Author: rcanessa - Page 22

A Map of Forex Traders: Where Are the 9.6 Million Online Traders?

The Forex market has been particularly active since the 1970s. It has become the world’s largest financial market, with an average daily trading volume growing from around 1.2 trillion in 1995 to 5.1 trillion in 2019, according to figures from the Bank for International Settlements.

Although large financial institutions and banks are responsible for a substantial part of the trading volume in this market, modern technology has also made it accessible to a broader customer base. Forex brokers have developed easy-to-use online trading platforms, which have simplified the trading process, and made it available from almost anywhere in the world.

In fact, 9.6 million people worldwide are now online traders – that is, 1 in 781 people.

Strong enthusiasm in the markets following the business IFO survey

by rcanessa

The German IFO survey is one of the most studied, since it shows the status of the largest economy in the eurozone. It frequently indicates the economic evolution of the entire euro area and, in addition, it generates immediate effects on the common currency: the euro. This week, the IFO survey has shown that business confidence levels have risen sharply. To be … Read more

PayPal Seeks Blockchain Engineer Amid Rumors of Its Cryptocurrency Adoption

by rcanessa

PayPal included blockchain in the Strategic Technology Enabling office. According to anonymous sources, PayPal will offer cryptocurrency trading in the short term. The company PayPal Inc. is looking for an engineer for its blockchain research group, which is part of the Strategic Technology Enabling office. This search coincides with the rumors that this company is about to offer cryptocurrency … Read more

Free Forex Webinars of XM Broker

by rcanessa

The Forex and CFD broker XM, a company regulated by CySEC and other financial services regulators, offers a series of free trading webinars every week for all its clients, which are focused on various topics such as the Forex market, market analysis tools (mainly technical analysis indicators), trading psychology, trading strategies for beginner and experienced traders and other related topics. The webinars are taught by expert traders and analysts with real experience in the markets.

The webinars are free and all interested traders can participate. Currently, XM organizes multiple webinars every week in several languages, including English, Spanish and Arabic. For example, on Wednesday, April 24, 2020 the company will organize the following webinars in English, whose topics will be “Introduction to Japanese Candlestick Patterns“, “Risk Management I” and “Take advantage of volatility (Bollinger Bands)“.

North Korean connection: in the footsteps of major crypto thefts

by rcanessa

Authorities trace the theft and laundering of cryptocurrencies related to North Korea.
The OXT firm performs an analysis of the transactions involved and reveals the laundering methods.

A new report delves into the methods used by hackers affiliated with North Korea to launder stolen cryptocurrencies from their victims, primarily from crypto exchanges.

Based on the analysis of civil lawsuit number 20-606, filed on March 2 before the United States judicial authorities, the OXT firm analyzed the movements and transactions of Bitcoin and other networks, discovering the methods used by cybercriminals to hide their illegitimate transactions in cryptocurrencies.

The Best Forex Daytrading Strategies III

by rcanessa

In this article we will continue with the series of articles on scalping and daytrading strategies based exclusively on Price Action that may be useful for you to trade in Forex, although they can also be adapted to other markets.

These strategies are based on the identification of classic price patterns from technical analysis.

You can access the second article in the series at the following link: The Best Forex Daytrading Strategies II

USD/MXN: Dollar recovers advantage as risky assets falter

by rcanessa

Fears of a second wave of contagion dominate sentiment earlier in the week
USD/MXN is consolidating the correction thanks to the demand for safe-haven assets

After Thursday’s blow to the Mexican peso along with other emerging currencies, risk appetite returned to end the week as two-thirds of Thursday’s losses recovered on Friday, leaving USD/MXN only 3.6% higher in a week dominated by the Fed’s grim recession warning, as Covid-19 cases re-emerge worldwide.

But this week begins with complications for the Mexican peso, which has fallen 2.5% against the US dollar since Friday’s close. Added to the weakness of the peso is the drop in oil prices, with a 4.5% drop in US crude since the start of the new week, as a surprising increase in US inventories gave another blow to the commodity, which has lost $5 a barrel from last week’s highs.

The Rectangle Pattern – Trend continuation chart pattern

by rcanessa

The rectangle is a trend continuation pattern and consists of a price formation in which demand and supply are apparently balanced for a certain period of time. The price moves in a narrow range where it finds a support at the bottom of the rectangle and a resistance at the top of the figure.

Finally, the price ends up breaking out the rectangle range, either through support or resistance. If the previous trend was bullish, then the breakout is most likely to be bullish, but if the previous trend was bearish, the move will most likely be bearish.

However, the rectangle can also be a reversal trend pattern, for example if the previous trend was bullish and the pattern breakout occurs on the downside or when the previous trend was bearish and the price breaks through resistance.

Economic Cycle – Concept and Definition

by rcanessa

The economic cycle is a series of phases that the economy goes through and that happen in order until reaching the final phase in which the economic cycle begins again.

Each cycle goes through periods of recession and periods of expansion. This phenomenon has been common throughout economic history, being known by other names such as “business cycles” or “cyclical fluctuations“.

It is known as economic cycle because once finished it starts again from the beginning forming a continuous wheel. However, due to its unpredictability this cannot be taken as a formal rule.

In the upward phases the economy improves and jobs are created, while in the downward phases the economy decreases. It is in the periods of contraction when economic crises break out. When oscillations of great intensity occur, economies can experience economic bubbles.

The Schiff Pitchfork – Construction and Variants

by rcanessa

In a previous post we saw the use of the Andrews Pitchfork, a trading technique very used and known by many traders. But there is a less known variant of this method developed by a student of Andrews surnamed Shiff, who worked as a trader on the NYSE. The technique developed by this trader is intended to solve the problem that occurs when the Andrews Pitchfork presents a very marked inclination.

In this case, the Schiff Pitchfork shares with the Andrews Pitchfork the use of the line that is between points A and B, which is referred to as midline. The main difference however is that the construction of both Pitchforks is somewhat different. To construct the Schiff Pitchfork the following procedure is used:

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