Tuesday, May 26, 2009

MetaTrader 5 Client Terminal

MetaTrader 5 (MT5)

Taken from mql4.com:

Two years ago we started the development of MetaTrader 5 platform. Now this work is approaching completion and by autumn we are planning to release the new platform. Beta testing of the new client terminal and MQL5 development environment starts in summer.

The trading system of the MetaTrader 5 terminal was re-written from scratch, as well as the whole platform. As compared to MetaTrader 4, trading possibilities of the new terminal are much wider. First of all, the MetaTrader 5 terminal allows working in various markets. Directly from the terminal you will be able both to execute trading operation in Forex and work with options, futures and stock

Secondly, in addition to already familiar Market Watch, the Depth of Market will be available in MetaTrader 5. This tool is necessary for working in stock markets. Thirdly, the order system is extended: the total number of order types is equal to 5 (in MetaTrader 4 there are 4 types of orders).

MetaTrader 5 terminal supports 4 types of operation execution: Market, Instant, Request and Exchange. The new execution type Exchange is developed for processing trade operations with stock symbols.

Profound differences between notions of position, order and trade appeared in MetaTrader 5. Order is a request to execute a trade operation, the result of which can be a trade. A position is the total state of trades on a certain financial security. Any financial security can have only one position.

Special reports are available in the new terminal for the convenient analysis of trading activities. Reports show not only initial and final deposit values, but also other parameters. Using these reports, you will know such results of your trading as, for example, GHPR, Z-score, Profit Factor and others.


Analytics

Analyzing price dynamics of financial securities is the most important component of a successful trading experience. In MetaTrader 5 we tried to provide traders with as many analytical tools as possible.

Three types of charts are available in MetaTrader 5: broken line, Japanese candlesticks and bars. For the analysis of these data 38 built-in indicators, 39 graphical objects and the large variety of MQL5 indicators can be used. All these analytical tools can be combined in different ways: objects can be applied to indicators; indicators can be built on the basis of other indicators and so on.

The history of quotes in MetaTrader 5 is stored only in M1 form and all charts are built based on them. This solution allows extending the number of timeframes up to 21, so that any period from minute to month can be used to analyze quotes. The main limitation on timeframes is their multiplicity: one hour must contain the integer number of minute periods. The following timeframes comply with this rule: M1, M2, M3, M4, M5, M6, M10, M12, M15, M20 and M30.

Besides, format of history data storing in MetaTrader 5 is space-efficient. For example, M1 history of GBPUSD quotes for ten years occupies about 10 MB only. This history being downloaded once, you will be able to build any charts on this symbol starting from M1 till MN1.


Autotrading

The integrated development environment MQL5 is responsible for the development and use of Expert Advisors, custom indicators and scripts in MetaTrader 5. It includes MetaEditor 5, MetaTrader 5 Strategy Tester and MetaQuotes Language 5 (MQL5).

The MQL5 language for programming trading strategies is distinct for high speed of execution and approaches C++ in terms of this parameter. As compared to MQL4, the new language is 4-20 times quicker. This allows using more complex Expert Advisors able to process large amounts of data per time unit and therefore obtain more precise forecasts of price dynamics. Besides, the new language is object-oriented which makes the development of Expert Advisors quicker and easier.

For writing Expert Advisors MetaEditor 5 is used, which includes the new IntellySence system. It automatically completes various constructions of the language thus quickening the EA development process. The built-in debugger allows to quickly find errors and fix them. After the EA is ready and its compilation is performed, it automatically appears in the terminal and can be immediately started to work in the market.

MetaTrader 5 Strategy Tester is a very powerful tool for any developer of Expert Advisors. It helps to obtain results of an EA behavior on the history before using it in real trading. Detailed reports on a trading system allow to estimate the Expert Advisor and detect its weak points, as well as to compare the EA with other developments. Besides, optimization of Expert Advisors allows to define the most efficient parameters of their variables and make the EA maximally profitable.

Wednesday, May 20, 2009

How To Use Fibonacci Numbers in Forex and Stock Trading

Fibonacci is a sequence of numbers discovered by Leonardo Fibonacci, an Italian mathematician: 0, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, 377, 610, 987, 1597, 2584, 4181, 6765, 10946, 17711, 28657, 46368, 75025, 121393 …….

As you see the numbers are started by 0, followed by 1, and then the third number is calculated through adding 0+1 (the first and the second number). Then for getting the forth number (3), the second and third numbers should be added (1+2) and …….

It was easy so far, isn’t it?

Now if you measure the ratio of each number to the next one, you will have the Fibonacci Ratios that are the same numbers (levels) we use in our Forex or stock market technical analysis: 0.236, 0.382, 0.500, 0.618, 0.764 …….

To use these numbers in technical analysis you don’t have to make any calculation and you don’t have to even memorize them because all the trading platforms let you draw the Fibonacci levels and they have everything ready to use.

The only thing you should know is how to use the Fibonacci levels in the technical analysis.

The most important thing you have to know is that the Fibonacci levels act as support and resistance. When the price goes up, they act as the resistance and visa versa. Also like ordinary supports and resistances, when a Fibonacci level is broken as a resistance, it can act as a support and to be retested. It is the same as when a Fibonacci level becomes broken as a support (it can act as a resistance then).

You may ask why Fibonacci levels work in forex and stock market? What is the relation between the price of the currencies and the Fibonacci numbers?

The answer is “we don’t know”. The only thing we know is that Fibonacci numbers work in everything from the microscopic materials like DNA molecule to the distance between our eyes, ears, hands, even the distance of the planets in the solar system and the way they move in the space, even the distance and pathway of the stars in the universe and finally in the currencies’ prices and the way they move up and down. Fibonacci numbers can be found anywhere in the world.

Why? You have to ask God !

Of course I don’t know why “Fibonacci numbers and why not any other number?” but I do know why the same numbers can be found in everything: The same numbers can be found in everything because everything is created by the same God.

I think you have already seen the below painting by Leonardo Da Vinci (he is another Italian scientist and physician). If you draw the Fibonacci levels on it (as I did) you will see how the Fibonacci numbers specially the 0.618 works. They say 0.618 ratio can be seen in everything in our body in the internal and external organs.

How can we use the Fibonacci numbers in Forex trading? That’s the question.

By using the Fibonacci numbers in the charts, you can find more supports and resistances. It will be a big help to choose the right direction and avoid entering to a wrong trade.

To use the Fibonacci numbers in the charts, you have to find the top and the bottom of the previous trend. When the previous trend has been a downtrend, you draw the Fibonacci levels from top to the bottom and extend the lines in the way that they cover the next completing trend and when the previous trend has been an uptrend, you draw the Fibonacci levels from the bottom to the top and extend the lines in the way that they cover the next completing trend.

>>> You have to wait for the trend to become completed: You can not draw the Fibonacci levels while the trend is not completed. When you can not find a completed trend in a time frame, you have to look for one in the smaller or bigger time frames in the same currency pair or stock.

For example at the below chart, I drew the Fibonacci levels from the beginning of an uptrend that was started on 16 Aug 2007 to the end of it that was on 23 Nov 2007. I drew the levels from the bottom to the top.

Now lets see how the Fibonacci levels worked as support and resistance in the next trend.

Follow the red numbers on the chart:

1. The price that started to go down on 23 Nov 2007, touched the 23.60% level on 5 Dec 2007. This level worked as a support and so the price went up as soon as it touched the level but then went down to retest the 23.60% level.

As you know, usually when the price can not break a support or resistance, it tries to retest them later and sometimes it can break them after retesting.

2. So the price went up but tried to retest the 23.60% level eight days later on 14 Dec 2007 and succeeded to break the 23.60% level this time and so went down.

3. The price touched the 38.20% level on 17 Dec 2007 and tried to break it for five days but failed and so started to go up on 23 Dec 2007. It touched the 23.60% level when it was going up and could break it without any problem on 27 Dec 2007.

4. On 31 Dec 2007 it went down to test the 23.60% as a support. On 2 Jan 2008 it failed and went up.

5. Currently (17 Jan 2008) it is retesting the 23.60% level once again as a support and if this time it breaks the 23.60% level, it will go down and if not, it will go up.

Let’s look at some another example. Follow the red numbers on the chart:

There was a big downtrend in the GBP/JPY that started on 22 July 2007 and ended on 17 Aug 2007. So I drew the Fibonacci levels from the top to the bottom (from 22 July 2007 to 17 Aug 2007).

1. While going up, the price touched the 23.60% level on 20 Aug 2007 and could break it easily but on the next day it went down to retest the 23.60% level as a support. It could not be broken and so the price went up.

2. The price didn’t show any reaction to the 38.20% level as a resistance and went up but was stopped by the 50% on 26 Aug 2007. From 26 Aug to 1 Oct 2007 the price went up and down between the 23.60% and 50% levels. During this period of time, the 38.20% level worked as support and resistance several times and it seemed that the price was rotating around the 38.20% level. It made a consolidation around the 38.20% level.

3. The 50% was broken finally on 1 Oct 2007 and the price went up.

4. It had a hard time in breaking the 61.80%. It tried for ten days from 5 to 16 Oct 2007 to break the 61.80% level but failed and bounced down.

5. While going down, it passed through the 50% level without any problem but was stopped by the 38.20% level that acted as support on 22 Oct 2007. It went up on 23 Oct, tested the 50% level, went down on 24 Oct and then tested the 50% on 29 Oct and could break it up.

6. On 31 Oct 2007, it reached the 61.80% once again and tried for several days but failed again, went down and made a double top.

It became completely disappointed about going up and retesting the 61.80% level because it went much lower after it failed to break the 61.80% level.

7. On 9 Nov 2007 it broke the 38.20% level and made a consolidation around the 23.60% level. Like the 61.80% level, the 23.60% level acted as support and resistance several times and a consolidation was formed around it.

As you know, consolidations including, triangles, wedges, pennants and channels are continuation patterns. It means the price will go to the same direction that it was used to go before the consolidation forms.

8. Finally it went down, broke the 0.00% level on 2 Jan 2008.

What do you think now?
Can you ignore the Fibonacci numbers in your trades?

As you see the effect that they have on the market is not negligible and in fact is highly considerable. I know this question is formed in your mind that why they have such a big effect on the market. Why the prices become stopped sometimes for several days below or above the Fibonacci levels?

(Of course if you use the Fibonacci levels in the bigger time frames like weekly and monthly charts, you will see that sometimes the price becomes stopped by one of the Fibonacci levels for several weeks.)

The answer of this question has no effect on our trading. I mean whether you know the reason or not, you can use the Fibonacci levels in your trades. I know most of you don’t care about the answer but some of you are eager to know.

Well! If the Fibonacci numbers are used in the formation of our body, from our genes (DNA molecule) to our internal and external organs, So they are also effective in our behavior.

And the price of the market goes up and down because of the behavior of the traders: Buying and Selling >>> Bulls and Bears

So the market has to show reactions to the Fibonacci levels.

What time frame is better for using the Fibonacci levels?

It depends on your trading system.

You can use the Fibonacci levels in all time frames. When you use them in the bigger time frames like daily, the result will cover and will be applicable for the several next days, weeks and even months and when you use them in smaller time frames like 5 minutes, the result can be applicable only for few hours because the price will leave the Fibonacci level area very soon.

You drew the Fibonacci Levels on your chart. What next?

As I already explained, Fibonacci levels act as support and resistance.

So when the price is going up and you have already entered to a long position (you have bought), you should be careful when the price becomes close to one of the Fibonacci levels. It is possible that it goes down and you lose the profit you had already made. So you have to move your stop loss to the open price of the first candlestick that is touching the Fibonacci level or a little higher. It depends on the length of the candlestick.

Or simply if you have made enough profit, you can close your trade and wait for the price to break the Fibonacci levels or fail and go down. You can take a new position then.

It is the same as when the price is going down but in this case the Fibonacci levels act as resistance.

Also keep in your mind that when one of the Fibonacci levels is broken, the price usually returns to retest. If you get ready for all these possibilities, you will not be trapped.

You treat the Fibonacci levels like real supports and resistances. They really have no difference and sometimes they act even stronger.


FOREX TRADING - Scalping

Forex Pivot Point Trading

Methods of Foreign Exchange Trading For Starters

If you want to get around some real foreign exchange trading for starters, knowing the trade methods themselves is your best bet. Foreign currency trading is not just a mere gesture of giving out currencies as the other party needs it. Methods are necessary to control the success of the business flow. There are different types of transaction processes which you can use according to your level of comfort.


1. Spot Currency Trading - This accounts for most of the exchanges happening in the foreign currency trading business. Spot currency trading usually involves two currency traders. What happens here is that the buyer ends up calling the seller. But at the beginning of the transaction, the buyer will not yet reveal his intention to purchase any currencies offered by the seller. The seller will proceed to entertain the inquiries of the buyer and in the process informs the currency rates. Should the buyer feel comfortable with the said rates, both parties may reach a decision to transact business with each other.


2. Forward Trading - This method involves a more long term investment. The essence of forward trading is that the agreement to make the trade is finalized days or even years before the actual day of exchange. So in here, both parties (the buyer and the seller) would agree to exchange their currencies for a specified date in the future regardless of the rates that their currencies may have by then. This type of trading is often done between big companies. It also has two different types:

* Swap - This is the most common type of forward trading. In here, both the buyer and the seller agree to make currency exchanges for a specified period of time. Then their roles will eventually swap after the said period of initial exchange.
* Future - This is the forward trading used by most big companies. In future trading, a contract is drafted for the exchange with emphasis on the maturity rates.


3. Option Trading - This type of method is perhaps a flexible tool considered in our foreign exchange trading for starters. This is because option trading is the extended version of forward trading. Forward trading sort of binds involved parties to make the specified transaction. But with option trading, the involved parties only obtain the rights to buy the currency at the agreed upon date or during the duration that lapses. In here, the strike price is what's crucial as this is the rate agreed upon in terms of buying and selling.


Although these methods of foreign exchange trading for starters may be promising, it is still important to note that all of them come with their own particular risks. After all, foreign currency trading is a volatile and dynamic type of business. These methods come with their own brand of advantages and disadvantages so it is imperative that when you use them, you fully understand their capacity first. Currency trading is a very fluid business and these methods may also provide different risks for different transactions.

Finding A Forex Broker For Dummies

Online brokers give an important role to play when you open an online trading account. Every Last broker can offer different services and features. You must research all the online brokers to find the foremost broker to meet your needs. I experience listed a huge number of online brokers and placed their information for you to read in one easy-to-read webpage. This is a free, "no-cost to you" service for our valued readers and can be seen on this link Best Forex Broker

What to search for in an online broker.

Brokerage House rates - this is the range at which you are charged for buying or selling through your online account. These rates are usually charged based on a sliding scale. The more units you purchase in a single transaction, the less the "cost per unit" you will pay. The correct sliding scale can vary and may sometimes be negotiable for larger buys. Compare for each one broker and read the fine print within contracts. Selection the one that best meets your buying and selling style.

History fees - Look for hidden fees in account contracts within the terms and conditions. I acknowledge of one broker who requires an extra $10 to transfer money out of an account "quickly" as against withdrawing money normally. Hardly a reasonable fee, I'd say. All fees should be listed in the terms and conditions listed in opening an account.

Phone access - Online services can go down during hours of service. Gaps to broadband services, power outages and computer problems can stop you from accessing information you need at critical points. This is why you must experience phone access to your online broker. Do not even consider using an online broker if they do not provide phone access.

Access to your money - I prefer giving instant access to my money regular though it is held in a cash account by the broker. Most brokers will experience a cash account facility that is linked to your trading account. My account is linked to a MasterCard account, which means I can access that money anytime through any ATM or make purchases as I would normally using a MasterCard. Don't be misled into thinking you must only have a separate cash holding account with the online broker. There are lots of options open to you as a client and good online brokers will provide several options for your cash holding account.

Extra benefits - essay out those brokers that give you extra inducements to open an account with them. Some offer a limited free brokerage period. Others will offer free reports on the markets you are interested in. These bonus offers can help you getting you account given and setup a profitable trading account. For more information on finding the best online stock broker feel free to visit our website.

The CFD FX REPORTis the real time traders tool, that gives you daily trading ideas, stock market and forex education.

Choosing Forex Brokers in USA

The US dollar is one of the most powerful currencies in the forex trading system. It is actually one of the most basic trading values used in this specific market. So if you are new in the market and you would like to learn the ins and outs of the US dollar trading, you might be able to boost your profits with the help of forex brokers in USA. Forex brokers serve as the middle man between two different parties-you and your buyers or sellers. They can also give you their consultancy services in the process.


You can choose to either get in touch with forex brokers in USA as a consultant or you can also choose to employ them as your trading partner. Either way, they can be an asset for you if you know how to use their influence and expertise accordingly. Two of the most important things that you need to understand when choosing your US forex broker is the forex spread which they currently use and the reputation as well as the capital they have to sustain them.


Utilizing the Forex Spread through these Brokers


A forex spread is actually the method of trading in itself. When you trade with people in the currency market, each network you have can be considered as a spread. But when you make use of forex brokers, they use a number of spread methods to make sure that you get more exposure which can also translate into more profits for them. The term is coined as spread because it makes efficient use of scanning the market for potential customers. But one thing you should keep in mind is that its different spread strokes for different forex brokers.


Forex brokers in USA may or may not publish their prices on their site. This is actually an important point to consider because it helps you understand how much profits you can gain out of them when done in comparison with spreads. There are actually two different types of forex spreads-the fixed spread which makes use of a fixed method and currency rates regardless of the trading time and the variable spread which may depend loosely on the current scene in the trading market.


Reputation and the Brokers' Capital Resources


Of course there's also the issue of choosing your broker depending on the reputation they have. Reputation is important especially if you want to expand your networks. You will also be surprised how some potential business partners may choose to not deal with you if you have a forex broker who's professional ethics are questionable. In the world of forex, it may not always be about profits.


Another important consideration is capital resources, because it gives you an idea of the rates and features you will get to enjoy through the forex broker you choose to hire. Some may be able to waive your fees and there are also those who will be able to connect you with other rising forex markets. They may end up to be a wealthy source of vital business information.

Reading Forex Broker Reviews

Most traders and investors out there know, the foreign exchange market is the largest market in the world. This is why we are seeing so many people making the transition from shares, options, futures to the Forex Markets. With the brilliant liquidity, much longer trading hours, we are seeing traders realize returns as much as 40% a month and in some cases even more.

However if there is big money to be made, there are big scams too. Everyone wants to profit, including all the wall of traders that do not educate themselves with the basic and look to make the quick riches. They also make the mistake of not picking the best forex broker for their own trading.

The best forex broker is an individual could choose is one that has a good history that is available for the public to see. No the CFD FX REPORT has recently used all of there knowledge to research the best brokers, so you can visit them for a broker suggestion.

With a market that is as large as the forex market and very high returns, scams become a thing of the normal.

Criteria to Find the Best

Make sure that you read all of the fine print with the brokers. Looking at the regulation they need, and where the money held and how easy you can access your funds
.
Its your money and like in every market there is some risk. Just make to most informed and educated decision you can and prepare yourself for a strong relationship.

Another big component that most traders look for in the Best Forex Broker is the spreads they offer. This is the difference between the bid-ask price that they offer. This is the commission they receive for marking executing your orders. As it may seem a good thing that low spreads are offered but should not be the only basis for making your decision. Other factors can come into play that make up for the broker offering lows spreads.

Your forex broker will become a long term financial partner through your forex trading success. The biggest thing you can do and get out of this article is do your research before making your decision. Remember with so much money to be made in the market, there are always those that will want to take away from others that are successful.

Choosing the best forex broker might be the most important decision you make when looking for financial freedom in the forex markets. Selecting the right broker is an important as finding a winning trade.

Happy Trading

Technical Indicators In Forex Trading - Understanding Their Limitations

Forex traders often look at indicators such as Bollinger Bands, Pivot Points, MACD, Moving Averages and the such to help them determine where to enter or exit trades. Using technical indicators is fine, however many traders overemphasize their importance or just plain misunderstand them.

Many forex traders think that they can simply download an indicator and then mechanically apply it into their trading and do so profitably. This is just a plain illusion. Successful traders realize that there is a lot more to using indicators than just asking them to generate buy/sell signals or pin-point exact entry points. Technical indicators for them represent just one part of their trading strategy.

LetЎЇs take a look at some of the reasons why you should not put all your faith into those sometimes confusing little indicators.

Take Moving Averages (MAЎЇs) for example. They are "supposed" to show the direction of the trend. The most common and often used are the simple 200day MA, 100day MA, 50day MA, 35day MA and the 21day MA but they are only valid on daily graphs. Some forex day traders say that a good signal is when the 50day MA is crossed by the 13day MA and that when this occurs you should trade in the direction of the cross.

The problem with this (apart from the fact that it only works on daily graphs) is that these types of Ў°crossesЎ± do not occur often enough for traders to exploit them. This can often lead to a situation where traders are seeing what they thought was a cross now reverse and uncross. Even worse, it can lead to a situation where day traders are "chasing" and trying to anticipate a cross. If you are doing this, you are distancing yourself from the market which you are trying to trade. Not only are you trying to guess what the price is going to do next but you are guessing what the indicator, based on the prices, is going to do next.

Other problems with technical indicators involve issues with the quotes and prices given to you by your broker. Forex brokers are market makers and as such different brokers will give you different quotes and prices at a specific point in time. Naturally, a different price could lead to a situation where different traders, trading the same market have the same indicators giving them different responses. ThatЎЇs how arbitrary technical indicators can be.

Finally, a lot of these technical indicators were developed by people trading the stock market. With the growth of computers and software packages that incorporate these indicators, technical analysis has become very popular and spread to other markets such as the forex market. What currency traders should be aware of however, is that as these indicators were developed in a time where real time information did not exist. As such, the limitations of technical analysis becomes even more exaggerated in forex trading ЁC not only is technical analysis an interpretation of historical events but it becomes even more so in the forex market, a market moved by real time events.

Conclusion:

Successful forex traders understand the limitations of technical indicators and realize that technical analysis should incorporate just one part of their trading strategy. In a recent international Forex market event visited by the major banks and institutions - the main players that influence the foreign currency market ЁC a survey was done to better understand what analysis they use. The results might be surprising to some tarders. The survey showed that a mere 26% use technical analysis and indicators compared to 41% who said they use fundamental analysis.

Moving Average Convergence Divergence (MACD) Momentum Indicator

The MACD is a great trending indicator that can be used for many daytrading strategies. A bullish market is indicated by the faster-moving average crossing the slower-moving average on the way up. A bearish market is indicated by the faster-moving average crossing the slower-moving average on the way down. On top of that, the MACD has different periods for the fast- and slow-moving averages. The typical default MACD periods are 8, 17, 9 or 12, 26, 9.

The MACD is based on three moving averages, however, they essentially show up as being only two lines. The 8 Ѓ period and the 17 Ѓ period moving averages are combined to form the faster-moving average line. The 9 Ѓ period exponential moving average forms the slower-moving average. In your daytrading strategy, the MACD moving average lines can be read for three pieces of information to give you the buy and sell signals you need for successful trades.

The first type of buy and sell signal you get from the MACD is called a breakout. This breakout is signified by the faster-moving average crossing the slower-moving average. If you were to examine a MACD chart, you would see a few places where this is happening. Like we talked about earlier, when the faster-moving average line crosses the slower-moving average line on the way up, you’ve got a bullish signal. Conversely, when the faster-moving average line crosses the slower-moving average line on the way down, you’ve got a bearish signal. That’s a breakout. There are some traders who will enter or exit a trade based when the line crosses, however, keep in mind that by doing so, you could limit potential profits and take on additional losses.

The second type of buy and sell signal we can get from the MACD is to test for support and resistance. When you’re day trading stocks, you might be told to trade on the cross, but here is something you can add to your strategy instead of just blindly trading at the cross. What you can do is check to see if the indicator lines are moving in the same direction and test the indicator line as being a support or resistance line after the cross.

The last type of buy and sell signal we can get from the MACD is divergence information. When the fast- and the slow-moving average lines move away from each other, the mound on the chart expands. As these lines draw near to each other, the mound shrinks. That is called divergence. Divergence is an important day trading tip that can strengthen your position on a trade if read correctly.

Using the MACD is a good way for experienced day traders to get an idea of when to buy and sell based on averages that give you a logical reason to buy or sell at a particular time.

Lines of trends, support and resistance

The trendline. A trendline is a main initial element for the price chart analysis. While the market moves in any direction not along a straight line but along a zigzag, the mutual placement of upper and bottom points of those zigzags permits to plot a line connecting the significant highs (peaks) or the significant lows (troughs) of an appropriate zigzag using technical tools of the computer program. 

To draw a trendline only two points are necessary and the third one is the contact point confirmation. On a bullish trend chart it should be drawn using troughs, on a bearish Ѓ using peaks. The trendline and a line which is about parallel to it and drawn on the opposite side (through peaks on a bullish trend and through troughs on a bearish) form the trade channel. Both lines are then channel's borders.

Lines of support and resistance. The upper and the bottom borders of trade channels are called accordingly support and resistance lines. The peaks represent the price levels at which the selling pressure exceeds the buying pressure. They are known as resistance levels. The troughs, on the other hand, represent the levels at which the selling pressure succumbs to the buying pressure. They are called support levels. In an uptrend, the consecutive support and resistance levels must exceed each other respectively. The reverse is true in a downtrend. Although minor exceptions are acceptable, these failures should be considered as warning signals for trend changing.

The significance of trends is a function of time and volume. The longer the prices bounce off the support and resistance levels, the more significant the trend becomes. Trading volume is also very important, especially at the critical support and resistance levels. When the currency bounces off these levels under heavy volume, the significance of the trend increases.

The importance of support and resistance levels goes beyond their original functions. If these levels are convincingly penetrated, they tend to turn into just the opposite. A firm support level, once it is penetrated on heavy volume, will likely turn into a strong resistance level. Conversely, a strong resistance turns into a firm support after being penetrated. In general, to evaluate the reliability (that is the possibility of a break) of the trade channel borders taking a decision to close or to save an existing position one should govern himself with following rules:

1. A channel is the more reliable the longer it exists. Hence, the solidity of very old channels (e.g. existing more than 1 year) decreased sharply.
2. A channel is the more reliable the more is his width.
3. The resistance may be broken if it is bounced on the background of a growing volume.
4. A steep channel is less reliable in compare to a gentle one.
5. The support may be broken independent on the volume.

Forex Trading Signal - A Free Simple to Understand Equation Which Makes Big Profits

Here we are going to look at a free Forex trading signal that makes big gains and has done for over 25 years and is used by some of the world's top traders in their Forex trading strategies. Let's take a look at it. 

The signal doesn't even need trading software to generate it, you can actually do it in your head. The signal is credited to famous trader Richard Donchain who is considered the grandfather of modern trend following and he called it the four week Rule and this is the rule 

1. When prices move to a new 4 month high buy a currency and hold it. 

2. Wait for a new 4 week low to occur, liquidate the long and take a short position. 

3. Always maintain a position long or short in the market and simply reverse on each new 4 week high or low. 

The above rule could not be simpler but it works and if you test it, you will see how much money it makes and the reason it works is because it works on two pieces of logic which will never go out of date and there the following: 

1. Markets trend up or down for sustained periods of time. 

2. All major trends start and continue from major breakouts 

This system over the long term, will catch a good chunk of profit from every major trend but despite the fact it works most traders won't use it for the following reasons: 

1. They prefer the get rich quick route and buy a cheap automated software package with no independent verification of gains instead, the above Forex trading signal is proven and has a real track record over a quarter of a century.

2. It takes discipline to follow as its long term and traders have a problem with holding long term trends, they think trading frequently means more profits and its clear this is not true. 

3. Most traders simply pass it buy because they think a signal so simple cant work but of course all the best systems are simple because they are so robust. 

The 4 Week Rule, as stood the test of time and any trader can use it to seek Forex trading success. In the next article in this series we will look at how to add filters to the above trading signal to make it even more effective and also look at some of Richard Donchian's other Forex trading tools.

Successful Options Trading Strategies

When it comes to giving people the hope of becoming a millionaire overnight, the stock market excels. Every day we see evidence of stocks that have flown upwards as if they had wings, providing investors with a windfall of profits. It's inevitable that catching one of those stocks just before it takes off is an exciting possibility, inspiring the beginning trader to take the plunge. When you trade options, the stakes are raised, making those massive profits even more attainable, but the basics that underlie successful trading in the stock market are the same as those for trading options.

Once you start to look at trading stocks, you find yourself plunged into a confusing nightmare where hundreds if not thousands of people are pushing "their" system that is supposedly infallible. For a beginner, it's easy to get drawn into the complex net, believing that there must be a simple solution that will hand you the keys to stock market success. These keys will see you finding winner after winner, and making your fortune.

The reality, however, is that there are no keys that will find a winner every time. After all, if that was possible, how could anyone ever lose any money in the market? And if nobody loses, then how can someone else gain? The whole stock market would collapse.

Having said that, there are a number of very successful trading systems that work well over the long term. It's important to realize that a winning system is one that consistently delivers profit over a longer time frame - and part of the equation is that a percentage of trades will be losers. Once you learn to look at the bigger picture, rather than focusing on the individual trades, you'll be a lot more successful in the market.

There are a couple of approaches to the market that are popular across many systems. One is to take small losses when they happen, and let your winners run. So you might take six little losses, which are more than compensated for by one huge gain. This type of approach takes a lot of confidence and self-discipline, as it's very easy to give up if those six little losses all happen in a row, without a winner in sight.

Another approach is to take your profits after a certain percentage of gain, and occasionally put up with a medium sized loss. This system is nice if you like to see profits, because you don't run the risk of a stock that's risen suddenly dropping again and wiping out your profit - you took your profit early. However you also run the risk that the stock will continue to fly upwards and you miss out on that profit. This system can be risky, because you need a number of small profitable trades to cover one of the losses.

If you can't make up your mind which approach suits you, why not try more than one? You can always split your capital over a couple of portfolios, and use a different strategy for each portfolio. This can be time consuming, but at least you can then make a logical comparison of the choices and decide which one has worked best for you.

It's also important not to abandon your system the second you see a trade making a loss. Far too many traders think that they're only successful if every trade is a winner, which is ridiculous. Then the trader switches to another system, messes around with that for a while, sees a loss, and switches again. You need to find a system that gives you a good overall return, and stick to it. The more you chop and change, the higher your chances of losing more.

Most of the success that comes with trading comes from one source - and it's not the perfect trading system. It's all about you. Trading is more about psychology than watching the charts. You need to have the right character to be a successful trader. Self discipline, confidence, the ability to see the bigger picture, accepting losses as part of the game, controlling your fear and greed - all of these elements work together to make you a successful trader.

If you can identify a system that delivers a consistent profit, and have the discipline to stick with it even when an individual trade loses, then your chances of success are high. And remember - it's always good to start with pretend trades to get the hang on things, before you commit your life savings to the market.

Forex Trading System - A Key To Successful Forex Trading And Trading For A Living

Losing money in forex?

Every one has his days when no matter how well he has planned out his trades, he may find some of his trades not performing to what is planned. It is only natural for one to feel upset, but for the follower of a forex trading system, making money or losing money from that trade is not the paramount objective.

Why is this so?

For the trader who employs a forex trading system, he can still face the losing trade with a smile, because he has had followed through the trading signals in a disciplined way, and it is only when a trader follows a system, he can be sure of keeping his losses small and to live to trade again another day.

By using a forex trading system, the trader can have a cool head, and can face his trades rather unemotionally. He can execute his trades following pre-determined price levels of initial stop loss, trailing loss and computed and projected price profit.

He knows his tolerable level of loss, his threshold of pain - and of course, his risk to reward ratio even before he trades.

Now when a trader has a trading system and follows through the trading plan, making profits is a natural result when he makes a correct trade. But when his trade is wrong, his forex trading system will very quickly show him that the direction of his trade is wrong, so that he is out of the game fairly quickly.

I am often flabbergasted at some very broad claims of some traders who condemn day trading systems and relegate them to the garbage bin. When you look at forex trading systems, review them quickly by peer recommendation whenever possible. By peer recommendation, I mean you can ask existing traders their experience on the trading system, and how they are doing with it. Posting to the numerous reliable trading forums will allow you to receive some independent reviews fairly quickly. At the same time, my personal experience, and that of many other professional traders is that day trading can be profitable, though it is never easy to day trade. Otherwise, how is it that so many day traders are able to earn their income day trading the short swings of the market daily for a living? So it is important for you to have a broad view of forex trading systems if you are contemplating of learning or purchasing any trading system that relates to day trading.

If you ever wish to trade successfully, whether you day trade or swing trade, it is important that you have a trading system that will allow you to approach trading in a disciplined manner. It is only when you are a disciplined trader that you can see consistent large gains and small losses.

Forex Options Tips - Tips to Increase Profits and Decrease Risk!

If you have never considered sing Forex Options then you should. They can simply overcome the major problem most Forex traders face - getting stopped out by short term volatility... 

A Forex Option gives you unlimited profit potential and your risk is simply the price you paid for the option. This means, prices can go anywhere in the short term but so long as the option trades above the price you bought it at, in rising market or below in a falling market you make money. 

How many times have you been stopped out by short term volatility, only see the price go right back the way you thought they would, make thousands of dollars and your not in the trade? 

It happens to most traders! 

Picking the direction of the long term trend is easy; balancing the risk reward in the short term is the hard part. You want to be in the trend - but you don't want to have to worry about short term risk. Staying power is the key advantage Forex options give you.

Options are a great tool to limit short term risk - but you need to use them correctly and here are two simple tips. 

1. Always Buy at or in the Money Options. 

Never buy way out of the money options, as these are long shot bets. 

Sure the profit potential is bigger, if the strike price is hit but the key word here is "if"; out of the money options, are the equivalent of outsider bets and the outsider doesn't normally win!

2. Get Time on your Side

The closer the option is to expiry, the more time decay plays a role in option value. Never buy options with less than 3 months to expiry, so you have plenty of time on your side. 

Options the Ultimate Risk Control Tool!

Forex options are a powerful tool any Forex trader should look at to deal with volatility and gain staying power. The problem most of the time is not deciding where a currency will go long term but where to place your stop and options take care of this problem, by giving you staying power. 

If you don't know much about options, then make them part of your essential Forex education and add a valuable tool, to your armoury for bigger Forex profits.

Forex Money Management by FX Master

Money management is a critical point that shows difference between winners and losers. It was proved that if 100 traders start trading using a system with 60% winning odds, only 5 traders will be in profit at the end of the year. In spite of the 60% winning odds 95% of traders will lose because of their poor money management. Money management is the most significant part of any trading system. Most of traders don't understand how important it is.

It's important to understand the concept of money management and understand the difference between it and trading decisions. Money management represents the amount of money you are going to put on one trade and the risk your going to accept for this trade.

There are different money management strategies. They all aim at preserving your balance from high risk exposure.

First of all, you should understand the following term Core equity
Core equity = Starting balance - Amount in open positions.

If you have a balance of 10,000$ and you enter a trade with 1,000$ then your core equity is 9,000$. If you enter another 1,000$ trade,your core equity will be 8,000$

It's important to understand what's meant by core equity since your money management will depend on this equity.

We will explain here one model of money management that has proved high anual return and limited risk. The standard account that we will be discussing is 100,000$ account with 20:1 leverage . Anyway,you can adapt this strategy to fit smaller or bigger trading accounts.

Money management strategy

Your risk per a trade should never exceed 3% per trade. It's better to adjust your risk to 1% or 2%
We prefer a risk of 1% but if you are confident in your trading system then you can lever your risk up to 3%

1% risk of a 100,000$ account = 1,000$

You should adjust your stop loss so that you never lose more than 1,000$ per a single trade.

If you are a short term trader and you place your stop loss 50 pips below/above your entry point .
50 pips = 1,000$
1 pips = 20$

The size of your trade should be adjusted so that you risk 20$/pip. With 20:1 leverage,your trade size will be 200,000$

If the trade is stopped, you will lose 1,000$ which is 1% of your balance.

This trade will require 10,000$ = 10% of your balance.

If you are a long term trader and you place your stop loss 200 pips below/above your entry point.
200 pips = 1,000$
1 pip = 5$

The size of your trade should be adjusted so that you risk 5$/pip. With 20:1 leverage, your trade size will be 50,000$

If the trade is stopped, you will lose 1,000$ which is 1% of your balance.

This trade will require 2,500$ = 2.5% of your balance.

This's just an example. Your trading balance and leverage provided by your broker may differ from this formula. The most important is to stick to the 1% risk rule. Never risk too much in one trade. It's a fatal mistake when a trader lose 2 or 3 trades in a row, then he will be confident that his next trade will be winning and he may add more money to this trade. This's how you can blow up your account in a short time! A disciplined trader should never let his emotions and greed control his decisions.

Diversification

Trading one currnecy pair will generate few entry signals. It would be better to diversify your trades between several currencies. If you have 100,000$ balance and you have open position with 10,000$ then your core equity is 90,000$. If you want to enter a second position then you should calculate 1% risk of your core equity not of your starting balance!. Itmeans that the second trade risk should never be more than 900$. If you want to enter a 3rd position and your core equity is 80,000$ then the risk per 3rd trade should not exceed 800$

It's important that you diversify your prders between currencies that have low correlation.

For example, If you have long EUR/USD then you shouldn't long GBP/USD since they have high correlation. If you have long EUR/USD and GBP/USD positions and risking 3% per trade then your risk is 6% since the trades will tend to end in same direction.

If you want to trade both EUR/USD and GBP/USD and your standard position size from your money management is 10,000$ (1% risk rule) then you can trade 5,000$ EUR/USD and 5,000$ GBP/USD. In this way,you will be risking 0.5% on each position.

The Martingale and anti-martingale strategy

It's very important to understand these 2 strategies.

-Martingale rule = increasing your risk when losing !

This's a startegy adopted by gamblers which claims that you should increase the size of you trades when losing. It's applied in gambling in the following way Bet 10$,if you lose bet 20$,if you lose bet 40$,if you lose bet 80$,if you lose bet 160$..etc

This strategy assumes that after 4 or 5 losing trades,your chance to win is bigger so you should add more money to recover your loss! The truth is that the odds are same in spite of your previous loss! If you have 5 losses in a row ,still your odds for 6th bet 50:50! The same fatal mistake can be made by some novice traders. For example,if a trader started with a abalance of 10,000$ and after 4 losing trades (each is 1,000$) his balance is 6000$. The trader will think that he has higher chances of winning the 5th trade then he will increase ths size of his position 4 times to recover his loss. If he lose,his balance will be 2,000$!! He will never recover from 2,000$ to his startiing balance 10,000$. A disciplined trader should never use such gambling method unless he wants to lose his money in a short time.

-Anti-martingale rule = increase your risk when winning& decrease your risk when losing

It means that the trader should adjust the size of his positions according to his new gains or losses.
Example: Trader A starts with a balance of 10,000$. His standard trade size is 1,000$
After 6 months,his balance is 15,000$. He should adjust his trade size to 1,500$

Trader B starts with 10,000$.His standard trade size is 1,000$
After 6 months his balance is 8,000$. He should adjust his trade size to 800$

High return strategy

This strategy is for traders looking for higher return and still preserving their starting balance.

According to your money management rules,you should be risking 1% of you balance. If you start with 10,000$ and your trade size is 1,000$ (Risk 1%) After 1 year,your balance is 15,000$. Now you have your initial balance + 5,000$ profit. You can increase your potential profit by risking more from this profit while restricting your initial balance risk to 1%. For example,you can calcualte your trade in the following pattern:

1% risk 10,000$ (initial balance)+ 5% of 5,000$ (profit)

In this way,you will have more potential for higher returns and on the same time you are still risking 1% of your initial deposit.

Money Management Principles

Trade With Sufficient Captial

One of the worst blunders that forex traders can make is attempting to trade without sufficient capital.

The trader with limited capital not only will be a worried trader, always looking to minimize losses beyond the point of realistic trading, but he will also frequently be taken out of the trading game before he can realize any sense of success trading the method(s) or patterns.

Exercise Discipline

Discipline is probably one of the most overused words in forex trading education. However, despite the clichЁ¦, discipline continues to be the most important behaviour one can master to become a profitable trader. Discipline is the ability to plan your work and work your plan.

ItЎЇs the ability to give your trade the time to develop without hastily taking yourself out of the market simply because you are uncomfortable with risk. Discipline is also the ability to continue to trade the methods and patterns even after youЎЇve suffered losses. Do your best to cultivate the degree of discipline required to be a world-class trader.

Employ Risk-to-Reward Ratios

The following shows you possible risk-to reward ratios, and the win ratios required to break even in a trading system.

Risk-to-Reward Ratio (in pips)and Win Ratio Required to Break Even(%)

40/20 (2 to 1) = 67%, 40/40 (1 to1) = 50%, 40/60 (1 to 1.5) = 40%,
40/80 (1 to 2) = 33.5%,
60/20 (3 to 1) = 75%,
60/60 (1 to 1) = 50%,
60 /90 (1 to 1.5) = 40%,
60/120 (1 to 2) = 33.5%

Important Note

Never risk more pips on a trade then you plan to make. It doesnЎЇt make sense to risk 100 pips in order to make only 10. Why? See below example.

Profit taking level (pips): 10
Stop used or pips at risk: 100

You win 10 times which makes 100 winning pips. You ONLY lose once and have to give back all profits!!!

This type of trading makes no sense and you will lose on the long term guaranteed!

Tuesday, May 19, 2009

7 Trading systems in ZIP format

Cornflower Method

Divergence System

Dolly # 2

DOSR

EASY Method

EJ 4H Method

EZ Trade Forex


Monday, May 18, 2009

May-18 Weekly Technical Analysis >>>

May-18 Weekly Technical Analysis

>>>>>

Global financial crisis

Global financial crisis

Cause of the financial crisis

Types of financial crises

Theories of financial crises

Video about financial crises

Aticles about financial crises

Global financial crisis: does the world need a new banking 'policeman'?

The Dollar Causing World Financial Crisis

Experts Fear Financial Crisis Will Hurt World's Poor

The financial crisis around the world

What Caused The Economic Crisis Of 2008?

The World As We Know It Is Going Down

What the Financial Crisis Means For...

>>>>>>>>

Wednesday, May 13, 2009

Weekly Technical Analysis - EUR, JPY, CHF, CAD, GBP

EURO

The EUR/USD pair's surge to the upside may continue on the intraday, short term and even weekly basis yet on the intraday basis we see the pair being overbought which may result in a downside correction yet as far as 1.3440 – 1.3375 remains intact, the upside direction remains. A four hour closing above 1.3670 will take the pair towards 1.3820.


The trading range for the week is among the key support at 1.3280 and the key resistance at 1.3920

Support 1.3575 1.3515 1.3440 1.3375 1.3280 
Resistance 1.3670 1.3720 1.3770 1.3820 1.3890 

Recommendation According to our analysis, we believe the pair is to gather bullish momentum from the area 1.3575 - 1.3515 with targets at 1.3820 and 1.3920 yet if trading reverses below 1.3375, our upside movements become invalid



See other JPY, CHF, CAD, GBP here>>>>>

Sunday, May 10, 2009

U.S. Key Economic Indicators

- Auto and Truck Sales

- Business Inventories

- Chicago PMI

- Conference Board Consumer Confidence

- Construction Spending

- Consumer Credit

- Consumer Price Index, CPI

- Durable Goods Orders

- Employment Cost Index

- Existing Home Sales

- Export & Import Prices

- Factory Orders

- Gross Domestic Product - GDP

- Housing Starts & Building Permits 

- Industrial Production

- Initial Jobless Claims

- International Trade

- Leading Indicators Report

- Money Supply

- NAPM National Association of Purchasing Managers

- New Home Sales

- Non-Manufacturing NAPM

- Personal Income & Consumption 

- Philadelphia Fed Index 

- PPI - Producer Price Index

- Productivity and Costs

- Regional Manufacturing Surveys

- Retail Sales report

- Employment Report

- Treasury Budget

- University of Michigan Consumer Sentiment Index

- Weekly Chain Store Sales

- Wholesale Trade report


Thursday, May 7, 2009

5 forex systems

5x5 Simple system

"Key Simplicity"

Simple breakout System

Egudu simple 4 tools trading

H4 Bollinger Band Breakouts

MetaTrader 4.0 Error Codes

The GetLastError() function returns the last error code. The Error code constants are defined in the stderror.mqh file. 

To print text messages use the ErrorDescription() function defined in the stdlib.mqh file. 

The following table lists the Error codes returned from the trade server


 

ERR_NO_ERROR  
0  
No error returned. 

ERR_NO_RESULT  
1  
No error returned, but the result is unknown. 

ERR_COMMON_ERROR  
2  
Common error. 

ERR_INVALID_TRADE_PARAMETERS  
3  
Invalid trade parameters. 

ERR_SERVER_BUSY  
4  
Trade server is busy. 

ERR_OLD_VERSION  
5  
Old version of the client terminal. 

ERR_NO_CONNECTION  
6  
No connection with trade server. 

ERR_NOT_ENOUGH_RIGHTS  
7  
Not enough rights. 

ERR_TOO_FREQUENT_REQUESTS  
8  
Too frequent requests. 

ERR_MALFUNCTIONAL_TRADE  
9  
Malfunctional trade operation. 

ERR_ACCOUNT_DISABLED  
64  
Account disabled. 

ERR_INVALID_ACCOUNT  
65  
Invalid account. 

ERR_TRADE_TIMEOUT  
128  
Trade timeout. 

ERR_INVALID_PRICE  
129  
Invalid price. 

ERR_INVALID_STOPS  
130  
Invalid stops. 

ERR_INVALID_TRADE_VOLUME  
131  
Invalid trade volume. 

ERR_MARKET_CLOSED  
132  
Market is closed. 

ERR_TRADE_DISABLED  
133  
Trade is disabled. 

ERR_NOT_ENOUGH_MONEY  
134  
Not enough money. 

ERR_PRICE_CHANGED  
135  
Price changed. 

ERR_OFF_QUOTES  
136  
Off quotes. 

ERR_BROKER_BUSY  
137  
Broker is busy. 

ERR_REQUOTE  
138  
Requote. 

ERR_ORDER_LOCKED  
139  
Order is locked. 

ERR_LONG_POSITIONS_ONLY_ALLOWED  
140  
Long positions only allowed. 

ERR_TOO_MANY_REQUESTS  
141  
Too many requests. 

ERR_TRADE_MODIFY_DENIED  
145  
Modification denied because order too close to market. 

ERR_TRADE_CONTEXT_BUSY  
146  

Trade context is busy.

MQL4 run time error codes

ERR_NO_MQLERROR  
4000  
No error. 

ERR_WRONG_FUNCTION_POINTER  
4001  
Wrong function pointer. 

ERR_ARRAY_INDEX_OUT_OF_RANGE  
4002  
Array index is out of range. 

ERR_NO_MEMORY_FOR_FUNCTION_CALL_STACK  
4003  
No memory for function call stack. 

ERR_RECURSIVE_STACK_OVERFLOW  
4004  
Recursive stack overflow. 

ERR_NOT_ENOUGH_STACK_FOR_PARAMETER  
4005  
Not enough stack for parameter. 

ERR_NO_MEMORY_FOR_PARAMETER_STRING  
4006  
No memory for parameter string. 

ERR_NO_MEMORY_FOR_TEMP_STRING  
4007  
No memory for temp string. 

ERR_NOT_INITIALIZED_STRING  
4008  
Not initialized string. 

ERR_NOT_INITIALIZED_ARRAYSTRING  
4009  
Not initialized string in array. 

ERR_NO_MEMORY_FOR_ARRAYSTRING  
4010  
No memory for array string. 

ERR_TOO_LONG_STRING  
4011  
Too long string. 

ERR_REMAINDER_FROM_ZERO_DIVIDE  
4012  
Remainder from zero divide. 

ERR_ZERO_DIVIDE  
4013  
Zero divide. 

ERR_UNKNOWN_COMMAND  
4014  
Unknown command. 

ERR_WRONG_JUMP  
4015  
Wrong jump (never generated error). 

ERR_NOT_INITIALIZED_ARRAY  
4016  
Not initialized array. 

ERR_DLL_CALLS_NOT_ALLOWED  
4017  
DLL calls are not allowed. 

ERR_CANNOT_LOAD_LIBRARY  
4018  
Cannot load library. 

ERR_CANNOT_CALL_FUNCTION  
4019  
Cannot call function. 

ERR_EXTERNAL_EXPERT_CALLS_NOT_ALLOWED  
4020  
Expert function calls are not allowed. 

ERR_NOT_ENOUGH_MEMORY_FOR_RETURNED_STRING  
4021  
Not enough memory for temp string returned from function. 

ERR_SYSTEM_BUSY  
4022  
System is busy (never generated error). 

ERR_INVALID_FUNCTION_PARAMETERS_COUNT  
4050  
Invalid function parameters count. 

ERR_INVALID_FUNCTION_PARAMETER_VALUE  
4051  
Invalid function parameter value. 

ERR_STRING_FUNCTION_INTERNAL_ERROR  
4052  
String function internal error. 

ERR_SOME_ARRAY_ERROR  
4053  
Some array error. 

ERR_INCORRECT_SERIES_ARRAY_USING  
4054  
Incorrect series array using. 

ERR_CUSTOM_INDICATOR_ERROR  
4055  
Custom indicator error. 

ERR_INCOMPATIBLE_ARRAYS  
4056  
Arrays are incompatible. 

ERR_GLOBAL_VARIABLES_PROCESSING_ERROR  
4057  
Global variables processing error. 

ERR_GLOBAL_VARIABLE_NOT_FOUND  
4058  
Global variable not found. 

ERR_FUNCTION_NOT_ALLOWED_IN_TESTING_MODE  
4059  
Function is not allowed in testing mode. 

ERR_FUNCTION_NOT_CONFIRMED  
4060  
Function is not confirmed. 

ERR_SEND_MAIL_ERROR  
4061  
Send mail error. 

ERR_STRING_PARAMETER_EXPECTED  
4062  
String parameter expected. 

ERR_INTEGER_PARAMETER_EXPECTED  
4063  
Integer parameter expected. 

ERR_DOUBLE_PARAMETER_EXPECTED  
4064  
Double parameter expected. 

ERR_ARRAY_AS_PARAMETER_EXPECTED  
4065  
Array as parameter expected. 

ERR_HISTORY_WILL_UPDATED  
4066  
Requested history data in updating state. 

ERR_END_OF_FILE  
4099  
End of file. 

ERR_SOME_FILE_ERROR  
4100  
Some file error. 

ERR_WRONG_FILE_NAME  
4101  
Wrong file name. 

ERR_TOO_MANY_OPENED_FILES  
4102  
Too many opened files. 

ERR_CANNOT_OPEN_FILE  
4103  
Cannot open file. 

ERR_INCOMPATIBLE_ACCESS_TO_FILE  
4104  
Incompatible access to a file. 

ERR_NO_ORDER_SELECTED  
4105  
No order selected. 

ERR_UNKNOWN_SYMBOL  
4106  
Unknown symbol. 

ERR_INVALID_PRICE_PARAM  
4107  
Invalid price. 

ERR_INVALID_TICKET  
4108  
Invalid ticket. 

ERR_TRADE_NOT_ALLOWED  
4109  
Trade is not allowed. 

ERR_LONGS__NOT_ALLOWED  
4110  
Longs are not allowed. 

ERR_SHORTS_NOT_ALLOWED  
4111  
Shorts are not allowed. 

ERR_OBJECT_ALREADY_EXISTS  
4200  
Object exists already. 

ERR_UNKNOWN_OBJECT_PROPERTY  
4201  
Unknown object property. 

ERR_OBJECT_DOES_NOT_EXIST  
4202  
Object does not exist. 

ERR_UNKNOWN_OBJECT_TYPE  
4203  
Unknown object type. 

ERR_NO_OBJECT_NAME  
4204  
No object name. 

ERR_OBJECT_COORDINATES_ERROR  
4205  
Object coordinates error. 

ERR_NO_SPECIFIED_SUBWINDOW  
4206  
No specified subwindow


Monday, May 4, 2009

Monthly Technical Analysis - May 2009

EURO

Despite the pair failed to successfully breach the 1.3350 level, we see signs of short term incline as seen in the above image and we see the pair was able to show a weekly close above the 20 MA at 1.3215 where from there the pair will attempt to extend its gain towards the key resistance for the downside channel that started in the week starting 13-07-2008 at 1.3545. What helped provide the pair with bullish momentum was rebounding from the 61.8% correction for the above seen bullish wave

SEE MORE HERE >>>>>

Forex Trading Comedy Etoro

FUNNY FOREX :)

An Asian man was trying to exchange yen for dollars and asks the

American bank teller, "Why it change? Yestaday I get two hunnet 
dollar fo yen - today I get hunnet eighty?

The bank teller says, "Fluctuations."

The Asian man says, "Fluc you white guys too!"

FOREX MARKET TRADING HOURS

FOREX MARKET TRADING HOURS
Forex is a highly dynamic market with lots of price oscillations in a single minute, this characteristic of the Forex market allows traders to enter the market many times a day and pull some profit from these number of trades. If you want to find an appreciable number of profitable trades you need to enter the forex market at the best period of time, i.e., when the activity, the volume of transactions, is the highest. 


The main timing characteristics of the Forex market are the following:

* Forex is 24 hour market – It starts from Sunday 5pm EST through Friday 4pm EST. Rollover at 5pm EST
* Forex Trading begins in New Zealand, followed by Australia, Asia, the Middle East, Europe, and America
* The US & UK account for more than 50% of the market transactions
* Forex Major markets: London, New York, Tokyo
* Nearly two-thirds of NY activity occurs in the morning hours while European markets are open
* Forex Trading activity is heaviest when major markets overlap.


From this timing facts, it is quite visible that at any given time, somebody somewhere in the world is buying and selling currencies. As one market closes, another market opens. Business hours overlap, and the exchange continues as day becomes night and night becomes day............

BANK HOLIDAYS CALENDAR 2009

United States 



Thu, Jan 1 2009 New Year's Day

Mon, Jan 19 2009 Martin L King's Birthday

Mon, Feb 16 2009 President’s Day

Mon, May 25 2009 Memorial Day

Fri, Jul 3 2009 Independence Day Bank Holiday

Sat, Jul 4 2009 Independence Day

Mon, Sep 7 2009 Labor Day

Mon, Oct 12 2009 Columbus Day

Wed, Nov 11 2009 Veteran’s Day

Thu, Nov 26 2009 Thanksgiving Day

Fri, Dec 25 2009 Christmas Day




Japan 



Thu, Jan 1 2009 New Year's Day

Fri, Jan 2 2009 Bank Holiday

Sat, Jan 3 2009 Bank Holiday

Mon, Jan 12 2009 Coming-of-Age Day

Wed, Feb 11 2009 National Foundation Day

Fri, Mar 20 2009 Vernal Equinox Day

Wed, Apr 29 2009 Showa Day

Sun, May 3 2009 Constitution Day

Mon, May 4 2009 Greenery Day

Tue, May 5 2009 Children's Day

Wed, May 6 2009 Greenery Day Observed

Mon, Jul 20 2009 Marine Day

Mon, Sep 21 2009 Respect-for-the-Aged Day

Tue, Sep 22 2009 Autumnal Equinox Day

Wed, Sep 23 2009 Fall Equinox

Mon, Oct 12 2009 Health-Sports Day

Tue, Nov 3 2009 Culture Day

Mon, Nov 23 2009 Labor Thanksgiving Day

Tue, Nov 24 2009 Labor Thanksgiving Day Observed

Wed, Dec 23 2009 The Emperor's Birthday

Thu, Dec 31 2009 Bank Holiday



United Kingdom 



Thu, Jan 1 2009 New Year's Day

Fri, Apr 10 2009 Good Friday

Mon, Apr 13 2009 Easter Monday

Mon, May 04 2009 Early May

Mon, May 25 2009 Spring Bank Holiday

Mon, Aug 31 2009 Summer Bank Holiday

Fri, Dec 25 2009 Christmas Day

Sat, Dec 26 2009 Boxing Day

Mon, Dec 28 2009 Boxing Day Bank Holiday



Australia 



Thu, Jan 1 2009 New Year's Day

Mon, Jan 26 2009 Australia Day

Fri, Apr 10 2009 Good Friday

Mon, Apr 13 2009 Easter Monday

Sat, Apr 25 2009 ANZAC Day

Mon, Jun 8 2009 Queen's Birthday

Mon, Aug 3 2009 August Bank Holiday

Mon, Oct 6 2009 Labour Day

Fri, Dec 25 2009 Christmas Day

Sat, Dec 26 2009 Boxing Day



Canada 


Thu, Jan 1 2009 New Year's Day

Fri, Apr 10 2009 Good Friday

Mon, Apr 13 2009 Eastern Monday

Mon, May 18 2009 Victoria Day

Wed, Jul 1 2009 Canada Day

Mon, Aug 3 2009 Civic Holiday

Mon, Sep 7 2009 Labour Day

Mon, Oct 12 2009 Thanksgiving Day

Wed, Nov 11 2009 Remembrance Day

Fri, Dec 25 2009 Christmas Day

Sat, Dec 26 2009 Boxing Day



France 



Thu, Jan 1 2009 New Year's Day

Mon, Apr 13 2009 Easter Monday

Fri, May 1 2009 Labour Day

Fri, May 8 2009 Victory Day (Fête de la Victorie)

Thu, May 21 2009 Ascension Day (Ascension catholique).

Mon, June 1 2009 Whit Monday (Lundi de Pentecôte)

Tue, Jul 14 2009 National Day (Quatorce Juillet)

Sat, Aug 15 2009 Assumption Day

Sun, Nov 1 2009 All Saints' Day

Wed, Nov 11 2009 Armistice Day

Fri, Dec 25 2009 Christmas Day




Germany 



Thu, Jan 1 2009 New Year's Day

Fri, Apr 10 2009 Good Friday

Mon, Apr 13 2009 Easter Monday

Fri, May 1 2009 Labour Day

Thu, May 21 2009 Ascension Day

Mon, June 1 2009 Whit Monday

Thu, Oct 3 2009 Day of German Unity

Thu, Dec 24 2009 Christmas Day's Eve

Fri, Dec 25 2009 Christmas Day

Sat, Dec 26 2009 Boxing Day

Thu, Dec 31 2009 New Year's Eve




Hong Kong SAR 



Thu, Jan 1 2009 New Year's Day

Mon, Jan 26 2009 Lunar New Year Holiday

Tue, Jan 27 2009 Lunar New Year Holiday

Wed, Jan 28 2009 Lunar New Year Holiday

Sat, Apr 4 2009 Ching Ming Festival

Fri, Apr 10 2009 Good Friday

Sat, Apr 11 20009 Holy Saturday

Mon, Apr 13 2009 Easter Monday

Fri, May 1 2009 Labour Day

Sat, May 2 2009 Buddha Day Holiday

Thu, May 28 2009 Tuen Ng (Dragon Boats Festival)

Wed, Jul 1 2009 HKSAR Establishment Day Holiday

Thu, Oct 1 2009 National Day

Sat, Oct 3 2009 Chinese Mid-Autumn Festival

Mon, Oct 26 2009 Chung Yeung Festival

Fri, Dec 25 2009 Christmas Day

Sat, Dec 26 2009 Boxing Day




Italy 



Thu, Jan 1 2009 New Year's Day

Tue, Jan 6 2009 Epiphany

Mon, Apr 13 2009 Easter Monday

Sat, Apr 25 2009 Liberation Day

Fri, May 1 2009 Labour Day

Tue, Jun 2 2009 Anniversary of the Republic

Sat, Aug 15 2009 Assumption Day

Sun, Nov 1 2009 All Saints' Day

Tue, Dec 8 2009 Immaculate Conception

Fri, Dec 25 2009 Christmas Day

Sat, Dec 26 2009 St. Stephen's Day




Singapore 


Thu, Jan 1 2009 New Year's Day

Mon, Jan 26 2009 Chinese New Year

Tue, Jan 27 2009 Chinese New Year

Fri, Apr 10 2009 Good Friday

Fri, May 1 2009 Labour Day

Sat, May 9 2009 Vesak Day

Sun, Aug 9 2009 National Day

Mon, Aug 10 2009 National Day

Sun, Sep 20 2009 Hari Raya Puasa

Mon, Sep 21 2009 Hari Raya Puasa

Sun, Nov 15 2009 Deepavali

Mon, Nov 16 2009 Deepavali

Fri Nov 27 2009 Hari Raya Haji

Fri, Dec 25 2009 Christmas Day




Switzerland 



Thu, Jan 1 2009 New Year's Day

Fri, Jan 2 2009 Bank Holiday

Fri, Apr 10 2009 Good Friday

Mon, Apr 13 2009 Easter Monday

Fri, May 1 2009 Labour Day

Thu, May 21 2009 Ascension Day

Mon, Jun 1 2009 Whit Monday

Sat, Aug 1 2009 National Day

Fri, Dec 25 2009 Christmas Day

Sat, Dec 26 2009 Boxing Day