Forex Trading - November 2003

Sorry if this spoils the flow of this thread but I didn't know where else to put it. I have a dumb question based on abject ignorance (I can barely spell FX) Looked at Refco after Goober's steer to Snip. Taking them as an example, given the enormous liquidity, no market opening/closing, instant fills at chosen price, no commission and guaranteed stops coupled with (ostensibly) sharp feed and great trading platform why would anyone bother going Direct on stocks? I know there will be a learning curve here but is this snap appraisal missing something important?

Regards
 
No i dont think you are.

The simple answer is personal preference. Moist people are familiar with stocks and index's and therefore would fall into stocks or futures.

In my case i am interested in all three US stocks index futures and forex. My interest is diversification and the challenges each one brings to the table as there are different skill involved with each.
edit:Bonds could be next on the list but i think not

Most people stick to what they know and are reluctant to try new things. Some do some dont, as i have said its down to personal preference.

It doesnt really answer your question but those are my reasons

HTH
NB
 
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NB 'Moist people'?? ;)

BTW:sorry bout the picture..this posting charts lark is a novelty to me. :)
 
Euro/Yen

Monthly chart
125 looks to have fib support from 2001, 2002 and 2003 Lows with the latter having a 100% retracement.

Weekly chart
Again 125 showing up as a key level this time in the neckline of a slightly dubious H&S forming through the whole of this year.

Daily chart
The blip in the right shoulder that can be seen on the weekly doesnt make the pattern look any better on the daily and as such i would leave for now if it is being assessed on its own. Maybe if looked at with other time frames in mind it may suggest a reversal.
The daily chart shows a clear downtrend with a slowing of pace as it has approached 125. Resistance in December 02 now being support

60 min chart
A divergence in rsi completing on the 3rd of Nov. after it peaked reacting to the downtrend.
Again here 125 is shown to be a support area.

In answer to you questions 125 on multiple time frames shows up as being an important level.
There is nothing for me at the moment to suggest a significant move in either direction
My first thoughts are actually for a move up although this could be short lived as a result of the strong downtrend
If 125 is breached and a move down to continue the area below between 125 - 120 has been congested considerably in the past and could provide further support.

As this is a chart i do not follow i would like to see what happens over the coming weeks but even so there is still nothing for what i look for that is defined enough for me to place my money where my mouth is (am sure/hopeful that people disagree)

Not particularly helpful but thats how i see it. Ive not talked about the smaller time frames as there is only so much you can say about a sideways price action. and a BO in either direction of its range would give to usual target but still nothing for me to suggest a direction other that to go with the trend

HTH
NB
 
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Possible Long on £/CHF?

- it's spent the last couple of days ranging between about 22850 & 23000, and is currently loitering around the lower end of the range. A ST buy if it breaks up thru 22880 or thereabouts?

Turtle
 
thx NB
It looks as though it could go either way to me as well :eek: . Im not trading E/Y at the moment but ive noticed the extreme moves over the last few months.
Trying to put together some sort of system that can capture the majority of these moves that doesn't revolve around support/resistance. The more pairs i look at leads me to think that E/$ is about the only pair that can be played using strict S/R (on the daily anyway). Will post soon (hopefully) :confused:
 
For similar reasons and time constraints i usually just trade gbp$ and eur$ if i just traded forex i think i would pay more attention to more pairs.

NB
 
Hi All

Anyone on here doing GBP/EURO.

This thread and Rezos stirred my interest and I am trying it out on CS simulated platform. Started quite well then came yesterday :devilish:

I think my problems stem from the fact that Sharescope don't do OHLC on currencies (obviously quite difficult as they are 24 hours) and CS charts are 15 min delayed. :cry:

Would appreciate any tips on what to look for, at present using only trend lines and MACD with histogram.
 
Darktone
I traded a price crossing ema on 15 and 5 min charts.

The same thing on 60 min with a 100ema you prob would have been short on eur$ from about 1.17-1.1750

Theres quite a few things that seem to re-occur time and again to give you clues as to the posible upcoming action.

NB
 
orchard
I think the best thing with forex is you can K.I.S.S.

Is your trend line and MACD set up showing you some opportunities? If they are why change?

How much time do you have to trade forex?
Are you thinking of day, swing, position trading etc.

Like other aspects of trading people find a trading style to suit there life style, this is certainly the case for me.

I tend to use basic TA as my primary indicator and where possible i will try to back this up with readings on one or two indicators but i am not overly concerned as it is really used to confirm an opinion. My positions can be open from a day to a few weeks

HTH am sure others will also be glad to mention their approach to give you a better idea of what may suit your preferred style.

NB
 
Turtle
your about 40 mins drive away from me.
If you fancy a pub lunch one day let me know.

Invitation is open to anyone interested perhaps we could get a few names to all meet up somewhere central

NB
 
Thanks for your very quick response NB.

I suppose am swing trading, at the moment on Dec GBP/EURO. I have plenty of time to trade, but do not have a live feed, so will keep away from daytrading.

I will certainly take your advice to KISS :cheesy: my trading and try to give it a reasonable amount of time to get comfortable with my chosen method. Hopefully I can keep off the panic button :eek:
(works even on a simulated account!)

Many thanks.
 
Nice and clear divergence on eur$ 60 minute charts
 

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NB

A pub lunch sounds good - towards the end of the month is better for me if that's OK.

Is there anyone else here from around the NW? I always imagine we're on our own up here & everyone else is in London, but i'm sure that can't be right. I've often felt a bit out on my own as a trader - it'd be good to get a few of us together occasionally

turtle
 
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