ETX Trade Through Charts

[gedward3]

Hi,

Has anyone tried their trade through charts.

Any pro's and con's or comments

Ged

 

[Pips85]

Hi Ged

I've tried it, and generally like it. You need to have average to decent hardware for it to be properly effective though. My laptop is 3 years old and can be slow to refresh the charts compared with MT4.

All the best,

Leon

 

[Ross Spur]

It seems good, but they really need a demo so you could get tuned in without potentially wasting real money.

 

[TinRoofCeilidh]

It seems good, but they really need a demo so you could get tuned in without potentially wasting real money.

they do provide webinars for customers. Otherwise, I've find them reasonably intuitive if a little limited after the Advanced Charts (IT-Finance) they previously provided.

Had a big moan at them because they removed the facility of writing own indicators and backtests. Don't think that's going to change.

Currently having a "go" because of the way they calculate Monday's pivots - here's a section of my latest email:

Monday's pivot point calculations are based ONLY on the 2 hours of Sunday evening trading. To my mind this makes the given pivot lines useless, based as they are on a mere 2 hours of very esoteric (and thin) trading. Most advanced charting packages conflate the full Friday's trading price actions with those on the Sunday evening giving a very different answer - e.g. today's EURNOK pivot values vary from 7.4975 (eTX calculation based on Sunday evening) to 7.5040 (my calculation utilising Friday's data as well) - that's a 65 pip difference and whilst my calculated value make sense of the intraday data (resistance at 7.5040), the provided value is of no interpretative value whatsoever.

I would welcome comments on this and, if you think I'm right and you are an eTX customer, perhaps you would like to add your weight to the argument.......

 

[Pachira]

This has always confused me too.

Investopedia say "because the forex operates 24 hours a day, there is technically no stoppage of trading between one trading day and the next as there is in other markets. As a result, the convention is to consider a forex day to be from 5pm EST to the same time on the following day, and most daily charts are displayed this way."

Daily Chart Definition | Investopedia

So if I have understood that definition correctly, the 2 hours of Sunday evening trading should be treated as the start of a new 24 hour trading period, rather than combined with Friday data.

 

[TinRoofCeilidh]

This has always confused me too.

Investopedia say "because the forex operates 24 hours a day, there is technically no stoppage of trading between one trading day and the next as there is in other markets. As a result, the convention is to consider a forex day to be from 5pm EST to the same time on the following day, and most daily charts are displayed this way."

Daily Chart Definition | Investopedia

So if I have understood that definition correctly, the 2 hours of Sunday evening trading should be treated as the start of a new 24 hour trading period, rather than combined with Friday data.

Thanks for that. That's a more rational approach than that of eTX. Given that we are talking about pivots based on the previous day's prices, that surely means taking Friday's data (otherwise it never gets used). However, given that the 2 hours on Sunday does have some limited relevance and completes the 24 hours of the "previous day" I would argue sticking to adding the two sets together......

I am still in correspondence with eTX about this and will let you know if anything happens

 

[ETX Capital]

Thanks for that. That's a more rational approach than that of eTX. Given that we are talking about pivots based on the previous day's prices, that surely means taking Friday's data (otherwise it never gets used). However, given that the 2 hours on Sunday does have some limited relevance and completes the 24 hours of the "previous day" I would argue sticking to adding the two sets together......

I am still in correspondence with eTX about this and will let you know if anything happens

Hi Tin

There is an improvement to this particular issue being worked on. It shall form part of a release towards the end of April.

The change we are making will ensure that Mondays pivot point is a measure of Fridays pricing and not the few hours trading on Sunday night.

Hope that helps answer your question and please rest assured that a fix is on its way.

Good luck

Rob.