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 Nailing Down FOREX Entry and Exit Points 
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Joined: Wed Aug 16, 2006 3:57 pm
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Post Re: Nailing Down FOREX Entry and Exit Points
kocmodpom wrote:
HoM, what is your intraday trading experience?


I only trade the currencies intraday.


Tue Aug 19, 2008 5:35 am
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Ultimate User
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Post Re: Nailing Down FOREX Entry and Exit Points
kocmodpom wrote:
The only problem is that you can't know how to trade it with just one RV session which is why I attempted to do it by running both the Parabolic and the Stochastic on a single day, but it was too much for me. Besides when you need to run 2 sessions to confirm a signal, you increase the odds of being wrong from 20% to 36%. At least that seems to be my running rate of error.


I’m not sure how to answer this because the indicator used is also a personal preference. I don’t use the Parabolic SAR but prefer having three stochastic indicators on top of each other running on different time intervals ((12,1,3), (25,1,6), (50,1,6)). I use these on the 5 and 15 minute timeframes. I can also trade the 1 minute timeframe without an indicator. I will often only watch it on a line graph and draw trend lines. I will also use a 3 minute EMA on a 1 minute timeframe for use with a 5 minute timeframe to iron out noise.


Tue Aug 19, 2008 5:51 am
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Post Re: Nailing Down FOREX Entry and Exit Points
That is awesome. I humbly apologize for incorrect assumptions and excessive rowdiness I displayed earlier. I've heard that the biggest pitfall to trading currencies through Forex is trading platforms locking up during news releases in fast market conditions and brokers not giving immediate fills so they can skim profit of the quick move. I have heard that even eSignal data quality is severely compromised during big moving news releases. Have you been fortunate enough to find a good FX broker and stable platform? I am trying to convert over to ninjatrader now since it works with my current broker.

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Tue Aug 19, 2008 5:36 pm
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Joined: Wed Aug 16, 2006 3:57 pm
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Post Re: Nailing Down FOREX Entry and Exit Points
kocmodpom wrote:
I've heard that the biggest pitfall to trading currencies through Forex is trading platforms locking up during news releases in fast market conditions and brokers not giving immediate fills so they can skim profit of the quick move. I have heard that even eSignal data quality is severely compromised during big moving news releases. Have you been fortunate enough to find a good FX broker and stable platform? I am trying to convert over to ninjatrader now since it works with my current broker.


I use OANDA and have no complaints.

These businesses have one big problem. When an order is placed by someone, most of the time, the order size will be less than $5,000,000, yet the brokers/banks need to be able to cover themselves as they have to trade at those levels. This also applies to scalping, they just can’t cover themselves fast enough, so generally, they don’t like you doing it.

I do not trade when there is an expected large move when data is released because the price can move 50 points in seconds, and you will not know which way it will be. OANDA will increase the spread at that time to 20 points or more. It’s a mugs game. You can see the daily diary on this site:

http://www.forexfactory.com/index.php?page=calendar

For charting I use a demo account. You can download the MetaTrader software and use it forever and not need to pay for data. It even lets you save the data, plus is the best charting software I have used. I love it. You just need to create a new dummy account every 4 or 5 months. Frankly, I don't see why you should have to pay for real-time price data. The exchanges can't function without the trader knowing the price, so why should the trader pay for it. So I like the currency markets and the free data.

Download the client from here:

http://www.metaquotes.net/downloads/


Wed Aug 20, 2008 4:23 pm
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Post Re: Nailing Down FOREX Entry and Exit Points
kocmodpom wrote:
That is awesome. I humbly apologize for incorrect assumptions and excessive rowdiness I displayed earlier.


Thanks, I never took it personally. You can see however the problem I have with trying to marry the RV with the indicators. Its also interesting watching the indicators on say 3 markets like GBPUSD, GBPJPY, GBPCHR at the same time. That also gives a clue as to when you should enter or exit a trade as you will see that the shortcomings of the indicators will be compensated for on at least one of the markets.


Wed Aug 20, 2008 4:35 pm
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