EURUSD

5m chart, it is a little wonkey for sure. Buttt I see a bear flag on USDX as well.

I discount anything below a 1h chart in Asian session when a pair is not in a long term trend. Have lost to much, and big wins just to often evened out stupid losses.

Ah mate, it's all on the charts no matter what time frame. Only thing that changes is the amount of pips we move.

I am, however, a die hard scalper. So even if my triangle does breakout here, you will probably barely feel it on your charts

I just zoomed in to 5m chart and this is what I see ...

That's a lot of lines! Do you see the triangle? The back side of it is broken. Anyways, i'm closing my current long up here. Price isn't playing very nicely.

Good trades mate! I gotta hit the sack for work tomorrow!

holding the position....currently at +95pips profit....

That is why I said I don't play under 1h charts during Asia session ... low volume = no thanks mr 5m chart.

Yeah I know, unfortunately it's all I got. I work a 9-5'er here in the states. So I trade from 7pm-12am est. What I consider one of the hardest sessions to work pips out of. I've scalped 12 orders worth tonight, all good by me.

And here goes the triangle... only because I closed my order lol... have a good night.

lol, well it isn't going to far ... I am in the U.S. also, no rest for the wicked as they say ...

later

Technical analysis on the Dollar Index.

http://www.stocktiming.com/Tuesday-D...rketUpdate.htm

nice trade. yes, i'm looking at that area to long, ar'd there.

FXCM slapped with a class action suit over claims of fraud and racketeering

 

1. Posted by Michael Greenberg in Brokers
2. 30 Comment

I’m trying to confirm whether this is true but based on some Google searches I assume it is.
The Business Trial Group of Morgan & Morgan, P.A. filed a class action lawsuit today against Forex Capital Markets, LLC (FXCM) (NYSE:FXCM) alleging fraud and racketeering by the nation’s largest Forex dealer.
The lawsuit, filed in the United States District Court for the Southern District of New York (Manhattan Division), alleges that FXCM has bilked thousands of customers out of hundreds of millions of dollars using deceptive and unfair trade practices, including falsely portraying its Forex trading platform as a fair, transparent and true foreign currency exchange, when instead it is a “rigged game” designed to systematically separate customers from their money.
The Plaintiff, William H. Sanders, of Muscogee, Oklahoma, brought the action on behalf of himself and all other similarly situated FXCM customers, accusing FXCM of fraud by misrepresenting itself as a trading platform that is free from dealer intervention or manipulation. Instead, Sanders alleges, FXCM uses a number of devices and tricks, including software applications, designed specifically to interfere with customers’ trades.
The Complaint further alleges that FXCM engaged in a pattern of racketeering activity by collaborating with its software developers and programmers to develop a “diabolical” software application that provides FXCM with a myriad of tools and system commands with which to interfere with customers’ trades, including routing trades to “slow” servers and sending false “error” messages when customers attempt to close out profitable trades.
Finally, Sanders alleges in the Complaint that FXCM lured thousands of customers to its trading platform by promoting a “demo account” which was touted as providing customers with a true market trading experience. Instead, he claims, once “live” trading commences, FXCM deploys specially designed software to manipulate customers’ trades.
Lead Trial Counsel Tucker H. Byrd, of the Morgan & Morgan Business Trial Group of Orlando, Florida, stated, “We are proud to be representing Mr. Sanders in this action, which we believe will be an important step in bolstering accountability in an industry that has been largely unregulated since inception. We believe, as the Complaint alleges, that Forex Capital Markets, LLC has taken advantage of the trust placed in it by its customers, causing substantial financial harm to this group of people, and we are committed to working to recover those losses.”
FXCM is the nation’s largest Forex Dealer Merchant. The company recently went public and trades on the New York Stock Exchange.
The Business Trial Group teamed up with the renowned Morgan & Morgan Class Action Group headed by attorneys Scott Weinstein and Andrew Meyer in filing this lawsuit. Attorneys James Byrd, Jr., J. Carlos Real and Damien Prosser of the Business Trial Group and Rachel Soffin and Tamra Givens of the Class Action Group round out the Morgan Forex team.
Update 1: FXCM’s stock is down 7% since Thursday.
Update 2: FXCM Intends to Vigorously Defend Lawsuit
NEW YORK, NY, February 10, 2011 – FXCM Inc. (NYSE: FXCM) today announced that a purported class action lawsuit was filed in the United States District Court for the Southern District of New York by a single former customer against Forex Capital Markets, LLC alleging claims under Federal and New York State law with respect to trading through the company’s platforms. FXCM comments, “While it is FXCM’s policy not to comment on pending litigation, FXCM intends to vigorously defend itself against the allegations in the action.


http://forexmagnates.com/fxcm-slappe...-racketeering/

Just want to pass this along ..

Whenever I see stuff like this, the first thing I think is, the trader doesn't know how to trade, and blames his lack and inability to trade on the company itself.

i've heard their tricks in the past from a very good trader i know.

I still see this area, 1.4086 - 1.4121, that needs to be fought on before a continuation up if bulls resume their progress ...

Only criminals in this world are the ones who are caught ...

I knew Crude was gonna go through the roof yesterday but I didn't quite have my ducks in a row and took heavy losses trying to find a way in.

Old news but what bucket ... I mean forex dealers hasn't been sued?

There is a thread here on FF about this subject.

One of the first things I was cautioned about in trading forex...though no broker was recommended, none were specifically named as demons...but if ya take a read through some of the complaints you will see close prices that are time stamped that are outside of the trade ranges. Discounting both profit and increasing loss per trades...I have traded with a broker like this...complete horse shit!

Other then that, there are times during active sessions where the broker charts will go on overload and when typically run proper and execute trades, the overdrive these things go on have ground my computer to a complete halt.

I ain't gunna name names, but, I do know a couple of brokers I won't even load demo charts with, let alone trade live with again.

There are probably some other issues that would be named, but these are the 2 specific ones that I have come accross...

Does the name Alan Sokol mean anything to you?

And RE the FXCM suit, I was going to say, so I'll say it here in the interest of saving ink: it looks like they're going with Civil RICO. Not widely used, but when it is, with the right judge, it's very potent.