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Silent Service Method

  • #12,761
  • Jul 26, 2011 8:47am Jul 26, 2011 8:47am
Thanks guys!
  • #12,762
  • Jul 26, 2011 9:15am Jul 26, 2011 9:15am
Quoting clockwork71
I need a new broker for Forex I think. Anyone here use Oanda? How do you feel about them? I ask because I like the idea of being able to trade a few exotics when the time is right.......

Chris
Hey Chris,

I use OANDA. I have from the start and they, just like every other one, have had their growing pains. However, I will say that they are very responsive with any questions and/or problems you might have. Also, their deposit/withdraw system is very easy to navigate once you get set up.

I know a lot of people use them due to their small account sizes and such, but I have a fairly large account and all of my trades and transactions run just as smoothly as when it was small.

They appreciate my business and I value that. Good luck!
  • #12,763
  • Jul 26, 2011 12:47pm Jul 26, 2011 12:47pm
Quoting bgin2end
Hey Chris,

I use OANDA. I have from the start and they, just like every other one, have had their growing pains. However, I will say that they are very responsive with any questions and/or problems you might have. Also, their deposit/withdraw system is very easy to navigate once you get set up.

I know a lot of people use them due to their small account sizes and such, but I have a fairly large account and all of my trades and transactions run just as smoothly as when it was small.

They appreciate my business and I value that. Good luck!...
Thanks. For me it was a matter of being able to trade some exotics as well as the majors. GFT allows for this as well, and I think I am going to start trading some other currencies as I believe there are opportunities in some Asian countries. I presently use Interactive Brokers, whom I love - but the Forex end of it is lacking in a few ways. I also use Interbank FX, which is fine, just limited in the pairs available......
  • #12,764
  • Jul 26, 2011 12:51pm Jul 26, 2011 12:51pm
I am not ready to trade this chart as such......but you have got to be kidding me......the EUR/USD looks a lot like a bullish flag trying to break out. The target would be about 1.65, which is amazing.
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  • #12,765
  • Jul 26, 2011 7:19pm Jul 26, 2011 7:19pm
Quoting clockwork71
GFT allows for this as well, .....
Chris,
I am in Oz and I have an account with GFT(Aus) and have done for about 6 years on and off. I could not say a bad word about them. Always helpfull with online (and phone) help if needed money is returned quickly if needed. Their coverage of financial instruments is extensive. In Oz we have CFD's which give us access to Stocks, Futures, Metals, Bonds and huge range of exotic currencies. I have only really used it for FX.
Their primary platform Dealbook 360 is not that fantastic....it is a bit of a slug and is quite slow, but there Web platform is basic and easy to use (big bonus it gets past my work firewall). I mostly use the iPhone app anyway for trade execution which is fine by me since I do not make hundreds of trades a week. I then use ProRealTime for my TA.......for a java based web platform I am hugely impressed with what it can do. It saves all my SR lines etc and I can open it up from any PC anywhere....and its free! They also have a iPhone app.
Long story short I am 100% happy with GFT. I have watched price go through the GFC meltdown and carry trade unwindes back in the 2006-07 and their spreads did not widen much at all....unlike other market makers I observed during that time.
Good luck with your decision.
  • #12,766
  • Jul 26, 2011 7:50pm Jul 26, 2011 7:50pm
Chris,
This situation happens often enough to warrant at least asking the question.
The GBP/JPY is in a downtrend and I was interested in shorting it at 128 as this is a previous support level in the past (27th June). There is also a bit of a trend line in play as well.

Looking at the 4 hour chart price has tapped this 128 level a number of times with minor reactions down but still respecting this level as resistance.

Is it worth still looking for a short here given it has not provided much of a profitable bounce to date. If so how would you structure an entry for this?

In the past I have noticed that price can just 'hang around' and consolidate in these zones (creating a brickwall?).

With respect to this actual chart there a few other things I notice and I assume would weigh into any decision to take a trade here:
1) Higher lows (short term bullish)
2) Price is going to meet the downtrend line soon (possibly more bearish)

What is your approach to this sort of situation? Is this one you would just walk away from?

Cheers,
Mike
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  • #12,767
  • Jul 27, 2011 12:25am Jul 27, 2011 12:25am
Quoting mypipbull
Chris,
This situation happens often enough to warrant at least asking the question.
The GBP/JPY is in a downtrend and I was interested in shorting it at 128 as this is a previous support level in the past (27th June). There is also a bit of a trend line in play as well.

[color=#141414][font=Georgia]Looking at the 4 hour chart price has tapped this 128 level a number of times with minor reactions down but still respecting...
I will be honest here: Officials from the BoJ are starting to bitch loudly about the value of the Yen again. Because of this, I have been ignoring the XXX/JPY pairs, although the CHF/JPY looks interesting for a short-term trade.

I actually would prefer a short in the GBP/JPY pair from the 130 level.....it would give more of a bounce, and it is an obvious level.

Chris
  • #12,768
  • Jul 27, 2011 12:35am Jul 27, 2011 12:35am
Quoting clockwork71
I will be honest here: Officials from the BoJ are starting to bitch loudly about the value of the Yen again. Because of this, I have been ignoring the XXX/JPY pairs, although the CHF/JPY looks interesting for a short-term trade.

I actually would prefer a short in the GBP/JPY pair from the 130 level.....it would give more of a bounce, and it is an obvious level.

Chris
The only Yen pair I'm interested in is the Aussie yen which I got into couple weeks ago but mainly because of the positive swap.
And it's a commodity currency and we all know what commodities are doing.
  • #12,769
  • Jul 27, 2011 2:11am Jul 27, 2011 2:11am
Quoting clockwork71
I actually would prefer a short in the GBP/JPY pair from the 130 level.....it would give more of a bounce, and it is an obvious level.Chris
Chris,
Ok....I understand all of what you said and are all good points.

I guess my example was about the GBPJPY but was meant as a more generic question about price action at areas of interest.

So lets say if this situation occurs at 130 level on the GBPJPY for example (which by the way I agree is a better level), and the described price action occurs (multiple mini bounces without a significant move) how would you approach a possible entry assuming there appears to be enough potential reward for the trade?
1) Draw a box (or triangle or whatever shape suits) of the range and trade the breakout?
2) Pass on the trade all together?
3) None of the above but some other way?


Thanks
Mike
  • #12,770
  • Jul 27, 2011 7:42am Jul 27, 2011 7:42am
Quoting mypipbull
Chris,
Ok....I understand all of what you said and are all good points.

I guess my example was about the GBPJPY but was meant as a more generic question about price action at areas of interest.

So lets say if this situation occurs at 130 level on the GBPJPY for example (which by the way I agree is a better level), and the described price action occurs (multiple mini bounces without a significant move) how would you approach a possible entry assuming there appears to be enough potential reward for the trade?
1) Draw a box (or triangle...
I would say more than likely - answer #1, followed closely by answer #2.

What I mean is that I would try to identify some kind of "trigger point" in which we have obviously broken down through support or something. As far as answer #2, that is always an option, especially when it comes to a situation like we have in the Yen, and the likelihood of the BoJ getting involved sooner or later.
  • #12,771
  • Jul 27, 2011 9:09am Jul 27, 2011 9:09am
I can't remember the last time the charts were this slow. This is probably because the world is focusing on the children in Congress, as well as the child who presently is our President. While the world concerns themselves with the US deficit, something people my age have been aware of since our youth, these immature assholes are busy giving campaign speeches.

Because of this, the markets have been going back and forth, and it appears that perhaps people in these markets are getting tired. We may have a day or two of nothing because of this. Then again, somebody will have a campaign speech that will pass as policy, and it could move the markets suddenly.

Having said all of that - I have a Communications paper due, as well as a Sociology one.....
  • #12,772
  • Jul 27, 2011 9:42am Jul 27, 2011 9:42am
Just happened to look up at the markets on my tv in the corner of the room......obviously, we could fall at any time? lol

Obviously, there are more downside risks than up it appears.


*** Just heard this is in reaction to John Boehner walking past a podium and not giving a scheduled news conference. Interesting as it could mean they are still working on a resolution. It is a true 50/50 play at this point, but it does show how worried the markets are, and how easy it is going to be to fall. ***
  • #12,773
  • Jul 27, 2011 9:45am Jul 27, 2011 9:45am
Quoting clockwork71
I can't remember the last time the charts were this slow. This is probably because the world is focusing on the children in Congress, as well as the child who presently is our President. While the world concerns themselves with the US deficit, something people my age have been aware of since our youth, these immature assholes are busy giving campaign speeches.

Because of this, the markets have been going back and forth, and it appears that perhaps people in these markets are getting tired. We may have a day or two of nothing because of this....
Possibly the best post I have ever read.
  • #12,774
  • Jul 27, 2011 10:17am Jul 27, 2011 10:17am
Quoting clockwork71
these immature assholes are busy giving campaign speeches.
Actually, these assholes have had decades to mature into the fine political breed they've become

Besides, it's not just in the US you've got them... Heard of this? http://www.telegraph.co.uk/news/worl...overnment.html These clowns haven't even been able to form a government in over a year (sic!), thereby breaking the previous record which was held by, wait for it: Iraq.
  • #12,775
  • Jul 27, 2011 1:14pm Jul 27, 2011 1:14pm
Quoting o990l6mh
Actually, these assholes have had decades to mature into the fine political breed they've become

Besides, it's not just in the US you've got them... Heard of this? http://www.telegraph.co.uk/news/worl...overnment.html These clowns haven't even been able to form a government in over a year (sic!), thereby breaking the previous record which was held by, wait for it: Iraq.
Yeah,

And this is where the capital of the Eurozone is lol
  • #12,776
  • Jul 27, 2011 1:38pm Jul 27, 2011 1:38pm
Quoting stewrigh
Yeah,

And this is where the capital of the Eurozone is lol
Rather fitting when you think about it
  • #12,777
  • Jul 27, 2011 3:28pm Jul 27, 2011 3:28pm
Quoting clockwork71
Having said all of that - I have a Communications paper due, as well as a Sociology one.....
Are you back in school Chris?

I have had an account with Oanda since 2004. Never had a problem getting money in or out. Love the lot-size flexibility. Trading around news or holding a position with a tight(ish) stop can be challenging. Can't beat the number of pairs they offer. You can even trade on weekends (albeit with much higher spreads). And the best part about them... they pay interest in a predictable/fair manner. I use MBTrading as well, but Oanda is great.

Been away for a bit and haven't traded much currencies this year. Seems like you guys are doing well. I was going to add some views on the recent nonsense in washington, but what's the point? They're all idiots

And for your entertainment... enjoy this quick Rap about the debt ceiling. An instant classic if you ask me:

Inserted Video


And then there's the news article from the Onion:
http://www.theonion.com/articles/eme...dispatc,21023/

G/L Trading all!
  • #12,778
  • Jul 27, 2011 7:32pm Jul 27, 2011 7:32pm
Maybe a possible with trend box trade setting up?
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  • #12,779
  • Jul 27, 2011 9:27pm Jul 27, 2011 9:27pm
Quoting mypipbull
Maybe a possible with trend box trade setting up?
It's funny that you mentioned this pair. I have been noodling it for two days now, and to be honest, I like that except for the higher low that I see. I am trying to come up with some kind of filter, but I think that when you see this - it can mean a breakout coming, and in the direction it seems to be leaning to.

Of course, at the moment I am just sitting here looking at it.....The trend is down, so I don't think I will buy it even if it does break out. As a general rule, when I start talking myself in circles - I leave it alone!
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  • #12,780
  • Jul 27, 2011 9:29pm Jul 27, 2011 9:29pm
Quoting bgin2end
Possibly the best post I have ever read.
Thanks. I wish it wasn't true......the part about the idiots in DC, but thanks none the less.
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