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Anyone here into FOREX?

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Hey, Music_Producer, here's a chart of USD/ISK going back to '97....

USDISKchart.jpg


But, yeah, with the US interest rates, NZD/JPY or AUD/JPY is just as good. I googled ISK/JPY and JPY/ISK but nothing came up.

Oh, and I had researched a lot about their government, economy, etc. a few months ago and aside from a volcano 50 something years ago, their government and economy have been stable for like 800 years :p

The entire population of the country is like 300,000 people.

Anyway, I didn't trade CAD CPI this morning because I was paying attention to the Core # and by the time TTN released it, it was already too late.

Hopefully, we'll have a good trade tomorrow morning to end the week good :D

Edit: Those are monthly candles in that chart...just so you know what your looking at.
 
Hey Shard.

thanks for the explanation above re MA's. Like I said learning something new and completely different sucks at times. Another question during the day I have been watching GPB/USD and EUR/USD. trying to figure out technicals (don't ask how I did!) At one point both pairs went nuts and changed at the same time, must have been a news release I guess. Is it normal for multiple currency pairs to simultaneously jump if they share a common currency like USD? Which site has the best news listings and fastest updates? I have come across many that have news and their release times but some are not complete?
 
astro1 said:
Hey Shard.

thanks for the explanation above re MA's. Like I said learning something new and completely different sucks at times. Another question during the day I have been watching GPB/USD and EUR/USD. trying to figure out technicals (don't ask how I did!) At one point both pairs went nuts and changed at the same time, must have been a news release I guess. Is it normal for multiple currency pairs to simultaneously jump if they share a common currency like USD? Which site has the best news listings and fastest updates? I have come across many that have news and their release times but some are not complete?
Click to expand...

No problem. :)

To answer your question, yes, if there is negative US news, then any pair with USD in it will probably react. However, some more than others. For instance, when myself and Music_Producer trade US news, we usually trade GBPUSD instead of EURUSD. Why? Because it has a higher beta. (No, you don't have to go Google that term, I'll explain... ;)) Beta is a measure of volatility - the higher the beat, the more a security/currency pair/whatever will react relative to a constant. In this case, on US news, GBPUSD typically has more of a swing to it than EURUSD. If you want to look at a fun chart, look at GBPJPY as well. :D Hundreds of pips a day on that monster...

As for news, the economic calendar on Oanda's site is pretty comprehensive, but the best one I've found is from forexfactory. Both sites will tell you what releases are coming out when and in forexfactory's case, what the expected and previous #s were. In terms of getting the actual news real-time though, you'd need a service such as TTN, Bloomberg or Reuters - otherwise the trade will always pass you by by the time you get the news and digest it.
 
Thanks for that info Nathan, maybe we could do a cross of usd/jpy and usd/isk :p

Got a re-quote on the UK retail sales report. Now if I get a re-quote for the Canadian retail sales report, I'm closing my CMC account for good. I'm going to take the next brave step and sign up with PFG's Currenex platform.

Shard, just like you.. I found technical trading to work very well with stocks. but forex it never worked for me. The easiest (and relatively safest) trading I would do was buy/sell at support/resistance points.. but quite a few times, because of fundamentals.. currencies have blown past those points by huge margins.. so I gave up on that.

And about the stocks going to $0.. I had a stock go from $5 to 5 cents within 2 days.. so I don't go anywhere near stocks now :rolleyes:
 
I hear ya, and know where you're coming from Music_Producer. ;)

8 pips on the CAD data. Should have been more, but I'll take it nonetheless. Now back to bed... :cool:
 
I tried to trade without TTN today.
Results were disastous! :mad:
No way that I can react by just watching the charts.
 
Oh boy, I got 30 pips on this one. I was a little faster than usual.. at the edge of my seat and clicked with all gusto .. try doing it a little quicker nathan, I know.. it's tough.. but I think that's the only way to beat the re-quotes. I obviously got lucky this time.. that extra tea I had might have helped!

Ocean.. NEVER NEVER NEVER trade news looking at charts! You are entering *after* all the action has taken place. Again, the only reason I'm a little hesitant of signing up with Currenex is because I still don't have a professional news service. I'm sure if I had Bloomberg, I could get in the trade a little earlier and not get any re-quotes or anything like that.
 
Ha ha! I KNOW KNOW KNOW! :)
Just have been too cheap to sign up TTN.
Will do here shortly.

How did you not get a requote? :eek:
Did you trade with your CMC account?
 
OceanView said:
Ha ha! I KNOW KNOW KNOW! :)
Just have been too cheap to sign up TTN.
Will do here shortly.

How did you not get a requote? :eek:
Did you trade with your CMC account?
Click to expand...

I'm quite surprised too that I didn't get a requote. I *think* it's because I was faster than usual this time. Or maybe, just lucky. I would HATE to be re-quoted if there was a nice interest rate trade, where I could potentially lose out on a 100-120 pip profit, with a huge lot!
 
Music_Producer, where did you get in?

I thought I was damn fast this time because my order showed 1.1272. I'll try to be faster though.
 
nhallmark said:
Music_Producer, where did you get in?

I thought I was damn fast this time because my order showed 1.1272. I'll try to be faster though.
Click to expand...

Nathan, got in at 1.1274.. just 2 pips more. Usually all my orders show pretty good price points.. but they still get re-quotes.

I tried out PFG's FX Express platform.. didn't like it. Takes two clicks to complete an order.. and then more to close it.
 
damn, youre fast :p

I think Im going to move over to hotspotfx next week and trade with them for a week or two, then come back to CMC and open an account in my girlfriend's name and not tell them that "she" trades news.

Hopefully, that will work until I can get enough for currenex.

I read some guy's review of hotspotfx for news trading and he goes "I didn't like it. I only got filled 75% of the time"

Really? That's a 75% increase for me right now :p

The thing I am scared about with them is slippage becuase they dont give requotes and they have a disclaimer about being filled at "off market prices"

That's why I am only going with them for a week or two...I'll leave as soon as they start playing games.
 
Sign up with a good, reliable broker nathan (for hotspotfx) , and that should work out fine. Just skip the highly volatile trades like Non farm report, the spread could potentially go to 50-80 pips.

Don't let your interest in forex overtake your interest in music.. like it's happening to me :p Ahhh, I need to get down, blow off the dust from my keyboards and make some music.

Btw, back to forex.. I've read that UK brokers are more reliable than Us based brokers. Apparently the UK financial governing authority - FSA, is more strict than US CFTC and NFA. I wonder if that's true.
 
Music_Producer said:
You beat me :p I got 28 pips.. I got out way too early.. aussie $ kept going down. I like trading aussie reports.. they always move :D
Click to expand...

Yeah, AUD and NZD reports are my favorite because of the margin requirements...it takes $2000 now to trade 1 lot on GBP/USD but its $800 for AUD and around $750 for NZD...so you can trade twice as much using roughly the same margin.

I was trading $600,000 just now, but had that been GBP/USD, I could only get $200,000.
 
Well done guys! I was at the gym pumping iron during the announcement. ;) That being said, the USDJPY pair has been my friend as of late, as I have had good luck trading it the past few days based on technicals. Made 17 pips on it last night as markets opened and then 14 pips on it this morning before work.

Was watching the GBPJPY pair as well - holy crap, talk about a suicide pair! You'd have to be crazy to trade that thing, but if you ever caught it right you'd be looking at hundreds of pips! :eek: I think I'll just leave that one for the time being though, thank you very much... ;)

Anyway, I'll be watching the CAD news tomorrow just in case ;) and then the US data an hour later... not much for news though until Wednesday. Any chance the Kiwis will up their rates? ;) :D
 
Cool shard, what were you working out on? I have shoulders today.. my fav is legs (although i used to hate working out legs earlier) I'm trying to eat 6 times a day, but it's tough and bloody boring (boiled chicken, egg whites, etc)

I wouldn't touch gbp/jpy.. scary pair. Tomorrow there's nothing worth trading.. nzd interest rates, I think they're pretty high right now. They might raise them.. what was the nzd cpi .. man i forgot if that came out high or low. Too lazy to research now :p
 
Music_Producer said:
Cool shard, what were you working out on? I have shoulders today.. my fav is legs (although i used to hate working out legs earlier) I'm trying to eat 6 times a day, but it's tough and bloody boring (boiled chicken, egg whites, etc)
Click to expand...

Today was chest and shoulders, followed by some abs - I usually do opposing muscle groups so that I don't break down my body too much, but I like to mix it up every once and a while as well - gotta keep the muscles guessing so they don't become conditioned to the same exercises over and over - otherwise you'll definitely see diminishing returns.

I love legs as well (usually do squat thrusts, lunges, extensions, curls and calf raises) however since I play soccer I can't do a lot of leg workouts or else my cardio won't be my limiting factor on the pitch. ;)

I eat about 6 times a day as well, but don't mind it as I try and spice it up as much as possible while still staying healthy and having a good balance between carbs, proteins and fat. In the morning I'll usually have whole grain cereal with whole grain toast, a glass of orange juice and some fruit or a yogurt. In the morning I'll snack on an organic muffin which I make myself (all healthy ingredients, unlike the "cake" you buy at a muffin shop), raisins and an apple, then for lunch I'll have some protein (turkey, etc. sandwich) along with carrots, a banana and a couple cookies (gotta treat yourself every once and a while after all!). In the afternoon I'll snack on other fruits and veggies then have a well-balanced meal for dinner, and always as early as possible - for proper digestion and processing you should eat 6 hours before you go to bed - so I try to never eat past 6-7pm when at all possible. I'll always have a salad full of fresh veggies, steamed carrots, corn, peas, whatever and then protein - chicken or fish usually (all organic, fresh, wild, grain-fed, etc. etc.) It's not that hard to eat healthy and I quite enjoy it. I feel great as a result and have a ton of energy and mental focus. Personally, I don't understand people who don't treat their health as a priority - after all, without it you don't have much! :cool:

Music_Producer said:
I wouldn't touch gbp/jpy.. scary pair. Tomorrow there's nothing worth trading.. nzd interest rates, I think they're pretty high right now. They might raise them.. what was the nzd cpi .. man i forgot if that came out high or low. Too lazy to research now :p
Click to expand...

Yeah, I've noticed it has quite the spreads! A couple hundred pips a day seems standard.. :eek: As for tomorrow, yeah, nothing too much to trade but you never know...
 
Hey guys,

Wouldn't the GBP/JPY be a good chart for trading in the scalping method?
If you just keep your eye on it, you could scalp quite a few pips per day.

MP, try eating some salmon in your diet. It beats eating chicken everyday.
 
OceanView said:
MP, try eating some salmon in your diet. It beats eating chicken everyday.
Click to expand...

I've tried.. but the only time I can eat seafood is back in India, because they make it really delicious with all the flavoring, etc. Another thing that sucks is, I hate veggies.. lol. So my favourite meal is exclusively chicken.. it's a great source of protein though.. 1 whole chicken that I usually buy from costco is 120 gm protein..

For veggies, I make a veggie smoothie. :p I'll put broccoli, spinach, carrots, and other veggies in the blender.. put a little tang.. and blend with water.. tastes great!

Shard, I'm trying to hit each bodypart twice a week, and I found that it's working for me. I've broken past the 190 lb barrier (I was stuck at 187 for a year!) Now i'm 195.. for me gaining mass is priority.. I used to weigh 120 lbs.. I looked like a clothes hangar :D

Eventually I'm hoping to be like Ronnie Coleman, lol.. hey if I aim that high, maybe I'll get somewhere in the middle.

Now, back to forex.. tomorrow actually there are 2 reports .. one is the canadian interest rate.. but these canadians, they never do anything exciting ;) Then there are 2 US reports, but they're both pretty significant and both come out at the same time, so I won't be trading those.
 
OceanView said:
2 pip gain on the USD/CAD yeah!
Click to expand...

Did you buy or sell? :confused: There was no change to the rate, and if anything, the wording used indicated inflation was still a concern which should have pushed the USDCAD pair lower based solely on fundamentals. Just wondering what made you take this trade on non-news and what made you decide to either buy or sell. If you were trading the news, there wasn't a trade, so were you perhaps trading on some other indicator? :confused:

Just curious....
 
~Shard~ said:
Did you buy or sell? :confused: There was no change to the rate, and if anything, the wording used indicated inflation was still a concern which should have pushed the USDCAD pair lower based solely on fundamentals. Just wondering what made you take this trade on non-news and what made you decide to either buy or sell. If you were trading the news, there wasn't a trade, so were you perhaps trading on some other indicator? :confused:

Just curious....
Click to expand...

I bought based on no change. Meaning that the no change will make the CAD less attractive and the USD more attractive. Am I wrong in my thinking?
 
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