Backtest results of the EA for IC Markets broker, Jan 2023 till now.
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Market Brief Overview, 20 Feb;
Today our focus will be on CAD and important CPI MOM and YOY fundamental data. The overall YOY inflation expected to decrease slightly but the MOM inflation predicted to increase by 0.4%. Higher than expected decrease in CPI will significantly weaken CAD but higher inflation will put pressure on CAD and will make it interesting for buyers.
We will watch closely the market and have CAD in focus in our watch list for today.
CB leading index m/m: We suspect the index continued to fall in January and look for a 0.3% decrease. Lower value of CB leading index than expectations will weaken USD.
Today our focus will be on CAD and important CPI MOM and YOY fundamental data. The overall YOY inflation expected to decrease slightly but the MOM inflation predicted to increase by 0.4%. Higher than expected decrease in CPI will significantly weaken CAD but higher inflation will put pressure on CAD and will make it interesting for buyers.
We will watch closely the market and have CAD in focus in our watch list for today.
CB leading index m/m: We suspect the index continued to fall in January and look for a 0.3% decrease. Lower value of CB leading index than expectations will weaken USD.
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🔘 Key Technical Points for Gold on February 20, 2024:
🔸 Resistance: 2039, 2029, 2022
▪️ Support: 2018
🔹 Support: 2014, 2009, 2003
✍🏻 Gold has once again managed to reclaim the $2000 channel and has been on an upward trend for three consecutive days. Currently, gold is influenced by complex interactions of economic factors, geopolitical issues, monetary policies, and market sentiment changes, acting as a safe haven amidst political disturbances and concerns about oil supply. The most important daily support is at $2011, and as long as it stays above $2014, it can approach resistance levels. To test $2055, it needs to stabilize above $2038. Otherwise, it oscillates within a 200-pip range for now. Pay attention to movements in the dollar index regarding gold trends. Additionally, we have the release of the FOMC meeting minutes on Thursday night, which usually leads to a decline in the dollar after publication.
(🔸Resistance 🔹Support▪️Current Price)
#GOLD
🔸 Resistance: 2039, 2029, 2022
▪️ Support: 2018
🔹 Support: 2014, 2009, 2003
✍🏻 Gold has once again managed to reclaim the $2000 channel and has been on an upward trend for three consecutive days. Currently, gold is influenced by complex interactions of economic factors, geopolitical issues, monetary policies, and market sentiment changes, acting as a safe haven amidst political disturbances and concerns about oil supply. The most important daily support is at $2011, and as long as it stays above $2014, it can approach resistance levels. To test $2055, it needs to stabilize above $2038. Otherwise, it oscillates within a 200-pip range for now. Pay attention to movements in the dollar index regarding gold trends. Additionally, we have the release of the FOMC meeting minutes on Thursday night, which usually leads to a decline in the dollar after publication.
(🔸Resistance 🔹Support▪️Current Price)
#GOLD
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🔹 AUD
🔸 The Australian dollar is a commodity currency (beta), meaning it is positively influenced by risk appetite in markets like stocks and negatively affected by risk aversion. Any uncertainty that puts pressure on stocks also impacts the AUD negatively. The reduction in China's 5-year and 1-year loan rates (as we saw today, continuing China's easing policies) and support for strengthening the Chinese economy can lead to increased demand and exports for Australia, thus strengthening the Australian dollar. However, the release of the RBNZ meeting minutes and weakness in statements and positions of Governor Bullock could have a short-term negative impact on the Australian dollar.
🔹 EUR
🔸 In France, the government has reduced the economic growth forecast for 2024 from 1.4% to 1% due to Gaza war and concerns regarding China. We are also witnessing a decrease in economic growth in Germany. If the ECB continues to maintain interest rates at high levels, this could lead to a greater-than-expected decline in Eurozone economic growth. Currently, the market is focused on the interest rate reduction in April, and any talks by ECB officials about moderating rate cuts could strengthen the euro and put pressure on stock markets.
🔹 USD & CAD
Today, the US consumer confidence index can attract market attention as views on the economic outlook can have an influential effect on interest rate changes. (In December, the Federal Reserve emphasized weakness in consumer confidence, which contradicted consumer sentiment at the University of Michigan, so today's data could be very important). In Canada, yesterday's increase in industrial production costs and today's rise in CPI data can indicate consumer strength and demand-driven inflation. This could raise expectations for the Bank of Canada and strengthen the CAD.
🔹 JPY
🔸 The conditions for the yen are uncertain and not conducive to proper trading. While conditions currently point towards yen weakening, macroeconomic models are warning that the yen may strengthen from its weak levels. Therefore, buying yen crosses can carry significant risk. Last week, we saw Japan's GDP growth data indicating an economic downturn that could prompt the Bank of Japan to continue its easing policies, further weakening the yen. Currently, the growth of spring wages in Japan is the most important market factor for decision-making regarding the yen, and until we see growth in it, we cannot speak of the yen's sustainable strength.
🔸 The Australian dollar is a commodity currency (beta), meaning it is positively influenced by risk appetite in markets like stocks and negatively affected by risk aversion. Any uncertainty that puts pressure on stocks also impacts the AUD negatively. The reduction in China's 5-year and 1-year loan rates (as we saw today, continuing China's easing policies) and support for strengthening the Chinese economy can lead to increased demand and exports for Australia, thus strengthening the Australian dollar. However, the release of the RBNZ meeting minutes and weakness in statements and positions of Governor Bullock could have a short-term negative impact on the Australian dollar.
🔹 EUR
🔸 In France, the government has reduced the economic growth forecast for 2024 from 1.4% to 1% due to Gaza war and concerns regarding China. We are also witnessing a decrease in economic growth in Germany. If the ECB continues to maintain interest rates at high levels, this could lead to a greater-than-expected decline in Eurozone economic growth. Currently, the market is focused on the interest rate reduction in April, and any talks by ECB officials about moderating rate cuts could strengthen the euro and put pressure on stock markets.
🔹 USD & CAD
Today, the US consumer confidence index can attract market attention as views on the economic outlook can have an influential effect on interest rate changes. (In December, the Federal Reserve emphasized weakness in consumer confidence, which contradicted consumer sentiment at the University of Michigan, so today's data could be very important). In Canada, yesterday's increase in industrial production costs and today's rise in CPI data can indicate consumer strength and demand-driven inflation. This could raise expectations for the Bank of Canada and strengthen the CAD.
🔹 JPY
🔸 The conditions for the yen are uncertain and not conducive to proper trading. While conditions currently point towards yen weakening, macroeconomic models are warning that the yen may strengthen from its weak levels. Therefore, buying yen crosses can carry significant risk. Last week, we saw Japan's GDP growth data indicating an economic downturn that could prompt the Bank of Japan to continue its easing policies, further weakening the yen. Currently, the growth of spring wages in Japan is the most important market factor for decision-making regarding the yen, and until we see growth in it, we cannot speak of the yen's sustainable strength.
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🔘 The most important technical points for gold on February 22, 2024!
🔸2044
🔸2037
🔸2032
▪️2030
🔹2020
🔹2014
✍🏻 If gold can overcome and stabilize above the resistance at 2032, it has the potential to reach the channel ceiling (2044). The resistance at 2057 appears to be very strong, and the range around 2050 seems to be the target for the current upward wave. Key intraday supports are observed at 2025 and 2020. Today is the day of PMI data release.
(🔸Resistance 🔹Support ▪️Current Price)
#GOLD
🔸2044
🔸2037
🔸2032
▪️2030
🔹2020
🔹2014
✍🏻 If gold can overcome and stabilize above the resistance at 2032, it has the potential to reach the channel ceiling (2044). The resistance at 2057 appears to be very strong, and the range around 2050 seems to be the target for the current upward wave. Key intraday supports are observed at 2025 and 2020. Today is the day of PMI data release.
(🔸Resistance 🔹Support ▪️Current Price)
#GOLD
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FTMO challenge passed by the EA: https://www.mql5.com/en/blogs/post/756174
https://www.mql5.com/en/market/product/112044
Zenith will be sold with 25% discount for next 48 hours
FTMO challenge passed by the EA: https://www.mql5.com/en/blogs/post/756174
https://www.mql5.com/en/market/product/112044
Mql5
Buy the 'Zenith Zone Bot MT5' Trading Robot (Expert Advisor) for MetaTrader 5 in MetaTrader Market
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Zenith Zone EA FTMO challenge review,
We are sending you Account Analysis of your account: 1520077239.
Congratulations! Trading Objectives have been passed. Your trading system meets the requirements to pass our Evaluation Process. These are great results, which are only achieved by a small number of traders.
If you think it’s the right time, consider applying for the full FTMO Challenge. Disciplined traders are always welcome with us. I would also like to remind you that a fee for the FTMO Challenge will be refunded to you with your first profit withdrawal once you become an FTMO Trader. If you are still undecided whether you can meet the Trading Objectives of the FTMO Challenge, you can always set up a new Free Trial in your Client Area.
We'd love to hear your feedback as it will help us improve our services. How was your trading? Was the Free Trial beneficial to you? Are you ready for the FTMO Challenge? Every feedback we obtain gives us valuable insight into the quality of our services.
We are looking forward to successful cooperation.
The Account Analysis can be found in your Client Area or on this link https://trader.ftmo.com/account-analysis/1520077239
We are sending you Account Analysis of your account: 1520077239.
Congratulations! Trading Objectives have been passed. Your trading system meets the requirements to pass our Evaluation Process. These are great results, which are only achieved by a small number of traders.
If you think it’s the right time, consider applying for the full FTMO Challenge. Disciplined traders are always welcome with us. I would also like to remind you that a fee for the FTMO Challenge will be refunded to you with your first profit withdrawal once you become an FTMO Trader. If you are still undecided whether you can meet the Trading Objectives of the FTMO Challenge, you can always set up a new Free Trial in your Client Area.
We'd love to hear your feedback as it will help us improve our services. How was your trading? Was the Free Trial beneficial to you? Are you ready for the FTMO Challenge? Every feedback we obtain gives us valuable insight into the quality of our services.
We are looking forward to successful cooperation.
The Account Analysis can be found in your Client Area or on this link https://trader.ftmo.com/account-analysis/1520077239
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🔘 Cash Inflow Chart
🔹 Cash inflow potential (major currencies, gold, and oil) for February 27.
🔹 The higher the number on the chart, the greater the capacity for cash inflow and growth of the respective currency (considering all fundamental and prevailing sentiment factors) for today (and vice versa).
🔹 Given that price changes in the market often move towards price equilibrium in response to events, one important aspect of this chart is comparing its daily changes with previous days.
🔸 A number on the chart exceeding 25 indicates potential for inflow and upward growth.
🔸 A number within the range of (25-10) suggests weak potential for inflow and upward growth, and vice versa for negative ranges.
✍🏻 Changes in the cash inflow chart compared to previous days are important!
🔹 Cash inflow potential (major currencies, gold, and oil) for February 27.
🔹 The higher the number on the chart, the greater the capacity for cash inflow and growth of the respective currency (considering all fundamental and prevailing sentiment factors) for today (and vice versa).
🔹 Given that price changes in the market often move towards price equilibrium in response to events, one important aspect of this chart is comparing its daily changes with previous days.
🔸 A number on the chart exceeding 25 indicates potential for inflow and upward growth.
🔸 A number within the range of (25-10) suggests weak potential for inflow and upward growth, and vice versa for negative ranges.
✍🏻 Changes in the cash inflow chart compared to previous days are important!
⭕️ Important Forex News for Friday ⭕️
Economic Calendar_February 29, 2024
🔹 Switzerland Gross Domestic Product (GDP) QoQ 🇨🇭
The first significant news today is the Gross Domestic Product (GDP) of Switzerland. It is expected that this data will be lower than the previous figure, exerting a negative impact on the Swiss Franc.
🔹 Canada Gross Domestic Product (GDP) MoM 🇨🇦
Additionally, the Gross Domestic Product data for the Canadian Dollar will be released. It is expected that this data will be higher than the previous figure, having a positive effect on the Canadian Dollar.
🔹 U.S. Core PCE Price Index MoM 🇺🇸
In the final important news of the day, we have the PCE data, which measures changes in the prices of goods and services purchased by consumers, excluding food and energy. It is expected that this data will be higher than the previous figure, leading to a strengthening of the US Dollar.
#Forex #News
Economic Calendar_February 29, 2024
🔹 Switzerland Gross Domestic Product (GDP) QoQ 🇨🇭
The first significant news today is the Gross Domestic Product (GDP) of Switzerland. It is expected that this data will be lower than the previous figure, exerting a negative impact on the Swiss Franc.
🔹 Canada Gross Domestic Product (GDP) MoM 🇨🇦
Additionally, the Gross Domestic Product data for the Canadian Dollar will be released. It is expected that this data will be higher than the previous figure, having a positive effect on the Canadian Dollar.
🔹 U.S. Core PCE Price Index MoM 🇺🇸
In the final important news of the day, we have the PCE data, which measures changes in the prices of goods and services purchased by consumers, excluding food and energy. It is expected that this data will be higher than the previous figure, leading to a strengthening of the US Dollar.
#Forex #News
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Manual Trading History from 22 Feb, till 1 March 2024.
During past two weeks I have done several trades based on my manual trading strategy. Screenshot is the history of those trades. If you want to know my strategy in details you can read my posts in the following link.
https://www.mql5.com/en/users/momasan1990/blog
During past two weeks I have done several trades based on my manual trading strategy. Screenshot is the history of those trades. If you want to know my strategy in details you can read my posts in the following link.
https://www.mql5.com/en/users/momasan1990/blog
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