Dislikedthere might be a problem with this setup, though... let's see if any of you can spot it.Ignored
Auslanco - GBP/JPY and GBP/USD (newstrade)
- #63,242
- Feb 23, 2008 10:42am Feb 23, 2008 10:42am
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
For those of you not in the USA you can trade contract for a difference (CFD). The SEC does not allow them in the USA
I trade the DJ-30 index for 1% margin (like forex) . 1 cfd = $124 = $1 per point move.
I trade 100 lots = about $12,500 ish depending on index price. 1 point move = $100.
On an average 8 hour trading period we get 150 - 200 point move and that is a low range day.
yesterdays range was silly ....overall was 400 points in a day.
Trading this index with CFD makes the beast GBPJPY look like a pussy cat ....
For those who cannot use CFDs ..... there is always the e-mini's
I trade the DJ-30 index for 1% margin (like forex) . 1 cfd = $124 = $1 per point move.
I trade 100 lots = about $12,500 ish depending on index price. 1 point move = $100.
On an average 8 hour trading period we get 150 - 200 point move and that is a low range day.
yesterdays range was silly ....overall was 400 points in a day.
Trading this index with CFD makes the beast GBPJPY look like a pussy cat ....
For those who cannot use CFDs ..... there is always the e-mini's
Blogging daily now at www.volume.zone
- #63,243
- Feb 23, 2008 10:45am Feb 23, 2008 10:45am
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
Blogging daily now at www.volume.zone
- #63,245
- Feb 23, 2008 10:49am Feb 23, 2008 10:49am
- Joined Jan 2007 | Status: Trader | 3,719 Posts
Nihil Sine Deo.
- #63,246
- Feb 23, 2008 10:57am Feb 23, 2008 10:57am
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
Yeah... The DOW may hit 13,000 and bring this pair up along with it... I'm hoping GBP/JPY will hit 220 before all hell breaks loose.
The move Friday was very Impulsive on the news , as bear rallies tend to be.
Before that news came out the bear flag on the daily had been broken to the down side and everything screamed 11600.
The down trend line on the 60 min has not yet been broken and there is strong resistance at 12500 / 12600 including a 50% fib fan off the top at 14420.
No news out of the USA in recent wekks has been good and we have a bunch of it next week.
Oh talking of bear div on rsi ... check this one out on the weekly for dj-30. Who says bear and bull divergence do not work lol
Blogging daily now at www.volume.zone
- #63,247
- Feb 23, 2008 11:04am Feb 23, 2008 11:04am
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
Blogging daily now at www.volume.zone
- #63,248
- Feb 23, 2008 11:05am Feb 23, 2008 11:05am
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
Blogging daily now at www.volume.zone
- #63,249
- Feb 23, 2008 11:49am Feb 23, 2008 11:49am
- | Membership Revoked | Joined Sep 2007 | 4,407 Posts
- #63,252
- Feb 23, 2008 12:38pm Feb 23, 2008 12:38pm
- | Joined Dec 2006 | Status: Poocher | 1,018 Posts
For those of you not in the USA you can trade contract for a difference (CFD). The SEC does not allow them in the USA
I trade the DJ-30 index for 1% margin (like forex) . 1 cfd = $124 = $1 per point move.
I trade 100 lots = about $12,500 ish depending on index price. 1 point move = $100.
On an average 8 hour trading period we get 150 - 200 point move and that is a low range day.
yesterdays range was silly ....overall was 400 points in a day.
Trading this index with CFD makes the beast GBPJPY look like a pussy cat ....
For those who cannot use CFDs ..... there is always the e-mini's
WHC (Water House Capital), a Metatrader broker has a CFD for the DJ-30 but commisions amount to 5 ticks!!!
...but its fun to watch cuz it does move big time.
- #63,253
- Feb 23, 2008 12:52pm Feb 23, 2008 12:52pm
- | Membership Revoked | Joined Sep 2007 | 4,407 Posts
- #63,254
- Feb 23, 2008 1:34pm Feb 23, 2008 1:34pm
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
Would you feel comfortable sharing the broker you use for the DJ-30 index.
WHC (Water House Capital), a Metatrader broker has a CFD for the DJ-30 but commisions amount to 5 ticks!!!
I use CMC Markets as they offer everything under 1 platform.
Blogging daily now at www.volume.zone
- #63,255
- Feb 23, 2008 1:36pm Feb 23, 2008 1:36pm
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
Blogging daily now at www.volume.zone
- #63,257
- Feb 23, 2008 2:03pm Feb 23, 2008 2:03pm
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
I know this forum is for GBPJPY , but the world indices and are tied in together and the GBJPY follows.
After the posting of someone that DJ-30 is going to 13000 I thought do not discount it as I was sure that we were going down to 11600, instead study the charts. The 1st thing i did was look at the test of 12200 zone. This is a double test , the last one being a really nice rounded bottom.
What is see there now tells me that there is a strong possibility that if we get follow thru of the run on Friday afternoon and in fact it is not an impulsive bear rally we may break out of at least 12400 next week and test top of the linear regression channel at 12900 zone.
There is bull divergence in the RSI . Looking back over the last 2 months these have shown up time after time, 1 st one was 1200 points , 2nd one was 800 points , 3rd one was 600 points.
It will be interesting to see next week unfold. I do think that the markets are setting up for something major either up or down
. Right now I think up.
After the posting of someone that DJ-30 is going to 13000 I thought do not discount it as I was sure that we were going down to 11600, instead study the charts. The 1st thing i did was look at the test of 12200 zone. This is a double test , the last one being a really nice rounded bottom.
What is see there now tells me that there is a strong possibility that if we get follow thru of the run on Friday afternoon and in fact it is not an impulsive bear rally we may break out of at least 12400 next week and test top of the linear regression channel at 12900 zone.
There is bull divergence in the RSI . Looking back over the last 2 months these have shown up time after time, 1 st one was 1200 points , 2nd one was 800 points , 3rd one was 600 points.
It will be interesting to see next week unfold. I do think that the markets are setting up for something major either up or down
. Right now I think up.
Blogging daily now at www.volume.zone
- #63,258
- Feb 23, 2008 2:14pm Feb 23, 2008 2:14pm
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
Looking and looking at charts this morning I spotted this formation looking right back at me. A cup and handle on the 60 min.
IF this plays out , and 211 is broken to the upside (top of handle and long term down trend line off 230 thru 225) then we could well test 50% of 230 to 205 at 217.60.
I am not married to one way or other as I day trade , but i do like to know the overall trend.
IF this plays out , and 211 is broken to the upside (top of handle and long term down trend line off 230 thru 225) then we could well test 50% of 230 to 205 at 217.60.
I am not married to one way or other as I day trade , but i do like to know the overall trend.
Blogging daily now at www.volume.zone
- #63,259
- Feb 23, 2008 2:26pm Feb 23, 2008 2:26pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Hi Malcom,
I often pop in here and just wanted to say I'm very impressed with the quality of your posts.
In my opinion, the last sentence of your post is extremely important. Getting 'married' to a particular trade or direction is the quickest way of losing money in this business.
I agree with your analysis that the 217 area is a distinct possibility if we have a bull day on Monday. The pair has been stuck in the 204 to 214 range since early January and there's still plently of wood to chop before we break out. 214 has been rejected on several occasions in the past few weeks but a break of that and 217 is possible.
Like you though, I really don't care which way it decides to go - I'll make my pips whatever it decides to do.
Kind Regards
Steve
I often pop in here and just wanted to say I'm very impressed with the quality of your posts.
In my opinion, the last sentence of your post is extremely important. Getting 'married' to a particular trade or direction is the quickest way of losing money in this business.
I agree with your analysis that the 217 area is a distinct possibility if we have a bull day on Monday. The pair has been stuck in the 204 to 214 range since early January and there's still plently of wood to chop before we break out. 214 has been rejected on several occasions in the past few weeks but a break of that and 217 is possible.
Like you though, I really don't care which way it decides to go - I'll make my pips whatever it decides to do.
Kind Regards
Steve
Looking and looking at charts this morning I spotted this formation looking right back at me. A cup and handle on the 60 min.
IF this plays out , and 211 is broken to the upside (top of handle and long term down trend line off 230 thru 225) then we could well test 50% of 230 to 205 at 217.60.
I am not married to one way or other as I day trade , but i do like to know the overall trend.
Attachment
- #63,260
- Feb 23, 2008 2:29pm Feb 23, 2008 2:29pm
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
Hi Malcom,
I often pop in here and just wanted to say I'm very impressed with the quality of your posts.
In my opinion, the last sentence of your post is extremely important. Getting 'married' to a particular trade or direction is the quickest way of losing money in this business.
I agree with your analysis that the 217 area is a distinct possibility if we have a bull day on Monday. The pair has been stuck in the 204 to 214 range since early January and there's still plently of wood to chop before we break out. 214 has been rejected on several occasions in the past few weeks but a break of that and 217 is possible.
Like you though, I really don't care which way it decides to go - I'll make my pips whatever it decides to do.
Kind Regards
Steve
Blogging daily now at www.volume.zone