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Silent Service Method

  • #13,041
  • Sep 12, 2011 2:45am Sep 12, 2011 2:45am
Quoting clockwork71
I also wonder about the 1.27 level as well, mainly because the area is a higher low than the previous one, and shows that we are building momentum to the upside. Of course, you have that double top looking pattern at the top, so this is a bit of what we call in the US a "medicine ball", which is in reference to a ball that is thrown where either one side or the other has a decent chance of catching it, but the only thing you know for sure is that someone is going to get hurt. This chart could be like that as well....so I don't blame you taking...
Price had now hit 1.27
  • #13,042
  • Sep 12, 2011 2:48am Sep 12, 2011 2:48am
Quoting clockwork71
Yes it is DealBook 360, and it's a live account of mine. I have a couple of accounts with different brokers.
Thanks.

I have got a few questions with regards to brokers (until now I was with demo).

  1. Why is it good to have more than one broker?
  2. How do I know which broker to choose (from the regolation point of view)?

Thanks

  • #13,043
  • Sep 12, 2011 7:51am Sep 12, 2011 7:51am
Quoting PriceTrader
Thanks.

I have got a few questions with regards to brokers (until now I was with demo).

  1. Why is it good to have more than one broker?
  2. How do I know which broker to choose (from the regolation point of view)?

Thanks

1. It makes no real difference. Mainly it comes down to pairs. I have three brokers because I was too lazy to close down my Interbank FX account. I also have Interactive Brokers, (mainly because you cant trade about anything through them) however their trading costs are high unless you are trading large sizes, and I have GFT because they offer so many pairs.

2. I would stick with larger ones regulated in countries that you aren't afraid to drink the local water in. Avoid anything that says "regulated in Cyprus".
  • #13,044
  • Sep 12, 2011 9:05am Sep 12, 2011 9:05am
Quoting clockwork71
1. It makes no real difference. Mainly it comes down to pairs. I have three brokers because I was too lazy to close down my Interbank FX account. I also have Interactive Brokers, (mainly because you cant trade about anything through them) however their trading costs are high unless you are trading large sizes, and I have GFT because they offer so many pairs.

2. I would stick with larger ones regulated in countries that you aren't afraid to drink the local water in. Avoid anything that says "regulated in Cyprus".
But if you look at the spread, GFT is much expensive than Oanda. but it's true that they got more pairs.

I think on going also with GFT since they got MT4 platform (while Oanda also has it but not with all pairs available).
  • #13,045
  • Sep 12, 2011 3:12pm Sep 12, 2011 3:12pm
Quoting PriceTrader
But if you look at the spread, GFT is much expensive than Oanda. but it's true that they got more pairs.

I think on going also with GFT since they got MT4 platform (while Oanda also has it but not with all pairs available).
It really depends on the time of day w/ GFT. During the US session, the AUD/USD is currently trading at about 1.7 pips.......but I have seen it as high as 5 at the open in Asia.

It's a floating spread, like Oanda.......so it will vary massively at times.

I shorted the EUR/RUB the other day and made a few bucks.....gotta love that whole 129 pairs thing.
  • #13,046
  • Sep 13, 2011 6:52am Sep 13, 2011 6:52am
I am watching this consolidation area on the EUR/USD pair. This area is important as a break will determine the direction in the near term. A break of the low is far more significant than the high. The breaking of the high area could be a reaction to this announcement that Sarkozy and Merkel later on today. Truth is, a rise higher will more than likely only produce a higher mark from which to sell. 1.35 is a major area, so a bounce from here isn't a big surprise, but something significantly changed in this pair's behavior last week, and as such - I am very bearish. If it breaks higher, I will simply wait to see when it weakens again.
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  • #13,047
  • Sep 13, 2011 7:59am Sep 13, 2011 7:59am
Quoting clockwork71
It really depends on the time of day w/ GFT. During the US session, the AUD/USD is currently trading at about 1.7 pips.......but I have seen it as high as 5 at the open in Asia.

It's a floating spread, like Oanda.......so it will vary massively at times.

I shorted the EUR/RUB the other day and made a few bucks.....gotta love that whole 129 pairs thing.
I haf just visited GFT web site and saw all 129 pairs (I think it's the only broker to offer that amount of pairs).

42 of it are pairs with less than 10 pips spread.

Clockwork, do you trade on all 129 pairs?
  • #13,048
  • Sep 13, 2011 10:09am Sep 13, 2011 10:09am
Quoting PriceTrader
I haf just visited GFT web site and saw all 129 pairs (I think it's the only broker to offer that amount of pairs).

42 of it are pairs with less than 10 pips spread.

Clockwork, do you trade on all 129 pairs?

I don't care what the pair is, just what the chart looks like to be honest. Have I traded all 129? Probably not. Are they any I wouldn't trade? No.

Chris
  • #13,049
  • Sep 13, 2011 10:12am Sep 13, 2011 10:12am
Sorry about having to zoom out so far on this chart, but it appears that we are very close, but not quite there on making a move in the GBP/USD pair. If we break below the red line and close down there - this pair goes much, much lower. As a side note - there is much talk of stimulus in the UK lately....
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  • #13,050
  • Sep 14, 2011 8:06am Sep 14, 2011 8:06am
GBP/USD fell through the floor, and then bounced slightly. I still see 1.60 as being a massive resistance area and likely to give this pair fits on the way up. I think there is simply too much trouble out there to get overly bullish on anything truth be known.

Should be interesting.
  • #13,051
  • Sep 14, 2011 8:14am Sep 14, 2011 8:14am
Quoting clockwork71
I don't care what the pair is, just what the chart looks like to be honest. Have I traded all 129? Probably not. Are they any I wouldn't trade? No.

Chris
You got all 129 pairs open on your MT4 platform?
  • #13,052
  • Sep 14, 2011 12:09pm Sep 14, 2011 12:09pm
Quoting PriceTrader
You got all 129 pairs open on your MT4 platform?
lol, no. I will scan them from time to time.....but that's about it. What I will do is identify a currency that I either want to buy or sell, and then compare it against all the others available.
  • #13,053
  • Sep 14, 2011 8:04pm Sep 14, 2011 8:04pm
Generally speaking given we are primarily technical traders, or more specificly trend followers, I am seeing some nice setups on XXX/CHF pairs for shorts. However, I cannot help but keep thinking of the SNB statement about the 1.2 target (EUR/CHF) to be defended at all costs. I presume this concept applies to the CHF in general and keeping it from further overvaluation.

I failed to push sell on a couple of charts (attached below) due to this fundamental statement circling around in my head, even though they were with the trend entries. I guess in this sense the 'statement' fulfilled its purpose (on me at least).

I am mildly comforted by the whole 'if in doubt stay out' thing, which I have done however, would like to know peoples thoughts on trading the CHF moving forward given it had been the primary trend to follow of late.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 2011-09-15-AUDCHF Spot.png Size: 10 KB
  • #13,054
  • Sep 14, 2011 10:29pm Sep 14, 2011 10:29pm
Quoting mypipbull
Generally speaking given we are primarily technical traders, or more specificly trend followers, I am seeing some nice setups on XXX/CHF pairs for shorts. However, I cannot help but keep thinking of the SNB statement about the 1.2 target (EUR/CHF) to be defended at all costs. I presume this concept applies to the CHF in general and keeping it from further overvaluation.

I failed to push sell on a couple of charts (attached below) due to this fundamental statement circling around in my head, even though they were with the trend entries. I guess...
I've been watching these prs. as well, and while the short does look tempting I'm of the opinion it'll head north after more pullback. Not sure what "more pullback" is but will watch for the opportunity if it presents itself.
  • #13,055
  • Sep 15, 2011 8:06am Sep 15, 2011 8:06am
I am only going to buy XXX/CHF pairs on pullbacks at this point. I won't be bothering to sell at this point because of the SNB.
  • #13,056
  • Sep 15, 2011 8:48am Sep 15, 2011 8:48am
Yeah just feel safe in the knowledge that you were wise to dodge the possibility of getting toasted by the Chuck Norris of bull candles.
  • #13,057
  • Sep 15, 2011 10:21am Sep 15, 2011 10:21am
Quoting Rk33333
Yeah just feel safe in the knowledge that you were wise to dodge the possibility of getting toasted by the Chuck Norris of bull candles.

  • #13,058
  • Sep 15, 2011 10:27am Sep 15, 2011 10:27am
Quoting clockwork71
I am only going to buy XXX/CHF pairs on pullbacks at this point. I won't be bothering to sell at this point because of the SNB.
The fun part... how much power the stops on E/C at 1.19999999999 have
  • #13,059
  • Sep 15, 2011 11:28am Sep 15, 2011 11:28am
For those of you that follow me on twitter, there is a tweet I put out today with a link to a "midday" analysis of the EUR/USD after the announcement if you are interested. I think I am going to shoot one of these short videos out whenever I see something interesting enough to share with you guys. Let me know what you think about that idea......I won't be able to do it every day obviously, but will try to do it when something important happens......or just when I notice a nice set up. Not a signal mind you, but rather what I am watching......

Chris
  • #13,060
  • Sep 16, 2011 2:28am Sep 16, 2011 2:28am
I don't post here often since I prefer intraday scalping as a strategy, but an occasionally big trade appears on the horizon that I'll go for a longer drive on. Actually I believe it leans more on what should be called "a transfer of wealth."

Recent developments within the EMU and ECB have me looking to short the EUR/USD. Methinks at present without a Euro bond or common treasury the EMU is virtually forcing the ECB to sell non-paper assets for collateral on the P.I.I.G.S. debt. Buildings, businesses, airports, islands, et cetera would be repurchased with Euro. However, it's unlikely that will happen en masse at these prices... Of course that's also a bit simplistic, considering all the questions left-on-the-table such as who will be the big bidders and from what commodity or commodities will the funds be converted? At what price? Will it be a public or private auction? Who will oversee it? Who will ultimately define its wholesale/retail price? What new precedent would it set for other member states? Who's next? The list goes on.

So to keep it simple, I'd rather sell now, ask questions later about what a wholesale price would be. Not-to-mention its yearlong uptrend was decisively snapped last week. Throw it all together and we have eager wolves just waiting to snap-up land for dirt cheap... The dark side of globalization showing itself in this fiat currency corruption in order to control as much and as many natural resources as possible.
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