.

EUR/USD | After the Announcement – (March 11, 2020 | After 12:30 GMT)

Below is the same chart of EUR/USD on the 15min timeframe after the release of the news. The news candle has been represented in the chart as well. It is evident from the chart that the news did not have any effect on the currency pair. Though the reports showed an increase in the core inflation, there was hardly any drastic pip movement in the pair. Also, the volatility was below the average, and the volume was low. With this, we can come to the conclusion that the core inflation rate did not impact the EUR/USD.

GBP/USD | Before the Announcement – (March 11, 2020 | Before 12:30 GMT)

GBP/USD | After the Announcement – (March 11, 2020 | After 12:30 GMT)

Consider the below chart of GBP/USD on the 15min timeframe. We can see that the news candle was a bearish candle. That is, the news was positive for the U.S. Dollar. However, if we were to check on the volatility of the market, the volatility when the news came out was at the average value. Seeing the volume bar corresponding to the candle, it wasn’t high as such. Hence, the core inflation did not impact the GBP/USD.

Traders who wish to trade this pair can freely go ahead with their analysis as the news has a very light impact on the USD.

USD/CAD | Before the Announcement – (March 11, 2020 | Before 12:30 GMT)

USD/CAD | After the Announcement – (March 11, 2020 | After 12:30 GMT)

Below is the USD/CAD candlestick chart on the 15min timeframe after the release of the news. The news showed an increase in the core inflation rate by 0.1 percent. In the chart, we can see that the report turned out to be positive for the USD. In fact, the news candle actually broke the supply level and went above it. Compared to EUR/USD and GBP/USD, the core inflation had a decent impact on USD/CAD. However, the volatility was at the average mark, and the volume didn’t really spike up.

Conclusion

Core inflation is an economic indicator that measures the inflation of an economy without considering food and energy. This is because of the high volatility in the food and energy market. The core inflation rates are usually taken from the CPI or the PCE. This is an important indicator as it determines the relationship between the price of goods and services and consumer income.

It also gives an idea of the current economy of a nation. However, when it comes to its effect on the currency, there is not much impact on it. So, conservative traders can trade the markets without fearing the release of the news, as there is no drastic rise in the volatility of the markets.

Tags Core Inflation, economic indicator, Forex, Forex Trading, Fundamental Analysis, Inflation, Inflation rate, Macro Economics, trading

Forex Course

89. Identifying Trading Signals Using The ‘ADX’ Indicator

Post author By Reddy Shyam Shankar
Post date 27 March, 2020
1 Comment on 89. Identifying Trading Signals Using The ‘ADX’ Indicator

Introduction

The ADX indicator is created by a technical analysis legend, ‘J Welles Wilder.’ ADX (Average Directional Index) shows how strong the market is trending in any direction. This indicator doesn’t have a negative value, so it is not like the oscillators that may fluctuate above and below the price action. The indicator gives a reading that ranges between 0 and 50 levels. Higher the reading goes, stronger the trend is, and lower the reading goes, weaker the trend is.

The ADX Indicator Consists of Three Lines.

The ADX Line.
The DI+ Line. (Plus Directional Movement Index)
The DI – Line. (Minus Directional Movement Index)

The chart above is the visualization of the ADX indicator. We can see the green line (DM+), the Red Line (DM-), and the Yellow Line. (ADX)

Trend Direction and Crossovers

Buy Example

To take a buy trade using this indicator, the first requirement is that the ADX line should be above the 20 level. This indicates that the market is in an uptrend. We go long when the DI+ crosses the DI- from above as it indicates a buy signal.

The chart below is the EUR/AUD Forex pair, where we have identified a buy trade using the ADX indicator. As we can see, the market was in an uptrend, and it is confirmed by the ADX line going above the 20 level. At the same time, we can also see the crossover happening between the DI+ and DI- lines of this indicator. This clearly indicates a buying trade in this pair.

The stop-loss placed below the close of the recent candle is good enough, and we must exit our position when the ADX line (yellow line) goes below the 25 level.

Sell Example

The first requirement to take a seeling position using the ADX indicator is that the ADX line must be below the 20 level. This indicates that the market is in a downtrend. We go short when the DI+ line crosses the DI- line from below as it indicates a sell signal.

The below chart of the GBP/USD Forex pair indicates a sell signal. In a downtrend, when the ADX line (yellow line) goes below the 20 level, it confirms the strength of the downtrend. At the same time, when the DI+ crosses the DI- from below, it shows that the sellers are ready to resume the downtrend.

Breakout Trading Using The ADX Indicator

This strategy is similar to the crossover strategy that is discussed above. However, we are adding the price action breakout part to it. The idea is to go long when the ADX line is above the 20 level and when the DI+ crosses the DI- line from above. Also, the price action must break above the major resistance level to confirm the buying signal.

As we can see, in the below USD/CAD Forex chart, when the ADX line goes above the 20 level, it indicates that the uptrend is gaining strength. It also means that we can expect a break above the resistance line soon. When the price action broke above the resistance line, we can see the crossover on the ADX indicator. This clearly indicates a buy trade in this currency pair.

We can exit the trades when the opposite signal is triggered. Most of the time, breakout trades travel quite far. So if your goal is to ride longer moves, exit your position when the momentum of the uptrend starts to die or when the price action approaches the major resistance area.

That’s about the ADX indicator and related trading strategies using this indicator. If you have any questions, please let us know in the comments below. Cheers!

[wp_quiz id=”68035″]

Tags ADX, Average Directional Index, Forex, Forex Course, Indicator Based Trading, Indicators, Technical Analysis, Technical indicators, Technical Trading, trading

Forex Signals

Double Top for Cable

This is a Double top formation in the cable pair, where price action hit the key 1.2300 area on two occasions and where the UK Prime Minister Boris Johnson has tested positive for the Covid-19 virus.

Traders will be looking for price action to move lower because of the double top and also because of the bad news regarding the Prime Minister, although his symptoms are said to be not serious and certainly we all wish him a speedy recovery and hope he remains in control of the United Kingdom

This is also based on the fact that cable has rallied over 1000 pips recently to reach the high recent high of just over the 1.2300 handle, and where we will expect some profit-taking. Also taking into consideration the dollar index has come off its highs and is currently reversing some of its recent losses, and this would help us in a hypothesis where the cable pair should now move lower.

Risk::

Standard Lot $1200

Mini Lot $120

Micro Lot $12

Tags Forex, GBPUSD, trading

Forex Market Analysis

Daily F.X. Analysis, March 27 – Top Trade Setups In Forex – Weaker Dollar In Play!

Post author By Ali B.
Post date 27 March, 2020
No Comments on Daily F.X. Analysis, March 27 – Top Trade Setups In Forex – Weaker Dollar In Play!

The greenback fell against its major peers, with the Dollar Index dipping 0.7% on the day to 100.94, down for a 4th consecutive session. France’s INSEE will release March Consumer Confidence Index (91 expected).

The U.S. Commerce Department will report February personal spending (+0.2% on month expected) and personal income (+0.4% on month expected). The University of Michigan (UOM) will report its final rea1dings of the March Consumer Sentiment Index (90.0 expected).

Economic Events to Watch Today

EUR/USD – Daily Analysis

The EUR/USD rallied 1.5% to 1.1047, posting a four-day winning streak. The risk-on market sentiment is also pushing the U.S. Dollar lower and sending the pair higher. The recovery in the risk-sentiment came after the U.S. Senate approved of the original $2 trillion fiscal stimulus package.

If jobless claims fall in the 2 to 3 million range, which seems fairly possible, we will likely see a notable sell-off in the greenback. In that case, the EUR/USD currency pair could find a bid over the 50-day moving average at 1.10.

On the other hand, the EUR/USD currency pair will also take cues from the Kansas Fed Manufacturing Activity index for March. The European Union’s upcoming emergency meeting to discuss further steps to combat the virus will be essential to watch.

Markets are assuming that the Eurozone is going for a deep slowdown, and they need aggressive stimulus to stop the fallout from the virus outbreak. Later today, eyes will be on France’s INSEE, which is due to release March Consumer Confidence Index (91 expected).

Daily Support and Resistance

S1 1.0673
S2 1.0835
S3 1.0935

Pivot Point 1.0997

R1 1.1097
R2 1.1159
R3 1.1321

EUR/USD– Trading Tips

The EUR/USD is trading bullish at 1.1025, having an immediate support level of around 1.0947. The bullish channel has already been violated on the higher side, and it’s supporting is the bullish bias in the EUR/USD pair. On the higher side, the EUR/USD pair is facing resistance at 1.1070 area.

Bullish crossover of 1.1070 area can open further room for buying until 1.1194 level. Whereas, the chances of a bearish bias will remain strong if the pair continues to hold below 1.1070 level today. On the lower side, the target is likely to stay at 1.0947 and 1.0885.

GBP/USD– Daily Analysis

The GBP/USD surged 2.6% to 1.2192. The Bank of England said, after announcing a rate cut and additional bonds purchase last Thursday, it can expand asset purchases further if necessary. On the other hand, official data showed that U.K. retail sales declined 0.3% on month in February (+0.2% expected).

The policymakers could be called with the 24-hour prior notice to vote on the coronavirus support package on Friday. On the U.S. front, the coronavirus fears in the U.S. also increased with the death losses crossed 1,000 figures and an increase of 12,000 cases recorded in the single day on Wednesday.

The Bank of England (BOE) failed to offer any fireworks due to a lack of resources while disappointing U.K. Retail Sales, to 0.0% from 0.8% YoY forecast, also couldn’t recall the bears.

Later today, the U.S. Commerce Department will report February personal spending (+0.2% on month expected) and personal income (+0.4% expectation). The University of Michigan will report Consumer Sentiment Index (90.0 expected).

Daily Support and Resistance

S1 1.1339
S2 1.1535
S3 1.1662

Pivot Point 1.1731

R1 1.1858
R2 1.1927
R3 1.2122

GBP/USD– Trading Tip

The GBP/USD has violated the double top resistance level of 1.1945, and the pair now trades around 1.2180, the level which is marked as horizontal resistance. Today, the bullish breakout of the 1.2300 level can open the buying trend until the next resistance level of 1.2338 (50% Fibo level) and 1.2510 level, which accounts for a 61% retracement. On the lower side, the Cable can find support around 1.2035 and 1.1930. Let’s look for buying trades over the 1.1945 support level and selling below 1.2350 today.

USD/JPY – Daily Analysis

The USD/JPY currency pair flashing red and hit the session low near the 108.50, mainly due to broad-based U.S. Dollar weakness. While the greenback continues to lose its ground in the wake of the U.S. relief package. At the time of writing, the USD/JPY is trading at 108.78 and consolidates in the range between the 108.25 – 109.72.

However, the currency pair faced rejection at 109.72 in early Asia and dropped below the 100-day average support at 109.00 a few minutes before press time to hit a session low of 108.55.

Whereas, the major Asian equity indices like Japan’s Nikkei, Hong Kong’s Hang Seng and South Korea’s Kospi are flashing green.

It is worth to mention that the traders did not give much more attention to the Japanese Yen demand. So, the reason behind the pairs declines is the broad-based greenback weakness. The dollar index, which tracks the value of the greenback against majors, is currently trading at weekly lows near 99.30, having declined by nearly 200 pips on Thursday.

The U.S. dollar continues to lose its ground due to the unprecedented fiscal and monetary stimulus by the U.S. government and the Federal Reserve in the last five days.

Daily Support and Resistance

S1 106.51
S2 108.16
S3 108.75
Pivot Point 109.8
R1 110.4
R2 111.45
R3 113.09

USD/JPY – Trading Tips

On Friday, the demand for safe-haven assets such as gold and Japanese yen has surged in the wake of an increased number of coronavirus cases around the globe. Consequently, the USD/JPY pair has dropped to trade at 108.350, down from the 109 level. On the 4 hour chart, the USD/JPY has violated the bullish channel, which is now suggesting bearish bias in the USD/JPY.

The USD/JPY prices are holding around the next support level of 108.350, and around this level, we can expect USD/JPY to bounce off until 109.850. But in case, the USD/JPY exhibits a bearish breakout below 108.350 level; the pair may drop further until 106.450.

All the best for today!

Tags Daily Brief, EURUSD, Forex, Fundamental Analysis, GBPUSD, Technical Analysis, Trade Setup, trading, USDJPY

Forex Forex Brokers

VIBHS Financial Review

VIBHS is an online foreign exchange broker that was established in 2013 and is based out of London in the United Kingdom. VIBHS are fully regulated by the Financial Conduct Authority and have over 50 years of combined experience on their senior management team. They offer a growing range of services that are provided through their global office network and regulated framework. VIBHS is proud to provide its clients with a range of user-friendly platforms, which cater to many languages and are extremely user-friendly. Through these platforms, customers have access to a variety of global markets.

So let’s jump into the review and see exactly what VIBHS is offering their clients.

Account Types

It seems that VIGHS is keeping things simple in the accounting department as there seems to just be a single account available. So as we go through this review, everything that we mention will be relevant to this single account type. We have outline da few of its major features below but will go into them in more detail as we go through the review.

Account Details:
The account requires a minimum deposit of $200 in order to open up, it comes with a maximum leverage up to 1:200 and has an average starting spread of 1 pip. The account can use the MetaTrader 4 trading platform and has multiple methods to deposit into it.

Platforms

There are three different platforms available when trading with VIBHS, you can have the more traditional style of trading through the use of MetaTrader 4, but then there are some less conventional ways of trading through two different platforms, let’s look at what is on offer.

MetaTrader 4 (MT4):
MetaTrader 4 was released by MetaQuotes back in 2005 and has become one of the world’s most renowned and most used trading platforms. It can be used as a desktop download, mobile application or as a web trader on your internet browser. It offers features like one-click trading, multiple charts, and timeframes and it is compatible with thousands of indicators and expert advisors which can be sued to help with your in-platform analysis and also allows for automated trading.

Dabbl:
Dabbl is an interesting platform, it allows you to search for a brand, theme or company in order to find investment ideas, it uses a technology that helps to translate complex data into insights which can help you decide how to trade. You can then follow and track the company, then choose how much in investment. Your investments are covered by the Government’s Financial Services Compensation Scheme up to a value of £85,000.

Torch:
Torch is an algorithmic auto trading software. Start off by defining your strategy basics. Simply choose your ‘instrument’, and then select the time frame over which you want your strategy to run. Set your parameters for trading – such as your stop loss and take profit – to stay in complete control of your investment. See how your newly-created strategy measures up in a safe setting. With Torch Markets you can back-test against historical price action, dating up to 10 years. Choose how far back to go; and get results in a matter of seconds. Adjust and refine the parameters until you are ready to test using current market data, with our paper testing feature. Deploy your newly created algorithm on the live markets.

Leverage

VIBHS is required to follow the recommendations from the ESAM, this means that the following limits are placed on the leverages available:

Leverage limits on the opening of a position by a retail client from 30:1 to 2:1, which vary according to the volatility of the underlying:

30:1 for major currency pairs
20:1 for non-major currency pairs, gold, and major indices
10:1 for commodities other than gold and non-major equity indices
5:1 for individual equities and other reference values
2:1 for cryptocurrencies

It is not clear if VIBHS will allow professional traders to have higher leverage if they do then the leverage for professional traders will be 1:200 as a new maximum level.

Trade Sizes

The smallest trade size starts from 0.01 lots which are equal to 1,000 base currency units as a full lot is equal to 100,00 base units. The trades then go up in increments of 0.01 lots so the next trade would be 0.02 lots and then 0.03 lots. We do not know what the maximum trade size is but would recommend not trading over 50 lots in a single trade. We do not know how many open trades or orders you are able to have at any one time.

Trading Costs

While going through the site we did not come across any information that was talking about commissions, so we are not entirely sure if there are any, but by the looks of it, there are not and instead their accounts use a spread based system (we will look at that later in this review).

There will be swap charges involved, these are fees that are charged for holding trades overnight, they can be both positive or negative as they depend on the difference in interest rerates. These can be viewed within the trading platform that you are using.

Assets

VIBHS have broken down their assets into a number of different categories, we have outlined them below so you can get an idea of what sort of instruments are available to trade.

Forex:
AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDSGD, AUDUSD, CADJPY, CADSGD, CHFJPY, CHFSGD, CADCHF, EURAUD, EURCAD, EURCHF, EURDKK, EURNZD, EURPLN, EURSEK, EURSGD, EURTRY, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNOK, GBPNZD, GBPSEK, GBPSGD, GBPUSD, NZDCHF, NXDJPY, NZDSGD, NZDUSD, SEKJPY, SGDJPY, USDCAD, USDSCHF, USDCNH, USDDKK, USDHKD, USDJPY, USDMXN, USDPLN.

Indices:
AUS200, HK50, US500, FR40, EU50, ES35, JP225, UK100, DE30, US30, UT100, CH20.

Commodities:
Gold, Silver, Natural Gas, US Oil, UK Oil, WTI Crude Oil, Brent Crude Oil.

Crypto:
BTCUSD, BTCAUD, BTCEUR, BTCGBP, BTCJPY, BTCPLN, ETHUSD, ETHAUD, ETUEUR, ETHGBP, ETHJPY, LTCUSD, XRPUSD.

Spreads

Spreads seem to start with an average spread around 1 pip, from our understanding the spreads are variable which means they will move with the markets, the more volatility that there is, or lack of liquidity will cause the spreads to grow larger. There are also different spreads for different pairs, so while some may average around 1 pip, other currencies or assets may average around 2 pips instead.

Minimum Deposit

The minimum amount required to open up a new account is $200, you can also deposit the same amount in GBP, USD, EUR, PLN or AUD. We are not sure if the minimum amount reduces once an account has already been opened but we suspect that it will, however, how low we do not know.

Deposit Methods & Costs

The website indicates that there are just two different methods available to deposit with, these are Bank Wire Transfers and Dinpay. Dinpay is a method for Chines clients to deposit using their bank or prepaid cards. Different sites over the internet also indicate further deposit methods but they are not mentioned on the site so we will not let them here.

In regards to any fees, there isn’t anything mentioned on the deposit page so we would expect that there aren’t any, your bank, however, may charge some transfer fees of their own so be sure to check with them prior to making a deposit.

Withdrawal Methods & Costs

The same methods seem to be available to withdraw with, for clarification those are Bank Wire Transfer and Dinpay.

Once again there is no mention of any potential fees, this does not mean that there aren’t any, we just do not know what they are. You should always check with your own bank or payment provider to see if they add any incoming processing fees of their own.

Withdrawal Processing & Wait Time

The website states “VIBHS Financial process deposits within minutes to 24 hours (slower due to a large number of transactions) and process withdrawals within 24hours (typically) to 72 hours (slower due to a large number of requests).”

Withdrawals will be processed within 3 to 5 business days from the request of them being made. It will then take an additional 1 to 5 working days for your request to fully process, this time depends on the processing time of your own bank or payment processor.

Bonuses & Promotions

There don’t seem to be any active bonuses at the time of writing this review, there is a promotion on a VPS service though, you are able to get a discount on a VPS server when trading with VIBHS, the do not give a lot of information away about the discount or the promotion as a whole, but we know that it is there and available. That seems to be all there is in regards to promotions from VIBHS.

Educational & Trading Tools

The news and education side of the site is a little sparse, there is just the one page which is for news events, unfortunately, it does not look like the page has been updated since February 2019, so we do not a thin kit is still being actively used.

Hidden in the footer of the site there is another set of education and tools available, the first is some signals, they aren’t very detailed and simply stated to buy or sell, various currency pairs and commodities are included in the list, we do not know the accuracy or profitability of these signals. There is also an eBook available to read or download, it goes over the basics of trading. The video section also has a number of videos outlining various aspects of trading from the basics to analysis strategies. The final section is an Economic Calendar, this details different upcoming news events and also the potential impact that the news could have on the markets.

Customer Service

The customer service team can be contacted between 8 am to 5 pm from Monday to Friday, they are closed over the weekends and on bank holidays.

You re able to use the provided online submissions to send in your query, you are also able to use the available email address, phone number or postal address, giving you a choice of contact methods.

Address: 11/12 Tokenhouse Yard London EC2R 7AS UK
Phone: 020 7709 2038
Email: [email protected]

Demo Account

Demo accounts re a great way to test out the markets, trading platforms or new strategies without having to risk any of your own capital, so it is good to see them available from VIBHS. You are able to open up a demo account to use on MetaTrader 4, while the actual conditions of the account are not made clear, we suspect that they will mimic the conditions that we have specified throughout this review, the only information we do not know if whether or not there is an expiration on the accounts.

Countries Accepted

This information is not stated on the website, so if you are thinking of signing up with VIBHS, we would recommend getting in contact with the customer support team just to make sure that you are in fact eligible for an account, we would do this prior to opening one up.

Conclusion

VINGS tries to keep things simple with just the one account type, in terms of the available platform they have given a bit of variety, however, if you are looking for just the traditional trading experience there is only MetaTrader 4 available to use. In terms of the trading conditions, they are relatively competitive, it does not look like there are any added commissions and the spreads start pretty low at around 1 pip, the main downside is the lack of leverage, as the recommendations from the ESMA are being followed, the majority of clients will be stuck with a maximum leverage of 1:30 which can reduce the profit potential of the account quite a lot. There is also a limited number of ways to deposit and withdraw which could limit some potential clients, however, there are no fees which is positive.

Tags Forex, Forex Broker, review

Forex Forex Brokers

Ayondo Markets Review

Ayondo is a UK-based company that offers both trading and social trading platforms. Ayondo is better known for its social platform as one of the bigger entrants in that market. Founded in 2008, Ayondo has won a number of awards and recognitions for its innovation and service. Ayondo is a social trading platform that allows traders to copy other traders and works slightly differently to the standard broker, so throughout this review, we will be looking into the services on offer to see how they live up to the competition.

Account Types

There are two different account types, the trading account or social trading account, there isn’t a lot of information given out about them, so as we go through this review we will be looking into the different features being offered and will outline them within each section. There is a social account and a trading account that is based on the platform that you are going to be using.

Platforms

There are also two different accounts available which are based on the account type that you use.

Social Platform:
This platform allows you to copy the trades of other traders on the site. You can search through using various filters, drag traders into your trading list and then copy their trades with just £2,000. There are plenty of features to help with risk management and profitability.

Trading Platform:

This platform comes with the following features:

Input notional amounts for trades
Trading for value allows you to quickly adjust positions
Constant support
24-hour dealing desk
Fast and accurate execution
Free telephone trading
Personal client service based in London, Frankfurt, and Singapore
Trade on the go
Access TradeHub® wherever you are, on your PC, tablet or mobile
Download the TradeHub® app for iOS and Android

Leverage

The trading side of Ayondo, Bux Markets follows the recommendations of the ESMA which are as follows

30:1 for major currency pairs
20:1 for non-major currency pairs, gold, and major indices
10:1 for commodities other than gold and non-major equity indices
5:1 for individual equities and other reference values
2:1 for cryptocurrencies

If you are considered a professional trader then you are able to have leverage up to 1:200.

Trade Sizes

Trade sizes on both the social and trading side start at 0.01 lots and go up in increments of 0.01 lots. We do not know what the maximum trade size is or how many open trades you can have at any one time.

Trading Costs

We did not see any mention of any commissions as it seems that both sides of the broker use a spread based system that we will look at later in the review, there are two charges which will be charged when holding your trades overnight, you can vire these swaps within the trading platform that you are using.

Assets

The assets have been broken down into a number of different categories, we have outlined them below along with the instruments within each category.

Currencies:
AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURDKK, EURGBP, EURJPY, EURSEK, EURSGD, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPSEK, GBPUSD, NOKSEK, NZDCAD, NZDCHF, NZDJPY, NZDUSD, USDCAD, USDCHF, USDJPY, USDNOK, USDSEK, USDSGD, USDZAR.

Crypto:
Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple.

Indices:
UK 100, Wall Street, US 500, US Tech 100, Germany 30, European Stocks 50, France 40, Spain 35 + more

Shares:
There are plenty available from all over the world including UK, US, France, Germany, Belgium, Netherlands and more.

EFTs:
QQQ Nasdaq, SPDR DJIA, SPDR Gold, SPDR S&P 500, Vanguard, iShares.

Commodities:
Gold, Silver, Platinum, US Crude Oil, Brent Crude Oil, and Wheat

Spreads

The spreads seem to start from around 0.7 pips, however, there is a wide range of spreads as each instrument has a different starting spread, so while EURUSD may start at 0.7 pips, a different instrument such as AUDCAD has a starting spread of 5 pips. The spreads are also variable which means they will move with the markets and will grow larger and smaller depending on how much liquidity or volatility there is in the markets.

Minimum Deposit

The minimum amount required to open up an account is £2,000. We are not sure if this amount reduces once an account has been opened but we suspect that it will.

Deposit Methods & Costs

You are able to deposit into Ayondo using both Bank Wire and Credit/Debit Card. There may be other methods available however they are not mentioned on the site so we cannot say for sure. We also did not locate any information in regards to any potential fees or commissions, you should, however, check with your own bank or card issuer to see if there are any added transfer fees from them.

Withdrawal Methods & Costs

We do not have much information on withdrawals either, you can certainly use Bank Wire Transfers as a withdrawal method, but we do not know about the Credit/Debit cards or any other available methods., Once again we also do not know if there are any added fees or commissions, but check with your own bank for any incoming transfer processing fees.

Withdrawal Processing & Wait Time

We do not have any concrete information on this, however, we would expect any withdrawal requests to be fully processed within 1 to 5 working days from the request being made, however, we cannot say this for sure.

Bonuses & Promotions

Looking through both sides of the site there does not appear to be any active promotions or bonuses, if you are thinking of joining and like bonuses, you could always contact the customer service team to see if there are any available, however, Ayondo is not known for their bonuses.

Educational & Trading Tools

The education side of the site isn’t really an education, it is more just a group of pages giving you an idea of what different things mean. There is a page explaining what CFDs are, what spread betting is and then a glossary of trading-related terms which you can refer back to just in case you come across something that you do not know the meaning of.

Customer Service

There are offices in both London and Frankfurt, the client services are open between 08:00 and 17:00 UK time, and the trading desk is available between 22:15 on Sunday and 22:15 on Friday UK time.

You are able to use the available postal addresses, telephone numbers, and email addresses for both locations (London and Frankfurt).

London Details:
Address: BUX Financial Services Limited, 2nd Floor, Canvas, 35 Luke Street, London, EC2A 4LH, United Kingdom
Email: [email protected]
Phone: +44 (0)20 3326 2131

Demo Account

Demo accounts are available from the Trading side (Bux Markets), the trading conditions on the account will mimic the trading conditions mentioned in this review and allow you to trade and test out new strategies without any real risk, we do not know if there is an expiration on the account though.

Countries Accepted

The following statement is present at the bottom of the website: “The information on this site is not directed nor is intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local laws or regulations. Such residents and countries include, but are not limited to, the United States.”

Conclusion

There are two very distinct services on offer and neither of them gives us all the information that we really need. There is a slightly higher than normal minimum deposit requirement of £2,000 which could price out relatively new traders. The leverage on offer is also relatively low, it is capped at 1:30 for most clients due to the ESMA recommendations which can greatly limit profit potentials. The lack of information on deposit and withdrawal methods is also disappointing and for the reasons mentioned above, we would currently not recommend Arondo as a trading service or a social trading platform, as there are better out there of both departments.

Tags Forex, Forex Broker, review

Introduction

What is Productivity?

Measuring Productivity

Output

Input

Determinants of Productivity

The Economic Reports

Analyzing The Data

Impact on the currency

Sources of information on Productivity

Impact Of Productivity News Release On The Price Charts

Introduction

GBP/INR

Understanding GBP/INR

Spread

Fees

Slippage

Trading Range in GBP/INR

Procedure to assess Pip Ranges

GBP/INR Cost as a Percent of the Trading Range

ECN Model Account

Trading the GBP/INR Exotic pair

Account Types

Platforms

Leverage

Trade Sizes

Trading Costs

Assets

Spreads

Minimum Deposit

Deposit Methods & Costs

Withdrawal Methods & Costs

Withdrawal Processing & Wait Time

Bonuses & Promotions

Educational & Trading Tools

Customer Service

Demo Account

Countries Accepted

Conclusion

What Is Forex & Is It Not Just Gambling?

Topics that will be covered in Course 4.0

Non-Limiting Triangle

Post-Triangular Thrust

Expanding Triangles

Limiting Expanding Triangle

Horizontal Expanding Triangle

Irregular Expanding Triangle

Continuous Expanding Triangle

Non-Limiting Expanding Triangle

Conclusions

Suggested Readings

Account Types

Platforms

Leverage

Trade Sizes

Trading Costs

Assets

Spreads

Minimum Deposit

Deposit Methods & Costs

Withdrawal Methods & Costs

Withdrawal Processing & Wait Time

Bonuses & Promotions

Educational & Trading Tools

Customer Service

Demo Account

Countries Accepted

Conclusion

Account Types

Platforms

Leverage

Trade Sizes

Trading Costs

Assets

Spreads

Minimum Deposit

Deposit Methods & Costs

Withdrawal Methods & Costs

Withdrawal Processing & Wait Time

Bonuses & Promotions