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  • #3,041
  • Sep 28, 2010 7:17pm Sep 28, 2010 7:17pm
I know this is off topic for this thread but did you guys see this? why cant they just leave us alone!

http://now.eloqua.com/e/es.aspx?s=20...586e98bf04a623

pretty much if you are a US citizen and have an offshore account they have to transfer you back to the US with 50:1 leverage and no hedging.

WTH.

sorry for the off topic post, but i thought people here would like to know what they are in for if they live in the US.
  • #3,042
  • Sep 28, 2010 8:06pm Sep 28, 2010 8:06pm
"is a federal statute that states that overseas brokers not registered with the CFTC will not be able to be counterparties to US retail investors in OTC forex transactions after October 18, 2010."

How does the US get to tell O/S companies, registered and operating O/S, what they can and can't do with their own customers?
Good Trading
  • #3,043
  • Sep 28, 2010 8:35pm Sep 28, 2010 8:35pm
Quoting c0mputernick
I know this is off topic for this thread but did you guys see this? why cant they just leave us alone!

http://now.eloqua.com/e/es.aspx?s=20...586e98bf04a623

pretty much if you are a US citizen and have an offshore account they have to transfer you back to the US with 50:1 leverage and no hedging.

WTH.

sorry for the off topic post, but i thought people here would like to know what they are in for if they live in the US.
Yup, received the same email this evening, however I had been expecting it for the past few weeks. On that note, I'll politely refrain from offering my astute political commentary so as to preserve the integrity of this thread, but let's just say I have some choice words for our babysitters in D.C. that would not be appropriate for this family-friendly web community.

Kevin
  • #3,044
  • Sep 28, 2010 9:42pm Sep 28, 2010 9:42pm
50 to 1 is really not a bad leverage...
Quoting c0mputernick
pretty much if you are a US citizen and have an offshore account they have to transfer you back to the US with 50:1 leverage and no hedging.
It only looks bad if you've been used to playing with 400 to 1. But what leverage do you REALLY usually use if your position size is $5,000 and your account size is $1,000? Your true leverage is 5. Now the Broker will be required for you to put up $100 to control that $5,000. That's a pretty sweet deal compared to the margin requirements over in the Stock markets (where I've traded before).

Just my two cents,
Eric
" Be always employed in something useful." - Benjamin Franklin
  • #3,045
  • Sep 28, 2010 9:54pm Sep 28, 2010 9:54pm
Been studying this thread for some time. Logic behind is very solid!
(letting your winners run with "risk free" BE positions.)

Lets see how long this holds(my second soldier over 100 pips). Because Oanda, have to choose only one direction (longs for now),which seems logical for now, duh

When i change the broker, i can then choose the direction based on the intraday price action(pivots, daily open etc) and have both directions at play same time.
Attached Image (click to enlarge)
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  • #3,046
  • Edited 7:57am Sep 29, 2010 12:27am | Edited 7:57am
Good evening Graeme and fellow traders,

Just peeked at all the available pairs and found only guppy, eurchf, gbpnzd and nzdjpy pairs that are near 200ema. There is no favorable setup on any of these yet except gbpjpy seems to be hovering about support (200ema is also acting as support). If I am still awake and if price breaks support I would like to go short on this pair. I also notice this pair is prime for breakout as H1 is also near 200ema.

Please advise if you see any pairs that fit the requirements of this project. I would really like to avoid two days of no trading in a row if I can. Unfortunately, trading H4 timeframe requires a lot of patience :-(

Charts:
Attached Image (click to enlarge)
Click to Enlarge Name: 9-28-2010 10-19-14 PM.png Size: 40 KB


EDIT: Forgot to mention my hindsight for gbpjpy. Monthly is short, Weekly is long, daily is short and H4 is also going to be short if it breaks the support line and pierces the 200ema.
Staying in my lane...
  • #3,047
  • Sep 29, 2010 1:40am Sep 29, 2010 1:40am
Quoting VEEFX
Good evening Graeme and fellow traders,

Just peeked at all the available pairs and found only guppy, eurchf, gbpnzd and nzdjpy pairs that are near 200ema. There is no favorable setup on any of these yet except gbpjpy seems to be hovering about support (200ema is also acting as support)....
waiting patiently for confirmation of H1/H4 candle to close below the support line.
Staying in my lane...
  • #3,048
  • Sep 29, 2010 2:23am Sep 29, 2010 2:23am
Quoting VEEFX
Good evening Graeme and fellow traders,

Please advise if you see any pairs that fit the requirements of this project. I would really like to avoid two days of no trading in a row if I can. Unfortunately, trading H4 timeframe requires a lot of patience :-(

Charts:
Attachment
hey Vee,
have you looked at the eur/aud
  • #3,049
  • Sep 29, 2010 3:45am Sep 29, 2010 3:45am
Quoting VEEFX
Good evening Graeme and fellow traders,

I would really like to avoid two days of no trading in a row if I can. Unfortunately, trading H4 timeframe requires a lot of patience :-(

Charts:
Attachment
Hi V,
Think this sentence sums up what most if not all of us do wrong! Me certainly.

Read a great quote this week - "the market can remain irrational and illogical far longer than any individual can remain solvent" - hang in there!

Ray
  • #3,050
  • Sep 29, 2010 5:37am Sep 29, 2010 5:37am
Quoting VEEFX
waiting patiently for confirmation of H1/H4 candle to close below the support line.
My own take on GBPJPY is that the strong bear candle on 4h signalled a short on the retrace around 132.76 following the 15 min FB. If it does bounce with any conviction off the 200 ema, (4hr) go long, if not you are 50+ on the short. Having missed it have to wait for the next break!

Ray
  • #3,051
  • Sep 29, 2010 7:54am Sep 29, 2010 7:54am
Quoting traderray
My own take on GBPJPY is that the strong bear candle on 4h signalled a short on the retrace around 132.76 following the 15 min FB. If it does bounce with any conviction off the 200 ema, (4hr) go long, if not you are 50+ on the short. Having missed it have to wait for the next break!

Ray
If current H1 closes below the open of previous red candle, it would signal short trend continuation/confirmation. 6 mins to go. Still no trades for me on this pair.
Staying in my lane...
  • #3,052
  • Sep 29, 2010 8:05am Sep 29, 2010 8:05am
Quoting VEEFX
If current H1 closes below the open of previous red candle, it would signal short trend continuation/confirmation. 6 mins to go. Still no trades for me on this pair.
Observation/Thought Process: Current drop on H1 timeframe is not very 'clean'. I am seeing a lot of wicks in past 6-8 candles. The current H1 candle just closed green but closed below the open of previous red candle signaling short trend continuation on H1.

Caution: The long wick on the prior red candle is indicating buyers are coming in the market to prevent further drop. I don't think it is still a clear signal to enter a short trade.
Attached Image
Staying in my lane...
  • #3,053
  • Sep 29, 2010 8:09am Sep 29, 2010 8:09am
Quoting VEEFX
Observation/Thought Process: Current drop on H1 timeframe is not very 'clean'. I am seeing a lot of wicks in past 6-8 candles. The current H1 candle just closed green but closed below the open of previous red candle signaling short trend continuation on H1.

Caution: The long wick on the prior red candle is indicating buyers are coming in the market to prevent further drop. I don't think it is still a clear signal to enter a short trade.
Went short myself when last 1hr candle tried 200ema - 4hr and failed to go higher, but struggling at the mo and forgot about London wind down..
  • #3,054
  • Sep 29, 2010 8:42am Sep 29, 2010 8:42am
Quoting traderray
Went short myself when last 1hr candle tried 200ema - 4hr and failed to go higher, but struggling at the mo and forgot about London wind down..
ouch! Glad I waited for confirmation before going Short on guppy.
Attached Image (click to enlarge)
Click to Enlarge Name: 9-29-2010 6-41-45 AM.png Size: 38 KB


EDIT: Price action goes to hell during London/New York open/close times :-
Staying in my lane...
  • #3,055
  • Sep 29, 2010 11:06am Sep 29, 2010 11:06am
Quoting VEEFX
ouch! Glad I waited for confirmation before going Short on guppy.
Attachment

EDIT: Price action goes to hell during London/New York open/close times :-
Lesson learned http://cdn.forexfactory.com/images/icons/icon14.gif http://cdn.forexfactory.com/images/icons/icon14.gif
making green pips large and red pips small this is my goal.
  • #3,056
  • Sep 29, 2010 11:13am Sep 29, 2010 11:13am
Hello all, this is my first post, I'll try to keep it succinct. Just getting started in 4X and have been scanning this site for a couple of months. My question is...is there a system in the 'Systems' forum that lends itself to Graeme's method as far as finding entries etc? I.E. one that has a natural flow and works well with the 'equity millipede' more than others to where the Graeme's system would be a logical extension. I was thinking maybe THV or J16 method only do to the sheer volumes of info available to learn the system, have no idea if they even compliment each other....would they have any correlation to this system?

Secondly, are the new leverage rules going to be a big obstacle for new traders trying to build capital? What leverage do people typically trade at?

Thanks to everyone who has contributed to this thread, esp Graeme for the impetus and VEE for his dedication and very helpful contributions and insight.
  • #3,057
  • Sep 29, 2010 12:04pm Sep 29, 2010 12:04pm
Re: leverage; I think the new rules wont't really hurt anybody other than the people with sub-500 accounts.
  • #3,058
  • Sep 29, 2010 1:59pm Sep 29, 2010 1:59pm
Quoting VEEFX
ouch! Glad I waited for confirmation before going Short on guppy.
Attachment

EDIT: Price action goes to hell during London/New York open/close times :-
Update: Still waiting for a clear confirmation... although just missed one from the previous H1 candles as a good trigger to go short. My thoughts illustrated in the attached chart.

Attached Image (click to enlarge)
Click to Enlarge Name: 9-29-2010 11-47-50 AM.png Size: 100 KB
Staying in my lane...
  • #3,059
  • Sep 29, 2010 2:24pm Sep 29, 2010 2:24pm
Quoting VEEFX
Update: Still waiting for a clear confirmation... although just missed one from the previous H1 candles as a good trigger to go short. My thoughts illustrated in the attached chart.

Attachment
Entered my 1st position @ 132.08 upon confirmation of H4 candle closing below the prior green H4 candle. This time I opened approx. at 50% of H4 candle. Let's see how it works out. NYSE is about to close so this should be interesting.
Attached Image (click to enlarge)
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Attached Image
Staying in my lane...
  • #3,060
  • Sep 29, 2010 2:49pm Sep 29, 2010 2:49pm
Quoting VEEFX
Entered my 1st position @ 132.08 upon confirmation of H4 candle closing below the prior green H4 candle. This time I opened approx. at 50% of H4 candle. Let's see how it works out. NYSE is about to close so this should be interesting.
Further thought process (reasoning?) on why I took this entry position.

PnL: +5 Pips Go Guppy !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Attached Image (click to enlarge)
Click to Enlarge Name: 9-29-2010 12-39-04 PM.png Size: 122 KB
Staying in my lane...
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