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Anyone here into FOREX?
- Thread starter Music_Producer
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blinkmg said:
Not quite...after logging into the trading platform (whether it be FXTrade or FXGame), click on the "Resources" menu in the main window and the top item should be FXNews.
Hey guys! I just woke up (12.32 pm) 
.. I didn't trade at all this morning because both reports - Canadian leading indicators, and US existing home sales are not important. The durable goods order will be important this morning. I usually post here with details on what trade i think will be important, etc..so look out for that
the markets don't care about existing home sales.. because they already know that the sales are going to drop.. and in fact, if you look at the charts, the EUR did go up at 7.00 am.. although the spike was only 6 pips. Still, this spike is big for a small report. The market pays more attention to Home Starts and Building Permits.. because thats a major source of a boost to the economy (construction, hiring people, etc) If home starts and building permits fall, its common sense that existing home sales will fall too.
Nj, actually the opposite.. if the markets get news that rates are going to stay the same.. the $ will go down (even though the economy is good) Markets move on interest rate rumors, in fact last night, I was reading on cnn.com that the fed chief might have to raise interest rates again. So I am not sure if the markets caught on to that this morning and moved the USD up, but no.. the EUR/USD "fall" that you see is simply banks buying and selling. Nothing else. NO news caused this move.. just normal banking activity.
Is there any way to know when these type of moves can happen? No way.. unless you know someone who trades in a bank.. at the forex level. If ABN Amro decides to buy 560 million Euros today at 6.15 pm PST.. you will definitely see a spike and wonder "How the hell did that happen?" especially if you just sold the Euro at 6.14 pm PST
Hey blink.. i'll add you to the mac group.. maybe i should post on ical what trades i'm going to think are important and post them up on the group.
Those 'color' indicators on forexfactory are fine.. but some of them are inaccurate. For e.g. they always label the japanese reports as volatile (red) but JPY never never moves on reports. It only moves on US reports and the Yuan (chinese currency) reports for some odd reason. I'm not going to try and figure out the Japanese..
Tomorrow, durable goods orders are most important. Unemployment claims *could* become important if durable goods orders are the same as expected.. and the deviation is huge on unemployment claims. Although unemployment claims have been marked as 'moderate' at forexfactory.. i've seen those reports move the markets, if they deviate quite a bit.
On Friday, the Fed Chief is going to give us his usual confusing dialog on the economy. If he's hawkish the USD will go up.. I have a feeling that they're going to raise rates one last time.
They should.. they really need to kill this fake real estate 'boom' .. its going to be a major source of the economy's downfall. I never quite understood how the economy could be 'improving' if people are taking loans they can never afford to pay back.
.. I didn't trade at all this morning because both reports - Canadian leading indicators, and US existing home sales are not important. The durable goods order will be important this morning. I usually post here with details on what trade i think will be important, etc..so look out for that the markets don't care about existing home sales.. because they already know that the sales are going to drop.. and in fact, if you look at the charts, the EUR did go up at 7.00 am.. although the spike was only 6 pips. Still, this spike is big for a small report. The market pays more attention to Home Starts and Building Permits.. because thats a major source of a boost to the economy (construction, hiring people, etc) If home starts and building permits fall, its common sense that existing home sales will fall too.
Nj, actually the opposite.. if the markets get news that rates are going to stay the same.. the $ will go down (even though the economy is good) Markets move on interest rate rumors, in fact last night, I was reading on cnn.com that the fed chief might have to raise interest rates again. So I am not sure if the markets caught on to that this morning and moved the USD up, but no.. the EUR/USD "fall" that you see is simply banks buying and selling. Nothing else. NO news caused this move.. just normal banking activity.
Is there any way to know when these type of moves can happen? No way.. unless you know someone who trades in a bank.. at the forex level. If ABN Amro decides to buy 560 million Euros today at 6.15 pm PST.. you will definitely see a spike and wonder "How the hell did that happen?" especially if you just sold the Euro at 6.14 pm PST
Hey blink.. i'll add you to the mac group.. maybe i should post on ical what trades i'm going to think are important and post them up on the group.
Those 'color' indicators on forexfactory are fine.. but some of them are inaccurate. For e.g. they always label the japanese reports as volatile (red) but JPY never never moves on reports. It only moves on US reports and the Yuan (chinese currency) reports for some odd reason. I'm not going to try and figure out the Japanese..
Tomorrow, durable goods orders are most important. Unemployment claims *could* become important if durable goods orders are the same as expected.. and the deviation is huge on unemployment claims. Although unemployment claims have been marked as 'moderate' at forexfactory.. i've seen those reports move the markets, if they deviate quite a bit.
On Friday, the Fed Chief is going to give us his usual confusing dialog on the economy. If he's hawkish the USD will go up.. I have a feeling that they're going to raise rates one last time.
They should.. they really need to kill this fake real estate 'boom' .. its going to be a major source of the economy's downfall. I never quite understood how the economy could be 'improving' if people are taking loans they can never afford to pay back.
7 Pips thank you very much
Yeah. I made my first pip. 7 actually, on the AUD/NZD news. I could have made more, but I got in late (i'm setting up a free tradethenews.com account on an old pc tonight), and I got out early, but MAN. what a rush . I need a "my first PIP" thing to hang on my wall or something. What a friggin' blast.
Yeah. I made my first pip. 7 actually, on the AUD/NZD news. I could have made more, but I got in late (i'm setting up a free tradethenews.com account on an old pc tonight), and I got out early, but MAN. what a rush
. I need a "my first PIP" thing to hang on my wall or something. What a friggin' blast.
Music_Producer said:
hmmm, ok - I do remember you saying that stocks go down at an interest rate hike and the USD goes up at interest rate hikes but I missed what happens when rates stay the same... thanks for the reminder. I thought it might have been a confidence in the fed that caused the rise in dollar (inflation in check is good news for the $) obviously I was reading too much into nothing.
I would love to see your calendar on the .mac group. I am making my own calendar in iCal and will publish it also to see if everyone agrees with what I'm seeing.
Absolutely crap trade.. I bagged only 2 pips The spread on EUR/USD shot up to 15 pips about 30 seconds before the news! 15 pips on eur/usd
It used to be max 7 pips.. this pisses me off because its eating into my profits.
How did you guys do?
The spread on EUR/USD shot up to 15 pips about 30 seconds before the news! 15 pips on eur/usd It used to be max 7 pips.. this pisses me off because its eating into my profits.
How did you guys do?
Watched it, didn't like it, didn't trade it. However my 2 pip EUR/USD spread on CMC held throughout, as I was constantly watching the Bid/Ask for the trade.
blinkmg said:
I am assuming you traded on the regular durable goods orders. There are 2 durable goods order reports.. the Ex-Transportation order is the important one. The regular durable goods orders came out lower than expected, but the ex-transportation orders came out better than expected.
Whenever there are multiple reports like this, and you don't know which one is important, its best not to trade. Always stick to the one-report trades.. less confusion.. and the market moves better with one report news. Multiple reports (especially when they conflict.. like today) get the markets 'confused' and the maximum move is about 20 pips or so .. out of which 15 was the bloody spread
Now new home sales are due at 10 am EST.. do i think they will move the market? Possibly not.. if the numbers are lower (because thats expected) .. but for some reason, if the numbers come much higher than expected.. that would be a big surprise.. and would propel the USD up.
~Shard~ said:
I was just looking at cmcforex.com today. They seem to be based in new york.. but you mentioned something about them being in Canada?
Music_Producer said:
They actually have offices all over the world, so they have an American office as well as Canadian. They may not be solely based in Canada, but by having a Canadian presence, that means I can deal with a Canadian institution, with Canadian funds in a Canadian account - much better logistically for me.
As I said though, I have yet to trade with them, so I'll give it a try i the next couple days and see how their trade execution, etc. is. On the surface, it looks like a pretty slick platform (perhaps not quite as nice as Oanda) but appearances can sometimes be misleading...
Thanks Shard I'm going to give GFT Forex one more chance today.. for the home sales. Lets see if they fill my orders..
I'm going to give GFT Forex one more chance today.. for the home sales. Lets see if they fill my orders..Music_Producer said:I am assuming you traded on the regular durable goods orders. There are 2 durable goods order reports.. the Ex-Transportation order is the important one. The regular durable goods orders came out lower than expected, but the ex-transportation orders came out better than expected.
Whenever there are multiple reports like this, and you don't know which one is important, its best not to trade. Always stick to the one-report trades.. less confusion.. and the market moves better with one report news. Multiple reports (especially when they conflict.. like today) get the markets 'confused' and the maximum move is about 20 pips or so .. out of which 15 was the bloody spread
Now new home sales are due at 10 am EST.. do i think they will move the market? Possibly not.. if the numbers are lower (because thats expected) .. but for some reason, if the numbers come much higher than expected.. that would be a big surprise.. and would propel the USD up.
I stayed out of this one. Which is good, cuz when I saw the #s I thought about what I would do -- and it wasn't sell
Is there a place somwhere that will tell me which reports really propel the markets? And what those reports are for?
Hoyo, folks! I missed this morning's trade (thankfully) because I had to attend a PhD defense. I just got back in time to watch the New Home Sales USD announcement, and wow...how the Hell is anyone supposed to make profit off a 15 pip spread?!?
Made 7 pips on GFT forex.. filled me in instantly. But then, there was hardly any deviation on the home sales.. so market's not that volatile. Right now, GFT looks better than Oanda though, because Oanda raised EUR/USD spread to 22 pips at 9.59 am and 58 seconds.
And I always used to wonder why the hell I made only 2-3 pips all the time.
Basically, if the market moves by 20-25 pips.. and you're lucky to get in early, you might just nab 3 pips because of the 22 pip spread. If the markets move by 40-50 pips, thats a different story. I have never seen oanda widen the spread so much though.. it was always 7 on eur/usd.. today i saw 15, 17 and now 22. WTF?
And I always used to wonder why the hell I made only 2-3 pips all the time.
Basically, if the market moves by 20-25 pips.. and you're lucky to get in early, you might just nab 3 pips because of the 22 pip spread. If the markets move by 40-50 pips, thats a different story. I have never seen oanda widen the spread so much though.. it was always 7 on eur/usd.. today i saw 15, 17 and now 22. WTF?
elfin buddy said:
Exactly. TO make matters worse, the spread went to 22 pips 2 seconds before 10 am EST. I was a little curious, so instead of trading, I just watched the spread.. and it f@ckin annoyed me.. sorry for the language.. but 22 pips on EUR/USD is absolute crap. What next? 50 pips during an interest rate decision?
Music_Producer said:
Heck, if CMC turns out to fill orders nicely (or if you keep doing well with GFT), we'd all probably be better off just buying Windows boxes and signing up with them. With spreads like 2 or 5 pips instead of 15 and 22 pips on weeny little announcements, they'd pay for themselves in no time
I wonder why this is happening though. I mean GFT, CMC etc.. keep their spreads fixed.. so why the heck does oanda widen them? Yeah, sure, they fill me in instantly, great platform etc etc.. but the bottomline is.. that we all need to make a profit.
Right now as I was navigating through oanda's forums, it seems everyone is irritated as well about this 15 pip spread. Maybe i should add on their forums that it went upto 22 pips
Right now as I was navigating through oanda's forums, it seems everyone is irritated as well about this 15 pip spread. Maybe i should add on their forums that it went upto 22 pips
I traded the GER announcement early this morning. Oanda froze up on me for a couple of minutes. That's the first time that has happened. Plus, the spread was an enormous 15.
I am playing around with ACM, out of Switzerland. They have awesome charts. Guaranteed fills in all markets. No requotes. Java based - works on any platform. I will probably open an account with them soon.
So far in August, my "Wave" account is up over 33%. My "Announcement" account took a hit today due to the freeze up, but still showing good profit for the month.
Yep, this is fun!
I am playing around with ACM, out of Switzerland. They have awesome charts. Guaranteed fills in all markets. No requotes. Java based - works on any platform. I will probably open an account with them soon.
So far in August, my "Wave" account is up over 33%. My "Announcement" account took a hit today due to the freeze up, but still showing good profit for the month.
Yep, this is fun!
elfin buddy said:Heck, if CMC turns out to fill orders nicely (or if you keep doing well with GFT), we'd all probably be better off just buying Windows boxes and signing up with them. With spreads like 2 or 5 pips instead of 15 and 22 pips on weeny little announcements, they'd pay for themselves in no time
I hope to execute a trade with CMC in the next couple of days, so I'll deifnitely let you guys know. It's very attractive already for me as far as CFD shares and commodities go, but hopefully the FX component is solid as well for those who have that as their sole/primary focus. I guess what I'm saying is, for me, I'm big into the markets as well, so it looks like an attractive platform overall.
As for it being Windows, yeah, that kind of sucks, but I still have my Windows box so it's not a big deal, and Boot Camp or Parallels are other options too for Mac users.
Hadn't seen such huge spread at OANDA before. Did they change policy?
Lost a bunch of pips on my game account
Lost a bunch of pips on my game account
Hoef said:Hadn't seen such huge spread at OANDA before. Did they change policy?
Lost a bunch of pips on my game account
Imagine how pissed you'd be if you were in my shoes, and had lost pips worth real money because of their greed
elfin buddy said:Imagine how pissed you'd be if you were in my shoes, and had lost pips worth real money because of their greed
Yeah no kidding .... so this sudden increase in spread was exceptional? Can't remember being it so large when the interest rate decision came out.
German CPI
Anyone going to trade the German CPI after midnight tonight? Calendar says 1:00am but lists it as tentative...... How tentative? I need some sleep. My wife and I had our first child (boy) two weeks ago today, and work has been busy, and I could use some rest
Sooooo, if the inflation numbers are high - that could hike the interest rates which would hike the Euro (buy EUR/USD)? And if they are low (which is forcasted) the Euro will drop(sell EUR/USD)? Still trying to wrap my brain around all of this.
Anyone going to trade the German CPI after midnight tonight? Calendar says 1:00am but lists it as tentative...... How tentative?
I need some sleep. My wife and I had our first child (boy) two weeks ago today, and work has been busy, and I could use some rest Sooooo, if the inflation numbers are high - that could hike the interest rates which would hike the Euro (buy EUR/USD)? And if they are low (which is forcasted) the Euro will drop(sell EUR/USD)? Still trying to wrap my brain around all of this.
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