I'd wait 90 minutes and see what the BoE has to say first since GBP/JPY is a carry trade pair. Maybe they'll say something that'll make it unwind a little more.
|I actively use GFT. Although it has state of the art platform I would forget about trying to get decent interest from a carry trade. I have compared them with others like IG Markets, Saxo, FXCM and they are not competitive. It seems like you only get about 0.5 pips/day even for the greatest carry trade. It is a little disappointing since they also have the most available crosses to choose from..eg. AUD/CHF whereas FXCM does not have this one.
This may be true. What I'm asking for isn't so much about the interest though. It's about currencies with clear trends. USD/THB in an obvious downtrend. GBP/JPY being in an obvious uptrend for several years (although that's being tested now) It is still important to follow interest though. Depending on your leverage, 1% in interest could swing your profits by 10%. It really shouldn't be ignored when trading long term even if your broker is GFT.
Matt
- #25
- Last Post: Jan 24, 2007 1:37pm Jan 24, 2007 1:37pm
- | Joined Jan 2007 | Status: Mirai Bushi | 278 Posts
Thanks for the link. That does help a lot. I wish they had more pairs listed.
Yes I intend on looking at minimum daily charts to trend trade. Not concern myself with losing 20-100 pips when I see I'm on a nice long trend.
Any recommendations on pairs since you mentioned you do position trade? I would jump on the gbp/jpy band wagon but it has hit the resistance level from 97'-98'. Would love to have joined in 2001. I think that would be my nest egg. Never sell. That would have been a pension. Although, looking at a monthly chart it's still relatively low compared to prices back in 76'.
Does ATR really matter if we're in it for the long haul?
Hi permanentjaun,
You are very welcome.
Yes I wish they had more pairs also.
You are correct 20-100 pips against you maybe even 200 it's all in the size of your trading account. Can it handle the smaller reversals. Example -- On the aud/usd D1 chart has been in a downward sloping channel of about 214 pips since 2 Jan 07. if you got in then at a peak you would have had to carry a 214 pip drawdown at one point.
I guess it depends on how much your in the game for. If your trading a long pair you need to be aware of how low does it go when it does go low and can your margin handle those swings against your direction. If you will be able to check in on the trade once a day this matters less as you can monitor your account margin and stay safe. As to recommendations I have been playing the gbp/jpy for some months now but the resistence level it is at now may be a double top or close to it.
Looking for new position now. will keep you informed if I find something good.fxScavenger
"The trend may be your friend, but the swap
is your lover."
fxScavenger
Arrogance is just Ignorance misspelled.
abso-PIPn-lutely