Forex Trading February 2004

Newtron Bomb

Experienced member
1,602 87
Have a good months trading folks

DT
I agree with you on the post on the Jan thread and i got stopped.... Doh!

Still see if we get a reaction of the topside res line

Happy Trading
Newtron Bomb
 

suggy

Active member
133 0
hmmm starting to paper trade forex now as a 24 hour market appeals to me. Do any of you guys try to 'pair trade' the different markets? Which is the main forex that traders use, or is it any that generate good signals?
 

darrenf

Well-known member
481 3
suggy

all trades in fx are pair trades really. ie you are selling one currency and buying the other at the same time.

However, the "majors" are all measured against the USD, ie eur/usd, gbp/usd, usd/chf and usd/jpy. (USD/jpy is not really considered tradeable at the moment due to BOJ intervention producing some huge price spikes, however a year or so ago, this was one of the smoothest trending fx markets)

Tha main pairs that people seem to use for daytrading are eur/usd and gbp/usd as they move well on the shorter timescales.

I personally trade slightly longer term, few days to a week or so generally and I track the majors and a number of crosses (crosses could be deemed as "pair of pair" trades as they combine say eur/usd and gbp/usd to give the eur/gbp cross. I trade each one if they give me a good signal. What tends to happen is if the majors are not tremding very well, the crosses like eur/gbp, eur/chf eur/yen etc can get some good moves.

In short, if you are looking to daytrade, I would say stick to eur/usd and gbp/usd at the moment.

If you want to position trade, try tracking the majors and a number of crosses you like the look of. You'll have more time to track a number of pairs than if daytrading.

I would suggest just having a look at different pairs charts over different timescales. You will soon see which move best short term and long term.

Best of luck

Darren
 

darrenf

Well-known member
481 3
looks like we have a solid break through 1.8400 on gbp/usd now.
Time weill tell if this will hold and continue to move northwards.
 

darrenf

Well-known member
481 3
Spoken a little too soon maybe?

my first attempt at a chart............??
 

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Newtron Bomb

Experienced member
1,602 87
Maybe some more explosive action on eur soon? looking like a bit of squeeze between a few S&R levels... 17:00 move?
or have we had the major move for the day? am keeping my eyes peeled, above 1.26 got 50 and 100 pip targets
A reversal here should give similar. certainly going to move sideways in the really short term but all this
can be seen from the charts

Happy trading
Newtron Bomb
 

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One Eyed Shark

Well-known member
257 13
Just about to jump into Forex with both feet and could do with a little help finding the right broker.

Currently trading US index futs with IB, any pointers on the right broker/platform would be appreciated.
 

Newtron Bomb

Experienced member
1,602 87
Hi one eyed shark

FXCM is the best broker imo (and probably everyone else's lol)
Check out the reviews section on the nav bar and have a look at the options available to you

Happy Trading
Newtron Bomb
 

Zenda

Well-known member
491 10
Good effort D A little more info - helpful - My chart 3 mins ago -
 

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Zenda

Well-known member
491 10
A little Later

Stops moved to ensure no losses - limits entered -I'm Gonna trail stops and move limits - If it continues! (IF)
 

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darrenf

Well-known member
481 3
zenda

what charts are you using?

Is it part of a dealing platform provided by a fx broker, if so which one?

Also, does it allow you to program your own criteria for entry signals as your chart would seem to indicate?

Thanks

Darren
 

SvenFoster

Well-known member
250 10
darren,
Zenda is using www.cms-forex.com VTSpot (visual trader). They are a US forex broker(GBP mini accounts available) and you can download the demo version(with demo account) from their site.

You can program indicators, automatic systems(metastock styleee) but more important I find you trade from the chart.

Dragging stops, creating orders and managing positions is so intuitive and lets you concentrate on trading not trying to remember where your stops are etc...

------------- disclaimer ---------------
I can't speak for the company or their performance on real accounts. I don't work for cms, I don't currently trade cms and its only my opinion but I think its great. I'm struggling through SB'ing at the mo but am seriously considering a jump ship as managing risk is a big part of the game. just an optinion DYOR

Sven
 

Zenda

Well-known member
491 10
Not a lot happening yet!

Yes VT Its the way all trading should be....not much happenning - just seeting some traps - very sideways on all pairs at the moment. :eek:
 

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Newtron Bomb

Experienced member
1,602 87
Concured ;)

It was time to set some alerts and go and do a bit of shopping and not surprisingly they I didnt get alerted to anything :LOL:

Nice DT formed on the eur so far... would be nice if that triggered a move south

Anyone watching the Rand?
 

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dax

Junior member
49 1
Newtron B,

1. Is the Forex package from Esignal a separate package?
2. Are you trading the futures through IB ?

Thanks
 
 
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