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Solid ECN - Negative Balance Protection

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 with Solid ECN. This means that even under highly volatile situations when margin calls and stop-outs do not function accurately, no client with Solid ECN is responsible for paying back a negative balance.

Solid-Shield automatically adjusts the balance to zero in case it becomes negative after a stop-out. The process of reset is automatic.

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Solid-ECN Account

Solid ECN is a non-dealing desk broker, meaning that we do not carry on order flow to market makers. Rather, we match participants in a trade electronically and pass the orders to liquidity providers. As a true ECN broker, we facilitate trades for engaged investors across the ECN.

The technology behind Solid ECN provides for quicker executions and tighter spreads with higher leverage and greater transparency.

We try to take the required steps to assure your funds are safe, along with the immense level of protection over them. That is why all our traders' funds are independently managed from our own and held in segregated accounts in Tier 1 international banks.

• Execution speed - Approach to liquid markets guaranteeing direct market access and agile fills.
• Transparency - No price manipulation, no stop hunting, no decrease in leverage, and no hidden commission.
• Trading hours - Trade Forex, and commodities 24/5, and Cryptocurrencies 24/7 from the MetaTrader 5 platform.
• Leverage - Unlimited profit upon you with a wide selection of leverage from 1:1 to 1:1000 to trade CFDs. Manage the risks as you go.
• Scalping - Fast order executions and small spreads allow Solid ECN to become a safe house for high-volume scalping strategies.
• Hedge - Beat the inflation or reduce your losses with opening one or more trades that offset an existing position.

Solid ECN brings vital advantages for forex traders in the US, EU, and beyond. High levels of market transparency mean price manipulation is not feasible.

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DE 30

• Friday marked the end of April trading and it ended with solid gains, sending DE30 to the highest level since January 2022 and US indices to back to resistance zones. For DE30 it was the fourth straight green monthly candle meaning that each month of 2023 has been positive so far.
• Monday trading has been subdued as trading is halted on most markets due to the Labour Day holiday. US indices are trading close to Friday’s session highs and JAP225 is adding around 0.5%.
• The Chinese PMIs were released over the weekend and they both were below expectations. The services index slid from 58.2 to 56.4 points but more worryingly the manufacturing one dropped from 51.9 to as low as 49.2 points, just around 4 months after the China reopening. It suggests that while domestic demand picked up on reopening, the global manufacturing keeps struggling.
• Adding to those concerns, the Australian PMI dropped from 49.1 to 48 points. However, manufacturing PMI in India expanded from 56.4 to 57.2 points in a rare showing of manufacturing strength.
• Investors were reminded of the US banking issues last week when the First Republic Bank kept suffering deposit flight and eventually the regulator announced that the Bank would be sold. The idea was to sell the Bank over the weekend, however, the process continues as of the Monday morning.
• The markets did not seem overly concerned though, using strong earnings reports from Microsoft and Meta to catapult stocks towards the 2023 highs.
• FX markets are bit mixed as of today with AUD being the strongest and the JPY the weakest currency. The JPY could be under pressure after the BoJ did not change the course of monetary policy with the new chairman at the helm.
• Crypto markets are sliding after strong gains in recent weeks while the majority of the commodity markets are down as well.
• The calendar for today is mostly focused on the US releases with the ISM (4pm CET) the key release.
• The week has a chance to be very eventful with the FOMC (Wednesday) and the NFP report (Friday) the main points on the calendar.

There’s a large divergence between the US500 that is at the resistance and AUDUSD just picking up off the support zone. The Fed meeting this week should clarify the picture for the markets.
 

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EURUSD in Breakout Mode

• The EURUSD continues to go sideways in a tight trading range holding above the moving average (blue line).
• The market is still Always In Long. However, the past five trading days have had a lot of overlapping bars. This increases the risk of more trading range price action.
• The bulls want the tight bull channel to continue up, and the bears want a downside breakout and test of prior lower highs, such as April 17th.
• The bears need to get a close below the moving average. Without it, traders will continue to buy at the moving average, betting it will act as support.
• At the moment, the odds are that the bull channel that began in March will convert into a trading range and test prior lower highs. However, without a downside breakout, the market will probably have to go sideways and develop more selling pressure.

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Refund Policy

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 a money return. 

 

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Trading Products

A professional method to secure assets reasonably is diversified trading. Trading on limited numbers of instruments was never suggested by the market leaders and hedge funders. They always spread their investments among commodities, indices, and or currencies. Diversity is one of the many keys to having success in the trading world. 

At Solid ECN, clients have access to trade the world with high leverage whilst the spread is tightened at its minimum. You can create your dealing basket to enjoy the product diversity with Solid ECN. We strive to offer our customers the most popular and trending products, and we made a live and long list of trading instruments. 

As of writing the list contains 250 products including:

• Forex (Major | Crosses | Minor)
• Precious Metals (Gold | Silver | Palladium | Platinum)
• Energy (Brent | WTI)
• Indices (spot)
• Nasdaq
• Cryptocurrencies (Cardano | Algorand | BNB | Dogecoin | Ripple and more …)

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Solid ECN Affiliate Program

Become part of the Solid ECN Affiliate Program and be a member of one of the most profitable affiliate programs globally. Start earning a tangible income from your existing traffic. 

With an affiliate program that grants the highest conversion rates, an extensive generous payment plan with the highest commission percentage available, Solid ECN is your safe trustworthy companion. 

At Solid ECN we enable our affiliates by offering technology, support, and tailored tools (including banners and widgets) to have a world-class, hassle-free experience!

• High-end Commissions
• True ECN/STP Execution
• Competitive Commission Model
• Global Payment Methods
• Fast & on-time Payments
• Marketing Materials & Generous Promotions
• 24/7 Client Support
• Daily Tracking and Reporting

 

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No Deposit Fee

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.

> Instant Deposit: Deposit to your trading account to catch the market opportunities instantly
> No Fee: No fee applies on any transaction of yours
> Receive Full Amount: Receive the actual deposit with no deduction instantly to your trading account.

 

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EURUSD

The EURUSD pair ended yesterday below 1.0945 level, to fall under expected negative pressure in the upcoming sessions, targeting 1.0865 level as a next correctional target.

Therefore, we are waiting for more expected decline on the intraday basis, supported by the negative pressure formed by the EMA50, noting that breaking the targeted level will push the price to achieve additional bearish correction that its next target reaches 1.0795, while the expected decline will remain valid unless breaching 1.0945 and getting daily close above it.

 

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NZDUSD

NZDUSD pair provides clear additional negative trades to approach our first waited target at 0.6200, waiting for more decline to head towards 0.6140 as a next negative station.

Therefore, we will continue to suggest the bearish trend for today unless the price rallied to breach 0.6290 and hold above it.

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GBPJPY Gartley - Still a Valid Structure?

A bullish Gartley could be forming if we can hold below point C and drop down to the 169.00 area for the completion of the pattern and form our PRZ zone.

Watching the price action yesterday it felt like there was little to stop the rally, however overnight the dynamic has changed so as it stands the structure is still there.

From here we MUST stay under point C to stand a chance of forming a Bullish Gartley correctly.

Still all to play for at the moment though - watch this space!

 

[Solid ECN ✔️]

 

Economic Calendar

• Major index futures in Europe indicate a slightly higher opening
• HIgher-than-expected Q1 GDP readings in Japan
• US housing data in the spotlight

Wednesday's stock market session in Europe is expected to extend mixed sentiments from the previous session. The dollar is slightly appreciating against major currencies, supported by positive US data, particularly in retail sales. Comments from Fed members yesterday emphasized the priority of fighting inflation.

 

The main index in Japan is rising on the back of positive GDP data. Japan's economy grew at its fastest pace in three quarters, with Q1 GDP growth at 1.6% on an annual basis, surpassing expectations of 0.7%. Goldman Sachs sees promising prospects for the Japanese market due to corporate reforms and easy monetary policy.

 

There are no significant macroeconomic events in today's calendar apart from US housing data. At 01:30 PM BST, we will receive data on housing permits and housing starts. Additionally, investors may seek hints about the ECB's future monetary policy in speeches by central bank members, scheduled for this morning.

 

Economic Calendar:

• 10:00 AM BST - EU, Harmonized Inflation in the Eurozone:
• Expected: 7.0% YoY, Previous: 6.9% YoY

 

01:30 PM BST - US, Housing Market Data:

• Permits: Expected: 1,435k, Previous: 1,413k
• Starts: Expected: 1,400k, Previous: 1,420k

Central Bank Speeches:

• 08:15 AM BST - ECB, De Guindos
• 08:30 AM BST - ECB, Panetta
• 09:00 AM BST - ECB, Centeno
• 10:15 AM BST - UK, Bailey
• 04:15 PM BST - ECB, De Guindos (again)

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Oil

US Energy Information Administration (EIA) released a weekly report on change in US oil and oil-derivative inventories at 3:30 pm BST today. API data released yesterday in the evening suggested a quite significant build of 3.69 million barrels during the previous week as well as a drop in gasoline and distillate inventories.

 

Official data released by EIA today showed an even bigger build in US crude oil inventories and a deeper draw in gasoline inventories. Distillate inventories were barely changed compared to a week ago.

 

 

Report can be seen as bearish for prices and the market saw it exactly as that. Oil moved lower following the release of EIA report and is now attempting to break below 50% retracement of the downward move launched on May 10, 2023.

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AUDJPY

Australian jobs market data for April was released during the Asian trading session today and turned out to be a big disappointment. Employment declined by 4.3k in the previous month while the median estimate among economists was for a 24.5k jobs gain. This has led to a jump in unemployment rate from 3.5 to 3.7% (exp. 3.5%). Moreover, the composition of the employment drop is worrying as it was driven by full-time jobs, which fell 27.1k, while part-time jobs increased by 22.8k. 

 

Report was clearly AUD-negative as it showed weakening of the labor market and could be an important factor for the Reserve Bank of Australia when deciding on rates. Major financial institutions are split in their expectations - some, like for example Goldman Sachs, expect one more 25 bp rate hike from RBA in this cycle while others, like for example Commonwealth Bank of Australia, say that RBA is done with hiking already. Money markets are currently pricing in RBA staying on hold at its next meeting on June 6, 2023.

 

 

Australian jobs data released trigger a pullback on AUD market. Taking a look at AUDJPY chart at D1 interval, we can see that the pair managed to climb above 200-session moving average (purple line) and attempted to move above the resistance zone ranging below 91.50 mark. However, today's pullback puts this breakout under question. If we see a daily close below the 200-session moving average, the pair may be set for a correction. However, one should remember that the overall trend is upward with the pair trading in a bullish price channel.

[Solid ECN ✔️]

Economic Calendar for Today 

• European indices set to open higher
• Powell to speak on the economy in the evening
• Canadian retail sales data for March

Futures markets point to a higher opening of the European cash session. DAX futures (DE30) painted a fresh all-time high above 16,300 pts earlier today but has pulled back a bit since. Moods on the markets are upbeat as traders are being constantly reminded that debt ceiling negotiations are progressing with House Speaker McCarthy saying yesterday that the debt ceiling deal could be put to a vote on the House floor as soon as next week.

Economic calendar for the final trading day of the week is light. Traders were offered German PPI data for April this morning and it showed a smaller year-over-year drop than expected - from 6.7 to 4.1% YoY while the market expected 4.0% YoY. Nevertheless, the release did not have a major impact on the market. CAD may see some moves in the early afternoon when Canadian retail sales data for April is released at 1:30 pm BST. However, central bankers' speeches may be the biggest source of FX volatility in the afternoon as there is a number of them scheduled, including speeches from Fed Chair Powell and ECB President Lagarde.
 

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NATGAS

NATGAS drops 1.5% today but weather forecasts suggest potential for more gains

 

NATGAS rallied yesterday, supported by:

• Smaller-than-expected natural gas inventory build reported by EIA. Inventories rose 99 bcf while the market expected 110 bcf increase. Gain, however, was in-line with 5-year average
• New weather forecast for summer period from NOAA was released and it show potential for a very high temperatures in key states in terms of demand for air conditioning
• Moreover, some factors that could also trigger upward pressure surfaced recently:

• Gas output in Canada is dropping hard. Drilling activity in Canada started to decline much earlier than in the United States. This suggests that US output may also drop significantly in coming weeks given recent declines in the number of active gas rigs
• Comparative inventories are at cyclical highs, what may be seen as a contrarian signal
• Freeport LNG terminal exports up to 2.3 billion cubic feet of gas per day, reaching new record levels
• Of course, one should keep in mind that contract rollover will occur next week (currently around +$0.12 per MMBTu). Given current NATGAS prices, it would result in a test of the $2.70 per MMBTu area. Prices jumped around $0.15 per MMBTu following the latest rollover but launched another downward impulse later on. One cannot rule out the situation of sellers returning to the market after the contract rolls over and prices at near-term contract are once again attractive for bears. On the other hand, seasonal patterns suggest that NATGAS may be set to rebound after reaching local low in mid-June.

 

Natural gas inventories increase in line with seasonal patterns. Comparative inventories are at extremely high levels (inverted axis), signaling a potential local low on natural gas prices. Nevertheless, prices traded sideways for as much as 6 months after similar situations back in 2017 and 2020.

 

 

NATGAS pulls back from the $2.6 per MMBTu area. Range of the largest correction in the current upward impulse suggests a possibility of price dropping to around $2.4 per MMBTu. On the other hand, such a correction may not occur ahead of contract rollover (May 23, 2023). Seasonal patterns suggest a potential for range trading until June 3, followed by small correction and significant gains starting from around June 18 when demand for air conditioning increases due to the beginning of summer period.

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Oil

WTI (OIL.WTI) launched a new week's trade lower as failure to make progress on the US debt ceiling over the weekend brings us closer to the US default. On top of that, the Chinese decision to ban Micron chips is also risking reigniting tensions between the US and China. 

 

 

[Solid ECN ✔️]

EURUSD

Flash PMI indices for May from France and Germany were released at 8:15 am BST and 8:30 am BST, respectively. Data was expected to show a small improvement in the manufacturing sector as well as deterioration in the services sector.

Indeed, it was the case with French data with manufacturing index climbing in-line with expectations and services index dropping more than expected. However, things looked different in case of German data as manufacturing index there disappointed and dropped instead of improving while services gauge unexpectedly jumped. In both countries manufacturing sector remained below 50 points threshold, indicating a recession, while services sector remain above 50 points threshold, indicating an expansion.

EUR and European indices dropped in a knee-jerk move after the French release, with EURUSD dropping deeper below 1.08 mark. While equity indices managed to recover from those losses later on, they faced another wave of selling following German data. Meanwhile, EUR attempted to recover after German data and moved back towards the 1.08 mark.
 

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USDTRY

Recep Tayyip Erdogan won the second round of the Turkish presidential elections this weekend, securing a decent lead over opposition candidate Kemal Kilicdaroglu (52~% vs 48~%). There were expectations that the run-off will be a close call with some even projecting Kilicdaroglu winning. Nevertheless, Erdogan managed to secure another term in power. Market  participants have warned a number of times that continuation of Erdogan's rule may put Turkey on the brink of bankruptcy. Turkish President asked domestic banks shortly before the elections to buy Turkish USD-denominated bonds in order to improve solvency ratings and pricing.

Spread for 5-year credit default swaps has even dropped recently and currently sits significantly below record levels (around 900 points). Currently, 5-year CDS spread is 665 points and implies around 11% default risk with 40% recovery rate.

CDS do not point to any increased default risk following Erdogan's win in second round of presidential elections. Nevertheless, Turkish CDS spread remains significantly higher than for other countries. Source: Bloomberg

Erdogan's win would likely mean continuation of capital flight from Turkey, although this has been made much harder following the central bank's actions. According to Morgan Stanley, lira may  drop around 30% in value, what would suggest USDTRY jumping to around 26.00 by the end of this year. Central Bank of the Republic of Turkey may have around $25 billion left to defend TRY. This is a very limited amount of funds given that CBRT is said to have spent around $177 billion to defend the currency over the past 16 months. Having said that, it looks like chance for a trend reversal on the TRY market is very slim.

Turkish lira is weakening against USD and EUR this morning. Some financial institution expect around 30% drop in TRY value by the end of the year.

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USDJPY

USDJPY quotes started the new week with a correction. Looking technically at the D1 interval, before the weekend the price reached the upper limit of the wide upward channel, where sellers appeared. For now it is far too early to think about a change in sentiment, nevertheless the last upward wave was made in one go, so there is a risk of a deeper downward correction. Should the discount actually gain momentum, the 137.30 - 137.90 zone should be regarded as key support. Resistance remains around the 141.00 level, which is the area of the upper limit of the aforementioned upward channel.

 

 

Looking at the lower time frame - H1, we can see the very strong uptrend. The key short-term support is the level of 139.60, which is derived from the lower limit of the 1:1 structure and the EMA100 average. According to the overbalance methodology, only a break of this support could lead to a deeper discount.