asian market = slow, what I should do?

[lkthomas]

hey all, I am pretty new to this forum, I just wondering what's the point to trade on asian market session? I see no movement at all on asian market, and I don't know what I could do for my "Homework" like to read the trend...etc
so what I should do during asian market ? read trend ? trade ? or do homework for US session ?!

one more question, any of you could comment about EUR/USD pair please ? does it going to raise into 1.1800+ before drop down into 1.1500 ? Thanks.

 

[nine]

Open an account with interactive brokers and trade the Hang Seng (HSI) or the Singapore Nikkei contract (SGXNK).

 

[lkthomas]

I personally know nothing about HSI, so I wouldn't risk my money on it either, well

 

[nine]

but you know a lot about Euro FX trading?

 

[Kennard]

Kiwi,

Could you give some more info about Hang Seng (HSI) and the Singapore Nikkei contract (SGXNK),please.

Are you trading only this market or you waiting for London(if trading FX)?

 

[nine]

They are futures contracts trading at (about) USD 6.4 per point (HSI) and 20 per point (SGXNK).

Both of them trade well using "microtrend following" type daytrading styles. My initial daytrading was Euro but I found waiting for frankfurt to start trading meant I couldnt trade when I wanted and the asian session has way too many flat or ranging days. So, I looked around and found 3 futures contracts that could be traded during our hours (the above two and the aussie SPI which I dont like so much).

There is also a mini HSI (MHSI) and a china contract but I find HSI and SGXNK gives me more than enough opportunity.

I use IB for brokerage and data and Sierrachart to chart the data for trading decisions.

 

[Kennard]

Thanks Kiwi,

May I ask you for some links so I can have some more info about that.

Also, when you compare this with fx is it very different?

 

[nine]

Yes and no to the different. If you use higher highs and lows, double tops and bottoms, trends supported by MAs, fibs, and maybe pivots then its both different and the same. Just like yen is different and the same as euro. If you see what I mean?

The tools work; the markets are slightly different in how they respond; so your time is used adapting what u know to a slightly different environment.

http://www.hkex.com.hk/tradinfo.htm
http://www.quamnet.com/fcgi-bin/index.fpl
http://info.sgx.com/SGXWeb_ST.nsf/NEWDOCNAME/ST_Trading_Calendar?opendocument&sidenav=Intermediaries

http://www.interactivebrokers.com
http://www.sierrachart.com

 

[nine]

And if you go to IRC then on the othernet server you will find an irc group called #trade who trade mainly the SPI and aussie stocks but also have asian market traders.

 

[Kennard]

Many thanks Kiwi,

I'll have a look and will see whether it is for me.

By the way,when you was trading fx have you tried EUR/JPY(for scalping for example) ?

Also, what OZ hours you trade?

 

[nine]

Queensland: 11:45 to 2:30 and 4:30 to 6:15 == HSI hours.

Once I found out how well HSI moved (during the hours I wanted to trade) I didnt bother with currencies any more. I might again if I am living somewhere with different hours.

For example, here is todays trading so far.

 

[Anonymous]

Any brokers or person-to-person exchange types to recommend for SPI 200 Intra Day and other liquid contracts?

 

[Kennard]

Well,its very nice move today.Especially,when i compare it to today's movement on Euro or cable-flat,falt,falt .

Kiwi,what would you suggest ,where I should start.I will for sure browse web site you posted but I don't know anything about futures at all.
I am not lazy person.Spent last 14 months learn everything possible about fx market,indicators,test few strategies but would need some start for futures.Some guide written in plain english how futures market works, how to buy etc.

Will do my homework but if you would be so kind to send me some "manual" where is described futures market it will be big help for me.
Thank you.

 

[ianp]

Queensland: 11:45 to 2:30 and 4:30 to 6:15 == HSI hours.

Once I found out how well HSI moved (during the hours I wanted to trade) I didnt bother with currencies any more. I might again if I am living somewhere with different hours.

For example, here is todays trading so far.

Hi Kiwi,

Nice chart is that one of your Sierra chart setups ?

Where abouts in Queensland are you , I am on the sunny coast.

Ian

 

[nine]

Ian,

Yes; and I'm down on the Gold Coast. Bit more crowded but very good schools for the kids.

Kennard,

I would read up the Merc website educational material at http://www.cme.com/edu/
Basically futures contracts are like forex or stocks ... but u buy 1 contract (like 1 stock) and if it moves 1pt (using hsi as an example, others have different numbers) then you gain or lose USD6.40. The commission is about USD5.70 per contract (both ways) so if you bought 2 contracts and held for 50pts then you would make 100*6.40 - 2*5.70. Or lose in the opposite direction. Normal issues are slippage (use limit or stoplimit orders to control) and spread. These things take time to get completely on top off.

 

[cjb]

Queensland: 11:45 to 2:30 and 4:30 to 6:15 == HSI hours.

Once I found out how well HSI moved (during the hours I wanted to trade) I didnt bother with currencies any more. I might again if I am living somewhere with different hours.

For example, here is todays trading so far.

Hi Kiwi, Brisbane here, Looks like a good CFD chart too, solves my midday problem as i was starting to look at forex, japan and hongkong, my cfd chart matches yours and always feels better to trade something someone else has experienced, comments and charts much appreciated.

 

[jessechan]

Hi, Kiwi,

Can you explain some more about your "microtrend following" type daytrading styles as appied to Hong Kong's Hang Seng Index Futures? At the moment, I spend most of my trading time mainly in HSIF, so far I'm still learning ie losing.

Thanks

 

[nine]

Hi guys,

I'm no guru - just a reasonably effective trader. I apply the HSI pretty much the approach I apply to any market. First I look for a market that trends quite a lot on a timeframe that I am interested in; then I try and figure out how to buy retracements and how to get into breakouts with reasonable reliability; and finally how long to ride the microtrends. In the HSI my winning trades are typically 5-20 minutes long, hence micro.

My inspirations are Chick Goslin's Trading Day by Day and the Floor Traders System which can be found somewhere on NQoos's site. I don't use either exactly but both can be used to form a worthwhile strategy.

 

[jessechan]

Hi, Kiwi,

Thanks for your guidance on HSIF. I just ordered Chick Goslin's Trading Day by Day . What I notice about HSIF is that it's very liquid and volatile, thus it's highly suitable for day trading. Also, there seems to be two major trends within one trading day, one morning and one afternoon trends.

Can you suggest some more trading books on trading strategies, for instance, I found trading after inside day pattern seems to be very reliable and profitable.

 

[nine]

There are lots of different approaches the market(s) so its just a matter of finding what works for you. John Hill's book "The Ultimate Trading Guide" gave a lot of different ideas that can be made to work.