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Anyone here into FOREX?

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OceanView said:
Shard
:
Is the MACD strategy that you are using capable of giving high percentage of wins like the Trade the news strategy?
If so, it might be good for the times that we are not trading the news.

Also, where are you in Canada?
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I definitely wouldn't say it's high percentage - if it were, well, I'd be using it all the time! ;) :D As well, it subject to interpretation in a way. A rounded top formation may indicate a short signal to some people, whereas to others it is a TC. That's why I look at fundamentals first and other factors, then look at what the technicals are saying. If I get a few different indicators agreeing, then I'll take a trade, such as I did earlier with USDJPY.

But no, it's not an exact science. The type of method I usually use is actually a little similar to that VenessaFX system Nathan mentioned, with respect to MACDs, SMAs and EMAs.

It's a good complement to trading the news, but nothing more. Plus, trading technicals requires longer timeframes for trading, so that spikes due to news events do not adversely effect the longer term trend. As a result, you're looking at 4-hour or daily charts, so you may only get 3-4 solid signals a week, if that - and that's if you're watching when they hit - if a BUY signal comes in due to a MACD crossover but it's 2:00 AM and you don't see it until 8:00 AM and 30 pips have already gone by, well, you missed the boat... ;) :cool:
 
30 pips on the gbp/usd - retail sales came out much better than expected. Lately UK reports have been deviating like crazy.. good for us :D
 
Music_Producer said:
30 pips on the gbp/usd - retail sales came out much better than expected. Lately UK reports have been deviating like crazy.. good for us :D
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Awesome!

I could not get up to trade this one.

Has anyone looked into this company for currency trading?
http://www.cmsfx.com/en/

I've used there demo account before and I like the interface but I dont know much about them.
I did hear a few recommendations from websites before.
 
OceanView said:
Looks like a place you can take a deep breath (not like LA):(
What do you do in the winter? I am allergic to cold by the way :D
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Yep - we have nice, wide open prairie, amazing forests to the north, and further north, over 100,000 lakes with amazing fishing. (Yes, that's correct, I didn't add an extra zero. :D) You can get anywhere in the city in 20-25 minutes max and yet we're not a "small town" by any means, and have everything "the big city" has. ;) The cost of living here is extremely low, so many people end up paying off their mortgages in 10-15 years or so and having a lot more money as a result for other fun things, without having to be in debt up to their eyeballs. Great quality of life as a result, no complaints. :)

Winter sucks at times, but compared to other possible problems, such as flooding, tornadoes, hurricanes, earthquakes (not that they happen often!) and all that, it could be worse. ;) You just learn to bundle up and layer, and there's a really only a couple weeks out of the entire winter when it is stupidly cold, i.e. -30 to -40. :eek: The spring and fall are great times, and the summer makes up for the winter, when it can easily get 100-120 degrees out with LOTS of sun. :)
 
~Shard~ said:
Yep - we have nice, wide open prairie, amazing forests to the north, and further north, over 100,000 lakes with amazing fishing. (Yes, that's correct, I didn't add an extra zero. :D) You can get anywhere in the city in 20-25 minutes max and yet we're not a "small town" by any means, and have everything "the big city" has. ;) The cost of living here is extremely low, so many people end up paying off their mortgages in 10-15 years or so and having a lot more money as a result for other fun things, without having to be in debt up to their eyeballs. Great quality of life as a result, no complaints. :)

Winter sucks at times, but compared to other possible problems, such as flooding, tornadoes, hurricanes, earthquakes (not that they happen often!) and all that, it could be worse. ;) You just learn to bundle up and layer, and there's a really only a couple weeks out of the entire winter when it is stupidly cold, i.e. -30 to -40. :eek: The spring and fall are great times, and the summer makes up for the winter, when it can easily get 100-120 degrees out with LOTS of sun. :)
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So how much is a typical 2,000 sq.ft. house there?
And your taxes are about 48%?
 
OceanView said:
So how much is a typical 2,000 sq.ft. house there?
And your taxes are about 48%?
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Taxes are higher than the States, yes, due to our smaller population base, however not quite 48%. ;) A 2000 sq ft house would depend on the area of town and the age of the house, but it would probably run you between $200K-$300K CAD, which would be about $170K-$260K USD. Our house, for example, was built in 1984, is a 2-storey spilt with vaulted ceilings, 3 bedrooms, finished basement, renno-ed practically brand new, 2400 sq. ft in total, in a great area of town and we paid $200K for it. It's nice not having a mortgage and paying all that interest! Leaves me more money for trading. :D

For one other example, my friends just bought a brand new house in the "high end" area of the city for $380K ($325K USD). It's 3400 square feet, 4 bedrooms and has an amazing indoor pool along with a 8-person hot tub. Pretty nice! :cool:
 
~Shard~ said:
Taxes are higher than the States, yes, due to our smaller population base, however not quite 48%. ;) A 2000 sq ft house would depend on the area of town and the age of the house, but it would probably run you between $200K-$300K CAD, which would be about $170K-$260K USD. Our house, for example, was built in 1984, is a 2-storey spilt with vaulted ceilings, 3 bedrooms, finished basement, renno-ed practically brand new, 2400 sq. ft in total, in a great area of town and we paid $200K for it. It's nice not having a mortgage and paying all that interest! Leaves me more money for trading. :D

For one other example, my friends just bought a brand new house in the "high end" area of the city for $380K ($325K USD). It's 3400 square feet, 4 bedrooms and has an amazing indoor pool along with a 8-person hot tub. Pretty nice! :cool:
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Indoor pool in a 3400 sqft house? Wow!
I guess you would need an indoor pool for your winters could be an indoor ice rink too. :p
 
I woke up too late for UK retail sales yesterday, but the way the data is going, we could see another rate hike soon :D

I got 10 pips on US existing home sales this morning, though.
 
I had the good fortune of being home yesterday instead of being at work. I had my CMC terminal open all day while I was woking on my Mac and rode the big wave! I was closely watching the support levels and shorted EURUSD from 1.3350 down to 1.3320 after getting a clear signal, then, once it stabalized a bit, went long at 1.3324 and got out at 1.3334 where it stalled. I have never done that before (since it was bascially speculation trading) but it was fun! And, it wasn't just blind trading, as I was paying very close attention to the MAs for where support and resistance lines were, and they were pretty much bang on - watching the 5 minute candles helped too. It was almost scary how accurate they were, and I timed everything pretty much perfect.

Can't say I'm eager to try it again though any time soon - too hard on the nerves!

So, for once, my "technical trading" has performed better than my news trading for the week. Either way though, I'm not complaining - pips are pips! :D

Should be another good week next week - happy trading everyone... :cool:
 
~Shard~ said:
I had the good fortune of being home yesterday instead of being at work. I had my CMC terminal open all day while I was woking on my Mac and rode the big wave! I was closely watching the support levels and shorted EURUSD from 1.3350 down to 1.3320 after getting a clear signal, then, once it stabalized a bit, went long at 1.3324 and got out at 1.3334 where it stalled. I have never done that before (since it was bascially speculation trading) but it was fun! And, it wasn't just blind trading, as I was paying very close attention to the MAs for where support and resistance lines were, and they were pretty much bang on - watching the 5 minute candles helped too. It was almost scary how accurate they were, and I timed everything pretty much perfect.

Can't say I'm eager to try it again though any time soon - too hard on the nerves!

So, for once, my "technical trading" has performed better than my news trading for the week. Either way though, I'm not complaining - pips are pips! :D

Should be another good week next week - happy trading everyone... :cool:
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Good for you Shard!
Maybe staying home is a good thing!
I need to do that more often myself.
 
OceanView said:
Good for you Shard!
Maybe staying home is a good thing!
I need to do that more often myself.
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Yeah, it was a nice break, but I don't think I could ever be a true day trader. You always have to be "on", watching multiple things, high stress, no guaranteed income nor benefits. ;) I'll just stick with my stable lower stress job and do this on the side, I think. ;) :cool:
 
24 pips on the US new home sales trade.. when is the Fed going to learn that they need to raise the rates.. housing is NOT going to recover anytime soon :rolleyes:
 
I got 15 pips. I got out early because gbp/usd was already moving up so much before the report.

Did you guys trade the NZD trade balance yesterday?

TTN was really late on the news so I didnt get in, but it moved 10-15 pips.
 
nhallmark said:
I got 15 pips. I got out early because gbp/usd was already moving up so much before the report.

Did you guys trade the NZD trade balance yesterday?

TTN was really late on the news so I didnt get in, but it moved 10-15 pips.
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I tried getting in after the spike (to fade it) but got a stupid re-quote. Been getting them on 50% of trades now.. not a good sign.
 
Had to go to work today so wasn't able to trade - but that's okay, there'll always be another report to make pips from. ;)

Interesting though, I was watching EURUSD and GBPUSD since early this morning and based on the technicals, they were giving strong BUY signals. Then, just before the report came out (when I had to leave) they started going up further - then the news came out and cofirmed their move - it was somewhat interesting. ;) Do people truly know the news before it comes out via leaks? Is the news somehow priced into the markets ahead of time when/if this occurs? because I've seen it happen on a few different occassions as of late... Hmm, so what would have hapened then if there was a big positive surprise for the US? What an interesting game we play... ;) :D
 
Are you guys trading the German ifo Business thing tomorrow? I watched it last time, but I cant remember if it moved or not, so Im not sure if its worth trading.
 
~Shard~ said:
Had to go to work today so wasn't able to trade - but that's okay, there'll always be another report to make pips from. ;)

Interesting though, I was watching EURUSD and GBPUSD since early this morning and based on the technicals, they were giving strong BUY signals. Then, just before the report came out (when I had to leave) they started going up further - then the news came out and cofirmed their move - it was somewhat interesting. ;) Do people truly know the news before it comes out via leaks? Is the news somehow priced into the markets ahead of time when/if this occurs? because I've seen it happen on a few different occassions as of late... Hmm, so what would have hapened then if there was a big positive surprise for the US? What an interesting game we play... ;) :D
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Heh.. you techies get too carried away :p The reason the pound went up was because of talks that the BOE was going to raise rates on April 5. As soon as this came out, gbp started going up. Yes, sometimes news does leak.. but it's pretty rare. Another fact is that it's simply banks who are buying/selling to avoid any of their stops being hit.. and they usually do this before or after a news report, because that's when most action takes place.

I've seen the opposite take place.. for instance.. before a report, gbp will go down.. and keep going lower.. thereby creating an illusion that the news has leaked and the number is US positive. However, news comes out US negative.. and all of a sudden GBP reverses its course. I love those type of spikes obviously because of a larger range and more pips attainable.
 
nhallmark said:
Are you guys trading the German ifo Business thing tomorrow? I watched it last time, but I cant remember if it moved or not, so Im not sure if its worth trading.
Click to expand...

I am gonna try to trade it if I can get up. Going to bed now for a few hours.
 
Music_Producer said:
Heh.. you techies get too carried away :p The reason the pound went up was because of talks that the BOE was going to raise rates on April 5. As soon as this came out, gbp started going up. Yes, sometimes news does leak.. but it's pretty rare. Another fact is that it's simply banks who are buying/selling to avoid any of their stops being hit.. and they usually do this before or after a news report, because that's when most action takes place.

I've seen the opposite take place.. for instance.. before a report, gbp will go down.. and keep going lower.. thereby creating an illusion that the news has leaked and the number is US positive. However, news comes out US negative.. and all of a sudden GBP reverses its course. I love those type of spikes obviously because of a larger range and more pips attainable.
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Heh heh, thanks for the insight. And don't call me a techie! I'm a news trader first and foremost when it comes to forex! :p ;) :D
 
I got a damn requote on the German Ifo thing :mad:

Oh well, there are plenty of reports this week that will make up for it.
 
nhallmark said:
I got a damn requote on the German Ifo thing :mad:

Oh well, there are plenty of reports this week that will make up for it.
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I was able to get in fine.. saw a 7 pip profit.. tried to exit.. but got re-quoted a zillion times.. eventually I made 0 pips :rolleyes:
 
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