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Gold, Elliot Wave Analysis

The pair may grow.
On the daily chart, the fifth wave of the higher level (5) develops, within which the first entry wave 1 of (5) formed, the correctional wave 2 of (5) developed, and the wave 3 of (5) forms. Now, the third wave of the lower level iii of 3 is developing, within which the wave (iii) of iii is forming. If the assumption is correct, the pair will grow within the wave to the levels of 1919.90–2067.60. In this scenario, critical stop loss level is 1752.82.


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EURUSD, AUDUSD, USDCAD Technical & Fundamental update



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Cryptocurrency Market Review
This week, the cryptocurrency market remained calm, and leading assets made minor attempts to increase or decrease. BTC is currently trading around 37000.00 (+4.5%), ETH is at 2430.00 (–0.5%), USDT is around 1.0006 (–0.01%), BNB is at 390.00 (+2,0%), and USDC is around 0.9997 (–0.04%). The total market capitalization decreased to $1.669T, while the share of BTC rose to 41.94%.

The fears of several experts of a further serious fall in the cryptocurrency market after the meeting of the US Federal Reserve did not materialize. The American regulator confirmed its "hawkish" positions but did not hint at their further strengthening, which could cause additional pressure on alternative assets. Officials only announced the upcoming rate hike by 0.25% and the start of the balance sheet reduction program, but investors have been expecting this for a long time and therefore included this scenario in the price.

Russian news also became a positive factor for the market. The Ministry of Finance opposed the proposal of the Bank of Russia to ban the mining and use of cryptocurrencies in the country. On the contrary, officials propose introducing regulatory rules for the crypto-currency sector, providing for the conduct of transactions with digital assets through banks and the full identification of users. Otherwise, 2T rubles (the estimated value of cryptocurrencies owned by citizens) will go to the shadow sector of the economy. Also, the ministry did not rule out the possibility of foreign cryptocurrency exchanges operating in the country, which will have to create representative offices in the Russian Federation and cooperate with the local banking system.

Of greatest interest is the idea of legalizing cryptocurrency mining in regions with an excess of electricity. The implementation of this proposal may contribute to the additional development of mining in the country, although now it is one of the three world leaders in terms of BTC production after the USA and Kazakhstan, accumulating more than 10% of the world hashrate.

Among other news of the cryptocurrency industry, it is worth highlighting the possible completion of the Diem stablecoin project from Meta Platforms Inc. Previously, it was named Libra and was subjected to severe pressure from the US authorities, who did not want such a large private currency to enter the market.

According to Bloomberg, Diem Association members are currently considering selling intellectual property and other assets to cover investors' costs partially. In parallel, there is a process of gradual dismissal of employees. The issuance of Diem by Silvergate Bank was supposed to start this year, but the financial institution did not receive approval for this activity from the US Federal Reserve, which was probably the reason for curtailing the project.

This week, the US Securities and Exchange Commission (SEC) rejected an application from Fidelity Investments to register a spot bitcoin ETF called the Wise Origin Bitcoin Trust. The officials made the standard argument that spot market investors would not be adequately protected from fraud to justify the refusal. The SEC has previously approved bitcoin futures ETFs, and experts hope that the approval of spot funds will also become possible soon.

In conclusion, we note that according to Bloomberg, the US administration plans to publish a state strategy for cryptocurrencies in February. The paper will address economic, regulatory, and other issues related to digital assets
.
Next week, quotes of most cryptocurrencies may consolidate or resume their decline.
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EU Economies continue to slow down

Current trend
The EURUSD pair corrects within a downtrend, trading around the level of 1.116.

Additional pressure on the euro is exerted by a serious slowdown in the leading economies of the EU. Meanwhile, the USD Index topped 97 to trade at 97.1. In general, against the backdrop of a rising US dollar, the euro looks like a less attractive instrument for investment, and the current downward trend in the EUR/USD pair is likely to continue this week.

Support and resistance
The currency pair is declining within the global Flag pattern. Indicator Alligator's EMA fluctuations range expands downwards, and the histogram of the AO oscillator began to form downward bars, being in the sell zone.

Resistance levels: 1.1233, 1.1455.
Support levels: 1.1119, 1.1.


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Solid ECN Promotions

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We offer a wide range of promotions at Solid ECN Securities.

> %40 Deposit
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We have inflation concerns at Solid ECN Securities. Therefore we came up with an ultimate solution by providing multiple wallets to our customers. They can save their assets, investments, and profits in the most demanded currencies and cryptos.

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Solid ECN Trading Platform

Part 1/3

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> Trading in Forex, stocks and futures from any web browser
> The web platform operates without any additional software or browser extensions
> Compatibility with Windows, Mac, Linux operating system

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Part 2/3

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The MetaTrader 5 Web platform allows you to start trading on the Forex, exchange and futures markets from any browser and operating system, including Windows, Mac and Linux. You can access the rich set of functions that are available in the MetaTrader 5 desktop platform directly on the web, which means you can analyze financial quotes and trade without downloading or installing any application. You can access your account and start trading in just a couple of clicks. Trading on the Web platform is safe, while any transmitted information is securely encrypted.

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> All types of trading operations

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If the installation of a desktop platform or a mobile application is not possible, the MetaTrader 5 Web Platform offers the perfect solution for every trader. You can place any type of market and pending orders, trade currencies, stocks and futures with one click from a chart or Market Depth, as well as perform comprehensive market analysis using 30 technical indicators and 24 graphical objects. All these features can be now accessed any time and from any web browser.

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Solid ECN Negative Balance Protection
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Volatility often occurs in the market. Solid ECN has always been committed to the highest standards, with the Solid-Shied feature, the traders don’t have to worry about having a negative balance. This means that even under highly volatile situations when margin calls and stop-outs do not function accurately, no client is responsible for paying back a negative balance.

Solid-Shield automatically adjustments the balance to zero in case the balance becomes negative after a stop-out. The process of reset can take 12 - 24 hours. Please consider that before making a new deposit.

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Solid ECN Account Types

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Solid ECN gives multiple account types on the MetaTrader 5 trading platform, and tools to help individuals and corporate customers to exchange Forex and Derivatives online.

Solid ECN grants an exceptional type of account options that clients can choose to experience a tailored trading experience that perfectly fills their needs.

> Solid micro account (1:1000 leverage | Micro lot)
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> Solid standard account
> Solid ECN account

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%100 Deposit Bonus
Promo Code FFODP

We have a deal for our community at the Forex Factory's. A %100 bonus to first deposits.

> Register.
> Fund your trading account.
> Send the promo code FFODP by email to [email protected].
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The promotion will expire after receiving the first 100 applications.

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USDCAD market update by Solid ECN Securities
The pair is testing 1.2700 for a breakout

Current trend
The US dollar demonstrates active growth in pair with the Canadian currency during the trading in Asia, once again testing the level of 1.27 for a breakout.
The US currency received short-term support on Friday after the publication of a strong report on the labor market for January, which turned out to be much better than investors' forecasts. Strong data reinforced the belief of market participants that the US Fed may act more aggressively in choosing the vector of monetary policy. In particular, it is possible that at the March meeting of the regulator, the rate will be raised immediately by 50 basis points.

In turn, the Canadian report on the labor market, also released last Friday, was extremely disappointing.

Resistance levels: 1.27, 1.275, 1.2786, 1.2812.
Support levels: 1.265, 1.26, 1.2558, 1.25.



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Solid ECN Account Types

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Solid ECN provides multiple account types on the MetaTrader 5 trading platform. Beginners can use our micro account where the minimum lot size is 0.001 lot or 100 of the base unit. More advance traders can utilize our ECN and Standard account where the spread starts from zero.

> Solid micro account (1:1000 leverage | Micro lot)
> Solid holy account (swap free)
> Solid standard account
> Solid ECN account

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Solid ECN Account Types

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In line with our mission to secure extensive trading possibilities, we offer our clients access to the broadest variety of markets.

> Forex (47 products)
> Metals (4 products)
> Cryptocurrencies (55 products)
> Commodities (82 products)
> Energies (2 products)
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We have picked a wide range of instruments for each market so that you can make the most out of your trading venture. Every account has access to all markets.

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Solid ECN Refund Policy

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There is no perfection in services online, and when funding is involved, we believe that the merchant should have a transparent refund policy. Solid ECN Securities acknowledges customer rights, and for that reason, we drafted the Solid-Refund policy.

There are circumstances when it is essential to return payment. Clients may submit a refund petition if the merchant service was not as described or the service was not functional or if the client justifies the reason.

We tried to make the money return policy concise, simple, and clear to give our customers a feeling of security. That is why we guarantee our services, and if it wasn’t as described the consumer has the right to apply for the return of his money.



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Solid ECN Trading Platform

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The popular trading platforms are narrowed to a few. We chose the newest and the most advanced platform that is available in the market, the MetaTrader 5!
Why MetaTrader 5?

Contrary to commune belief, MetaTrader 5 is not an upgrade of MT4. The MT4 platform was developed for trading in the Forex environment, whereas MT5 was coded for CFDs, Stocks, and futures access. To be short, MetaTrader 5 is for more experienced and advanced traders, but before we go with the MT5, at Solid ECN we ran a survey of the traders we know, and found out that most rookies and novice users are already with the MT5 platform, and for the first time the MT5 users have surpassed the MT4’s!

MT5 Advantages

1. MT 4 has 4 pending orders, whereas MT5 provides 6 types of pending orders.
2. MT4 has 9-time frames, whereas MT5 offers 21-time frames. More time frames assist technical analyzers to have a better conception of the market movement.
3. MT 4 doesn’t have the market depth, but MT5 market depth is accessed within the chart.
4. MT5 has the Economic calendar on default.
5. MT4 has 4 types of pending orders, whereas MT5 holds 6 types.
6. MT4 allows hedging only, whereas MT5 allows both hedging and netting on request.
7. MT5 has 38 technical indicators, 44 analytical objects and unlimited charts
8. Partial order filling policies (fill/kill or cancel return) is another advantage of the MT5 for advanced traders.
9. The strategy tester of the MT5 platform is multi-threaded but MT4 is single-threaded.

MetaQuote corporation has been sending announcements about stopping MT5 updates. Therefore, we believe it was in the best interest of all parties to go with the MT5 platform!

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Solid ECN No Transaction Fee

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The commission our customers pay for adding funds to their trading accounts via any payment options is zero at Solid ECN.

When a transaction is made to a trading account, a part of the transferred amount is deducted by the payment processor as commission. Solid ECN covers transaction fees, and we named it the Solid-Cover! All clients of Solid ECN receive the actual deposit with no deduction instantly to their trading account.

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Trading on a micro account is a good way to start forex, sign up for a Solid-Micro account here to trade with world with as low as $5.
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About us

Solid ECN Securities is a group of professionals with a decade of experience in trading, IT, and brokerage development. Slowly over the years, we gathered valuable data about the market demands. We have discovered how to protect and secure the trading environment on contracts.

It was in early 2019, that we were determined to launch an independent hub to guard our accounts and trades. It was the time we came up with the idea of Solid ECN Securities. We started with a self-developed platform, but the platform could meet our minimums only due to high trading demands. Thus, we stepped up and made it to the next level.

We formed the company and hired more specialists to expand the Solid ECN brand worldwide. The pillar of the organization is to supply secure trading without prejudice.

Trading currencies with a Solid-Micro account doesn't involve any major risks. You can start with as low as $5 since the trading lot starts from 0.001 or 100 units.
Register!



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instagram | facebook | twitter | linkedin

Solid ECN Trading Platform

The popular trading platforms are narrowed to a few. We chose the newest and the most advanced platform that is available in the market, the MetaTrader 5!

Why MetaTrader 5?
Contrary to commune belief, MetaTrader 5 is not an upgrade of MT4. The MT4 platform was developed for trading in the Forex environment, whereas MT5 was coded for CFDs, Stocks, and futures access. To be short, MetaTrader 5 is for more experienced and advanced traders, but before we go with the MT5, at Solid ECN we ran a survey of the traders we know, and found out that most rookies and novice users are already with the MT5 platform, and for the first time the MT5 users have surpassed the MT4’s!

1. MT4 has 9-time frames, whereas MT5 offers 21-time frames. More time frames assist technical analyzers to have a better conception of the market movement.
2. MT 4 has 4 pending orders, whereas MT5 provides 6 types of pending orders.
3. MT 4 doesn’t have the market depth, but MT5 market depth is accessed within the chart.
4. MT5 has the Economic calendar on default.
5. MT4 has 4 types of pending orders, whereas MT5 holds 6 types.
6. MT4 allows hedging only, whereas MT5 allows both hedging and netting on request.
7. MT5 has 38 technical indicators, 44 analytical objects and unlimited charts
8. Partial order filling policies (fill/kill or cancel return) is another advantage of the MT5 for advanced traders.
9. The strategy tester of the MT5 platform is multi-threaded but MT4 is single-threaded.

MetaQuote corporation has been sending announcements about stopping MT5 updates. Therefore, we believe it was in the best interest of all parties to go with the MT5 platform!

Which trading platform are you using? And Why? Comment below!

Open Account

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