EURUSD....Euro

[Vondelpark]

Not wrong.

Stayed out of the currencies today after closing out my two poss's on the AUD this morning.

EURO sunk like a bowling ball. Not sure where too from here, but in the last 60 mins any attempt to go above 1.577 gets whacked back down.

AUD very strong and consolidating around .96. Might push to .9650 tomorrow.

Off to bed. Hope you all had successful trades.

 

[alwaysLearning]

bought in at 1.57132 (long)

take profit at 1.57309

I'm expecting it to re-trace up to my T/P level by end of tonight.

This is all using my simulation account ofcourse

What do you guys do about news?

Do you just exit all trades or plan your trades such that it is not during news time?

 

[>Apocalypto<]

bought in at 1.57132 (long)

take profit at 1.57309

I'm expecting it to re-trace up to my T/P level by end of tonight.

This is all using my simulation account ofcourse

What do you guys do about news?

Do you just exit all trades or plan your trades such that it is not during news time?

Nice trade Alwayz

I see your limit was hit! I never trade NZ AUS & JAPAN session. Only look to play from Paris open to US close.

But pips are pips well done!

Cheers
Apoca

 

[wayneL]

But pips are pis well done!

I always knew there was a reason I preferred ticks to pips.

 

[>Apocalypto<]

I always knew there was a reason I preferred ticks to pips.

Ha ha Ha saw that and corrected it!

Tonight's first trade is a loss.

-10 at stop.

 

[alwaysLearning]

Nice trade Alwayz

I see your limit was hit! I never trade NZ AUS & JAPAN session. Only look to play from Paris open to US close.

But pips are pips well done!

Cheers
Apoca

I got very close to being filled but just missed out

Oanda did not fill it

I am as of now still with that open position at -18.2 pips

I am still confident of a retrace up so I'm hanging in there.

 

[professor_frink]

bought in at 1.57132 (long)

take profit at 1.57309

I'm expecting it to re-trace up to my T/P level by end of tonight.

This is all using my simulation account ofcourse

What do you guys do about news?

Do you just exit all trades or plan your trades such that it is not during news time?

generally when I'm having a punt on the QLD beer market, I'll only let a trade run through a big news event if I've got a sack full of pips from prior trades in the evening and have got a bit of open profit too play with on the current trade that's running into the news. Otherwise I stand aside and wait for the dust to settle before taking a swing.

Ha ha Ha saw that and corrected it!

Tonight's first trade is a loss.

-10 at stop.

Evening banner boy

Why come you trading off the half hourly on a quiet day like today?? IMO if you are going to have a swing at today, it would be better having a go at the 5 minute max, as the chances of a large range day are fairly small. Smaller timeframes for smaller swings is my motto(it's not really, I just made that up, but it sounds pretty good!).

Current view on this one - we are looking at the possibility of a channel bust on the 4hr, though even if we get it going this evening, can't imagine that there will be much follow through with the US taking the day off. Monday could be pretty interesting.

Excuse the chart, it gets a little busy when I get into this kind of timeframe

In the meantime, beer is in order. Hoorah!

 

[alwaysLearning]

i'm working on a new strategy where if I collect 11 pips profit and I'm not very sure if it will continue in the desired direction, I will take profit and exit the trade. I will do that in readyness to bet the other way.

If I am sure that the trade will keep going in the desired direction then I'll leave it alone and collect profit somewhere higher.

I was nearly at my take profit point but I was greedy and wanted it to go higher.

 

[alwaysLearning]

generally when I'm having a punt on the QLD beer market, I'll only let a trade run through a big news event if I've got a sack full of pips from prior trades in the evening and have got a bit of open profit too play with on the current trade that's running into the news. Otherwise I stand aside and wait for the dust to settle before taking a swing.



Evening banner boy

Why come you trading off the half hourly on a quiet day like today?? IMO if you are going to have a swing at today, it would be better having a go at the 5 minute max, as the chances of a large range day are fairly small. Smaller timeframes for smaller swings is my motto(it's not really, I just made that up, but it sounds pretty good!).

Current view on this one - we are looking at the possibility of a channel bust on the 4hr, though even if we get it going this evening, can't imagine that there will be much follow through with the US taking the day off. Monday could be pretty interesting.

Excuse the chart, it gets a little busy when I get into this kind of timeframe

In the meantime, beer is in order. Hoorah!

I'm just curious but since you are working at the 5 minute time frame, do you encounter much slippage?

 

[professor_frink]

I'm just curious but since you are working at the 5 minute time frame, do you encounter much slippage?

I generally trade off the 1 minute, and don't have any troubles at all. Most of the time if I'm not filled at my desired price, it's because I've hit it with a market order just as price is changing.

 

[alwaysLearning]

I generally trade off the 1 minute, and don't have any troubles at all. Most of the time if I'm not filled at my desired price, it's because I've hit it with a market order just as price is changing.

Sounds good. May I ask which broker you use? I was thinking of eventually going with Oanda or Interactive Brokers. I'm not sure which is better?

 

[professor_frink]

Sounds good. May I ask which broker you use? I was thinking of eventually going with Oanda or Interactive Brokers. I'm not sure which is better?

I use IB, and have recently been using CMC, and both have been fine for trading. IB is an ECN, which is always preferred, but there FX trading is a little unusual and takes a bit of getting used to. But once you get used to it it's fine.

Haven't used Oanda, don't really know too much about them.

EFX is another one you may want to look at. There are a couple of traders here using them and they seem to be pretty decent, but haven't used them personally.

 

[alwaysLearning]

I use IB, and have recently been using CMC, and both have been fine for trading. IB is an ECN, which is always preferred, but there FX trading is a little unusual and takes a bit of getting used to. But once you get used to it it's fine.

Haven't used Oanda, don't really know too much about them.

EFX is another one you may want to look at. There are a couple of traders here using them and they seem to be pretty decent, but haven't used them personally.

Thanks for the response professor_frink

I have a link to a PDF that you might find interesting. It has the amounts of the various Forex brokers.(net capital for April)

http://www.cftc.gov/stellent/groups/public/@financialdataforfcms/documents/file/fcmdata0408.pdf

http://www.cftc.gov/marketreports/financialdataforfcms/index.htm

Oanda is pretty big but not as big as Interactive Brokers. In fact I think Oanda my be the largest dedicated retail Forex broker in the world but I'm totally sure about that.

I'll probably end up going with Interactive Brokers though but practice with a small Oanda account before jumping ship.

 

[professor_frink]

Thanks for the response professor_firink

I have a link to a PDF that you might find interesting. It has the amounts of the various Forex brokers.(net capital for April)

http://www.cftc.gov/stellent/groups/public/@financialdataforfcms/documents/file/fcmdata0408.pdf

http://www.cftc.gov/marketreports/financialdataforfcms/index.htm

Oanda is pretty big but not as big as Interactive Brokers. In fact I think Oanda my be the largest dedicated retail Forex broker in the world but I'm totally sure about that.

I'll probably end up going with Interactive Brokers though but practice with a small Oanda account before jumping ship.

Thanks for that

IB do have minimum amounts that you need to be moving to use IDEALPRO(25K or USD equiv I think), so if you want to start off with a small amount to see how you go, then they may not be the best. Once you want to move some decent size then they are great. And you can get access to the currency futures as well withthem which is always good.

If you want to start off trading with a small amount, then you might be better off looking at someone like Oanda who will let you trade a small account.

 

[alwaysLearning]

Thanks for that

IB do have minimum amounts that you need to be moving to use IDEALPRO(25K or USD equiv I think), so if you want to start off with a small amount to see how you go, then they may not be the best. Once you want to move some decent size then they are great. And you can get access to the currency futures as well withthem which is always good.

If you want to start off trading with a small amount, then you might be better off looking at someone like Oanda who will let you trade a small account.

Thanks professor_frink, that's very helpful advice. I want to start very small at first and then work myself up. I think I'll start with Oanda and then move on to IB when I am ready and able to move bigger amounts

Firstly I need to find a way to be profitable using a simulation account before I do anything haha

 

[professor_frink]

Thanks professor_frink, that's very helpful advice. I want to start very small at first and then work myself up. I think I'll start with Oanda and then move on to IB when I am ready and able to move bigger amounts

Firstly I need to find a way to be profitable using a simulation account before I do anything haha

Don't worry bout that, only a small matter

A free tip for figuring things out(especially if you are new to trading intraday timeframes) is to go and download MT4, open charts on your screen showing every timeframe it has from 1 minute up to an hour, and start watching during the active hours in the evening. After a little while it'll start to make sense

 

[alwaysLearning]

Don't worry bout that, only a small matter

A free tip for figuring things out(especially if you are new to trading intraday timeframes) is to go and download MT4, open charts on your screen showing every timeframe it has from 1 minute up to an hour, and start watching during the active hours in the evening. After a little while it'll start to make sense

Thanks for the suggestion, I'll do that

I think I'm getting obsessed with Forex trading now. I really love this stuff. (Can't stop thinking about it)

 

[professor_frink]

Thanks for the suggestion, I'll do that

I think I'm getting obsessed with Forex trading now. I really love this stuff. (Can't stop thinking about it)

all good! A bit of an unhealthy obsession isn't a bad thing

 

[>Apocalypto<]

2nd trade tonight.

+11 on another short. +1 for the night

Alwayz

Oanda did not fill u? I trade with them have not had any problems. I suggest you call them as the price hit 20-21 on my MT4 demo I am sure there spread would have hit you. I have used GFT to trade euro tonight so not sure on Oandas prices.

just checked GFT they had a high of 15726 so not what happened there u should contact them. what high did they show? and the spread at the time. I think the ask/sell price would have had to hit 17219 to fill u.

what was there spread during your trade?

 

[>Apocalypto<]

generally when I'm having a punt on the QLD beer market, I'll only let a trade run through a big news event if I've got a sack full of pips from prior trades in the evening and have got a bit of open profit too play with on the current trade that's running into the news. Otherwise I stand aside and wait for the dust to settle before taking a swing.



Evening banner boy

Why come you trading off the half hourly on a quiet day like today?? IMO if you are going to have a swing at today, it would be better having a go at the 5 minute max, as the chances of a large range day are fairly small. Smaller timeframes for smaller swings is my motto(it's not really, I just made that up, but it sounds pretty good!).

Current view on this one - we are looking at the possibility of a channel bust on the 4hr, though even if we get it going this evening, can't imagine that there will be much follow through with the US taking the day off. Monday could be pretty interesting.

Excuse the chart, it gets a little busy when I get into this kind of timeframe

In the meantime, beer is in order. Hoorah!

Prof,

I only use that chart set up on that time frame, as it's my method. I was using a 15min but false trades were cutting me to hell.

with my method i either win or lose don't complain as long as my winners out number my losers.

Sure tonight is flat but if i get a entry I will take it. I think I am done for the night. Liquidity will just worsen as we move into US session.

Cheers