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EURUSD 6E Euro
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EURUSD 6E Euro

  #821 (permalink)
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Adamus View Post
Are you using Interactive Brokers? Are you trading forex or futures?

On the DOM, I see only bid & ask.

In times and sales, I see no entries in the Last price column.

When I plot Last in a chart in NinjaTrader, it is exactly the same data as Bid.

FOREX data is a bit special with Interactive Brokers. If you open a TWS chart, there is no last traded price. The chart either shows the midpoint or both bid and ask data.

As Interactive Brokers does not offer the last price, NinjaTrader cannot chart it. I just checked it you are right, NinjaTrader uses the bid and displays it as the last price traded.

The chart below is a 3-series 1-tick chart. You can easily see that the last price and the bid are identical. This is probably a workaround that NinjaTrader developers used, as no last price is available via API. I was not aware of it so far, as I trade currency futures in lieu of FOREX.

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  #822 (permalink)
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I'm sure it's not the only strange thing that Interactive Brokers do to their forex quotes!

Unfortunately I can't afford the lot size with futures at the moment. I'd rather trade small position sizes to begin with in forex, and then later change to futures when I've got a handle on things.

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  #823 (permalink)
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Any daily direction thoughts? I always do a quick look at the daily chart to get a bias what it's likely to do on a day. For me, Wednesday's failed break-out to new lows and yesterday's retrace upwards fit in to the consolidation pattern it's in at the moment.

The question is how many more days in this stall, and if it breaks out downwards, where's the next big support?

I've got 1.2586 (from Aug 2010) my chart, and 1.2600 intra-day for sure.

Or is it going up? I reckon today's high so far - 1.2880 - is about the highest it'll get, looking at the pull-backs on this sell-off from 1.42

You can discover what your enemy fears most by observing the means he uses to frighten you.

Last edited by Adamus; January 13th, 2012 at 07:35 AM.
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  #824 (permalink)
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Adamus View Post
I'm sure it's not the only strange thing that Interactive Brokers do to their forex quotes!

Unfortunately I can't afford the lot size with futures at the moment. I'd rather trade small position sizes to begin with in forex, and then later change to futures when I've got a handle on things.

Hi Adamus, I notice you are UK based so if you are looking to small trades at the moment have you thought about spread betting the forex market rather than "real" trading. This is a good way to get used to trading with real money but without the need for such a large pot. I've found this really useful

Happy Trading!

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  #825 (permalink)
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Go Bigger

I have drawn too many lines on the chart, but one can see the lovely wave symmetry on the 6E (I think 30M is too small, but most currencies present lovely signals on 60M, 120M and 240M)

Simplicity.
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  #826 (permalink)
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NewRelease

Liquidity was not enough to absorb the buy orders of the eager news traders. 6E produced a spike, EURUSD did not.

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  #827 (permalink)
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Deucalion View Post
I have drawn too many lines on the chart, but one can see the lovely wave symmetry on the 6E (I think 30M is too small, but most currencies present lovely signals on 60M, 120M and 240M)

Simplicity.
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Lovely, but how did you trade that chart, or how would you trade it?

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monpere View Post
Lovely, but how did you trade that chart, or how would you trade it?

I have trouble trading the 30M, 60M 120M frames even now, so I generally try to drill down. For example, one way is below - from this morning (18th Jan) -

A. The larger chart was at an exhaustion (I use either simple MACD ot STF to gauge exhaustion).
B. The smaller chart fell through and retraced back into the congestion.
C. The short was put on at 1.2831 - profit at the wave support on the smaller time frame, as shown

The signals remain same no matter what time frame - 1M or 120M. One of these days I hope to be able to get more comfortable trading the bigger frames, but for now, they simply guide me into the trend.
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My 6E trade this morning

Good morning.

I always start my day by eyeballing & drawing what I think might be a useful price relevant pivot line : I drew the white horizontal line about 10 minutes before my entry. I then placed the two triangles to mark the small DB and at that point was looking to go long if price broke back up and my pivot then turned into support. However, it broke, rejected and looked more like resistance, so I sold the break of the 89SMA.

I'm entering 4 units with my ATM set for t1 @+8 moving the stops to -1&-2 at that point. This is a purely defensive t1 strategy. Contract 2, preset to +21, missed by 2 ticks, then got taken out at the top of the consolidation, but this time my remaining stop missed by a tick. I then chickened out on a perfect scale in @49 & trailed my stop tighter & tighter, especially when I saw the triple momentum divergence : so many mornings recently the swings have been very small resulting in a lot of giveback. So I allowed mysefl to exit when if I had traded my method perfectly, I would have added for a second time, although as I write, I see I would have made +8 & be flat the entire trade.

I've recently switched back to tick charts after a couple of years or so with range charts (5 tick) : I think there are nuances in the tick chart formations that are entirely missed with range bars, whilst still taking time out of the equation to a useful degree.

It's Friday, so done for the week : have great weekends everybody.



J.

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jtrade View Post
Good morning.

...I've recently switched back to tick charts after a couple of years or so with range charts (5 tick) : I think there are nuances in the tick chart formations that are entirely missed with range bars, whilst still taking time out of the equation to a useful degree.

It's Friday, so done for the week : have great weekends everybody.



J.

Nice trade, yet using a time based interval offers a unique advantage by showing wide range bars (WRB). These WRB's are a perfect yardstick to scale out progressively or to ride out an exceptional movement. Look at your trade using a time based interval such as 10 or 15 minutes. See how you could have managed the trade differently by simply scaling out at the close of a wide range bar. I typically use a tick chart along with a time based interval to profit from these exceptional opportunities (which occur every day).

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