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  • #981
  • Nov 18, 2015 11:09pm Nov 18, 2015 11:09pm
Quoting trader7757
4. This is the most simple one, but enjoys the widest violation. Don't trade against the trend. Just don't do it. Put it in your mind that there are NO good countertrend trades. I know a good countertrend trade occasionally surfaces, but I'm willing to forgo though one good countertrend trade to avoid the 10 bad ones I will run into trying to find a good one.
my idea is trade the counter trend of first and second one and let go the rest.

i choose counter trend trade because for trend trading,(the problems i face) a lot of time when it move it first wave, then the seconds wave it will be out of momentum, unless there is really a good momentum to push the price. and problems two is i dont know after the first wave, it going to be a retrace or a reversal.
  • #982
  • Nov 19, 2015 7:35am Nov 19, 2015 7:35am
I understand what you are saying...but I will stick with my original statement. Don't trade against the trend.
  • #983
  • Nov 19, 2015 10:04am Nov 19, 2015 10:04am
there is no .... they , them, .... they created these market walk with them ....

if your broker as them , they ...

change to other ....

if as ,market , country , and banks " them , they " ...

if thats include ... intervention .... " they , them " ...

which country " they , them " wants to lose the value ......
  • #984
  • Nov 19, 2015 10:21am Nov 19, 2015 10:21am
these is " they , them " ......
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  • #985
  • Nov 19, 2015 2:37pm Nov 19, 2015 2:37pm
yeah remember Them....great sound

Inserted Video


  • #986
  • Nov 19, 2015 2:59pm Nov 19, 2015 2:59pm
Steamer,

the first one is the SNB (you can say, that about 1 nanosecond after the news hits the market all available liquidity was gone) and the second is just the FOMC Meeting Minutes (stops above and below are cleared out)...
  • #987
  • Nov 19, 2015 11:20pm Nov 19, 2015 11:20pm
Quoting peter100
Steamer, the first one is the SNB (you can say, that about 1 nanosecond after the news hits the market all available liquidity was gone)
Sorry to call BS on this one. Liquidity was not all gone:

https://www.google.ch/url?sa=t&rct=j...,d.ZWU&cad=rja
Demo only
  • #988
  • Nov 20, 2015 9:07am Nov 20, 2015 9:07am
Quoting bg_sunny
{quote} Sorry to call BS on this one. Liquidity was not all gone: https://www.google.ch/url?sa=t&rct=j...,d.ZWU&cad=rja
I don't have an opinion about the liquidity (or lack thereof) during the EURCHF event other than to make following points:
1. If I can still close trades during such events (even when the spread sucks), then as far as I'm concerned, liquidity exists. Its always a question of less liquidity vs more liquidity... never zero liquidity. Zero liquidity frequently occurs during impositions of capital controls. The pegging and unpegging of the EURCHF are not examples of such controls, even tho the SNB has hinted to such things many times.
2. People who trade pegged currency pairs and lost when the peg gets suddenly removed, deserve their losses. As before, I apologize to no one when saying this.

The key take-aways (for me) from the link bg_sunny provided are the following:
1. Liquidity appears to be a privilege of the REAL (i.e. interbank) market, or, at the very least, members of the EBS platform (basically every major bank in the First World)
2. If some retail traders think they deserve the same liquidity as the real players (while failing to realize that the retail "market" is merely an "off-track betting parlor" mirroring the real market), I suspect they will have to be disappointed for a little while longer. (this situation may change in future, but the governing authorities have better things to do than to make retail traders "happy")

As a current retail trader and former interbank trader, I accept the above realities and say, "Game on."

As always, if some of you find my opinions unpalatable in any way, I'm afraid my opinions will not tend to be less harsh going forward. I would therefore urge some of you to click on the Ignore link above my profile page.

Cheers!
I'm not trying to convince anyone. I'm not in the "convincing" business.
  • #989
  • Nov 20, 2015 9:28am Nov 20, 2015 9:28am
Quoting skenobi
I also think 1.0760 is a sweeter entry.
Oh now you're just showing off.
  • #990
  • Nov 20, 2015 10:27am Nov 20, 2015 10:27am
Quoting DaveUK
{quote} Oh now you're just showing off.
Lucky (but still educated) guess..

I could be wrong though and those order clusters around 1.0620 might hold for longer than expected. In any case, short punts should be good for another 60-70 pips.

Good luck all round, and y'all have a nice weekend!
I'm not trying to convince anyone. I'm not in the "convincing" business.
  • #991
  • Nov 20, 2015 10:30am Nov 20, 2015 10:30am
Quoting peter100
{quote} yeah, he passed away...but speaking of colour, i guess a big problem is that retail taders never really come to see the "market" like it is like you did, all they ever see is a pricechart (and some derivatives), esp in forex. I dont want to promote anything but i think, that every newcomer should take a look at this tool here http://www.bookmap.com/ for educational purpose in order to just see how a market operates in realtime, the endless stream of orders coming into the market hitting the orderbook which shapes...
this thing changed my game totally positive 1 year ago.
  • #992
  • Nov 20, 2015 11:38am Nov 20, 2015 11:38am
Quoting bg_sunny
{quote} Sorry to call BS on this one. Liquidity was not all gone: https://www.google.ch/url?sa=t&rct=j...,d.ZWU&cad=rja

i refered to the lets say first 60 second after the announcement hitted the market...i dont have a 1min chart at hand, but i would guess, that 99% of the drop we see on the 1hour chart occured in the first minute after the announcement...later on the liquidity provider came back into the market off course
  • #993
  • Nov 20, 2015 11:50am Nov 20, 2015 11:50am
The Federal Reserve holds a discount rate meeting on Monday. There is some speculation that the 75 bp discount rate could be lifted.( http://www.marctomarket.com/2015/11/...on-monday.html)

if 75 bp discount, what will be rough range of price moment of eur/usd.
don't predict direction, but dance with flow of water
  • #994
  • Nov 20, 2015 12:54pm Nov 20, 2015 12:54pm
Bookmap is just one of a plethora of new order flow programs that are emerging in derivatives market trading . I like another order flow program much better, but this offering offers some unique viewpoints into how orders and price action mechanisms correlate and function at specific volume and price levels. In other words, it's cool as you get.
  • #995
  • Nov 22, 2015 12:26pm Nov 22, 2015 12:26pm
Quoting skenobi
{quote} I don't have an opinion about the liquidity (or lack thereof) during the EURCHF event other than to make following points: 1. If I can still close trades during such events (even when the spread sucks), then as far as I'm concerned, liquidity exists. Its always a question of less liquidity vs more liquidity... never zero liquidity. Zero liquidity frequently occurs during impositions of capital controls. The pegging and unpegging of the EURCHF are not examples of such controls, even tho the SNB has hinted to such things many times. 2. People...
If I get you right:
Say I have a direct market access with the bank I work at (major liquidity provider worldwide), then my counterparty is always my bank which is acting as a market maker. Essentially they net out all my orders with their internal book and if that's not possible they search for liquidity elsewhere (i.e. Deutsche nets out with RBS).
This means, that Deutsche, since they have EBS could have filled me at 1.15 instead of 0.85 like fxcm or whoever I would have had to trade with as a retail client.
Is this all correct?

Further, on a sort of related note, could you please tell me what the terms Liquidity level 1/level2/level 3 mean? I searched a bit online, but found no good explanation, besides that it is good when there are high levels of liquidity (well no sh*t...). Could you explain a bit what the deal here is?

Thanks you in advance.
Kind regards
bg_sunny
Demo only
  • #996
  • Nov 22, 2015 2:16pm Nov 22, 2015 2:16pm
Herpes ...?


Inserted Video



Quoting peter100
Steamer, the first one is the SNB (you can say, that about 1 nanosecond after the news hits the market all available liquidity was gone) and the second is just the FOMC Meeting Minutes (stops above and below are cleared out)...
  • #997
  • Nov 22, 2015 9:35pm Nov 22, 2015 9:35pm
Quoting bg_sunny
{quote} If I get you right: Say I have a direct market access with the bank I work at (major liquidity provider worldwide),
Did you mean you're a retail trader with direct market access with a bank at which you happen to have a job?

Quoting bg_sunny
then my counterparty is always my bank which is acting as a market maker.
If you're a retail trader, then your counterparty is whatever broker that is making prices to you and at which you have your margin account.

Quoting bg_sunny
Essentially they net out all my orders with their internal book and if that's not possible they search for liquidity elsewhere (i.e. Deutsche nets out with RBS). This means, that Deutsche, since they have EBS could have filled me at 1.15 instead of 0.85 like fxcm or whoever I would have had to trade with as a retail client. Is this all correct?
If Deutsche is your broker, and if 1.15 is the PREVAILING market rate (i.e. there are plenty of similar orders at such levels), then sure PERHAPS you would've gotten filled at 1.15. The problem arises when 1.15 may be the only price in the market and/or Deutsche is one of very few market makers quoting at the time. If that's the case, the price is essentially WHATEVER price your market maker deems fit to quote. In such situations, prices are all over the board and "price discovery" has to take place even in the crudest of situations.

Some uppity retail traders seem to have a major problem with this concept. Too bad for them.

Quoting bg_sunny
Further, on a sort of related note, could you please tell me what the terms Liquidity level 1/level2/level 3 mean?
Level 1/2/3 etc refers to levels of liquidity INFORMATION available, not levels of liquidity. (also known in some circles as "order book"information)

Example: https://en.wikipedia.org/wiki/Financial_quote

Quoting bg_sunny
I searched a bit online, but found no good explanation, besides that it is good when there are high levels of liquidity (well no sh*t...). Could you explain a bit what the deal here is?
It's not a big deal at all, really. I know traders who have access to all sorts of order book information and can't make money for shit. I also know traders (former institutionals like me and even some retail traders) who have traded blind all their careers (i.e. WITHOUT such information) and can still make decent money just by looking at how price behaves in the vicinity of key support and resistance levels.

YMMV.
I'm not trying to convince anyone. I'm not in the "convincing" business.
  • #998
  • Nov 22, 2015 11:13pm Nov 22, 2015 11:13pm
Quoting skenobi
{quote} Did you mean you're a retail trader with direct market access with a bank at which you happen to have a job? {quote} If you're a retail trader, then your counterparty is whatever broker that is making prices to you and at which you have your margin account. {quote}
Yes correct. I say that not to show of, but because as employees at some banks direct market access is affordable for retail-size clients (one can start with 5k USD but recommended are 50k), whereas it usually is for institutional clients (starting range 1-5 Mio).

In that case the bank is the counterparty, no?



Thanks for the clarification on liquidity.
Demo only
  • #999
  • Nov 22, 2015 11:14pm Nov 22, 2015 11:14pm
Skenobi, I hope this is OK to ask.
When you say how price behaves in the vicinity of s/d areas - can you say something about how your learnt to do this. Is is only a matter of screentime?

Thanks.
  • #1,000
  • Nov 25, 2015 8:30am Nov 25, 2015 8:30am
Quoting bg_sunny
{quote} Yes correct. I say that not to show of,
No worries. I did not imply that you were. I was merely trying to understand your circumstances so that I may give a worthy response.

Quoting bg_sunny
but because as employees at some banks direct market access is affordable for retail-size clients (one can start with 5k USD but recommended are 50k), whereas it usually is for institutional clients (starting range 1-5 Mio).


Quoting bg_sunny
In that case the bank is the counterparty, no?
I prefer to say that your counterparty is whomever directly quotes you the price that you eventually transact at. If you say the bank does this for you, then you can interpret my words however you wish.

Quoting jrtrading
When you say how price behaves in the vicinity of s/d areas - can you say something about how your learnt to do this. Is is only a matter of screentime? Thanks.
I can only answer from my own experience. Other bank traders (who care about S/R) will have their own approaches.

I was taught how to draw horizontal S/R lines at places where there are likely occurrences of order clusters.

Thereafter, how I interpreted price moves in relation to the lines was entirely up to me and yes, it really is a matter of screentime. Some of us take to it like a duck to water. Some (like me) had to struggle a little bit, but we made our bones in the end.
I'm not trying to convince anyone. I'm not in the "convincing" business.
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