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EurAnalysis Kindergarten 24 replies

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EurAnalysis

  • #45,321
  • Aug 1, 2012 9:36am Aug 1, 2012 9:36am
Anyone else with IBFX? Their iPhone platform has been down since yesterday afternoon Mountain Time, which has me stranded at my day job.
  • #45,322
  • Aug 1, 2012 9:44am Aug 1, 2012 9:44am
Quoting GrizzNasty
Anyone else with IBFX? Their iPhone platform has been down since yesterday afternoon Mountain Time, which has me stranded at my day job.
tried using meta trader 4 iphone app? im with xogee based broker, down since like months ago, and now using meta trader 4 app, though its a basic monitoring app,ie entry/exit only..

regards
  • #45,323
  • Aug 1, 2012 9:48am Aug 1, 2012 9:48am
Quoting GrizzNasty
Anyone else with IBFX? Their iPhone platform has been down since yesterday afternoon Mountain Time, which has me stranded at my day job.
As Madscientist said, Metatrader made their own app and all the third party ones are now ceased (I think). At least that's what happened with my broker.
"Don't Panic..."
  • #45,324
  • Aug 1, 2012 9:57am Aug 1, 2012 9:57am
Interesting...

Denmark Has Lessons for Draghi as Official Rates Go Negative
  • #45,325
  • Aug 1, 2012 9:58am Aug 1, 2012 9:58am
Quoting GrizzNasty
Anyone else with IBFX? Their iPhone platform has been down since yesterday afternoon Mountain Time, which has me stranded at my day job.
IBFX? Dump them. The lousiest broker I have ever used.
Those who say it cannot be done should not interrupt those who are doing it
  • #45,326
  • Aug 1, 2012 10:04am Aug 1, 2012 10:04am
Quoting Madscientist
tried using meta trader 4 iphone app? im with xogee based broker, down since like months ago, and now using meta trader 4 app, though its a basic monitoring app,ie entry/exit only..

regards
I have the metatrader app. and it works really well for what I'm forced to do (trade at work). I should add that the only reason I'm able to trade at work is this forum and all the charts and data people post.

For some reason their metatrader iPhone app has been down for about 18 hours. Luckily, IBFX has been good with customer service. I've already called them twice this morning to cover a Geppy short and change a limit order on a U/CAD long. It is slightly awkward though giving the guy orders on my account. I may just have to keep him on the line for the entirety of the FOMC.
  • #45,327
  • Aug 1, 2012 10:20am Aug 1, 2012 10:20am
Quoting PipTrapper
IBFX? Dump them. The lousiest broker I have ever used.
My next, larger account which I'll be opening will be with FXCM. Goferpips recommended IBFX to me many months ago for a first-timers small account.
  • #45,328
  • Aug 1, 2012 10:30am Aug 1, 2012 10:30am
Hey guys,

Does anyone have or recommend an Elliot Wave indicator or tool that can be used on MT4? Or am i just wasting my time?

thanks,
Cheers!!
  • #45,329
  • Aug 1, 2012 10:31am Aug 1, 2012 10:31am
Quoting GrizzNasty
My next, larger account which I'll be opening will be with FXCM. Goferpips recommended IBFX to me many months ago for a first-timers small account.
Smart move
Those who say it cannot be done should not interrupt those who are doing it
  • #45,330
  • Aug 1, 2012 10:36am Aug 1, 2012 10:36am
Quoting PipsMaster23
Hey guys,

Does anyone have or recommend an Elliot Wave indicator or tool that can be used on MT4? Or am i just wasting my time?

thanks,
There are a few out there but I've never seen one that is worth its salt. My advice is to try them so that you see for yourself, but if you've got better things to do, don't waste your time.

Here are the ones I have tried...
Attached File(s)
File Type: mq4 MTF_Elliott.mq4   4 KB | 216 downloads
File Type: mq4 Elliott_Wave_Oscillator.mq4   3 KB | 218 downloads
File Type: mq4 FX5_NeelyElliotWave_v1.2.mq4   19 KB | 221 downloads
File Type: mq4 Elliott_Waves.mq4   27 KB | 238 downloads
Those who say it cannot be done should not interrupt those who are doing it
  • #45,331
  • Aug 1, 2012 10:39am Aug 1, 2012 10:39am
Quoting PipTrapper
Good morning everybody

These are very interesting times indeed. The hopium train is chugging down the tracks that will take them across the bridge between Bearville and Bullville, yet nobody knows if there is such a bridge. So the question remains... "Is the bridge out?"

http://www.dreamstime.com/broken-bri...umb9782421.jpg

Today we will get the first report from Benny as to whether or not the FOMC has decided (or seems ready to decide in September) to build a QE3 bridge. In my opinion, there will be no such bridge this month, although a hint from Benny that he's got his finger on the button may be all that is needed to feed the hopium. Any hint that QE3 is not in the cards this year (or a lack of any hint that it is), and that would be strike one against the hopium train, and focus will turn towards Draghi tomorrow.

Tomorrow will be Draghi's turn to have a go at creating an ECB-QE bridge. Let's look at that a bit closer. Last Thursday, Draghi made some very bold statements. Here is the only one the market is focused on...

"Within our mandate ECB ready to do whatever it takes to preserve the euro... and believe me it will be enough"

It's easy to see from the above statement that the market will take that as a huge promise to intervene. However, the market is known for reading stuff between the lines when such "between the line stuff" doesn't exist. My view on this statement is that the "Whatever it takes" bit is very much tied to the "Within our mandate" bit. It is not within the ECB's mandate to finance or contribute towards financing government debt. Doing so will be a violation of treaties and subject to litigation from those states opposed to such action... not to mention the negative impact such a move will have on the ECB's credibility as an institution. I'll post more on this tomorrow.

Today we have some economic data coming out of both Europe and the US. I'm not sure there will be much impact from it as the market will be more focused on the FOMC statement at 18:15 GMT. However, the data could influence the market's net sentiment after the FOMC statement is released. Check the calendar for details and times regarding the EZ and US data. Of note among the data releases of course is the ADP Non-Farm release at 12:15 GMT.

From a technical perspective, I am focusing on the developments of the H4 chart. To me it is very much in a consolidation range of indecision. Looking at the chart below, I see a huge potential inverted H/S pattern which (if played out) could take us all the way up to 1.2750 area. The neckline on this inverted H/S comes in around 1.2440/45 area. On the bearish side, we also have a smaller potential H/S pattern on H4 with a neckline at 1.2220 and a completion target of 1.2040/50. There is lots of confluence with the above mentioned levels in terms of fibo levels and trendline/channel resistance/support, so those numbers make lots of sense. First level to be violated and the technical picture shifts. Until then, it could go either way.

Obviously my sentiment is bearish risk. Benny will do nothing and Draghi's actions will be more Euro bearish in the mid to long term. Today's ADP NFP and Friday's US NFP numbers will not impress, but they will not be bad enough to justify QE3. The USD will resume its bullish direction, commodities will come down on dollar strength and the markets/economy will continue to chug along slowly. I could be wrong but the probabilities are on my side. In the end, anything is possible. As I have said many times before, I position myself based on probabilities and not possibilities.
The central bank risks are all dollar positive

Written by Jamie Coleman
August 1, 2012 at 15:25 GMT

What if the Fed does not signal a deepening of concern over the US economy and downplays the odds of another futile bout of quantitative ease?

That’s the risk, as the market assumes they will set the stage at these meeting for looser policy next month.

The dollar usually benefits, at least fleetingly, from anything that doesn’t add to the Fed’s balance sheet.

What if the ECB fails to deliver on the sky-high expectations that it will do all that is needed to stem the sovereign debt crisis. That too, is dollar positive. Should the ECB fail to take steps to lower borrowing costs for the third and fourth largest economies in the Euro zone after promising it would, bond markets will be crushed and the euro will fall. Risk aversion will be revived globally and the dollar generally benefits from that sort of environment.

The Fed is little more than a side show today with the ECB taking its start turn early tomorrow afternoon in Europe.
Those who say it cannot be done should not interrupt those who are doing it
  • #45,332
  • Aug 1, 2012 10:40am Aug 1, 2012 10:40am
Thanks PT
Cheers!!
  • #45,333
  • Aug 1, 2012 10:53am Aug 1, 2012 10:53am
Quoting PipTrapper
There are a few out there but I've never seen one that is worth its salt. My advice is to try them so that you see for yourself, but if you've got better things to do, don't waste your time.

Here are the ones I have tried...
So many to choose from. Which one?
  • #45,334
  • Aug 1, 2012 11:05am Aug 1, 2012 11:05am
lol decisions decisions ey?
Cheers!!
  • #45,335
  • Aug 1, 2012 11:18am Aug 1, 2012 11:18am
Quoting FXSwissTrader
So many to choose from. Which one?
Anything less than 95% perfect and I put it in the "Sucks Bananas" category.

They are all in the "sucks bananas" category so take your pick
Those who say it cannot be done should not interrupt those who are doing it
  • #45,336
  • Aug 1, 2012 11:32am Aug 1, 2012 11:32am
Quoting PipTrapper
Anything less than 95% perfect and I put it in the "Sucks Bananas" category.

They are all in the "sucks bananas" category so take your pick
Yep, they suck. Already tossed! Not like I had anything else better to do. Thx for the exercise.
  • #45,337
  • Aug 1, 2012 11:42am Aug 1, 2012 11:42am
Cheers!!
  • #45,338
  • Aug 1, 2012 11:43am Aug 1, 2012 11:43am
Pt, then please share the ones in the +95% category
Cheers!!
  • #45,339
  • Aug 1, 2012 11:47am Aug 1, 2012 11:47am
Quoting PipsMaster23
Pt, then please share the ones in the +95% category
I don't have any EW indies in that category
Those who say it cannot be done should not interrupt those who are doing it
  • #45,340
  • Aug 1, 2012 11:56am Aug 1, 2012 11:56am
Quoting PipTrapper
There are a few out there but I've never seen one that is worth its salt. My advice is to try them so that you see for yourself, but if you've got better things to do, don't waste your time.

Here are the ones I have tried...
EW indicators doesnt work. RSI and STO yes
Stocktwit: LuisCarlos - twitter: @lcparodi
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