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General Newbie Type Questions
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General Newbie Type Questions

  #1 (permalink)
Trading Apprentice
Philadelphia
 
Futures Experience: Beginner
Platform: MetaTrader
Favorite Futures: Stocks
 
Posts: 2 since Jul 2014
Thanks: 1 given, 0 received

General Newbie Type Questions

so i've been getting the markets and day trading for the past 4-5 months. starting to get a pretty good feel for
regular stocks........what causes big changes, how they might move due to headlines/news/earning, what is good volume, what timeframe things happen, etc..

I need to understand the same about forex trading so:

what is measure of good trading volume?

what timeframes do you use for charts and when do big shifts generally occur?


Also - do typical pattern day trader rules apply, such as no more than 3 day trades in a 5 day period? (if you have less than 25K in your account)

Thanks!

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  #2 (permalink)
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  #3 (permalink)
3rd times a charm!
San Francisco CA
 
Futures Experience: Intermediate
Platform: Ninja
Broker/Data: CQG
Favorite Futures: ES
 
Zxeses's Avatar
 
Posts: 139 since Jun 2014
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pesposit View Post
so i've been getting the markets and day trading for the past 4-5 months. starting to get a pretty good feel for
regular stocks........what causes big changes, how they might move due to headlines/news/earning, what is good volume, what timeframe things happen, etc..

I need to understand the same about forex trading so:

what is measure of good trading volume?

what timeframes do you use for charts and when do big shifts generally occur?


Also - do typical pattern day trader rules apply, such as no more than 3 day trades in a 5 day period? (if you have less than 25K in your account)

Thanks!

Dont trade on anything less the a 5 minute chart until you are well educated in price action trading. (PATs)

15 minute charts are best for low capital accounts, and the larger in time you can go based on your stop loss, the better trades are had on the 60 and 240 minute charts.

Conversely you can make more on the lower time charts, including the Renko charts, but only if you earn it by testing and learning.

Dont make the mistake of jumping into 1 minute or less otherwise you will just give your cash away.

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  #4 (permalink)
Elite Member
Georgia, US
 
Futures Experience: None
Platform: Various
Favorite Futures: Various
 
josh's Avatar
 
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pesposit View Post
Also - do typical pattern day trader rules apply, such as no more than 3 day trades in a 5 day period? (if you have less than 25K in your account)

No PDT rules for OTC forex, as it is not regulated by the SEC.

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  #5 (permalink)
Elite Member
London, UK
 
Futures Experience: Advanced
Platform: Tradestation
Favorite Futures: ES
 
Posts: 3 since Aug 2014
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pesposit View Post
so i've been getting the markets and day trading for the past 4-5 months. starting to get a pretty good feel for
regular stocks........what causes big changes, how they might move due to headlines/news/earning, what is good volume, what timeframe things happen, etc..

I need to understand the same about forex trading so:

what is measure of good trading volume?

what timeframes do you use for charts and when do big shifts generally occur?


Also - do typical pattern day trader rules apply, such as no more than 3 day trades in a 5 day period? (if you have less than 25K in your account)

Thanks!

Hi Pesposit,
i'll try to answer to your questions:

1) Every trader has got his personal measure of trading volume. The key is your personal confort, however a lot of traders who loss money trade too much, mainly when they loss.

2) About the time frame i use: daily, hourly, 30 minutes, 5 minutes ... i think a daily or an hourly one is a good point to start. The main problem using lower time frames is the average trade, usually too small to cover the costs of the Forex markets;

3) I'm convinced that daily patterns generally work, but time isn't necessary linked to the deep of your account. The subject is a little more complicated. You should consider a lot of other items like the maximum draw down of your system, its maximum daily drawdown, your stop loss and your take profit, .... then to reduce the risk is always possible to decide that a single trade can't last more than a certain numers of bars/days.
Goog luck for your trading!!!

I'm sure i did many mistakes, i'm sorry for my english

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  #6 (permalink)
Trading Apprentice
Brussels Belgium
 
Futures Experience: Beginner
Platform: MT4
Favorite Futures: Forex
 
Reemus's Avatar
 
Posts: 7 since Aug 2014
Thanks: 5 given, 1 received

Another newbie question

Hi everyone,

I'm new to trading and, as some on this forum recommended, I started paper trading forex. I am currently attempting to read price action on the EUR/USD.

A question came to mind: how much intraday price change can I expect in this major currency pair (in pips)?

At this very moment I've placed my target price at 45 pips difference, but I'm getting the feeling that's overly ambitious. What do you guys think?

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  #7 (permalink)
Trading for Fun
West Java
 
Futures Experience: None
Platform: MotiveWave
Favorite Futures: AAPL, Bund, FX
 
Posts: 145 since Apr 2014
Thanks: 143 given, 122 received


Reemus View Post
Hi everyone,

I'm new to trading and, as some on this forum recommended, I started paper trading forex. I am currently attempting to read price action on the EUR/USD.

A question came to mind: how much intraday price change can I expect in this major currency pair (in pips)?

At this very moment I've placed my target price at 45 pips difference, but I'm getting the feeling that's overly ambitious. What do you guys think?


I believe volatility in FX slowly but surely will getting better ...
I have slightly different approach to your Q ...
Here's the basic example : Use ADR 5 indicator, take half of the number as a target price, only take the trade if the Stop is 1/2 smaller than tg price.

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General Newbie Type Questions-1y-realized-eur.png  
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  #8 (permalink)
Trading Apprentice
Brisbane
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: Futures
 
Posts: 3 since Sep 2014
Thanks: 1 given, 0 received

There are advantages to using futures data for major currency pairs.. it shows volume, actual trade price and you can use Commitment of Traders reports to work out where large hedgers and large speculators are getting involved.

Start with the higher time frames charts, quarterly, semi-annual, and whittle your way down to the smaller time frames, 2 hr, 1 hr charts.

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  #9 (permalink)
 Vendor: www.probabletrades.com 
OC, California, USA
 
Futures Experience: Advanced
Platform: IB/TWS, NinjaTrader, thinkorswim
Favorite Futures: stocks, options, futures, VIX
 
shodson's Avatar
 
Posts: 1,859 since Jun 2009
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pesposit View Post
so i've been getting the markets and day trading for the past 4-5 months. starting to get a pretty good feel for
regular stocks........what causes big changes, how they might move due to headlines/news/earning, what is good volume, what timeframe things happen, etc..

I need to understand the same about forex trading so:

what is measure of good trading volume?

what timeframes do you use for charts and when do big shifts generally occur?


Also - do typical pattern day trader rules apply, such as no more than 3 day trades in a 5 day period? (if you have less than 25K in your account)

Thanks!

The first thought that comes to mind is why are you switching from stocks to forex? If you're getting the feel for stocks, why the switch? I'm not saying you should not trade forex, but make sure switching around to different types of instruments is not just a chase for the next shiny object over there. You'll profit more quickly if you learn to focus on a limited number of instrument types and focus on one or two markets first.

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  #10 (permalink)
Elite Member
Valdosta, GA. U.S.A
 
Futures Experience: Advanced
Platform: Sierra ,NT, TOS
Favorite Futures: 6E, 6J, CL, GC
 
Posts: 480 since Sep 2010
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Pip Range of Pairs


Let’s take a look at the average pip movement of the major currency pairs during each forex trading session.

Pair Tokyo London New York
EUR/USD 76 114 92
GBP/USD 92 127 99
USD/JPY 51 66 59
AUD/USD 77 83 81
NZD/USD 62 72 70
USD/CAD 57 96 96
USD/CHF 67 102 83
EUR/JPY 102 129 107
GBP/JPY 118 151 132
AUD/JPY 98 107 103
EUR/GBP 78 61 47
EUR/CHF 79 109 84
From the table, you will see that the European session normally provides the most movement.

Let’s take a more in-depth look at each of the session, as well as those


ASIAN Session
Pair
EUR/USD 56
GBP/USD 54
USD/JPY 30
AUD/USD 65
NZD/USD 58
USD/CAD 39
USD/CHF 40
EUR/JPY 57
GBP/JPY 72
AUD/JPY 65
EUR/GBP 23
EUR/CHF -


Below is a table of the London session pip ranges of the major currency pairs.

Pair London
EUR/USD 83
GBP/USD 82
USD/JPY 36
AUD/USD 60
NZD/USD 64
USD/CAD 66
USD/CHF 58
EUR/JPY 80
GBP/JPY 102
AUD/JPY 86
EUR/GBP 40


Below is a table of the New York session pip ranges of the major currency pairs.

Pair New York
EUR/USD 77
GBP/USD 68
USD/JPY 34
AUD/USD 68
NZD/USD 62
USD/CAD 67
USD/CHF 56
EUR/JPY 72
GBP/JPY 77
AUD/JPY 71
EUR/GBP 36
EUR/CHF -


London – New York Overlap

This is when the real shebang begins! You can literally hear traders crack their knuckles during this time, because they know they have their work cut out for them. This is the busiest time of day, as traders from the two largest financial centers (London and New York) begin duking it out.

It is during this period where we can see some big moves, especially when news reports from the U.S. and Canada are released. The markets can also be hit by “late” news coming out of Europe.

If any trends were established during the European session, we could see the trend continue, as U.S. traders decide to jump in and establish their positions after reading up what happened earlier in the day. You should watch out though, at the end of this session, as some European traders may be closing their positions, which could lead to some choppy moves right before lunch time in the U.S.

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