FOREX PRO Weekly August 20-25, 2012

[Triantus Shango]

guys, you should read this: Is The SNB Going To Unpeg The EUR/CHF? - Seeking Alpha

also, forgot to mention, i keep reading that because of the peg, the SNB has been buying 100s of billions of euros, thus totally messing with its reserve ratios, which means that when the SNB adjusts its reserve ratios, it will have 100s of billions of euros to sell or exchange for other currencies such the AUD or USD, or JPY, etc... you get the picture.

so of course, it's not gonna happen overnight, but if the SNB continuously is selling a couple of billions (or yards as they say in the industry) that should make ambitious topside targets difficult to reach.

sive, what do you think? how should we interpret this kind of situation going forward the next 6 months?

not to mention that DEC 2012 is getting closer too... maybe everything will actually fall apart and money will become meaningless after that ;-) but that's another story

 

[Triantus Shango]

guys, i just learned that FXAll will soon provide service to retail traders as well. so no more need to wait until you have USD 1 million to open an account. and they should have a connector so you can use multicharts instead of this garbage POS MT4. i am testing multicharts vs 8.0 as we speak... and it is awesome! ok gotta go sleep. l8r.

forgot to mention, for those who don't know the significance of FXAll expanding business beyond just institutional traders is that you get deep liquidity and a true ECN where FXAll is never your counterparty. well, at least that's the way they operate with the big boys, so one would hope....

and forgot to add: traders accounts also should be segregated, which is not the case with most retail brokers, so that this sh*t doesn't happen to you: http://www.forbes.com/sites/francin...y-regulators-block-the-truth-from-coming-out/

and one last thing before i hit the sack: and that is why maybe doing business in luxemburg might be a much better choice if you have a lot of cashola that needs protecting.

 

[Marketjoy Trader]

triantus shango, what special benefit accrue from using a multi chart?

 

[Kingrex]

guys, i just learned that FXAll will soon provide service to retail traders as well. so no more need to wait until you have USD 1 million to open an account. and they should have a connector so you can use multicharts instead of this garbage POS MT4. i am testing multicharts vs 8.0 as we speak... and it is awesome! ok gotta go sleep. l8r.

forgot to mention, for those who don't know the significance of FXAll expanding business beyond just institutional traders is that you get deep liquidity and a true ECN where FXAll is never your counterparty. well, at least that's the way they operate with the big boys, so one would hope....

and forgot to add: traders accounts also should be segregated, which is not the case with most retail brokers, so that this sh*t doesn't happen to you: http://www.forbes.com/sites/francin...y-regulators-block-the-truth-from-coming-out/

and one last thing before i hit the sack: and that is why maybe doing business in luxemburg might be a much better choice if you have a lot of cashola that needs protecting.

do you have retail account with them?

 

[Triantus Shango]

not yet. they haven't started offering retail accounts yet. like i said, i just read that they will in future move towards offering retail services.

do you have retail account with them?

 

[Triantus Shango]

- better user interface
- easier platform to program with EasyLanguage, which means all technical indicators that have been developed previously for other platforms (such as tradestation for ex.) are all available without needing to port them, and of course you can write your own or just download from online libraries just like with MT4 (where do you think metaquotes got the idea in the first place?)
- less buggy
- the ability to connect to many different data providers and manage all these data feeds from one single interface, which in turn let's you trade directly from the chart and send one order to multiple brokers at the same time (if you have more than one account with 2 or more brokers)
- trading from the chart is way better than MT4 because you get a trade panel with bid/offer buttons on the side
- all your broker order types are available (which is not the case with MT4)
- and DOM/level 2 as well which is sorely missing with MT4
- and after the order is in, you can manage it by simply manipulating the graphical element that appears on your chart by dragging it up and down to change stop/limit levels, and so on as opposed to having to right click and enter new data into a dialog: point is, you can do things faster when it is necessary to move quickly
- backtesting, replay functionality so you can train and simulate when the market is closed
- you can define any time frame you want, so for ex. if you want a 7 min chart, no problem--with MT4 you can't even display a 2 or 3 hour chart!

there is even a 3rd party developer who makes an awesome tool for MT4 that let's you create your own system by combining indicators and specifying trigger conditions to generate signals as up/down arrows on the chart (therefore you don't need to display each individual indicator window anymore) and who also has ported this tool to the multichart platform so there really is not much reason left to stick to MT4.

by the way, for the curious, here is the link to that 3rd party developer: Marko Nikolic - Institutional-grade, financial trading software for TradeStation and Metatrader. Features a community of Build-a-Signal power users and professional traders. Stocks, Forex, Futures, Indices.

now, of course, all this goodness ;-) doesn't come free.

triantus shango, what special benefit accrue from using a multi chart?

 

[pragmatic]

Hi Sive!

I have an observation about price action, maybe you can tell if this is relevant or not. I find it helpful in a few situations but I dont know if that was just coincidence or not.
So I am seeing that the Bulls are getting stronger, because the bars of 14 and 15 of August are bearish. The Bulls returned only on the 16th. But then, on the 17th, the Bulls returned the price close to Open in the same session, and again on the 20th. Also the market creates high lows, meaning that the Bears cannot drive the price lower.

Thank you!

 

[Triantus Shango]

guys, just came across this piece of news:

'Telegraph on August 18 - just for info - as some focus on this article. Telegraph: Lord Rothschild has taken a near-£130m bet against the euro as fears continue to grow that the single currency will break up. The member of the banking dynasty has taken the position through RIT Capital Partners, the £1.9bn investment trust of which he is executive chairman. The fact that the former investment banker, a senior member of the Rothschild family, has taken such a view will be seen as a further negative for the currency. The latest omen follows news in The Daily Telegraph late last week that the government of Finland is already preparing for the euro's break-up.Sources close to RIT suggested that the position was not a dogmatic negative view on the euro as a currency, but rather a realistic approach on a currency that remains relatively weak.
On FX, EUR/USD relatively stable now, at 1.2358-60, finding bids at 1.2320-30/1.2290-00. Though good to watch the above bet from Lord Rothschiuld, given concerns over euro future as markets continue to receive conflicting signals - from ECB, Bundesbank, Germany and eurozone. EUR/USD offers 1.2380-00. huge stops below 1.2285. EUR/GBP at 0.7857-60 interest to sell on rallies, for break of 0.7820/0.7800. '

Source: 4castweb.com quoting the telegraph newspaper

 

[Sive Morten]

LONDON, Aug 21 (Reuters) - The euro rose to its highest in nearly two weeks against the dollar on Tuesday, with traders citing Asian central bank demand and saying it extended gains after breaking through technical levels, triggering stop loss buy orders.

 

[BeeKay8]

DRPO "Sell" on hourly??