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  • #441
  • Jul 23, 2010 10:08am Jul 23, 2010 10:08am
You sure that chart is eur/jpy, not Gold?
  • #442
  • Jul 23, 2010 10:58am Jul 23, 2010 10:58am
Quoting MoreYummy
You sure that chart is eur/jpy, not Gold?
Hey M.Y. it is a gold chart.
  • #443
  • Jul 26, 2010 12:41pm Jul 26, 2010 12:41pm
The GBP/USD has been climbing higher on the back of last week's better than expected GDP announcement. Take a look at the daily chart below:

http://img718.imageshack.us/img718/8348/gbpusdchart.png


We're sitting at an important resistance level which was last tested back in April of this year.
  • #444
  • Jul 27, 2010 3:31pm Jul 27, 2010 3:31pm
Beta Testing

FXCM has been very busy this year with releasing new products such as Mobile TSII, Trading Station Gateway, and Strategy Trader. There's a new version of the Forex System Selector platform being released. It's only accessible by demos at the moment, but it will be released for live accounts in the coming weeks. If you have a live account, you may want to register for a demo to familiarize yourself with the new layout and features. Here are some of the new features:

 

  1. Smart Filter – the new smart filter helps you locate possible systems of interest based on your desired starting balance and trade size.
  2. T-Score – a proprietary scoring method that attempts to indicate a strategy’s relevancy to current market conditions.
  3. Deactivate Strategies – deactivate strategies in your portfolio without removing them.
  4. Watch List – add strategies of interest to your watch list for later review. When reviewing your watch list, only strategies that you added to the watch list will appear.


Here's a screenshot of the platforms new layout:

http://img199.imageshack.us/img199/5413/fssl.png




BTW, Strategy Trader is set to be released on the website any day now.
  • #445
  • Jul 28, 2010 8:19am Jul 28, 2010 8:19am
Quoting Jason Rogers
The GBP/USD has been climbing higher on the back of last week's better than expected GDP announcement. Take a look at the daily chart below:

We're sitting at an important resistance level which was last tested back in April of this year.
Going back to GBP/USD, it pushed through resistance. I updated the GBP/USD chart with a fibonacci retracement. We're now at the 50% retracement level, and 1.5860 is near the 61.8% retracement level:

http://img341.imageshack.us/img341/2780/gbpusdfib.png


The breakout2, momentum1, and momentum2 signals for GBP/USD are bullish.

http://img686.imageshack.us/img686/6...usdsignals.png

  • #446
  • Jul 28, 2010 1:55pm Jul 28, 2010 1:55pm
Interesting article from Bloomberg. Not sure I agree that it will have that much of an impact on the JPY, but interesting nonetheless:

Yen May Strengthen as Regulations Force Mrs. Watanabe to Curb Carry Trades

The yen may climb next month as tighter regulations force Japanese households controlling about $76 billion in daily exchange trading to unwind bets on higher- yielding currencies, analysts said.

The government will cap debt used to boost trading bets, or leverage, at 50 times committed cash from August 2010, down to 25 times in 2011, the Financial Services Agency decided last year. Individual traders have started to prepare for the change, according to Japan’s biggest online currency broker which saw accounts with 100 times or more leverage fall by half last month.

“If margin traders decide to discontinue highly leveraged transactions, it will put upward pressure on the yen as those positions are unwound,” said Yuji Kameoka, senior economist in Tokyo at Daiwa Institute of Research Ltd., a unit of Japan’s second-biggest brokerage. “The Australian dollar, a favorite among margin traders, may feel the pinch in particular.”.....
http://www.bloomberg.com/news/2010-0...ry-trades.html

  • #447
  • Jul 29, 2010 8:47am Jul 29, 2010 8:47am
Another view of GBP/USD from Jamie Saettele's technicals:

http://www.dailyfx.com/export/story-...1727798523.gif


We're now above the upper trendline from yesterday's analysis.
  • #448
  • Jul 29, 2010 10:16am Jul 29, 2010 10:16am
A few weeks back I mentioned the new Strategy Trader platform currently being developed for automated trading. I'm happy to announce that the platform was launched yesterday for public beta along with a programming wiki with source code in C# for Strategy Trader, MQL for MT4 and LUA for the FX Trading Station II.

The FXCM UK website has videos and tutorials on the new features which you can find here http://www.fxcm.co.uk/strategy-trader.jsp .

The new programming wiki is located at www.forexcodesource.com and a strategy language help guide is found on the wiki here http://www.forexcodesource.com/StrategyTrader/.

Here's a comparison between the Strategy Trader platform and FXCM's MT4 setup:

http://img837.imageshack.us/img837/9...tegytrader.jpg


Let me know if you have any questions.

-Jason
  • #449
  • Aug 1, 2010 1:27pm Aug 1, 2010 1:27pm
Hi Jason,

Quoting Jason Rogers
A few weeks back I mentioned the new Strategy Trader platform currently being developed for automated trading. I'm happy to announce that the platform was launched yesterday for public beta.

Here's a comparison between the Strategy Trader platform and FXCM's MT4 setup:

Let me know if you have any questions.

-Jason
I know I'm sounding like a broken record, but here's my questions again:

Why does your comparison table suggest that MetaTrader doesn't have tick charts, when it does?

Why does your comparison table suggest that MetaTrader doesn't have ask prices, when it does?

Why does your comparison table suggest that MetaTrader can't do partial closes, when it can?

Is the "Genetic algorithm" tick box in the MT4 Strategy Tester totally non-functional?

Cheers,

Jim
  • #450
  • Aug 2, 2010 11:44am Aug 2, 2010 11:44am
Quoting soulsurfer
Hi Jason,



I know I'm sounding like a broken record, but here's my questions again:

Why does your comparison table suggest that MetaTrader doesn't have tick charts, when it does?

Why does your comparison table suggest that MetaTrader doesn't have ask prices, when it does?

Why does your comparison table suggest that MetaTrader can't do partial closes, when it can?

Is the "Genetic algorithm" tick box in the MT4 Strategy Tester totally non-functional?

Cheers,

Jim
Hi Jim,

Thanks for your questions. Apologies if I missed any of your questions. Checked your 5 posts on the forum and didn't see these questions being asked previously.

1. It's not possible to create a tick chart to analyze such as they would with minute, hour, day charts etc. Granted you can view a basic tick chart in the Market Watch window if you wish to switch back and forth between the tick view and the symbols. Performing any type of technical analysis on MT4's "tick chart" is virtually useless if trying analyze any type of indicator, EA's, or technical analysis in general. Strategy Trader allows you to do this in addition to viewing historical tick data. Here's a view of the Strategy Trader tick chart:

http://img841.imageshack.us/img841/3...rtickchart.png


Strategy Trader also gives you the ability to customize the tick chart as well as noted where I circled the tick chart periodicity option in the screenshot.

2. MT4 doesn't give you the ability to view the charts based on ask prices. All of the charts and historical information on the charts is based on the bid price. Strategy Trader gives you the ability to view either the bid or the ask on the chart. See the strategy trader chart screenshot below, the ask chart is on top and the bid chart is below for comparison:

http://img97.imageshack.us/img97/7479/bidaskchart.png


To give an example, I drew a horizontal line as the highest Ask price reached during the ISM release this morning for USD/JPY. If you had an order to buy at 86.810 your order would have attempted execution. You can access a chart to verify what the high ask price at that time was. With MT4, you don't have this ability. You're basically left to adding on a typical spread to every point to guess what the ask price at that time was. Any trader with a short position needs to know the ask price to verify whether their buy price to exit was actually reached.

This is also an important factor with backtesting because Strategy Trader takes into account the actual historical spread in the backtest; whereas, MT4 uses the same spread for every trade in the backtest. You get a much more accurate backtest on Strategy Trader because of this.

3. The comparison table is for FXCM's MT4 and Strategy Trader for traders to decide when choosing. FXCM's MT4 currently does not have the ability to partially close trades due to limitations with MT4 integration into our NDD execution. Strategy Trader does not have this limitation since there is no bridge but rather a direct connection into the server. My apologies if there was confusion, and I will give this feedback to the web team for further clarification on the website.

4. Thanks for letting me know about this. I'll have the Strategy Trader team outline the differences so we can update the website.

Please let me know if you have any additional questions.

-Jason
  • #451
  • Aug 2, 2010 12:02pm Aug 2, 2010 12:02pm
Taking a look at GBP/USD again, we reached the 62% fibonacci retracement level I mentioned last week. This week's marquee event to want for the GBP is The BOE rate announcement comes out on Thursday morning, but there's no change expected. Will be interesting to see the minutes when they're released and what they have to say about better than expected GDP number from a few weeks back.

Take a look at this morning's SSI figures below, more traders are piling into the long USD positions:

http://img529.imageshack.us/img529/1541/gbpusdssi82.png

  • #452
  • Aug 2, 2010 5:11pm Aug 2, 2010 5:11pm
Hi Jason

Quoting Jason Rogers
Hi Jim,

Thanks for your questions. Apologies if I missed any of your questions. Checked your 5 posts on the forum and didn't see these questions being asked previously.
I asked them on a few other forums, but not on DailyFX. I assumed that's reserved for beta test techie stuff?

Quote
1. Granted you can view a basic tick chart in the Market Watch window. Performing any type of technical analysis on MT4's "tick chart" is virtually useless if trying analyze any type of indicator, EA's, or technical analysis in general.
Some would argue any type of technical analysis on any tick chart is virtually useless! Nonetheless I agree that ST is much more capable than MT4 in this area. However that doesn't actually answer my question, and misses my point. We do seem to be agreed that MetaTrader can in fact allow the user to display tick charts, albeit in a more limited way than ST. FXCM's comparison table doesn't say "MetaTrader 4 - Limited" however. It simply says "MetaTrader 4 - NO".

That is inaccurate, wouldn't you agree?

Quote
2. MT4 doesn't give you the ability to view the charts based on ask prices. All of the charts and historical information on the charts is based on the bid price. Strategy Trader gives you the ability to view either the bid or the ask on the chart.
My answer to #1 applies here also.

If I might be so bold as to correct one further slight inaccuracy. MT4 historical data saved to disk does indeed only include the bid. However an MT4 tick chart displays the recent history of both bid and ask

Quote
This is also an important factor with backtesting because Strategy Trader takes into account the actual historical spread in the backtest; whereas, MT4 uses the same spread for every trade in the backtest. You get a much more accurate backtest on Strategy Trader because of this.
I've been sounding like a broken record about MT4's limitations in this regard on my blog for ages. I look forward to being able to use ST for some "much more accurate backtests" in the near future. Your comparison chart mentions that "500,000 bars" of historical prices will be available. Does that number apply to historical tick data too?

Quote
3. The comparison table is for FXCM's MT4 and Strategy Trader for traders to decide when choosing. FXCM's MT4 currently does not have the ability to partially close trades due to limitations with MT4 integration into our NDD execution. Strategy Trader does not have this limitation since there is no bridge but rather a direct connection into the server. My apologies if there was confusion, and I will give this feedback to the web team for further clarification on the website.
It seems as if the Boston Technologies bridge that FXCM currently use makes your MT4 implementation less capable than some other brokers in this regard. Thanks for clearing that one up. Apology accepted.

Quote
4. Thanks for letting me know about this.
My pleasure.

Quote
I'll have the Strategy Trader team outline the differences so we can update the website.
I look forward to that too!

Jim
  • #453
  • Aug 3, 2010 9:04am Aug 3, 2010 9:04am
Hey Jim,

No worries, I usually check Forex Factory first and hadn't seen the other forums .

We will be releasing on the order of 5-10 million ticks per pair compared to the 500,000 available for the 1 minute candles. We're still working on getting the data together because the files are very large.

I will let you debate the usefulness of analyzing tick charts with the MT4 users who have requested it . I put that on par with trying to argue the benefits of hedging and FIFO. The arguments for and against seem to be endless.

-Jason
  • #454
  • Aug 3, 2010 9:46am Aug 3, 2010 9:46am
A pair I will be watching this week is CAD/JPY. This pair has been moving sideways virtually in a range between 82 and 89.50 since May 2009 with a few false breakouts thrown in there. Take a look at the chart:

http://img834.imageshack.us/img834/33/cadjpychart.png


Important events to watch for CAD/JPY:

1. CAD employment figures are released this Friday at 7:00am ET. Estimates are calling for an increase of 12.5k new jobs created. CAD employment figures have been better than expected the past couple of months.
2. Oil prices have broken above $80/barrel but the CAD/JPY hasn't seen a corresponding bounce.
3. Risk aversion, watch out for any sell-off in stocks which could cause CAD/JPY to drop even further.
  • #455
  • Aug 4, 2010 6:03am Aug 4, 2010 6:03am
Hi Jason,

Quoting Jason Rogers
We will be releasing on the order of 5-10 million ticks per pair compared to the 500,000 available for the 1 minute candles. We're still working on getting the data together because the files are very large.
I very much look forward to taking a close look at all those ticks!

Quote
I will let you debate the usefulness of analyzing tick charts with the MT4 users who have requested it . I put that on par with trying to argue the benefits of hedging and FIFO. The arguments for and against seem to be endless.
I've done enough debating on all that to last a lifetime. My views are clear enough. FIFO should be no problem for traders or platforms that have ever traded futures. "Hedging" in this context should always be placed inside quotes!

I look forward to seeing those clarifications on the Strategy Trader section of FXCM's website too.

Cheers,

Jim
  • #456
  • Aug 4, 2010 9:53am Aug 4, 2010 9:53am
Retail traders should be having a great day in USD/JPY according to this mornings SSI report. There were 5.72 long positions for every short position according to this mornings report. Will be interesting to see the positioning this afternoon for the potential profit taking that occurs. Will post a screenshot then.

The USD/JPY signals in DailyFX+ are currently flat. Taking a look through the recent alerts, seems as though the signals were stopped out throughout the morning as USD/JPY rally.

http://img714.imageshack.us/img714/5...jpysignals.png


We're in a wait and see mode for USD/JPY.

The DailyFX+ signals are found through http://plus.dailyfx.com
  • #457
  • Aug 5, 2010 8:52am Aug 5, 2010 8:52am
Now that FXCM UK has started offering CFD trading for gold, oil, etc., DailyFX is going to add more analysis and research to go along with those markets. Here's a new report on Crude Oil Inventories where the inventory data is shown over time for total petroleum inventories, crude oil inventories, etc.

Crude Oil Inventories Watch: Week Ending 07/30/2010

http://www.dailyfx.com/forex/fundame...ch_080510.html

http://media.dailyfx.com/illustratio..._Picture_4.png

http://media.dailyfx.com/illustratio..._Picture_5.png

  • #458
  • Aug 5, 2010 3:03pm Aug 5, 2010 3:03pm
In case you're not aware, Non-Farm Payroll is tomorrow. As always, please be careful if you plan to trade around the economic release as this report has the potential to increase volatility in the market. According to the DailyFX calendar, expectations are for a loss of 65,000 jobs for the month of July.

DailyFX has a write-up on tomorrow's release and this graph is included:

http://media.dailyfx.com/illustratio...dy_monthly.png


From the breakdown, you can see private job creation has been improving, and the volatile swings in overall job number has been due to government jobs (temporary census workers). Overall job creation is important because consumption makes up roughly 70% of GDP according to the most recent BEA data.

The complete DailyFX report is found here http://www.dailyfx.com/forex/market_...ll_By_65K.html
  • #459
  • Aug 6, 2010 1:30pm Aug 6, 2010 1:30pm
Hi Jason,

Quoting Jason Rogers
Hi Jim,

3. I will give this feedback to the web team for further clarification on the website.

4. I'll have the Strategy Trader team outline the differences so we can update the website.
I notice that the ST/MT4 comparison table on the FXCM website has now clarified some of the points I raised. A welcome step in the right direction.

Thanks,

Jim
  • #460
  • Aug 7, 2010 3:59pm Aug 7, 2010 3:59pm
Hi Jason Rogers,

Thank you for all of your comments and info listed here. They are quite useful. You mentioned earlier in the form that you guys were working toward setting up autotrading your DailyFX Signal Service. Any updates?

I'm a current FXCM customer, is there a notification list that I can get on to be notified when it's available? Would love to autotrade the Breakout 2 signals.

Ribs
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