This is a potential set up that I noticed this morning. I am posting a couple of charts, and some ideas.
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- #1,065
- Apr 12, 2009 4:57pm Apr 12, 2009 4:57pm
- | Commercial User | Joined May 2007 | 7,685 Posts
Thanks CW for your sharing... may i know what program you use to draw those arrows and rectangles? Thanks!
It's a program called Jing. It's a free one from TechSmith, the same people that make Camtasia.
Your funds are safe. It's the platform that's horrible for forex. If you are used to Metatrader 4, it's quite cumbersome. For example: If you close out a position, depending on which way in the trade you go....it doesn't necessarily convert your currency back into USD. You need to do it manually. I know it offers interesting posibilites as far as hanging on waiting for exchange rates to go your way......but it's too much damn work if you ask me.
I would HIGHLY recommend you try out there demo first. It's a professional workstation with amatuer...
I wouldn't use IB charting either (its rubbish) so for the last five years I have used Sierra Chart with IB. Initially I used Ninja Trader and then Zero Line Trader as order entry tools with IB but recently Sierra Chart has added chart based entry so I've dropped ZLT and am down to IB with Sierra Chart as the front end.
To be clear I am a futures trader who occasionally trade currencies but intend to increase the currencies portion of my activity. The rest of the time I trade Hang Seng on charts with bars in the sub-5 minute range.
Chris is right about the issue of currencies. Because IB treats your trade in a "raw" fashion a simple entry and exit will leave you with balances in other currencies. That is a bit of a pain although you can resolve it by choosing to close a trade with a non-unit amount and thus clean up the balances you've generated in your last 10 winning trades in one hit
I think the interesting thing in the near future at IB is the microfutures - I actually wonder how much of the retail forex business this will take over. I suspect a lot because you get a single market linked to the std currency futures and any manipulation is open and thus "honest" but its too early to tell yet.
I would go strongly against Chris on one thing --- DO NOT try out their demo. Not if you expect anything useful. The IB non-customer demo doesn't use the same data feeds we normally use and it is crud to say the least.
Personally I find IB fine but I'm mainly a futures trader and I did have to take a bit of time to figure out how to do the forex calculations to cancel out the balances I ended up with in yen, euro, and aud. I would suggest that if you consider them that you don't do it without using an alternative charting package - there are lots (ensign software is another good one) that use the IB feed.
Great thread by the way Chris. I'm at page 67 after about 3 days of off and on reading. Not sure I'll add the macd though - I think I'll stick with clean charts and a couple of mas (I can see the divergence with them too).
- #1,069
- Apr 13, 2009 10:00am Apr 13, 2009 10:00am
Yes, everyone on the planet is watching this one. So when it moves in either direction, it should be a nice move overall. This pair tends to do this a lot.....then moves rapidly. We will see....I have had this chart up with the same triangle drawn out on it for ages now, and it's getting to the critical area where if it doesn't break - the move will be small at best.
