If you have any questions or comments on this technological analysis, please feel free to answer below.

EUR/USD surged today to the peak level in view of the fact that September 7 as the European leaders made progress in devising plans for helping the most-indebted members of the European Union. The EU chief agreed to increase the bailout fund and to write down part of Greece’s debt. The US economy was expanding with quicker pace in the past three months, but the reports about the housing market make traders scrape their heads. The terrible report was followed by the excellent report, while today another terrible report was unrestricted. The housing market is one of the major issues for the US economy, but currently it’s nearly impossible to gauge its state with such contradicting reports.

Advance report on US GDP was unrestricted today, showing an increase of 2.5% in the third quarter of 2011. That’s a huge improvement over following quarter’s 1.3% and higher than forecast 2.4%. (Event A on the chart.)

Initial jobless claims were at the seasonally adjusted adjusted rate of 402k in the week ending October 22. It was a small change from the slightly revised 404k in the preceding week and in line with forecasts of 400k. (Event A on the chart.)

Pending home sales fell 4.6% in September, following the 1.2% drop in August. The report frustrated market participants who expected an increase by 0.2%. (Event B on the chart.)

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A new Forex broker with an extensive choice of CFD contracts was extra to EarnForex.com today, this time from Belize. It’s ProCFD — a new retail trading company that offers trading via Visual Chart 5 trading platform and its Java edition. It’s an advanced trading platform, which, like MetaTrader, offers advanced tools of trading automation. Traders can open real accounts starting with $100 and trade mini-lots on Forex with up to 1:500 leverage. Other features of this broker include:

• Deposits and withdrawals via bank, credit/debit cards, Neteller and Moneybookers.
• Trade Forex, CFD and cargo.
• Supports accounts in currencies other than USD.
• US residents aren’t allowed.

If you have any questions or comments regarding ProCFD Forex broker, please feel free to answer using the form below.

EUR/USD fell today, while earlier it was moving sideways as traders waited for the outcome of today’s European Union summit. The drop was sharp and its cause is unclear. Today’s data about the US housing market contradicted yesterday’s report as it showed an improvement instead of worsening conditions.

Durable goods orders decreased 0.8% in September, following the drop by 0.1% in August. The forecasts were near the actual value, predicting a 0.7% fall. (Event A on the chart.)

New home sales were at a seasonally adjusted annual rate of 313,000 in September. The report indicates an improvement of the US housing market as this value is above the median forecast of 302,000 and the revised August rate of 296,000. (Event B on the chart.)

US crude oil inventories increased by 4.7 million barrels from the previous week. Total motor petrol inventories decreased by 1.4 million barrels last week. Both are near the upper limit of the average range. (Event C on the chart.)

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Pinbar isn’t a new concept in Forex trading. It has a close resemblance to some other candlestick patterns — Hammer and Morning/Evening Star. But, Pinbar has its own nuances, and today I am pleased to present the basic Pinbar trading system suggest to me by one of the forum members. It’s a very simple trading system, but it’s hard to get it automated. And, even with the fact that it’s using primarily pending orders for entry, you have to spot the pattern as soon as it appears for not to miss the valuable entry opportunity. While you won’t find really excellent set-ups everyday, Pinbar is a well loved patterns and appears quite frequently on many currency pairs and across all timeframes.

Here’s the recent Pinbar pattern occurrence on GBP/USD H1 chart on October 24, 2011:


If you have suggestion or questions regarding the Pinbar Forex trading strategy, please feel free to submit them using the form below.

EUR/USD was trading flat for the most part of today’s trading conference, but later started to decline. At present, the currency pair rebounded and is trading near its opening level as the fundamental data from the US was unexpectedly terrible. Most reports showed worsening condition of the US economy and all of them were worse than forecasts.

S&P/Case-Shiller home fee index fell to 140.56 in August from 140.63 in July. The index was 3.8 percent down from August 2010. (Event A on the chart.)

Richmond Fed manufacturing index stayed at -6 in October, the same value as in September. That’s a disappointment for traders as analysts predicted an increase to 2. Value below 0 indicates worsening conditions for manufacturers. (Event B on the chart.)

Consumer confidence index dropped to 39.8 in October from 46.4 in September (revised from 45.4). That was yet another disappointment as forecast value was 46.1. (Event B on the chart.)

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Very few or none traders at all, whom I personally know, have had Forex trading as their first job. Nearly all of them had studied to get some other profession and then spent years working in fields unrelated to the currency market. Some continue doing so even after achieving a certain level of success in Forex trading. I’ve studied Computer Science in academe and also worked at various positions related to coding. Even now my full-time job is programming rather than the FX market, which is my part-time source of income (or losses during some years ). And what was your profession before Forex? If several choices apply to you, please choose the most recent one (thanks!):

If you have any questions or opinion on the best position sizing methods in Forex, feel free to answer using the form below.

If you have any questions or comments on this technological analysis, please feel free to answer below.

EUR/USD virtually hasn’t gone anywhere in the past three days. The currency pair shows strong swings, but ends at about the same level as the sentiment about Europe and its problems changes from optimistic to pessimistic and than returns to optimism nearly every hour, if not a minute. Generally, uncertainty plays more in favor of the dollar and currently the euro declines, following the huge jump earlier this conference. The data from the US was to some extent mixed today, but for the most part it was proving the recovery is underway in America.

Initial jobless claims went down to 403k in the week ending October 15 from the previous week’s revised figure of 409k. The forecast was 401k. (Event A on the chart.)

Existing home sales declined to the seasonally adjusted annual rate of 4.91 million in September from the upwardly revised 5.06 million in August, being below the forecast figure of 4.94 million. (Event B on the chart.)

Philadelphia Fed Manufacturing Index increased from -17.5 in September to 8.7 in October, showing the first positive reading in three months. Traders were more pessimistic before the report, expecting a negative reading of -9.0. (Event B on the chart.)

Leading indicators increased 0.2% in September, following the 0.3% increase in August. Economists have hoped the index would rose with the same 0.3% pace. (Event B on the chart.)

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