Right.. that makes sense. But if your account is in dollars vs. in euros, then you're switching back and forth between the currency rate, correct. ? And, assuming the DAX closes out the account daily (think that question is already in play), then you are back to dollars using the exchange rate for that day, right?..
Question is: can you establish an account by initially hitting the exchange rate (NOW) and maintaining that account in euros or whatever currency, based on the market traded. The objective I would have would be to establish an account when the dollar exchange is higher than possibly (it is a hedge, not a given, after all) it would be next year.. but maintain the account in that separate currency.
Lastly, can you cash out (take money out) in that different currency, do you know? (euros in this ex. that you gave) Or just the currency with which you started your account? (I already emailed Mirus with some of these questions). Thanks!
I think you guys should ask the broker. I used to trade DAX but I have been working during the morning here so I haven't traded it in many months.
I think the win/loss is in Euros and that part stays. for the buying & selling I don't know about the exchange rate, I didn't worry about that. I know on my mirus account I'm short euros and I'm not sure how to get rid of them but I don't mind being short euro right now.
In IB it's easier in the account settings you can see your balance in foreign currencies.
In resume, ask the broker if you really do this often.
I was but i was also wondered about more then breakout.. the rules... Just in you last example, there was a +9 ticks on upside break... now... +9 is not too much, i've seen most people use at least +10 ticks as first profit target. What we do here? We would have to take a loss, and wait for the downside move. So, how much the loss? This can happen again, and not once. Would need good money management to be profitable.
P.S. You don;t have to take my thoughts as a fact.. i am just a "simulator"
I'm studying the 30 min breakout thing. Tradestation is great for this because you can have several timeframes on the same chart (for time-based charts, doesn't work for tick or range).
I noticed something, if the open is near the high or low, that high or low doesn't make a good breakout point.
I'm finding when I trade these I like to see a smaller timeframe so that I can see inside the bar. Helps to place a stop away from noise too.
I'm wondering if this breakout would work on any 30 min bar, where the open isn't near the high or low. It seems like it would. it's the same as taking it on a 5min chart but on a 5min chart there are more. Why limit yourself to 30 min from on the hour to half past? what if there are good breakout levels in between? What if you start your session at 8:15 and your half hour bars start at x:15 & x:45? You'd still get good breakout points right? Unless there are a lot of traders trading with 30 min charts on the hour & half hour who could potentially trade around the close of the bar..
PS: If the close is near the high or low, that high or low is not good for a breakout either..