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September 30, 2013

MetaTrader Broker Questionnaire

Filed under: Forex General — Tags: , , — admin @ 5:33 pm

When opening an account with a MetaTrader forex broker it’s important that you tinker around with it to make sure your expectations on how your system will stand match with those of your broker.

I have operated a couple of MetaTrader accounts with different forex brokers throughout the last couple of years and have created a little questionnaire to help nut out some of the important aspects I need to consider when programming my method.

This list will no doubt continue to evolve with more experience, but if you have anything that you’d like to see added please comment and I will add it to this gist.

The post MetaTrader Broker Questionnaire appeared first on Currency Secrets.

Weekend webinar & Themes for the coming week

Filed under: Currency Charts — Tags: , , , , — admin @ 3:41 am

Here’s my view on…

the taper
FOMC
52-week high watchlist
Directional Bias watchlist

and set ups I am watching for next week.

This is also a great look at how I scan the markets and thought process behind it.

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September 29, 2013

Daily Forex Fundamentals – September 25, 2013

Filed under: Currency Charts — Tags: , , , , — admin @ 1:28 am

What’s on the Economic Horizon

Downside surprise in German GfK consumer climate?
U.S. durable goods orders to show improvement
U.K. CBI realized sales data due today

U.S. Dollar (USD)

Weak economic data? Pfft. The Greenback shrugged off weak economic reports yesterday as risk aversion clouded the markets. It ended the day unchanged against the yen, but higher against the euro, pound, and the franc. Booyah! Read more…

Euro (EUR)

Check out the euro droppin’ it like it’s hot! The shared currency sold off against its counterparts in yesterday’s trading, pushing EUR/USD to a low of 1.3464 and EUR/JPY down to the 133.00 handle. Will the euro have a chance to recover today? Read more…

British Pound (GBP)

The pound looked a little heavier than usual yesterday, with GBP/USD sliding down to a low of 1.5955 and GBP/JPY dipping to a low of 157.34. What was that all about and will it have a chance to recover today? Read more…

Japanese Yen (JPY)

Once again, the yen showed the markets who’s boss yesterday after it posted gains against most of its counterparts. Did it have anything to do with Japan’s economic reports? Read more…

Canadian Dollar (CAD)

The Loonie sure loves to consolidate! USD/CAD simply moved sideways yesterday, as the pair was stuck around the 1.0300 major psychological resistance level. Not even stronger than expected retail sales data was enough to trigger a breakout! Read more…

Australian Dollar (AUD)

Yeouch! The Aussie got burned against the Greenback yesterday when risk aversion encouraged profit-taking for the comdoll bulls. AUD/USD closed 52 pips lower than its open price after reaching an intraday low at .9361. Read more…

New Zealand Dollar (NZD)

The Kiwi got its wings clipped yesterday, with NZD/USD falling all the way down to the .8250 minor psychological support. Is it making a huge correction or is this the start of a reversal? Read more…

Swiss Franc (CHF)

Guess who’s still stuck in its range? Yep, it’s USD/CHF! The pair continued to consolidate above the .9100 major psychological support level, as there was no catalyst for a strong breakout. Will we see one today? Read more…

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

In forex trading, you get better odds at securing pips when your fundamental analysis is complemented by technical analysis.

Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!

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September 28, 2013

Jamie Dimon’s Smug Mug

Filed under: Currency — Tags: , , — admin @ 2:24 am

Quotable

“Some of the biggest cases of mistaken identity are among intellectuals who have trouble remembering that they are not God.”

                                                      Thomas Sowell

Commentary & Analysis

Jamie Dimon’s Smug Mug!

I am not sure where or how Jamie Dimon grew up, but he carries himself like yet another prep-school brat who needs his smart-aleck mug readjusted. Had he hung out where I did as a kid, I am sure many of my friends would have been standing in line for an opportunity to help Jamie with plenty of adjustments. But of course, we can’t suggest such things in civilized circles; we have to play along with these “effete elite” Masters of the Universe who have more power than they ever deserve thanks to a very corrupt system that protects and nurtures the financial “industry.”

As I observe the financial press fawn all over poor Jamie as if he is some kind of “victim,” I consider this passage from Michael Hudson’s excellent book, The Bubble and Beyond, and then reach for my “effete elite” sickness bag:

So the world finds itself drawn into a new form of economic warfare. Waged by finance against industry as well as labor, it also is against government–at least, democratic government, which is turned into a vehicle to extract revenue and sell off assets to pay a creditor oligarchy. The trick is to convince voters to support a policy that shrinks the economy and throws the government budgets into deficit, adding a fiscal crisis on top of the debt crisis–which the financial sector sees as an opportunity to turn nations into a grab bag for assets and further control.

The effect is to make financialized economies higher-cost and hence less competitive–and less able to pull themselves out of depression by exporting more. Competitive advantage shifts to less debt-ridden economies, especially those where real estate is less debt leveraged and public infrastructure provides basic services at costs or subsidized rates. Politically, this means economies whose financial sectors have not gained enough power to capture the state, its central bank and regulatory agencies–or the academic economics curriculum, for that matter.

But financialized globalization seeks to widen the web of debt throughout the world, achieving what formerly was won by military force. In the name of “wealth creation” the financial sector has euphemized and transformed political ideology to such a degree that most countries are applauding the most predatory grabs of the public domain (government enterprises, land and mineral rights) since the Enclosure Movements of the 16th through 18th century in England, and earlier military conquests of the New World and most of Europe.

What is not recognized is that the effect of financializing an economy is much the same as levying tribute following armed conquest. Property ownership is transferred, on terms that block governments from taxing revenue that is “expensed” as interest or escapes through tax-avoidance transactions with offshore banking centers. Sell-offs of public monopolies such as roads and other infrastructure are turned into opportunities for rent extraction. This turns the economy into a set of tollbooths as user-fees raised on labor, industry, and other non-financial ‘real’ activity. Revenue is ‘freed’ of anti-monopoly rules and price regulation, and even taxation as property taxes are cut to leave more revenue ‘free’ to be paid as debt service.

The Progressive Era did not envision that campaign financing would make politics part of the ‘market economy’ by enabling the financial, insurance and real estate (FIRE) sector to buy political support for its debt leveraging. Government was supposed to regulate high finance, not cater to it. But the financial sector’s influence has become dominant by appropriating the central bank, Treasury and other agencies capable of remunerating it (or blocking public attempts to tax or regulate it). These financialized arms of government are filling the vacuum created by limiting government’s social welfare role. Rather than investing in infrastructure, central bank money creation and borrowing are limited to bailouts, subsidies and tax cuts for banks and their major customers.

…Internationally, bankers demand that governments pay creditors by privatizing whatever assets can be sold. Buyers borrow the purchase price from the banks, expensing their revenue as tax-deductible interest payments. These privatization policies together cause a fiscal squeeze that forces governments even further into dependency on bankers and bondholders.

…What is deemed ‘efficient’ is to shift planning out of public hands to those of bankers. Yet public policy aims (or is supposed to aim) at raising output, employment, capital formation and living standards. Financialized planning is short-term, and aims to capitalize the economic surplus into debt service at the going rate of interest. The business plan of finance capital is to expand interest and amortize charges to the point where they absorb all disposable consumer income over and above essentials, all business cash flow and real estate rent over and above break-even costs, and government revenue over basic police and other necessary functions.

And then the economy collapses! How else can matters end when debt obligations grow exponentially as interest charges mount up? Debts grow at compound interest, swollen by penalties on arrears. Unpaid bills are added onto debt balance, until foreclosure time arrives, transferring property to creditors under distress conditions. Vulture funds clean up.

The dynamic has happened before, most notoriously in the Roman Empire after 133 BC when creditors used violence against the Gracchi and other reformers. Violence and corruption are essential tactics to impoverish the economy while creating billionaires at public expense.

So, I guess it was no surprise Ben Bernanke and friends decided to continue to supply what their masters demanded recently. What has all this central bank largesse brought us?

A good friend recently shared some research with me from a brilliant man named Criton Zoakos of Leto Research. Mr. Zoakos sums it up quite well:

… after five full years from its inception, the “exceptional” monetary accommodation appears to be putting down roots for the long haul – both in the United States and among the other major central bank jurisdictions.

…The evidence now available from five years of “exceptional” monetary accommodation suggests that there is no “returning” to “solid recovery” because the downturn is not cyclical. It is structural, and the structure in question is global. The trade, production and investment structures that have emerged from a quarter century of globalization are no longer compatible with the financial and debt structure.

During the five years of “exceptional” monetary policies, central bank balance sheets exploded by $10 trillion (150%), global government debt by $20 trillion (65%) and global total stock market capitalization by $26 trillion (84%). During the same five years, however, real global GDP grew by only $8 trillion (11.5%).

Global unemployment as measured by the International Labor Organization (ILO) increased by over 32 million people to 201.4 million, from 169 million (to 6.1% from 5.4%) to 200 million. Moreover, this rising unemployment rate is calculated against a declining rate of labor participation: according to the ILO, the global ratio of employment to population declined from the pre-crisis level of 61.3% to 60.2%. In many parts of the world, including the United States and the European Union, the reduction of employment was accompanied by reductions in real wages and salaries.

On the whole, the five years of “exceptional” monetary policies have been to the great benefit of owners of capital and to the loss of labor, employed and unemployed. This widening socio-economic gap and the stagnation of economic activity were the defining features of the previous five years of QE and have triggered rising social and political conflicts in virtually every part of the world.

Take this information and do with it what you will. Call me a socialist (which couldn’t be further from the truth). Call your local congressman (whatever good that will do). Grab your pitchfork and head to Washington (I didn’t say that NSA if you are listening). But please, please don’t cry for Jamie Dimon.

Have a great weekend.

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Daily Forex Fundamentals – September 27, 2013

Filed under: Currency Charts — Tags: , , , , — admin @ 1:27 am

What’s on the Economic Horizon

FOMC members to talk about “Octaper” prospects?
ECB President Draghi set to testify today
Japan’s national core CPI at 0.8%

U.S. Dollar (USD)

Are you not entertained?! The Greenback clobbered its counterparts yesterday as risk aversion tipped the mixed US data in favor of the dollar. EUR/USD and GBP/USD saw losses while USD/JPY and USD/CHF inched higher in the charts. Read more…

Euro (EUR)

The euro didn’t go very far with its recent run, as EUR/USD made a quick U-turn after reaching a high of 1.3538. At the same time, EUR/JPY got stuck in consolidation somewhere around the 133.50 minor psychological level. Which way could the euro go today? Read more…

British Pound (GBP)

Check out the 1.6000 handle holdin’ like a boss! GBP/USD was unable to sustain its previous rally, as the pair fell to a low of 1.6002 after reaching a high of 1.6096. GBP/JPY chalked up more losses when it let go of the 159.00 handle and dipped to 158.11. Read more…

Japanese Yen (JPY)

The yen was delegated to the losers’ table yesterday after a couple of news reports from Japan encouraged a yen selloff. What the heck came out from Japan anyway?! Read more…

Canadian Dollar (CAD)

Slow and steady does it! USD/CAD crawled slightly higher in yesterday’s trading, as the pair crept up to a high of 1.0342. It seems intent on holding on to the 1.0300 handle though. Will any reports force it to let go today? Read more…

Australian Dollar (AUD)

The quiet trading day didn’t do the Aussie any favors as it lost for the THIRD straight day against the Greenback. AUD/USD fell by another 18 pips after hitting an intraday low at .9340. What’s up with that?! Read more…

New Zealand Dollar (NZD)

The Kiwi gets an “A” for effort! NZD/USD staged a pretty decent rebound from its selloff this week, as the pair reached up for the .8300 handle then closed at .8280. Will it have a chance to end the week above .8300? Read more…

Swiss Franc (CHF)

Zzz… Thursday was such a snoozer for USD/CHF since the pair simply moved sideways along the .9100 major psychological level. In fact, the pair has been consolidating for most of the week! Are there any catalysts for a breakout in either direction today? Read more…

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

In forex trading, you get better odds at securing pips when your fundamental analysis is complemented by technical analysis.

Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!

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September 27, 2013

Daily Forex Fundamentals – September 26, 2013

Filed under: Currency Charts — Tags: , , , , — admin @ 1:31 am

What’s on the Economic Horizon

U.K. Current Account Due Today
U.S. Pending Home Sales Seen at -0.9%
German Consumer Climate Surprises to the Upside

U.S. Dollar (USD)

Are the Greenback’s happy days over? The U.S. dollar was unable to keep up its rally yesterday, pushing EUR/USD back above the 1.3500 handle and USD/CHF below the .9100 major psychological level. Was this just a retracement or is the dollar back in selloff mode? Read more…

Euro (EUR)

The euro bulls gave each other virtual high fives yesterday after they succeeded in pushing EUR/USD, EURJPY, and EUR/CHF higher than their open prices. What the heck spurred them on?! Read more…

British Pound (GBP)

SCOOOOOORE!!! The pound clocked in more wins against its major counterparts yesterday after a U.K. report exceeded analysts’ expectations. GBP/USD jumped by 80 pips while GBP/JPY also rose by 30 pips. Aww yeah! Read more…

Japanese Yen (JPY)

Out of the way! Yen bulls a-chargin’! The Japanese currency carried on with its winning ways yesterday, taking EUR/JPY below the 133.00 handle and AUD/JPY to a low of 91.91. Can the yen keep up its rallies today? Read more…

Canadian Dollar (CAD)

Strike two for the Loonie! USD/CAD capped a second consecutive positive day yesterday after the comdolls in general lost to the Greenback. Did Canada’s economic reports factor into the price action? Read more…

Australian Dollar (AUD)

Looks like somebody wasn’t invited to the party! While other major currencies were feasting on dollar weakness, the Australian dollar wasn’t able to enjoy any gains at all. AUD/USD sank under the .9400 handle and dipped to a low of .9338 while AUD/JPY tumbled closer to the 92.00 mark. Read more…

New Zealand Dollar (NZD)

Ooomph! NZD/USD took another hit yesterday after a report from New Zealand surprised to the downside. It fell by another 22 pips after reaching a low at .8217. Read more…

Swiss Franc (CHF)

Without any major news report from Switzerland, the franc was left to the mercy of market sentiment. USD/CHF ended the day with losses while EUR/CHF ticked 4 pips higher than its open price. Read more…

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

In forex trading, you get better odds at securing pips when your fundamental analysis is complemented by technical analysis.

Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!

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September 25, 2013

Daily Forex Fundamentals – September 24, 2013

Filed under: Currency Charts — Tags: , , , , — admin @ 1:30 am

What’s on the Economic Horizon

Canadian Retail Sales to Improve?
U.S> CB Consumer Confidence on Tap
German IfO Business Confidence Expected at 108.4

U.S. Dollar (USD)

The Greenback’s performance was as mixed as a bag of nuts, as the currency recovered against the euro but lost ground to the British pound. The U.S. dollar was also able to end the day stronger against the comdolls. What’s in store for the Greenback today? Read more…

Euro (EUR)

KA-POW! The euro got clobbered by its major counterparts yesterday on mixed euro zone data and a dovish ECB speech. EUR/USD fell by 57 pips while EUR/JPY also sustained a 188-pip fall. Read more…

British Pound (GBP)

The pound’s price action was as mixed as the colors of my favorite cereal as there was no economic report to influence the pound’s direction. Cable popped up by 40 pips but Guppy also slipped by 28 pips. Read more…

Japanese Yen (JPY)

Slowly but surely! The Japanese yen edged higher against most of its major counterparts in yesterday’s trading, pushing USD/JPY back below the 99.00 major psychological level and EUR/JPY to a low of 133.09. Can the yen continue to rally today? Read more…

Canadian Dollar (CAD)

It ends at two! USD/CAD failed to extend its back-to-back gains yesterday after a better-than-expected report from China boosted demand for the comdolls. The pair even fell to an intraday low of 1.0275 before ending the day 23 pips lower than its open price. Read more…

Australian Dollar (AUD)

Those weekend gaps sure got filled pretty quickly! AUD/USD started the week at .9369, rallied to a high of .9458, then closed at .9443. Meanwhile, AUD/JPY also closed its weekend gap after reaching a high of 93.57. What’s in store for the Aussie today? Read more…

New Zealand Dollar (NZD)

The Kiwi bulls brought out their game faces yesterday as they extended NZD/USD’s rally by another 27 pips. Did economic data have anything to do with it? Read more…

Swiss Franc (CHF)

The franc had a mixed trading day yesterday as it traded on its counterparts’ price action. USD/CHF rose by 28 pips on overall dollar strength, while EUR/CHF closed 44 pips lower than its intraday high on mixed euro zone data. Read more…

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

In forex trading, you get better odds at securing pips when your fundamental analysis is complemented by technical analysis.

Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!

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September 24, 2013

Daily Forex Fundamentals – September 23, 2013

Filed under: Currency Charts — Tags: , , , , — admin @ 1:29 am

What’s on the Economic Horizon

German and French PMIs to show improvements
SNB head Thomas Jordan set to testify today

U.S. Dollar (USD)

The Greenback ended the week with a snoozer despite some buzzer-beater moments from the FOMC members. Heck, EUR/USD, USD/JPY, and USD/CHF barely moved from their open prices! What’s up with that?! Read more…

Euro (EUR)

And Merkel gets her third term as German Chancellor! The euro rejoiced after the German elections over the weekend, allowing EUR/USD to gap higher and start the week at 1.3551. EUR/JPY was also off to a good start as it opened at 134.51. Will the euro keep partying the entire day? Read more…

British Pound (GBP)

Friday wasn’t a good day to be a pound bull, as the British currency kept reeling from the previous day’s disappointing retail sales release. GBP/USD edged lower and dipped briefly below the 1.6000 major psychological support while GBP/JPY slipped to the 159.00 area. Read more…

Japanese Yen (JPY)

That’s how you end a week! The yen gained against its major counterparts last Friday despite a lack of data from Japan. USD/JPY saw a 9-pip slip while GBP/JPY also fell by 28 pips. What happened to the big yen moves though? Read more…

Canadian Dollar (CAD)

The Loonie put up a strong fight on Friday but was no match to the Greenback’s strength, as USD/CAD tried to land back above the 1.0300 handle but closed at 1.0299. What’s in store for the Canadian dollar today? Read more…

Australian Dollar (AUD)

Down for another day! AUD/USD fell for a second consecutive day last Friday thanks to overall risk aversion in the markets. The pair even reached an intraday low at .9378 before it closed 33 pips lower than its open price. Read more…

New Zealand Dollar (NZD)

What’s the matter, Kiwi dollar? Was the .8400 level too hot to handle? NZD/USD kept retreating on Friday, as the pair fell below the .8400 mark and ended the week at .8372. The pair gapped lower over the weekend and opened at .8352. Read more…

Swiss Franc (CHF)

Ain’t no taper talk gonna crush the franc! Unlike most of the major currencies that crumbled under dollar strength on Friday, the Swiss franc managed to hold its ground as USD/CHF consolidated above the .9100 major psychological support. Read more…

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

In forex trading, you get better odds at securing pips when your fundamental analysis is complemented by technical analysis.

Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!

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Rating: 5/5 (4 votes cast)

September 22, 2013

GBPUSD Nearing Resistance

Filed under: Forex General — Tags: , , — admin @ 5:35 pm

It will be interesting as we close out the month of September on what the GBPUSD will do around this significant trend line in it’s path. Currently the GBPUSD is nearing the trend line bearing significant resistance which currently sits at ~1.6235.

GBPUSD resistance at 1.62385

Will we see a GBPUSD break or bounce over the coming weeks?

We will have to wait to see what it does this week and possibly next week to determine whether it will be a breakout trade or a reversal trade.

Something to keep an eye on.

The post GBPUSD Nearing Resistance appeared first on Currency Secrets.

September 21, 2013

Oanda’s Swap Value Problems in MetaTrader 4

Filed under: Forex General — Tags: , , , , — admin @ 5:32 pm

If you’re ever using the function MarketInfo( sym, MODE_SWAPLONG ) or MarketInfo( sym, MODE_SWAPSHORT ) in Oanda’s MetaTrader 4 platform – DON’T RELY ON IT! It’s figures are what appears to be MetaTrader’s servers default values – wherever they get them from!?

If you’re ever curious on what the real value of a long or short position is with your Oanda account use this Currency Interest Rates resource instead.

An example of a long GBPCAD trade being considered using this resource can be seen from the following screen shot:

oanda swap

How to use the calculator to find what a position’s swap value is.

If you don’t use Oanda and instead use an alternative forex broker (I use Pepperstone) I designed a helpful script to be used that can provide you with the necessary details of what the swap values for both long and short are, here is the simple script that can help provide you with the necessary details before jumping into any position:

The post Oanda’s Swap Value Problems in MetaTrader 4 appeared first on Currency Secrets.

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