Making Some Changes
Good morning all!
I hope we are all enjoying the trading week so far, in what has so far been a very profitable week for some after the strong moves early in the week. I thought I would give you all a quick update on some happenings, as well as have a quick look at some trades from yesterday.
New Broker
The time has come to branch out to a new broker to spread the capital risk, and so I have opened a new live account at FXCM as of yesterday, as well as keeping my account at Marketiva. Their Tradestation platform was the very first one I ever used when learning Forex, so it like coming home to an old friend in some ways :). I will be using two different strategies across the two brokers, to make trading easier, it will be an interesting comparison.
Forex Radio
In case you haven't noticed, in the right hand menu there is now a feature called Forex Radio, this is a little application that I can update with different podcasts on the topic of trading. I will update this regularly so be sure to check the playlist often and listen to some interesting shows.
Yahoo Analysis Service
This service has proved to be very popular, with close to 100 subscribers in the first couple of days. Results the first day or so where not so good if you took the same profit target as myself, although if you closed trades around +20 on most trades you would have done well. Yesterday was a much better day, closing around +95 pips with another +50 open as I write this on the USD/CAD (which I go through below). I am still assessing whether this will purely be an analysis service or a live call service as well, but for now I'll keep things going as it is.
If you are not yet subscribed and are thinking of it, instructions are here.
USD/CAD
Probably the trade that caused the most confusion judging by the responses on Yahoo yesterday was the suggestion to go short on the USD/CAD around 1.1560-1.1570 after the BOC interest rate announcement. At the time, prices were in the middle of making a 60 pip rise, despite the BOC raising rates. To me it didn't make sense, and if anything just showed the uncertainty in the area after the cloudy election results. I viewed this as an opportunity to go short for a short term profit if we picked the right exhaustion areas, and this is where Stormy came into play. Below is the chart:
I hope we are all enjoying the trading week so far, in what has so far been a very profitable week for some after the strong moves early in the week. I thought I would give you all a quick update on some happenings, as well as have a quick look at some trades from yesterday.
New Broker
The time has come to branch out to a new broker to spread the capital risk, and so I have opened a new live account at FXCM as of yesterday, as well as keeping my account at Marketiva. Their Tradestation platform was the very first one I ever used when learning Forex, so it like coming home to an old friend in some ways :). I will be using two different strategies across the two brokers, to make trading easier, it will be an interesting comparison.
Forex Radio
In case you haven't noticed, in the right hand menu there is now a feature called Forex Radio, this is a little application that I can update with different podcasts on the topic of trading. I will update this regularly so be sure to check the playlist often and listen to some interesting shows.
Yahoo Analysis Service
This service has proved to be very popular, with close to 100 subscribers in the first couple of days. Results the first day or so where not so good if you took the same profit target as myself, although if you closed trades around +20 on most trades you would have done well. Yesterday was a much better day, closing around +95 pips with another +50 open as I write this on the USD/CAD (which I go through below). I am still assessing whether this will purely be an analysis service or a live call service as well, but for now I'll keep things going as it is.
If you are not yet subscribed and are thinking of it, instructions are here.
USD/CAD
Probably the trade that caused the most confusion judging by the responses on Yahoo yesterday was the suggestion to go short on the USD/CAD around 1.1560-1.1570 after the BOC interest rate announcement. At the time, prices were in the middle of making a 60 pip rise, despite the BOC raising rates. To me it didn't make sense, and if anything just showed the uncertainty in the area after the cloudy election results. I viewed this as an opportunity to go short for a short term profit if we picked the right exhaustion areas, and this is where Stormy came into play. Below is the chart:
USD/CAD 1H
There are two things to look at, firstly the darker lines just before the 60 pip rise, this darkening of the clouds suggests something is on the horizon (get it .. storm .. horizon .... ah dear I have problems ...) and is usually a good signal to check for any data that might be about to be released. As we know this time it was the BOC interest rate announcements, and as I was looking for an exhaustion point to go short this time, the top of the cloud (which act as dynamic support and resistance areas) was the logical choice. In the end I was short @ 1.1571, and holding at around +50. Anyone interested in Stormy can get the download instructions here.
So that is about it, busy times ahead as I ramp things up with my trading sizes, as well put into motion some planned innovations here in the next couple of weeks. It is a public holiday here in Australia tomorrow, so I may be online a little less.
Happy trading!
There are two things to look at, firstly the darker lines just before the 60 pip rise, this darkening of the clouds suggests something is on the horizon (get it .. storm .. horizon .... ah dear I have problems ...) and is usually a good signal to check for any data that might be about to be released. As we know this time it was the BOC interest rate announcements, and as I was looking for an exhaustion point to go short this time, the top of the cloud (which act as dynamic support and resistance areas) was the logical choice. In the end I was short @ 1.1571, and holding at around +50. Anyone interested in Stormy can get the download instructions here.So that is about it, busy times ahead as I ramp things up with my trading sizes, as well put into motion some planned innovations here in the next couple of weeks. It is a public holiday here in Australia tomorrow, so I may be online a little less.
Happy trading!
This entry was posted
on Wednesday, January 25, 2006 at 9:16:00 AM.
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Posted byWednesday, January 25, 2006 10:13:00 AM
FXCM is not recommended by most experienced traders in forums. Most of them recommned Oanda or InterbankFX. If I am u, I will open another account with Oanda besides of Marketiva,Oanda offer 1.5 spreads on EUR/USD,no minimum deposit and can trade with incremental of 1 unit like Marketiva.Disadvantage of Oanda is their highest leverage only 1:50 and chart system look little ugly. InterbankFX use MT platform and offer 2 spreads on EUR/USD.
Posted by
Wednesday, January 25, 2006 11:15:00 AM
Thanks for the advice phildunn, fxcm certainly does not have as competitive spreads as Oanda (who I have an unfunded account with), but Oanda's trading platform is just horrible in my opinion, I have contacts with FXCM who have been very happy with them, so I am happy to diversify to them as they offer the features I need. I have also opened unfunded accounts with FXSol, however with no ability to save reports, I am yet to decide if I will fund that account.
I am in the process of organising fund transfers at the moment, so I will do a double check between these three before funding as you have me curious phil, thanks :)
Posted by
Wednesday, January 25, 2006 4:19:00 PM
The main reasons I haven't funded Oanda and FXSol is I am looking for debit card deposit and withdrawals, Oanda insists on a paypal account which I have had many many bad experiences with so, and FXSol does not accept Aussie debit cards or provide saveable reports (which is rediculous). So my choice essentially is more based on other features rather than spreads, the spreads at FXCM are pretty similiar to Marketiva so I guess I am just accustomed to those spreads.
In all honesty, once my account size warrants it, I will be moving primarily to GFT anyhow.
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