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  • #11,221
  • Jun 15, 2008 5:22pm Jun 15, 2008 5:22pm
i placed an order with ibfx 5 seconds or so after the market opened. i should have waited a bit longer but i was not that concerned about the spread because i was going to leave it long enough for the gap to close if indeed it would. i have never seen the spread more than 5 pips before with ibfx. the first entry on my trading platform registered a 41 pip loss. i was shocked so it took me about 5 seconds to focus on the spread and see that the spread was at 2 pips. i went to their chat and they said that the spread was 40+ pips at the time of my trade. not having placed orders around news i was unprepared for this kind of spread. any suggestions?
  • #11,222
  • Jun 15, 2008 5:26pm Jun 15, 2008 5:26pm
Quoting Gandolf
i placed an order with ibfx 5 seconds or so after the market opened. i should have waited a bit longer but i was not that concerned about the spread because i was going to leave it long enough for the gap to close if indeed it would. i have never seen the spread more than 5 pips before with ibfx. the first entry on my trading platform registered a 41 pip loss. i was shocked so it took me about 5 seconds to focus on the spread and see that the spread was at 2 pips. i went to their chat and they said that the spread was 40+ pips at the time of my trade. not having placed orders around news i was unprepared for this kind of spread. any suggestions?
low liquidity is what happened and this is not uncommon with ibfx in such conditions

you need to know the spread before you click

put this on your chart and you will know the spread before you do this again
Attached File(s)
File Type: ex4 #Signal_Bars_v71.ex4   46 KB | 408 downloads
Don't chase the market, Let the market come to you
  • #11,223
  • Jun 15, 2008 5:27pm Jun 15, 2008 5:27pm
Quoting Gandolf
i placed an order with ibfx 5 seconds or so after the market opened. i should have waited a bit longer but i was not that concerned about the spread because i was going to leave it long enough for the gap to close if indeed it would. i have never seen the spread more than 5 pips before with ibfx. the first entry on my trading platform registered a 41 pip loss. i was shocked so it took me about 5 seconds to focus on the spread and see that the spread was at 2 pips. i went to their chat and they said that the spread was 40+ pips at the time of my trade. not having placed orders around news i was unprepared for this kind of spread. any suggestions?

Leave IBFX, I plan to sooner or later. You know in the back of your mind you have been wanting to leave them just like everyone else.

forexnoob101
  • #11,224
  • Jun 15, 2008 5:28pm Jun 15, 2008 5:28pm
Quoting needpipsmon
Just to clarify, my ? is for anyone who has a comment in the gap between fri's close and sun's open.

On fri eur/usd closed at approx 1.5358. Before today's open, depending on the platform you have, you would know that at exactly 5est, at the start of trading, the price WILL go straight to 1.5404.

I would love to know how to get some or all of those 60+ pips.
The gap only exists if your broker is not open 24/7 and it moves between when they close and open. It usually only moves a little but it can take off and sometime will retrace close to Friday close.

The +56 pips in the futures is the "Spread" or cost in pips to place a future order. I have been following futures a little just to see where the market might be looking for the pair to go, but don't trade it so maybe someone that does can give a better explanation.

The chart below is this weekend with the first movement around 11:00 AM CDT (-6:00 GMT). We are almost back to Friday close.
Attached Image (click to enlarge)
Click to Enlarge Name: E$.png Size: 15 KB
  • #11,225
  • Jun 15, 2008 5:31pm Jun 15, 2008 5:31pm
hello

any one can tell me tomorrow where the Eur/USd will going too ??

i know its lazy but im new on the market and i lost alot soo need help from all

thanks
  • #11,226
  • Jun 15, 2008 5:33pm Jun 15, 2008 5:33pm
Quoting Gandolf
i placed an order with ibfx 5 seconds or so after the market opened. i should have waited a bit longer but i was not that concerned about the spread because i was going to leave it long enough for the gap to close if indeed it would. i have never seen the spread more than 5 pips before with ibfx. the first entry on my trading platform registered a 41 pip loss. i was shocked so it took me about 5 seconds to focus on the spread and see that the spread was at 2 pips. i went to their chat and they said that the spread was 40+ pips at the time of my trade. not having placed orders around news i was unprepared for this kind of spread. any suggestions?
You can get out now and make it back later.

If you feel like taking more of a risk, you could set up a S/L and let it ride.
Not all sins are created equal
  • #11,227
  • Jun 15, 2008 5:35pm Jun 15, 2008 5:35pm
Quoting Abu Jawad
hello

any one can tell me tomorrow where the Eur/USd will going too ??

i know its lazy but im new on the market and i lost alot soo need help from all

thanks
Over the next 24 hours, it will bounce like a yoyo.
Not all sins are created equal
  • #11,228
  • Jun 15, 2008 5:40pm Jun 15, 2008 5:40pm
Quoting Tmac
low liquidity is what happened and this is not uncommon with ibfx in such conditions

you need to know the spread before you click
I wouldn't place a trade without knowing this. I use Signal Bars. I have attached another great one that shows spread, swap etc.

Experienced traders whose judgement I trust have told me never to trade the first few hours of the new week, until the markets have settled down. I pass that on hoping it may help.

I seems to me that trading the gap must be a bit like trading the news. Sometimes it will work; sometimes it will not. Come what may, it seems a little stressful to me.

Attached File(s)
File Type: ex4 Status Monitor V1.2.ex4   7 KB | 442 downloads
  • #11,229
  • Jun 15, 2008 6:38pm Jun 15, 2008 6:38pm
Thanks winsome and fx genius, I should have known that it would have been too easy.
  • #11,230
  • Edited 7:39pm Jun 15, 2008 7:08pm | Edited 7:39pm
Thanks TMAC, FXNoob, FXGenie, JWalker and S HopALong.

Re: "low liquidity is what happened and this is not uncommon with ibfx in such conditions"
My understanding was that ibfx is supposed to have access to numerous banks (no dealing desk ;=). If this is true, then i would have thought there would be numerous markets running so a wider spread could be expected, but not 40 pips. Many folks have said that there really is a dealing desk. I am beginning to believe them.

Re: "you need to know the spread before you click"
I agree completely and will never get caught like this again.

Re: "put this on your chart and you will know the spread before you do this again"
Thank you so much. This indicator has a great deal of information on it.I would love to have all the text information without the indicator bars at the top. I may code this.

Re: "Leave IBFX, I plan to sooner or later. You know in the back of your mind you have been wanting to leave them just like everyone else."
Well, perhaps i'll get to the place where i might do this some day. But i have this loyalty thing... until i feel REALLY violated, then i'll probably stay. This is the first time i have had a major question about a transaction.

Re: "You can get out now and make it back later. If you feel like taking more of a risk, you could set up a S/L and let it ride."
i think i am going to ride this as long as i believe it still may work out. i added another short as soon as the market settled more and the spreads were normal or mostly normal. On my daily channel which is trending short the price is still inside the channel. On my H4 channel which is trending short (bounced off the high side of daily channel and is heading for the low side of the daily channel) the price is still inside the channel. The 30 min channel is trending long, but the price has bounced off the top of the channel and is heading short across that channel. I'll be looking for the price to break the bottom of this channel. If it doesn't, i'm out. 5 Minute channel is trending short and the price is remaining inside the channel. If it breaks the top of this channel, i am out but it is still descending inside this channel so i'm still in. SL is in place though in case i'm not around for the worst.

Re: "I wouldn't place a trade without knowing this."
I agree completely... won't happen again.

Re: "I use Signal Bars. I have attached another great one that shows spread, swap etc."
Great indicator! Thanks so much.

Re: "Experienced traders whose judgement I trust have told me never to trade the first few hours of the new week, until the markets have settled down."
I may take your/their advice too. There are quite a few people who trade gaps. I am waiting to see what happens here and will read more about gaps before i make the decision. Thank you for adding to the data pool.

Re: "It seems to me that trading the gap must be a bit like trading the news. ...Come what may, it seems a little stressful to me."
Actually, it doesn't stress me at all. The trade is an experiment. The amount at risk is very small. Part of it is personality too i think. if i develop a history of wins i may go up to risk amounts that are average for other trades. if it turns out to be like trading the news, however, i am completely with you... trading news is not my style.

Thanks all for your input. Very helpful. And it also helps when one (me) makes a mess of a trade to have a few folks willing to help.

Jay
  • #11,231
  • Jun 15, 2008 8:11pm Jun 15, 2008 8:11pm
I see lower low in EU,,,

More slide ahead,i reckon!!!
  • #11,232
  • Jun 15, 2008 9:34pm Jun 15, 2008 9:34pm
Anyone trading eu gap?
  • #11,233
  • Jun 15, 2008 9:38pm Jun 15, 2008 9:38pm
Quoting Donyouth4eva
Anyone trading eu gap?
gap was already filled few hours back.. now it's just a retracement from the bottom
  • #11,234
  • Jun 15, 2008 9:43pm Jun 15, 2008 9:43pm
Quoting Srikanth
gap was already filled few hours back.. now it's just a retracement from the bottom
On my chart gap is not showing that its already filled. It shows that it opened at 1.5362 and that the lowest point so far has been 1.5372.
  • #11,235
  • Jun 15, 2008 9:56pm Jun 15, 2008 9:56pm
Quoting Donyouth4eva
On my chart gap is not showing that its already filled. It shows that it opened at 1.5362 and that the lowest point so far has been 1.5372.

look at the chart on 1 min chart or 5 mins..
  • #11,236
  • Jun 15, 2008 9:57pm Jun 15, 2008 9:57pm
Eur returnned to almost opening value.... 1.5412

What you guys think will happen on the eur CPI news ?

Will it go over 1.542 or before that shall we see 1.52 ?

Any ideas ?

Thnx
  • #11,237
  • Jun 16, 2008 2:11am Jun 16, 2008 2:11am
I am seeing Eur/usd in Daily timeframe, and I think itīs possible go up...
Price was near ema 200, and today, itīs in ema 100 zone.

Nice trading
Take care! Bloo
  • #11,238
  • Jun 16, 2008 3:21am Jun 16, 2008 3:21am
Quoting Gandolf
Actually, it doesn't stress me at all. The trade is an experiment. The amount at risk is very small.
The biggest improvements to my trading came hard on the heels of one another.

The first was discovering fibs and other useful s\r tools; these turned me from a habitual looser into a gradually-becoming-habitual winner.

The second was putting $100 into an IBFX mini account and live-trading 0.01 lots. This is far better than demo trading as it concentrates the mind without terrifying the spirit. I recommend it to all new traders after a bit of demo practise first. It is too easy to muck things up completely and simply start afresh with a new demo.


By the by, guys, my trade management ea now has an additional variable in the JumpingStop routine that instructs it to work only after the stop loss has been set to breakeven. This is for long-term trades, where a breakeven after, say, +200 followed by subsequent jumping stops every +100 are appropriate. Follow the link in my sig if you want a copy.

  • #11,239
  • Jun 16, 2008 4:35am Jun 16, 2008 4:35am
Steve,

Can you pls provide me with the support/resistance tool you use ? I find it difficult to arrive at the s/r levels to place target and SL.


Cheers,
  • #11,240
  • Jun 16, 2008 4:44am Jun 16, 2008 4:44am
Quoting hemal011
Steve,

Can you pls provide me with the support/resistance tool you use ? I find it difficult to arrive at the s/r levels to place target and SL.


Cheers,
If you mean the weekly\monthly\daily pivots, then TMac posted them all just a few posts ago? Click on the attachments paperclip - you will see them straight away.

Or do you mean the fib retracement tool that draws the fibs in turquoise?

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