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

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  October 22nd, 2011 Floor Pivot Points Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res EUR/USD 1.3465 1.3558 1.3727 1.3820 ...

• EUR/USD Doesn’t Know Where to Go as Traders Uncertain About Europe

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• EUR/USD Goes Higher with Optimism, Reverses Positive Trend

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• Unexpectedly Bad Fundamentals in US Supported EUR/USD

  October 25th, 2011 EUR/USD was trading flat for the most part of today’s trading session, but later started to decline. At present, the currency pair rebounded and is trading near its opening ...

• Pinbar Pattern Strategy

  October 25th, 2011 Pinbar isn’t a new concept in Forex trading. It has a close resemblance to some other candlestick patterns — Hammer and Morning/Evening Star. However, Pinbar has its own ...

EUR/USD surged today to the highest level since 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 faster pace in the past three months, but the reports about the housing market make traders scratch their heads. The bad report was followed by the good report, while today another bad report was released. 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 released today, showing an increase of 2.5% in the third quarter of 2011. That’s a big improvement over second 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.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

Posts Related to EUR/USD Surges as EU Leaders Make Headway in Rescue Plans

• EUR/USD Drops After EU Summit Started

  October 26th, 2011 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 ...

• EUR/USD Doesn’t Know Where to Go as Traders Uncertain About Europe

  October 20th, 2011 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 ...

• EUR/USD Goes Higher with Optimism, Reverses Positive Trend

  October 19th, 2011 EUR/USD climbed today on the speculation that European leaders will boost the European Financial Stability Facility (the rescue fund). It looks like the optimism was short-live, though, ...

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  October 25th, 2011 EUR/USD was trading flat for the most part of today’s trading session, but later started to decline. At present, the currency pair rebounded and is trading near its opening ...

• Pinbar Pattern Strategy

  October 25th, 2011 Pinbar isn’t a new concept in Forex trading. It has a close resemblance to some other candlestick patterns — Hammer and Morning/Evening Star. However, Pinbar has its own ...

A new Forex broker with an extensive choice of CFD contracts was added 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 commodities.
• 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 reply using the form below.

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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 gasoline inventories decreased by 1.4 million barrels last week. Both are near the upper limit of the average range. (Event C on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

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• Forex Technical Analysis for Week 10/24—10/28

  October 22nd, 2011 Floor Pivot Points Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res EUR/USD 1.3465 1.3558 1.3727 1.3820 ...

Pinbar isn’t a new concept in Forex trading. It has a close resemblance to some other candlestick patterns — Hammer and Morning/Evening Star. However, Pinbar has its own nuances, and today I am happy 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, despite the fact that it’s using mainly 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 good set-ups everyday, Pinbar is a popular 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.

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EUR/USD was trading flat for the most part of today’s trading session, 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 bad. Most reports showed worsening condition of the US economy and all of them were worse than forecasts.

S&P/Case-Shiller home price 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.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

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

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

Posts Related to Forex Technical Analysis for Week 10/24—10/28

• Forex Technical Analysis for Week 10/31—11/04

  October 29th, 2011 Floor Pivot Points Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res EUR/USD 1.3432 1.3615 1.3881 1.4064 ...

• EUR/USD Doesn’t Know Where to Go as Traders Uncertain About Europe

  October 20th, 2011 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 ...

• EUR/USD Goes Higher with Optimism, Reverses Positive Trend

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• Unexpectedly Bad Fundamentals in US Supported EUR/USD

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• Pinbar Pattern Strategy

  October 25th, 2011 Pinbar isn’t a new concept in Forex trading. It has a close resemblance to some other candlestick patterns — Hammer and Morning/Evening Star. However, Pinbar has its own ...

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 almost every hour, if not a minute. Generally, uncertainty plays more in favor of the dollar and currently the euro declines, following the big jump earlier this session. The data from the US was somewhat 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.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

Posts Related to EUR/USD Doesn’t Know Where to Go as Traders Uncertain About Europe

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