Euro Forex Pro weekly 02-06 August, 2010

[Sive Morten]

EUR/USD Update, Tue, 03 August

Good morning,

In weekly research I've said that I prefer to see upper break of the 4-hour wedge first, and this has happened. Also market has reached daily XOP target.
But for now I do not see any sell signals. Also, I've noted that formally, we can expect retracement up to aprox. 1.35 area due to levels of oversold on monthly chart. If market will disrespect current resistance (this is not very probable but this can happen), 1.35 - is a next area of a possible down move start.
So, where are we today. THis is a 4-hour chart. Market yesterday has reached XOP at 1.3172 and pierced a bit weekly confluence resistance. 30-40 pips for weekly time frame is a very shallow, so this resistance is still in play.
I do not see any sell signals right now, but I think that they can appare. And my first bell will be if market will return in the body of the wedge AND take out the low of a previous strong bar up. This will catch break out traders that entered on a long side and will be a Wash&Rinse of weekly Confluence resistance.
So, for me now no buy/sell signals. If I'll see return in the wedge and low of a strong up bar will be taken out - this will be the first bearish bell.

 

[Mandrake]

Hi guys,

Yeah Dukascopy has reduced it's min. deposit to $1k. Now retail traders like us can get in.

They have instant less than 0.5secs execution. Its truely instant. You click it goes to the right panel immediately. During news trading, no requotes ever and the price is what you click on. Basically, everytime you click it will be executed no matter what time of the day.

I have not withdrawn yet but I am sure its gonna go well. The only complain I have is the process of signing up an account. Because they are a swiss bank. I had to go to lawyer pay them to proof my identity and stuff. But I can say its worth it.

As for Alpari I'm using Russia. Its for a PAMM account i'm working on, only the russian version has it. They are also good except for requotes, so if you news trade alot don't use them. Not withdrawn as well but I believe it won't be a problem.

Some update I see on EUR. It has touched 1.3150 which was a weekly pivot R1 now turned support. I am waiting for it break a trend line just above 1.32 on my screen in the 4hr chart. I believe it is surely going up once this line has been broken and all resistance will be washed out. Wait for strong direction move upwards to enter. It has been this case for the previous few times, this one looks to be the same as well, so I would expect the same.

 

[Ghazali]

Great!!

Hi Mandrake,

Price has broken the 1.32xx and I think to get in long once price retraces nearly 1.3150, I did get long around in 1.3169 but got out with 10pips profit. Really made a mistake.

WOW really nice about the dukascopy, If they can get filled without re-qoutes, then we can use Software such SecretNewsWeapon(SNW) to trade the news.

 

[Mandrake]

Hahaahaa. Look at it go. I also entered at around 1.3169 l entered more position after it broke 1.32. I also entered GBP/USD. and Shorted USD/JPY. Looks like its gonna be a good one today.

 

[habrys]

WOW really nice about the dukascopy, If they can get filled without re-qoutes, then we can use Software such SecretNewsWeapon(SNW) to trade the news.

Dukascopy is the best broker I've been trading with so far. And I used many. Instant execution, variable spread (sometimes as low as 0.5 pip), reliable slippage control, no spikes near stop losses (on many occasions I survived by few pips, once even by 0.5).

But forget about news trading with SNW. I tried for months. I never got filled. If I set maximal slippage to something acceptable, like 10 or even 15 pips, my order gets rejected. Or sometimes, even worse, I get filled on the top of the spike if it's small enough. They are just too damn fast for news trading, even with SNW. I analyzed some of the news spikes on their tick chart and it can take as short as 10 or 20 ms for the price to shoot 50 pips up or down. No chance to catch it.

Otherwise they are the best. Also for the after-spike retracement trading (Diamonds strategy). One should only carefully watch spreads just after news. Sometimes they are ok, sometimes even 20 pips or more, like on NZD/USD last week. Then don't enter.

Application process is long and complicated, but it's worth it. Commision depends on the initial equity of the account. I opened over 10k USD, then it's below 1 pip on average (there are detailed tables on their site).

On one occasion I got slipped pretty bad during execution of my SL. Like 20 pips. But It was during 40 pips spike caused by news. It can happen in such conditions. And I simply overlooked the danger.

So yes, Dukaskopy recommended.

Cheers!

 

[MidnightRun]

Dukascopy is the best broker I've been trading with so far. And I used many. Instant execution, variable spread (sometimes as low as 0.5 pip), reliable slippage control, no spikes near stop losses (on many occasions I survived by few pips, once even by 0.5).

But forget about news trading with SNW. I tried for months. I never got filled. If I set maximal slippage to something acceptable, like 10 or even 15 pips, my order gets rejected. Or sometimes, even worse, I get filled on the top of the spike if it's small enough. They are just too damn fast for news trading, even with SNW. I analyzed some of the news spikes on their tick chart and it can take as short as 10 or 20 ms for the price to shoot 50 pips up or down. No chance to catch it.

Otherwise they are the best. Also for the after-spike retracement trading (Diamonds strategy). One should only carefully watch spreads just after news. Sometimes they are ok, sometimes even 20 pips or more, like on NZD/USD last week. Then don't enter.

Application process is long and complicated, but it's worth it. Commision depends on the initial equity of the account. I opened over 10k USD, then it's below 1 pip on average (there are detailed tables on their site).

On one occasion I got slipped pretty bad during execution of my SL. Like 20 pips. But It was during 40 pips spike caused by news. It can happen in such conditions. And I simply overlooked the danger.

So yes, Dukaskopy recommended.

Cheers!

What platform are you using for the real account with Dukas? MT4 (theyoffer other platforms, like web-based etc)?
Can you trade mini-lots (0.1 lot, i.e. 10k ofcurrency) if your account is relatively small, like 5K - 10K, or the smallest lot is 100k (standard lot)?

Thank you

 

[auna]

Yup..1.35 it is. Some of the sugar dadies want 1000 pips down profit.

 

[auna]

What platform are you using for the real account with Dukas? MT4 (theyoffer other platforms, like web-based etc)?
Can you trade mini-lots (0.1 lot, i.e. 10k ofcurrency) if your account is relatively small, like 5K - 10K, or the smallest lot is 100k (standard lot)?

Thank you

yeah..i remember there was a 100 % system called Ambush that was doing well last year.Then it took all its members to the cleaners. Some lost as much as 150 000 $. In Forex there are no rules no 100 % winning strategies.You win some and you lose some. Ask Mr Morten and he will tell you. Get real and don't bite into any system or brokage meli melo.You might appear to make money at first but the poor house might come crashing in one day or less. Forex is unpredictable. If it was , they it would not exist because everybody would be always making money.

 

[Ghazali]

WEb Based Java!

Hi Habrys,

Thanks alot for your kind advice and info. Really helpful and informative.

What platform are you using for the real account with Dukas? MT4 (theyoffer other platforms, like web-based etc)?
Can you trade mini-lots (0.1 lot, i.e. 10k ofcurrency) if your account is relatively small, like 5K - 10K, or the smallest lot is 100k (standard lot)?

Thank you

HI MidnightRun,

As far as i know they only do have web-based java platform, they don't have MT4 for sure, about lots im not sure but the maximum leverage given by them is 1:100

TQ thus hope help you.

 

[MidnightRun]

Dukascopy is the best broker I've been trading with so far. And I used many. Instant execution, variable spread (sometimes as low as 0.5 pip), reliable slippage control, no spikes near stop losses (on many occasions I survived by few pips, once even by 0.5).

But forget about news trading with SNW. I tried for months. I never got filled. If I set maximal slippage to something acceptable, like 10 or even 15 pips, my order gets rejected. Or sometimes, even worse, I get filled on the top of the spike if it's small enough. They are just too damn fast for news trading, even with SNW. I analyzed some of the news spikes on their tick chart and it can take as short as 10 or 20 ms for the price to shoot 50 pips up or down. No chance to catch it.

Otherwise they are the best. Also for the after-spike retracement trading (Diamonds strategy). One should only carefully watch spreads just after news. Sometimes they are ok, sometimes even 20 pips or more, like on NZD/USD last week. Then don't enter.

Application process is long and complicated, but it's worth it. Commision depends on the initial equity of the account. I opened over 10k USD, then it's below 1 pip on average (there are detailed tables on their site).

On one occasion I got slipped pretty bad during execution of my SL. Like 20 pips. But It was during 40 pips spike caused by news. It can happen in such conditions. And I simply overlooked the danger.

So yes, Dukaskopy recommended.

Cheers!

What platform are you using for the real account with Dukas? MT4 (theyoffer other platforms, like web-based etc)?
Can you trade mini-lots (0.1 lot, i.e. 10k ofcurrency) if your account is relatively small, like 5K - 10K, or the smallest lot is 100k (standard lot)?

Thank you