scooby-doo BOJ JPY pairs trading robot

Quoting astral77

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I had a gut instinct that you had such beliefs. My main charity is an orphanage for mentally handicapped abandoned babies and toddlers in a mideastern country. Great Ormond Street do a fantastic job, I will make a donation to them with you in mind.

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Quoting SteveHopwood

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Hehe. Got there before you.

Now, I would like to claim that I arrived at the tp by drawing a fib, looking at macd, measuring the previous swing low and accepting my natural 'feel' for market movement.

Actually, I thought, "Well, 'twas a feely offered signal, so let's shoot for 50 pips."

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Quoting scooby-doo

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I work for a large trading floor.

"In retail Forex, technical analysis is a vital trading tool, as markets are "blind." What's a blind market? In a market where you cannot see the 'tape' and/or, order size, the market is considered 'blind.' In essence, you cannot see the order flow, or those actually making market, to see where the buying and selling is coming from."

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Quoting vicky_ag

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Its true you cant see all the orders in forex but while working on a trading floor you do have access to some orders which will routed thru you (considering you are JPY dealer , a wild guess ) . The same info cud be treated as a sample of the larger picture. Just like the sample vote carried out by a news channel to predict election winners/losers. Just my thought on it.

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Quoting scooby-doo

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I work for a large trading floor.

"In retail Forex, technical analysis is a vital trading tool, as markets are "blind." What's a blind market? In a market where you cannot see the 'tape' and/or, order size, the market is considered 'blind.' In essence, you cannot see the order flow, or those actually making market, to see where the buying and selling is coming from."

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Quoting 4Xfactor

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Hi Scooby,

I seem to recall you saying that it is possible to access order flow information via dbfx.com. Perhaps I'm mistaken here, may be it was some other type of information, available from that company, that you were going to plug into a future EA?

Regards,

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Quoting scooby-doo

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My point was that 95% dont work on a trading floor, so they are indeed blind to the big picture.

Scoobs.

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Quoting vicky_ag

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So, you would say that being on the trading floor gives you a "sight" into the big picture? I wud love to have the same info as it is on the screen of a floor trader like you. Any recos where I might get those other than the trading floor ?

I am just curious on the "order flow" thing in forex which some people like DarkStar et al say enables you to have a good sight while trading. That too trading without charts (God I wish I cud do that. ).

So, you are a JPY dealer? That wud explain a lot abt the info you had on the BOJ intervention...

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Quoting scooby-doo

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Your first point is a bit of a silly question. Ofcourse I see the big picture. Retail traders cant get access to the same (realtime) information.

Yes I am a JPY trader/dealer.

Scoobs.

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Quoting vicky_ag

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Scooby the question was more out of obviousness that silly-ness. Well, is it possible to get the same/near about info (realtime/ non-realtime) , just for the sake of having it? I just hope I am not sounding like a newbie which you cud drive away you from this thread , then Steve wud kill me.

BTW, I am up 35 pips thanks to ur sell call.

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Quoting scooby-doo

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sell GBPJPY @ 149.900

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Quoting hotstorm

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Any suggestions for profit target? I am in (live), currently up 42 pips...

Thanks!

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Quoting scooby-doo

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Simple entry method

double D01 = iRSI(Symbol(),1440,2,PRICE_CLOSE,0);
double H04 = iRSI(Symbol(),0240,2,PRICE_CLOSE,0);
double H01 = iRSI(Symbol(),0060,2,PRICE_CLOSE,0);
double M15 = iRSI(Symbol(),0015,2,PRICE_CLOSE,0);

if(M15 > 70 && H01 > 70 && H04 > 70 && D01 > 40)
{
SELL CURRENCY
}

if(M15 < 30 && H01 < 30 && H04 < 30 && D01 < 60)
{
BUY CURRENCY
}

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Quoting ottrix

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Hi scooby

On EURJPY we are near to this values. Should we buy even if in 30 minutes we have 3 high impact news for USD.

Thanks

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Quoting scooby-doo

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Some offer order flow to some extent, just do a google search on forex order flow brokers.

Also, you might want to read this: http://en.wikipedia.org/wiki/Foreign_exchange_market In fact it should be in post#1 for everyone to read in detail.

Scoobs.

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Quoting enewbold

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Scooby, I found the 2008 study on "Intraday Patterns on FX Returns" (http://www.aeaweb.org/annual_mtg_pap....php?pdfid=301) to be quite interesting. However, as a professional, could you advise me if that study is still valid? The abstract of the study reads:

[i]We present evidence of time-of-day effects in foreign exchange returns through a significant tendency for currencies to depreciate during local trading hours (e.g. EUR/USD tends to depreciate in the European morning and then appreciate in US trading hours). We...

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Quoting scooby-doo

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The simple answer is YES as many financial trading floors (including mine) have semi-automated pattern recognition software running on FX markets. It gives close/buy/sell signals, it is then upto the trader/dealer to agree or disagree based on current economic market conditions.

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