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  • #2,561
  • Apr 22, 2013 7:55pm Apr 22, 2013 7:55pm
A side note for anyone who is interested. I have closed all my accounts and I am in the process of moving everything to MB Trading. I took the EXN and commission route and I will be trading everything with them. I plan to trade in the one thousand dollar model account and use an auto trading EA to mirror the trades in my real accounts. I decided to do this after some careful consideration and with more than a little trepidation. Oanda has had my business with my test account for years and I traded there in the beginning as I was building my regular account. Lately, though they have gotten out of hand with their spreads so there was no chance I was going to use them for my normal account.

MB supports MT4 and I need that to adequately mirror my trades. I was looking into doing it with Tradestation but it is very complicated and I am concerned about reliability. I have been watching the spreads with MB for a few weeks and they are consistently about 1/2 of the spread with Oanda at the same times. I will report if that changes but for now this is my decision. I do not have access to many of the best brokers for spread because of my citizenship but maybe I get back some safety in return.

I am not past the point of no return so any input from US citizens who have found better please chime in. I know about Interactive brokers but they keep your funds in the base currency of your wins so you have too much exchange risk with them. I love ninja trader but not enough to go with IB.
  • #2,562
  • Apr 22, 2013 8:21pm Apr 22, 2013 8:21pm
Quoting Seneca pilot
A side note for anyone who is interested. I have closed all my accounts and I am in the process of moving everything to MB Trading. I took the EXN and commission route and I will be trading everything with them. I plan to trade in the one thousand dollar model account and use an auto trading EA to mirror the trades in my real accounts. I decided to do this after some careful consideration and with more than a little trepidation. Oanda has had my business with my test account for years and I traded there in the beginning as I was building my regular...
SP - I currently have a real-money fun/test account (minimum requirement $400, max 50:1 leverage) with MBTrading.

They have 2 different trading platforms for the commission route.
1) MT4 platform
2) MBT Desktop Pro

These 2 platforms are not interchangeable. You cannot use one to trade the other. You can use Desktop platform to see your current trades and equity on your MT4 account, but you cannot use Desktop to trade the MT4 account. You cannot use MT4 account to see your current trades and equity on your Desktop account.

If you're interested in hooking up your account to other sites (TE, Myfxbook, etc.) then you better go with the MT4 platform. I didn't know this, and initially opened a Desktop account. So I had to open another account with them, this time on the MT4 platform, filling out the exact same paperwork. Not an efficient and client-friendly process.

MT4 platform tends to go down (no connection) for 5-10 minutes after 5pm EST everyday. And there's also no connection for approximately the first 30 minutes after 5PM EST on Sundays. I don't trade during these times, so that's not a problem for me. The spreads are also widen during these time. Overall, for my needs, I'm a satisfied customer.

Interactive Broker - my "regular" broker for futures - the minimum requirement to open an FX account is $10K with max 40:1 leverage. I don't use Ninja. My favorite charting platform is ThinkOrSwim.
  • #2,563
  • Apr 22, 2013 9:55pm Apr 22, 2013 9:55pm
Dukascopy.com if you want to rip through 200 mill clips. Using their demo is great fun. Nut sure though is their liquidity claims hold up under live conditions. As you mentioned many times, liquidity is not distributed evenly in fx, so...
  • #2,564
  • Apr 22, 2013 9:59pm Apr 22, 2013 9:59pm
Quoting kokopelli
{quote} SP - I currently have a real-money fun/test account (minimum requirement $400, max 50:1 leverage) with MBTrading. They have 2 different trading platforms for the commission route. 1) MT4 platform 2) MBT Desktop Pro These 2 platforms are not interchangeable. You cannot use one to trade the other. You can use Desktop platform to see your current trades and equity on your MT4 account, but you cannot use Desktop to trade the MT4 account. You cannot use MT4 account to see your current trades and equity on your Desktop account. If you're interested...
I took the MT4 option as I plan to use the EA from MT4I to mirror my trades. The shut down at 5PM eastern is for clearing and rollover and is perfectly normal. I also don't enter trades during this time period so no issue. I am interested to see how their MT4 does with their supposed no dealing desk plug ins. I am hoping that the trade entry will be fast. The Oanda MT4 can sometimes take up to one full second or more to execute trades and if this happens with my larger accounts it will be unacceptable and I will switch again.
  • #2,565
  • Apr 22, 2013 9:59pm Apr 22, 2013 9:59pm
Quoting fxterrapin
Dukascopy.com if you want to rip through 200 mill clips.
I didn't think Dukas took US clients. Liquidity is normally no issue for me as I am typically jumping out on the tracks in front of that fast moving train.
  • #2,566
  • Apr 23, 2013 12:07am Apr 23, 2013 12:07am
Quoting Seneca pilot
The Oanda MT4 can sometimes take up to one full second or more to execute trades and if this happens with my larger accounts it will be unacceptable and I will switch again.
During busy times how much do you think this is due to network latency? ie interesting to compare a 2mb internet connection with 60mb+
Have you used or considered a VPS?

You seem like a nice chap - feel free to borrow my UK citizenship
  • #2,567
  • Apr 23, 2013 12:19am Apr 23, 2013 12:19am
Quoting Seneca pilot
{quote} I didn't think Dukas took US clients. Liquidity is normally no issue for me as I am typically jumping out on the tracks in front of that fast moving train.
You can use Dukas from the US through other brokers. Didn't know if you were planning a hedge fund of something and wanted to start making some real dough.
I am wondering if a 100 mill AUM fund would work with your short-term strategy. It certainly would set you apart at 100% returns per year with minimal risk. ..................
  • #2,568
  • Apr 23, 2013 12:34am Apr 23, 2013 12:34am
Quoting fxterrapin
{quote} You can use Dukas from the US through other brokers. Didn't know if you were planning a hedge fund of something and wanted to start making some real dough. I am wondering if a 100 mill AUM fund would work with your short-term strategy. It certainly would set you apart at 100% returns per year with minimal risk. ..................
The other brokers are going to mark up the spread and I still have to pay the commission. No thanks.

I only trade around three or four to one leverage but I still think slippage would be a problem trading off 100 mil. Like to give it a shot some time though.
  • #2,569
  • Apr 23, 2013 12:36am Apr 23, 2013 12:36am
Quoting jonnypants
{quote} During busy times how much do you think this is due to network latency? ie interesting to compare a 2mb internet connection with 60mb+ Have you used or considered a VPS? You seem like a nice chap - feel free to borrow my UK citizenship
The latency is the built in deal desk buried within MT4 giving the broker time to expand their spreads when dealing with tough markets and profitable traders.
  • #2,570
  • Apr 23, 2013 4:41am Apr 23, 2013 4:41am
GU long at the previous day's low (supported by the previous week's low), exit at the mid of the down move (50% fib), 1.0R gain.
Attached Image (click to enlarge)
Click to Enlarge Name: gu long.png Size: 26 KB
  • #2,571
  • Apr 23, 2013 4:56am Apr 23, 2013 4:56am
Another day in office, fading yesterday's high & low and the daily open line. (0500 gmt)
Lately I noticed some anomalys - so to say - and I'd like to here what the intelligent crew thinks about them.
Only intelligent ones please... (yeah Steve you are one of them)

(1) Many times instead of "yesterday's high/low" lines I see that the "day before yesterday's high/low" work even better.
I'm not kidding. It happens usually when i get to the charts too late (let's say i'm late by 2 hours) the trading day of course already started but i can see that if i used the day before yesterday's lines (which are still on my charts from yesterday) they would have worked really well while today's would fail...
Have any of you ramblers happen to make any statistics on this?

(2) What if, the yesterday's H/L was made just minutes (say 2 or 3 15M candles) before the daily open. This happended today on EJ... The daily low was made 2 candles before 0500 GMT.
Does it make any differrence to you or not?

Thanks people!
"Always be yourself " Batman
  • #2,572
  • Apr 23, 2013 5:17am Apr 23, 2013 5:17am
Quoting rdsl
Another day in office, fading yesterday's high & low and the daily open line. (0500 gmt) Lately I noticed some anomalys - so to say - and I'd like to here what the intelligent crew thinks about them. Only intelligent ones please... (yeah Steve you are one of them)
I'm trying to be in da intelligent crew so I'll reply
Which currencies specifically are you referring to? EU appears to have good 'memory'.....
Post a graph dude! Somebody once said 'a picture paints a thousand words'
  • #2,573
  • Apr 23, 2013 5:25am Apr 23, 2013 5:25am
Quoting Olarion1975
GU long at the previous day's low (supported by the previous week's low), exit at the mid of the down move (50% fib), 1.0R gain.
Nice trade; defo looks likes some support down there...
What does 1.0R mean?
  • #2,574
  • Apr 23, 2013 5:42am Apr 23, 2013 5:42am
Quoting jonnypants
{quote} What does 1.0R mean?
Thanks. 1.0R means I won one time my risk, e.g. I risk 2% per trade --> win of 2%.
  • #2,575
  • Apr 23, 2013 5:58am Apr 23, 2013 5:58am
Quoting rdsl
This happended today on EJ... The daily low was made 2 candles before 0500 GMT. Does it make any differrence to you or not? Thanks people!
I'll just put on my intelligent glasses...I know nothing about trading but if you want my view here it is - if a daily h/l occurs at a significant level eg '00' then when price reacts to that level 3days later is it reacting because it was a daily low 3 days ago or because its a round number? I haven't noticed PPDL/DH reactions much to be honest but you can say sometimes there is an underlying reason as to why a DL/DH settles where it does and so price may react to that underlying reason at any point in the future or next few days. So you might have a weekly close and a handful of daily lows all at the same level over the past 3weeks. No doubt the next time price hits that level it will encounter some orders. This might occur on Wednesday and it might just happen to also be Mondays low, but price isn't reacting just because it was Mondays low.

On top of that obviously orders are left on the books for a few days to be filled at a specific price. So if it's the first visit back to any previous DH/DL level maybe you should expect a possible reaction.
  • #2,576
  • Apr 23, 2013 8:21am Apr 23, 2013 8:21am
Hello folks,
Am still observing the daily London moves for the Fiber (Eurusd pair). Taking yesterday's London session (8am-5pm GMT) -- 22 April,
High = 1.30751
Low = 1.30148
Close 1.30468

Today's trade should be to sell the high at 1.30751 (with stop at 20% of ATR + spread = 16.4 + spread), with TP 1.3021 (approx 54 pips).

Interestingly TP is quite close to yesterday's low.

What else did you trade for the Euro?

P.S. Have downloaded the PDFs and am reading this thread from the front. The videos posted by SP are fantastic, and cannot be substituted by books/seminars.


Slightly OOT to Seneca pilot if you don't mind:
Who is your favourite trader or market wizard?
  • #2,577
  • Apr 23, 2013 8:39am Apr 23, 2013 8:39am
Shorted USDJPY at yesterday low near 99.00 -> a loser
  • #2,578
  • Apr 23, 2013 8:49am Apr 23, 2013 8:49am
Quoting kk007
Shorted USDJPY at yesterday low near 99.00 -> a loser
I teach to go long at yesterday's low when approached from above like today.

Big winner

Ps. I teach the times that I do because it matters.
  • #2,579
  • Apr 23, 2013 8:57am Apr 23, 2013 8:57am
Quoting Seneca pilot
{quote} I teach to go long at yesterday's low when approached from above like today. Big winner Ps. I teach the times that I do because it matters.
Are you talking about USDJPY? It has broken yesterday low from above forcefully today ...
Quoting Seneca pilot
{quote} Ps. I teach the times that I do because it matters.
So, do you think I should not have shorted yesterday low at 99.00?
  • #2,580
  • Apr 23, 2013 8:58am Apr 23, 2013 8:58am
Quoting TraderT
Hello folks, Am still observing the daily London moves for the Fiber (Eurusd pair). Taking yesterday's London session (8am-5pm GMT) -- 22 April, High = 1.30751 Low = 1.30148 Close 1.30468 Today's trade should be to sell the high at 1.30751 (with stop at 20% of ATR + spread = 16.4 + spread), with TP 1.3021 (approx 54 pips). Interestingly TP is quite close to yesterday's low. What else did you trade for the Euro? P.S. Have downloaded the PDFs and am reading this thread from the front. The videos posted by SP are fantastic, and cannot be substituted...
As long as the London high is also the high of the entire day this is a perfect strategy and as you have seen it worked very well today. French news pushed price right into the level after Frankie gave us a nice long off the daily open. We would have jumped in front of the train (remember the best trades are the hardest ones to take) and German news pushed it straight down off the high. A perfect day.

My trading wizard is Paul Tudor Jones. I like his style and no one can argue with thirty years of sustained excellence.
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