Forexcup contest withdrawable prize

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USD/CAD Technical Analysis


The US Dollar started a sharp rise from the 1.3200 support area against the Canadian Dollar. The USD/CAD pair broke the 1.3250 and 1.3280 resistance levels to move into a positive zone.

The pair even climbed the 1.3300 resistance and the 50 hourly simple moving average. Finally, the pair traded as high as 1.3347 and it is currently correcting gains. It traded below the 1.3320 support area.




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FXOpen Launches "The Lord of the Crypto"— a Free Demo Forex Contest

FXOpen is inviting traders to take part in a regular contest on demo accounts and to try cryptocurrency trading. "The Lord of the Crypto" is a free demo contest for crypto fans with real money prizes for a total of $3,000. Registration is open until 3rd November.

Join Contest​

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EUR/USD COULD DECLINE WHILE USD/JPY LIKELY TO GAIN

EUR/USD is struggling to break the 1.1000 resistance area and remains at a risk of a bearish reaction. Conversely, USD/JPY might start a decent rise if it breaks 107.25 and 107.45.

*Important Takeaways for EUR/USD and USD/JPY
*The Euro is currently facing a strong resistance near the 1.1000 level.
*There was a break below a connecting bullish trend line with support near 1.0974 on the hourly chart of EUR/USD.
*USD/JPY is slowly climbing and it is now trading above the 107.00 pivot level.
*There is a major bearish trend line forming with resistance near 107.25 on the hourly chart.

USD/JPY Technical Analysis

The US Dollar started a decent recovery from the 106.48 low against the Japanese Yen. The USD/JPY pair traded above the 106.80 and 107.00 resistance levels to start an upside correction.

Moreover, there was a close above the 107.00 level and the 50 hourly simple moving average. The pair even climbed above the 38.2% Fib retracement level of the last major drop from the 108.46 high to 106.48 low.



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LTC AND EOS – ASCENDING CHANNELS COULD MEAN FURTHER DOWNSIDE


EOS/USD analysis

Similarly like in the case of Litecoin, the price of EOS has also developed an ascending channel from the 27th of September. We have seen an increase of 14.58% from Monday’s low at $2.89 till yesterday’s high at $3.3124 but since yesterday the price started decreasing again and is currently being traded around $3.1



Read more at https://blog.fxopen.com/ltc-and-eos-ascending-channels-could-mean-further-downside/

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Investing or trading: what to choose when Bitcoin is so unstable?

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Investing vs Trading Bitcoin

If you choose trading, you should carefully and regularly monitor the news and market sentiment, focus on the above mentioned price range and technical analysis when searching for entry and exit points. When choosing longer-term strategies, it is worth remembering the seasonality of the market. The most serious risks for investors are a possible global financial crisis and an annual depreciation on the eve of European and Eastern New Year holidays.


Read more at https://blog.fxopen.com/investing-or-trading-what-to-choose-when-bitcoin-is-so-unstable/

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GBP/JPY Technical Analysis

Earlier this week, the British Pound struggled to gain strength above 131.50 against the Japanese Yen. However, the GBP/JPY pair started a strong rise recently and broke many key resistances near 131.50.

There was a successful close above the 131.50 level and the 50 hourly simple moving average. Moreover, there was a break above a crucial bearish trend line with resistance near 131.50 on the hourly chart.



Read more at https://blog.fxopen.com/eur-jpy-and-gbp-jpy-upsurge-could-continue/

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EUR/GBP Technical Analysis

The Euro failed to remain stable above the 0.9000 pivot level against the British Pound. As a result, the EUR/GBP pair started a sharp decline and broke the main 0.9000 and 0.8900 support levels.

Moreover, there was a break below the 0.8800 support area and the 50 hourly simple moving average. It opened the doors for more downsides and the pair broke the 0.8750 support area.




Read more at https://blog.fxopen.com/gbp-usd-and-eur-gbp-british-pound-remains-supported-2/

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XRP/USD Analysis

The price of Ripple has reached its significant horizontal resistance at $0.29405 today but is currently being traded below it as interaction ended as a rejection. From last Friday when the price was trading at $0.2659 we have seen an increase of 12.48% as the price has been developing its 5th wave to the upside.



Read more at https://blog.fxopen.com/btc-and-xrp-are-we-seeing-the-start-of-the-recovery/

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EUR/USD AND USD/CHF SETTING UP FOR NEXT BREAK

USD/CHF Technical Analysis


The US Dollar remained in a positive zone above the 0.9900 pivot level against the Swiss franc. The USD/CHF pair even climbed above the 0.9950 resistance, with mostly steady moves.

The upward move was such that the pair climbed above the 0.9980 resistance and the 50 hourly simple moving average. The pair traded close to the 1.0000 resistance and a high was formed near 0.9995.




Read more at https://blog.fxopen.com/eur-usd-and-usd-chf-setting-up-for-next-break/

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LTC AND EOS – ASCENDING CHANNELS WERE CORRECTIVE

EOS/USD analysis

The price of EOS has been in a downtrend from last Wednesday like Litecoin and has decreased by 13.81% coming from Wednesday’s high at $3.319 to $2.86 at its lowest point today.




Read more at https://blog.fxopen.com/ltc-and-eos-ascending-channels-were-corrective/

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FXOpen Launches "The Lord of the Crypto"— a Free Demo Forex Contest

FXOpen is inviting traders to take part in a regular contest on demo accounts and to try cryptocurrency trading. "The Lord of the Crypto" is a free demo contest for crypto fans with real money prizes for a total of $3,000. Registration is open until 3rd November.

join the contest​

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43% OF FXOPEN CLIENTS ARE PROFITABLE

Almost a year has passed since the new rules for European brokers working with private traders entered into force. The Finance Magnates editors analyzed how the profitability indicators of retail broker clients changed.

Profitability rates

As you can see from the chart below, the spread of values is very large. Some brokers managed to keep customers who earned more than a year ago. And some brokers failed. However, 17 brokers out of 35 improved their indicators.



In particular, FXOpen broker lead in the table in terms of profitability of its clients this year, having increased the rate from 22% to 43% in a year. In total, 9 brokers reported that the profitability of retail traders did not change and another 9 reported a deterioration in performance. On average, the profitability of retail customers rose to 25.1% compared with 23.5% in a previous year.

Read more at https://blog.fxopen.com/43-of-fxopen-clients-are-profitable/

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USD/CAD Technical Analysis

The US Dollar started a fresh decrease from well above the 1.3300 level against the Canadian Dollar. The USD/CAD pair broke a few important supports near 1.3250 to move into a bearish zone.

The pair even broke the 1.3200 support area and the 50 hourly simple moving average. It opened the doors for more downsides and the pair traded below the 1.3150 support area. A low was formed near 1.3119 and the pair is currently consolidating losses.



Read more at https://blog.fxopen.com/gbp-usd-and-usd-cad-us-dollar-under-pressure/

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XRP/USD analysis


From last week when the price of Ripple came up to around the significant horizontal level at $0.29405, we have seen the price moving sideways. Currently, it is above the level and in an upward trajectory, but we can’t say that a breakout has been seen as it failed to exceed the prior high, made on the first attempt.



Read more at https://blog.fxopen.com/btc-usd-and-xrp-usd-showing-sings-of-bullishness/

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On November 3d MT4 and MT5 Server Time Switches to GMT+2

On November 3d, 2019 FXOpen will switch its trading servers from GMT +3 to GMT +2. The GMT offset in the company’s MetaTrader platform will be set to GMT+2 starting with the market opening on Monday (November 4th, 2019).

The change will affect all types of FXOpen trading accounts.

The changing of server time should not impact your open trades or the process of opening, placing, closing and modifying orders. However, you should keep this information in mind while planning your trading activities. Also, do not forget to adjust the time settings in your Indicators and Expert Advisors accordingly.

Follow the updates on Facebook, Twitter and Telegram.

FXOpen Customer Service
E-mail: support@fxopen.com
Live Chat (24/5)

Read more at https://www.fxopen.com/en/about-us/news/on-november-3d-mt-server-time-switches-to-gmt-2

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EOS/USD analysis


The price of EOS has decreased by 11.% from Monday’s high at $3 measured to today’s low at $2.6729 around which it is currently being traded. Looking at the hourly chart below you can see that the price was been decreasing in a five-wave manner from the rejection at the $3.2787 horizontal level and has formed a diagonal which could be the one of a leading kind which would be the first wave off of the higher degree five-wave move to the downside.



Read more at https://blog.fxopen.com/ltc-and-eos-further-lows-are-expected/

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Oil Price Technical Analysis


In the past few days, crude oil price followed a bullish path and climbed above the $54.50 and $55.00 resistance levels against the US Dollar. The price even broke the $56.00 resistance area to move into a positive zone.

It is now trading well above the $55.50 pivot level and the 50 hourly simple moving average. The recent wave was such that the price traded towards the $56.50 level and formed a high near $56.49.



Read more at https://blog.fxopen.com/gold-and-crude-oil-price-could-continue-to-rise/

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USAGE OF SWAP STRATEGY ON RETAIL FOREX MARKET


Traders commonly interpret payment for retaining an open position overnight (aka Swap) as an additional fee, which they must pay to their broker, since Swap is negative for most of currency pairs. In other words, it is a debit to customers’ account. However, for some currency pairs it is positive. Therefore, sometimes traders try to make a profit on FOREX market at the end of trading session on Wednesday, when a triple Swap is charged.

What is Swap in Forex Trading

In order to realize what events take place on FOREX market right before Swap is charged, let’s define what is Swap. Swap is an arrangement of two opposite side contracts, one of which closes previously opened trade and the other reopens an identical trade, but at a different price level, so that it takes into account the payment for retaining that position. Hereby, banks and other liquidity providers carry out daily settlement procedure.

How to Get Positive Swap in Forex

Traders, who try to make money using a Triple Swap strategy, usually act in the following way: they buy Australian Dollar against US Dollar (since interest rate on AUD is higher) 20-30 seconds prior to Swap being charged, that means, they go Long AUDUSD without giving any consideration to the direction of the trend. In 10-15 seconds after SWAP is charged, traders liquidate that order. It is important to understand, that between the initiation of the transaction and its liquidation, i.e. for 40-50 seconds, a full cycle of settlement is carried out (as described above).

If at a specified time price has soared or remained practically unchanged, the client by closing the transaction receives either positive or zero gain along with a positive swap. In case of adverse price movement the financial result of the transaction will obviously be negative. However, the client will presumably receive income in the form of difference between positive swap and a loss on the transaction plus the broker’s fee.



Read more at https://blog.fxopen.com/usage-of-swap-strategy-on-retail-forex-market/

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EUR/GBP Technical Analysis

The Euro remained well bid above the 0.8600 support area against the British Pound. The EUR/GBP pair even broke the 0.8650 resistance recently and climbed towards the 0.8680 resistance area.

However, the pair failed to gain strength and corrected below the 50 hourly simple moving average. It broke the 0.8650 level and traded as low as 0.8628. At the moment, the pair is moving higher and is trading above the 0.8640 level.



Read more at https://blog.fxopen.com/gbp-usd-and-eur-gbp-british-pound-in-corrective-decrease-2/

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XRP/USD analysis


The price of Ripple has today interacted with the ascending trendline which served as support but now serves as resistance which is why the interaction ended as a rejection.



As you can see from the hourly chart, after a retest of the $0.26617 significant level which served as support the price spiked up again above the most significant one at $0.29405 on Friday and was retesting it throughout the following days.

Read more at https://blog.fxopen.com/btc-and-xrp-bullish-price-action-is-likely-to-continue/

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USD/CHF Technical Analysis


The US Dollar followed a strong uptrend this month and settled above the 0.9900 level against the Swiss franc. The USD/CHF pair even climbed towards the 1.0000 resistance recently and traded as high as 0.9968.

At the moment, the pair is correcting lower and is trading below the 0.9950 level. There was a break below a major bullish trend line with support near 0.9945 on the hourly chart.




The pair even traded below the 50% Fib retracement level of the upward move from the 0.9907 low to 0.9968 high. Moreover, there was a close below 0.9945 and the 50 hourly simple moving average.

On the downside, there is a breakdown support near the 0.9930 level. It also coincides with the 61.8% Fib retracement level of the upward move from the 0.9907 low to 0.9968 high.

Read more at https://blog.fxopen.com/eur-usd-could-climb-higher-while-usd-chf-might-decline/

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EOS/USD analysis

From last Thursday the price of EOS has increased by 32.51% coming from the $2.663 low to $3.529 high made on Saturday and again retested on Monday. Looking at the hourly chart below you can see that this price movement has been labeled as a five-wave impulse after which the price has been in a minor descending channel.



Currently, the price is back above the $3.27 horizontal support level which got broken on the way down but the price started increasing again from yesterday and has reached the resistance point of the descending channel today. As the apex of the channel approaches, we are soon going to see a breakout which by looking at the wave structure looks more likely to the upside.


Read more at https://blog.fxopen.com/ltc-and-eos-impulsiveness-seen-further-increase-expected/

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NZD/USD Technical Analysis

The New Zealand Dollar also followed a similar increase from the 0.6350 support area against the US Dollar. The NZD/USD pair climbed above the 0.6340 and 0.6350 resistance levels to start a strong upward move.

The upward move gained pace above the 0.6380 resistance and the 50 hourly simple moving average. It opened the doors for more gains above the 0.6400 resistance.



Later, the pair consolidating above the 0.6400 area. Finally, there was a break above a key contracting triangle with resistance near 0.6430 on the hourly chart of NZD/USD.

The pair traded towards the 0.6450 level and the recent high was formed near 0.6442. The pair is currently correcting lower and testing the 23.6% Fib retracement level of the recent leg from the 0.6397 low to 0.6442 high


Read more at https://blog.fxopen.com/aud-usd-and-nzd-usd-climbing-steadily/

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MOST FREQUENTLY OCCURRED PRICE PATTERNS IN FOREX TRADING

If you are a long term trader, then you should have a close eye on various price patterns that occur frequently at various timeframes. These patterns may yield huge and easy return with minimum risk. Let us have a look at some famous price patterns.

Head & Shoulder (H&S)

H&S is one of the most frequently occurred price patterns. It consists of four main parts that are:

*Left Shoulder
*Head
*Right Shoulder
*Neckline

The most important component is the neckline. Neckline is the lowest point between right and left shoulder as shown in following chart.



Traders tend to open sell positions when neckline is broken. Once neckline is broken, it then acts as critical resistance level. H&S pattern can also be in inverse shape as shown in following chart.




Read more at https://blog.fxopen.com/most-frequently-occurred-price-patterns-in-forex-trading/

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USD/CAD Technical Analysis

The US Dollar rallied sharply from the 1.3042 low against the Canadian Dollar. The USD/CAD pair traded above the 1.3100 and 1.3180 resistance levels to move into a positive zone.

However, the pair failed to surpass the 1.3200-1.3210 resistance and traded as high as 1.3207. Recently, it started a downside correction below the 1.3200 and 1.3180 levels.




There was a break above the 1.3150 support level and the 50 hourly simple moving average. Additionally, the pair traded below the 23.6% Fib retracement level of the last wave from the 1.3042 swing low to 1.3207 high.

On the downside, there is a strong support waiting near the 1.3125 level. It coincided with the 50% Fib retracement level of the last wave from the 1.3042 swing low to 1.3207 high.


Read more at https://blog.fxopen.com/gbp-usd-could-continue-higher-usd-cad-is-correcting-lower/

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THE WINNER’S TRADING HORROR STORY



It was Thursday and it was late. It was raining and thunder rolled over the rooftops.

I was looking through financial news and thought about calling it a night.

I felt chills running down my spine when I heard the footsteps approaching and the raspy voice whispered straight into my ear: “You will open 100 lots EURCAD sell position if you want to live…”

With trembling hands I opened the FXOpen MT4 platform. I didn’t have enough money to open this kind of volume, even if I closed my current positions. I wondered if it was just a dream…

But then I saw the putrefying hand on my shoulder – “What are you waiting for?”

I called FXOpen live trading support with the request to increase my leverage. The support employee informed me about the risks of higher leverage and asked me if I still wanted to set it at 1:500. Little did he know that the only risk I was worried about was the risk to annoy my zombie visitor.

I hung up, closed my existing positions and quickly opened EURCAD 100 lots, as my new friend requested.

“Good boy” – I heard laughter behind my back.

I looked at the chart and saw that the market started quickly moving in my favor. 10% profit, 20%, 50%.

“Now cloooooose” – and I obeyed the order.

I made $666 666 in 3 minutes.

Maybe the zombie was my friend after all?

“Now you will withdraw everything, convert it to gold coins and bring it to me!!!”

I wondered where it was.

“Central cemetery, 3d alley, 13th grave – you will see a sepulture with the name High Leverage. Open the grave and pour the coins inside… And don’t think about tricking me!!!”



The story is written by Mathias from Sweden, account number 714216. We congratulate the winner and will credit 100 USD to his FXOpen trading account.


Read more at https://blog.fxopen.com/the-winners-trading-horror-story/

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USD/JPY Technical Analysis


The US Dollar remained in a positive zone above the 108.00 and 108.20 support levels against the Japanese Yen. As a result, the USD/JPY pair climbed above the 108.50 resistance area.

The pair even broke the 109.00 resistance area and the 50 hourly simple moving average. However, the pair seems to be facing a strong resistance near the 109.25 area.



It is currently correcting lower below 109.10. More importantly, the pair is struggling to stay above a major bullish trend line with support near 109.00 on the hourly chart.

If there is a downside break, the pair could test the 108.70 support are and the 50 hourly simple moving average. It also coincides with the 38.2% Fib retracement level of the upward move from the 107.88 low to 109.23 high.


Read more at https://blog.fxopen.com/eur-usd-dives-again-usd-jpy-breaking-down/

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XRP/USD analysis


The price of Ripple has increased from yesterday’s low at $0.2903 by 5.55% as it came up to $0.3064 at its highest point today. Currently, the price is being traded slightly below the $0.3 mark but the price is in an upward trajectory overall.





On the hourly chart, you can see that the price made a breakout from the triangle which formed after the second attempt for the price to maintain above the significant horizontal level at $0.29405 failed. As the price has shown signs of bullishness after it managed to hold above 0 Fib level the seen increase could be the first sign that the price is to hold above the horizontal support but we could be seeing another corrective increase that is to retest the seller’s territory above.

Read more at https://blog.fxopen.com/btc-usd-and-xrp-usd-moving-sideways/

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Oil Price Technical Analysis

This week, there was a steady rise in crude oil price above the $55.00 resistance area against the US Dollar. The price even broke the $56.20 resistance zone to move into a positive zone.

Finally, the price settled above $56.50 and the 50 hourly simple moving average. However, the bulls faced a strong resistance near the $57.80 and $58.00 levels. A high was formed near $57.81 and the price started a downside correction.




There was a break below the $57.50 support area. Moreover, the price traded below the 23.6% Fib retracement level of the recent wave from the $56.12 low to $57.81 high.

At the moment, the price is trading near the $57.00 support area and the 50 hourly SMA. Besides, there is a key bullish trend line forming with support near $56.80 on the hourly chart of XTI/USD.


Read more at https://blog.fxopen.com/gold-could-correct-higher-while-crude-oil-price-might-decline/

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EXPLAINING THE ELEMENTS OF A TRADING ACCOUNT

Regardless of the trading platform used, some elements in a trading account always appear. We’re not talking about swaps, spreads, and commissions, that vary from broker to broker.

Instead, this article aims at explaining the importance of balance, equity, and margin in a retail trading account. Because human nature plays tricks on traders, people always tend to focus on what’s not realistic in a trading account. And that is the balance.

The Balance of a Trading Account

The balance is where all the funds go when the account gets funded for the first time. Upon account’s opening and documents’ verification, traders that decided for a live account must fund it.

All the funds appear in the balance. At this point, the equity equals the funds in the balance, and all the amount is available as free margin.

Everything changes by the time traders open a position. Regardless of the number of positions opened, and the size, the balance remains unchanged.

That is, unchanged until the trader takes a position in the market. Long or short, any position on any asset will leave the balance unchanged.

Unless or until the trade ends, the balance won’t change. When the trade reaches the take profit, stop-loss, or the trader decides merely to close it, the balance changes with the appropriate outcome: the win or loss, the commission paid (if any), the positive or negative swap (if any).

For this reason, the balance is a misleading element of a trading account. Here’s why.

The trader may have multiple open positions on the account. And, as it is often the case, many of them to go against the desired direction.

In other words, the more the equity shrinks, the more red flags the trader should see. However, if the focus is on what the balance shows, the trader ends up keeping losing positions for too long. Sometimes, that is enough for a margin call.



Read more at https://blog.fxopen.com/explaining-the-elements-of-a-trading-account/

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