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EURUSD M6E/6E Euro


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EURUSD M6E/6E Euro

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  #21 (permalink)
 Big Mike 
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A final chart.



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  #22 (permalink)
 Big Mike 
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Guys this thread isn't all about me, please feel free to share your own views on the Euro.

Here is another late afternoon shot showing today's move between the pivots, and the overall cumulative delta now continuing to head lower. This puts me into a bearish mentality, looking to sell the rallies.



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  #23 (permalink)
 Big Mike 
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Here is my entry chart, a 4-tick renko.

I shorted here in the '60s as price fell off the pivot, and cumulative delta turned downward again after making a lower high on the bigger time frame chart.

My initial targets are around the 1.3550 mark, but I will re-adjust them in the overnight session most likely to better align with the new daily pivots.

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  #24 (permalink)
 TempletonPeck 
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Do you use the close or the settlement to calculate your pivots. I have slightly different ones.

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 terratec 
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I leave the 6E most of the days one hour or a bit later after London close. Most of the time volume in the US afternoon session is too thin and they can move it like they want.
Today we had some volume later. I think it was about the Greece call, what else.

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 serac 
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Big Mike and All:

I know in the past you have primarilly traded CL, and now I see you've switched your favorite instrument to EURUSD. How has the switch been?

You are also using MB Trading, right? I am trying to quantify the actual cost of transaction with MBT. Their commisions are low, but how is the slippage? Do you have any numbers from your experience? I'm guessing $20 / per 100k lot? That's $6 round trip + slippage.

Any success with using their limit order discount?

Anyone else chime in here, too!

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  #27 (permalink)
 Jaffels 
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I shorted the Euro at 1.38624 on 15 Sep. Attached is a 1 hour chart. I trade the 1 hour, 4 hour and daily time frames on a micro account until I can't get the hang of Forex. I only trade Forex the London session as well, as i found that is where the volume is most of the time.

Currently my target is set at 1.3500 and stop is at breakeven. So trying to swing this one.

My reasoning behind the trade from a technical perspective was a break of S&R (red lines) and entered on the pull back back at S&R with the inside bar on lower volume as my entry trigger. From a sentiment perspective majority of retail traders was and still is long according to the data provided by FXCM and OANDA.

So let's see where it goes in the nest few days.

Sorry if my chart is not very view able as this is my first time posting a chart.

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  #28 (permalink)
 terratec 
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Jaffels View Post
I shorted the Euro at 1.38624 on 15 Sep.

Nice entry. So you did hold over the weekend. What about FOMC?

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 Big Mike 
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TempletonPeck View Post
Do you use the close or the settlement to calculate your pivots. I have slightly different ones.

I am using 24 hour session times for the Euro pivots.

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  #30 (permalink)
 Big Mike 
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serac View Post
Big Mike and All:

I know in the past you have primarilly traded CL, and now I see you've switched your favorite instrument to EURUSD. How has the switch been?

You are also using MB Trading, right? I am trying to quantify the actual cost of transaction with MBT. Their commisions are low, but how is the slippage? Do you have any numbers from your experience? I'm guessing $20 / per 100k lot? That's $6 round trip + slippage.

Any success with using their limit order discount?

Anyone else chime in here, too!

I originally switched to the Euro during the time of extreme volatility on oil, with all the stuff overseas, and we were seeing spreads of 20-30 ticks and 400 tick moves. I had intended to switch back to oil, but never did - I like the Euro And it is less controversial than trading oil for whatever society-type reasons.

I do have an MBT account where I play around. But my primarily vehicle is futures. I never experienced any slippage that I can recall at MBT, that would be because they pay you to use limit orders - which I did, limit @ the offer.

I think for the newer trader, trading spot forex EUR/USD vs trading the CME secondary 6E market is a wise thing. You can dramatically lower your risk per trade.

Mike

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