Scalpers and short termers...

[Trembling Hand]

the numbers are too small to be anything but IB's individual market book. the total should be about 5 trillion a day.

there are thousands of fx markets, IB is just one.

you aint gonna get 5 trill sitting in the order book

Here is the Time and Sales (reduced by 000's). About 15 mil per second going through. that enough of a market?

 

[>Apocalypto<]

the numbers are too small to be anything but IB's individual market book. the total should be about 5 trillion a day.

The volumes are down, see report in the link.

http://forexmagnates.com/steep-drop-in-institutional-forex-volume-is-reported/

 

[>Apocalypto<]

Info post for this afternoon / tonight.

Boxes.

Blue box shows a premium trading condition. low ranges nice and liquid.

Red box shows the market start to chew out. with wider ranges on the bars this is a dangerous time to trade as you can have a few ticks take the price right off and clean u up. watching the price move back your way after the thrust is even more painful.

best thing is to identify this as soon as you can. If you plan to trade on, keep it in mind.....

thanks to TH I am now trading at market and with stops!!!

trades.

1. wider stop as 3 pips to the side range. that tail just missed me! angle nice, retrace good distance from the cross all systems go. Win
2. nice angle, away from the cross nice tails nice win.
3. more aggressive trade as market dynamic had changed (refer to range before rally) what sold this to me was the angle with strong bar off the 18ema. small scare on the retrace after ent. Win
4. silly trade took what i thought was a quick retrace to quick bar down. LOSS

The red squares show other hindsight trade opps that I missed / did not take.

I am learning that the key to this method is the ent pattern with holding your nerve. don't jump out to fast hold em till u hit 10 or 10+ pips it's hard to do but important. as has been mentioned you need to hold as 3 x 5pip wins will be ripped up by a 10pip loss + all the coms. this is a skill I am working on, once I get 2 -4 side ranges I am looking to exit.

Cheers

 

[>Apocalypto<]

a couple more from tonight.

1. signal still in the range angle good. signal too close to the cross, not confirmed. passed.
2. new trend confirmed, angle great on mas L2 signal. WIN
3. News hit, once direction determined signal came, L3 signal bar touched 9ema. MA slope/angle extreme signal bar made a new low. WIN

Nice night tonight....

 

[>Apocalypto<]

Apoc, do you know how many banks are quoting on that system?

no idea NS,

 

[Mr J]

with wider ranges on the bars this is a dangerous time to trade as you can have a few ticks take the price right off and clean u up. watching the price move back your way after the thrust is even more painful.

I am learning that the key to this method is the ent pattern with holding your nerve. don't jump out to fast hold em till u hit 10 or 10+ pips it's hard to do but important. as has been mentioned you need to hold as 3 x 5pip wins will be ripped up by a 10pip loss + all the coms. this is a skill I am working on, once I get 2 -4 side ranges I am looking to exit.

Yeah, best to avoid very choppy conditions, or switch timeframes - slow to get above the chop, or faster to have the chop as tradable (if the size of the moves allow it).

Holding is definitely important. I risk about 4 ticks per trade, and pay 0.4 to 0.6 ticks in comissions, so I already need a 10-15% return just to break even. Then there's the spread; if we hit the bid and ask, we lose a tick there, and if the spread jumps out to multiple ticks, it makes it that much harder. An extra tick per trade may turn an unprofitable trader into a profitable one, so we have to milk every tick we can.

4. silly trade took what i thought was a quick retrace to quick bar down. LOSS

Funny how the silly trades usually seem to lose .

 

[>Apocalypto<]

Then there's the spread; if we hit the bid and ask, we lose a tick there, and if the spread jumps out to multiple ticks, it makes it that much harder. An extra tick per trade may turn an unprofitable trader into a profitable one, so we have to milk every tick we can.

who do you trade with?

Funny how the silly trades usually seem to lose .

Yeh got cocky after a few nice trades....

 

[Mr J]

who do you trade with?

IB, but only futures. Commissions range from about 0.4 to 0.7 tick per contract in commissions. Throw in another point for the spread, and it shows how important it is to maximise profits. Those big wins can make all the difference, and the rest of the time I might really just be treading water?

Of course it all depends on the timscale/trading range being traded. The smaller the range we try to capture, the more of a hurdle the spread and commissions become, and the more our mistakes hurt us.

 

[>Apocalypto<]

IB, but only futures. Commissions range from about 0.4 to 0.7 tick per contract in commissions. Throw in another point for the spread, and it shows how important it is to maximise profits. Those big wins can make all the difference, and the rest of the time I might really just be treading water?

yep, but try this on a different broker and you will see that its almost impossible.

 

[>Apocalypto<]

very quiet day today. EURO open still in a range. when in this type of market, I wait as trying to trade can result in unnecessary losses.

knowing and being able to identify when not to trade is a very important part of successful trading, IMO

see what London open throws up!

cheers

 

[Stormin_Norman]

unless there was a weekend g8 meeting or something similar; monday's asian session is an absolute non-event.

 

[Naked shorts]

We have Canadian exchange and bank holiday today, so expect that to dry liquidity up a bit tonight.

 

[Naked shorts]

Well so much for Monday being a non-event Storm, 240 pip range on the e/u....had some good trades today playing the breakouts

p.s. normal range for e/u on Monday around 150pips (last I checked)

 

[Stormin_Norman]

that movement happened in europe though; i was talking monday asia.

 

[Mr J]

Triangles everywhere at the moment. AUD, EUR, JPY, GBP.

 

[>Apocalypto<]

The best afternoon to night I have had..... $/JPY really delivered!!!

no need to point out the trades they are quite easy to spot...

The $/JPY is a top pair I have been on it last few days, the spreads tend to be tighter then cable...

 

[>Apocalypto<]

as you can see NFP on the cable was a barrel of fun...

A nice long set up before the NFP...

 

[Naked shorts]

Lucky you, I'm kicking myself as I spent the first half of the night setting up a new screen instead of trading.

 

[>Apocalypto<]

Lucky you, I'm kicking myself as I spent the first half of the night setting up a new screen instead of trading.

that's a pain in the ass I know as well!

:bonk:

 

[Naked shorts]

Im in a few trades right now, I don't normally do this, but these are extraordinary times.

Long:
usdjpy
gbpjpy
usdchf
nzdjpy
audusd

Short:
usdcad
eurtry
usdtry

Right now they are all in profit except usdcad and audusd

I think its pretty easy to figure out the theme im going for