{quote}Questions: - Do you daytrade? Im a daytrader (or at least trying to be) and I spend usually 2-4h in front of the Monitors. During this time I go for short plays (= im not holding positions overnight etc.) Also due to the same reasons I usually trade with tight stops (5-10 ticks in volatile markets) and these "exotic" stuff usually don't provide those spreads... And FX is way too slow for me. (ATR = 40-60 ticks / day? C'mon...)
"FX is way too slow for me. (ATR = 40-60 ticks / day? C'mon...)" It sounds to me like you are attempting to scalp the markets. If thats the case then looking at range on a daily timeframe will be little use to you. A lot of people tend to make the error of confusing timeframes which can render a good strategy inoperable.
Heres an example, recently I was trading the USDCAD on the basis that the weakness in crude would also affect the Canadian Dollar. After putting my core positions on I was then looking at places to add. Suitable places to add for a trade I was expecting to last for several weeks were not to be found on a 5 min chart. A pull back on a 5 minute chart has zero significance for an anticipated multi week move. Instead for the example I provided I would probably not use less then a 4 hour chart. You can have two traders operating on significantly different timeframes, trading in opposite directions with both of them making money.
- Do you manually analyze all these charts? Or you have written some simple algo that makes the computation for you?
With my shorter term system when I started out I was analysing around 50 products per day, manually. It seemed advantageous to be able to have more markets covered which is why I decided on getting it coded.
On a longterm system that I employ, there doesn't seem to be away of coding up the analysis I do manually, so that still involves flicking though a few hundred weekly charts over the weekend and can take a couple of hours to complete.
Now who is extremely profitable.
