Reading Charts in Real Time

[thalestrader 14]

What is the spread on EJ at the moment?

 

Thanks

 

Gabe

 

Hi Gabe,

 

1.2 at FXCM Micro. Oanda's is probably 10-15 right now though.

 

Best Wishes,

 

Thales

[MidKnight 12]

What is the spread on EJ at the moment?

 

Thanks

 

Gabe

 

Hiya Gabe,

 

Seeing it as 0.5 - 1.5 pip on IB. Because it is a real ECN, you can split the spread too.

[Gabe2004 10]

Hi Gabe,

 

1.2 at FXCM Micro. Oanda's is probably 10-15 right now though.

 

Best Wishes,

 

Thales

 

Thanks

 

Oanda is 5

 

Gabe

[thalestrader 14]

And another look at the EURJPY ...

 

clearly, as you can see, it is clear that EURJPY ...

 

 

Best Wishes,

 

Thales

[Gabe2004 10]

Thanks

 

Oanda is 5

 

Gabe

 

Took a short on EJ because the news were good for the JY.

Lost 30 pips.

 

Gabe

[thalestrader 14]

Thanks

 

Oanda is 5

 

Gabe

 

Oanda has a lot of otherwise smart folks fooled into thinking they are a "better bucket shop."

 

Let me ask you this ... would you trade the ES at a broker who set a 1093 bid - 1094.25 offer?

 

Why trade with a bucket shop that does exactly that to you on currency crosses?

 

Best Wishes,

 

Thales

[MidKnight 12]

The only real benefit with Oanda (IMHO) is the complete flexibility on lot size. Size it in any way you like from $1 up to (I think) $20m per order.

[MidKnight 12]

Good long on EJ Thales, I can see how your last chart was of use - very clear indeed

[thalestrader 14]

Now my daughter and I are sitting here watching the Eagles trying to comeback against the chargers, and we did not trade this EURJPY. But, watching the EURJPY make its way to PT1 and then on to reach the PT2 had our attention more than the Eagles attempted comeback.

 

Our trading chances look much better than our chance at a Super Bowl at this point.

 

Best Wishes,

 

Thales

[thalestrader 14]

Good long on EJ Thales, I can see how your last chart was of use - very clear indeed

 

We didn't trade it, MidK, sorry if I misled you.

 

Best Wishes,

 

Thales

[thalestrader 14]

The only real benefit with Oanda (IMHO) is the complete flexibility on lot size. Size it in any way you like from $1 up to (I think) $20m per order.

 

I agree. But with microlots, you should be able to manage risk through position sizing at FXCM as well. You can manage risk well at IB also, except IB does have a minimum trade size.

 

Best Wishes,

 

Thales

[Gabe2004 10]

And another look at the EURJPY ...

 

clearly, as you can see, it is clear that EURJPY ...

 

 

Best Wishes,

 

Thales

 

I prefer the white indicators :rofl:

 

Gabe

[thalestrader 14]

Took a short on EJ because the news were good for the JY.

Lost 30 pips.

 

Gabe

 

This is the closest thing I see to a short entry on the EURJPY.

 

You shorted because the news was good for the Yen? That reminds me of something President Reagen once said about his political opponents: "It's not that that they are wrong, its just that they know so much that isn't so." You may be right, but let the market confirm your opinion before you put your money on the line.

 

You ought to go and do a search for Firewalker's old thread, "All You Need is a Chart."

 

Best Wishes,

 

Thales

[thalestrader 14]

This is the closest thing I see to a short entry on the EURJPY.

 

Well, let's see what we got ourselves into now.

 

Best Wishes,

 

Thales

[daedalus 10]

Just curious why you guys like the spot forex so much? Personally I love being able to specify EXACT prices for entry and exit and know I have the exact same spread no matter what time of day on the CME contracts.

 

Obviously if you have a very small account or need to trade 20 pairs, but I think there is more action than I can ever trade on 3 pairs, let alone 8 or so they offer. And you can trade 1 lot on a 2k account with places like AMP Global or Infinity.

[MidKnight 12]

Hi daedalus,

 

My personal preference for the spot market is for several reasons:

1) I'm not awake for most of the USA trading hours

2) I'm not trying to be a scalper so it isn't really action that I'm looking for. I am trying to get away from scalping tendencies

3) Because I'm trying to get away from scalping and focusing more on bigger timeframes for bigger moves, I would prefer about a dozen instruments of which to look for larger picture SR.

 

With kind regards,

MK

[thalestrader 14]

Just curious why you guys like the spot forex so much? Personally I love being able to specify EXACT prices for entry and exit and know I have the exact same spread no matter what time of day on the CME contracts.

 

Obviously if you have a very small account or need to trade 20 pairs, but I think there is more action than I can ever trade on 3 pairs, let alone 8 or so they offer. And you can trade 1 lot on a 2k account with places like AMP Global or Infinity.

 

I prefer futures myself, and I too find that the 6B, 6E, and 6J provide ample opportunities.

 

I always kept an eye on spot prices, but I did not begin active involvement until this past summer while working with my daughter. She started trading with a $25.00 USD micro account trading for dimes/tick, and she has done very well. She came to really like the EURJPY. I have to say, so have I.

 

Best Wishes,

 

Thales

[Gabe2004 10]

Took a short on EJ because the news were good for the JY.

Lost 30 pips.

 

Gabe

 

Took another short.

Made back 40 pips

 

Closed 1/3 at 20 pips aND 2/3 @ 10 pips each. (too soon?)

 

Gabe

[MidKnight 12]

The only downside with using IB as a broker for FX IMHO, is its damn confusing. Not simple at all for their FX products.

[thalestrader 14]

Well, let's see what we got ourselves into now.

 

Best Wishes,

 

Thales

 

A good start to a breakeven effort.

 

Best Wishes,

 

Thales

[MidKnight 12]

Why go to BE so fast there, Thales?

[Gabe2004 10]

Possible Long on EJ but too much overhead resistance.

Gabe

[Gabe2004 10]

Possible Long on EJ but too much overhead resistance.

Gabe

 

Actually a SHORT looks better if it reverses here.

 

Gabe

[MidKnight 12]

Yes Gabe, short looks good there. I'm looking to short EUR/USD as per the plan posted.

[Gabe2004 10]

Yes Gabe, short looks good there. I'm looking to short EUR/USD as per the plan posted.

 

If you agree with my short idea then EU should give you a short indication as well since they move together many times.

 

Gabe