FOREX PRO Weekly December 26-30, 2011

Don's tell me you have a position at 1.3190 too???? :p...

LOL yes indeed.


I have Demo traded with MBTrading for ages, but somehow, I never got to using them for any Live account and I cannot remember why!

you should try. like i said, their execution is great. and bear in mind my orders have to cross the pacific ocean to hit their servers and i experience no lag whatsoever. i can only imagine how much better it must for US based traders considering they are much closer to their servers. and if you really are serious about split millisecond execution, they have something called VPS so you can host your MT4 EAs right next to their trade servers and enjoy high frequency trading.

but sometimes something happens to the servers. however in a couple of secs you're back in as all trading switches over to their backup systems. they have a system status link on their site that shows the current system conditions--i like that. you always know what's going on. some people complain about their liquidity though, but that's probably because their trades are much larger than retail trades.


Another broker I Demo traded for a while is Tadawul, but since getting USD1,079,939.88 in losses on a USD3k account, I completely struck them off my list. Imagine getting that figure in arrears in a Live trading account!

holy ****! how does that even happen? you had a couple 100s to a 1000s lots open or what?


Pepperstone have some persistent problems with their platform servers causing them to have delayed trade execution and completely freezing up. Their Technical dept informed that they will have that fixed soon and hence I carry out very little trades in my account until they have got that problem sorted out.

that's good to know. thanks.


Yes, Swiss brokers are without a doubt the best, and I am thinking of Dukascopy...but, if I really want to go with them, I will have to find the time to learn how to use their platform....which I am not too crazy about right now!

i played around with their JFOREX platform... although am not crazy how the UI is designed, it works fine and it takes less than 30 mins to figure out where everything is and use properly. since i don't use MT4 EAs, i couldn't care less that MT4 EAs are not supported. but JFOREX can run EAs if you code them in Java. so same thing pretty much but faster order entry than MT4.


Well, checking back on the charts, it looks like the market is hardly moving at all.....

right. BBs on H4 are in squeeze mode. i hope we'll have a breakout to the upside tomorrow.
 
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"holy ****! how does that even happen? you had a couple 100s to a 1000s lots open or what?"

You can say that again a few times;)...I was quite shocked too, especially if that had been a live account and I have to look for a million or so to pay back the broker!
Nope, no massive lot size trades there at all...mostly just 0.1 to 0.2, plus a few 1.0 lot sizes.
I guess it must be their server going berserk or something like that.
==========================

Yah, I sure hope market will move up either late today or tomorrow. Anywhere the USD, after some early morning gains against the CAD fell some 23 pips from start of market opening...and the Euro, after some early gains against the CAD today, fell to just a little bit above today's market opening and thus perhaps proves it's in better shape than the USD.
So, perhaps, there is hope yet. ;)

Alright, I am going out for dinner and will catch up with you later.

Cheers!
 
a good broker

Hi all

I opened an account with SVS FX about a month ago with about $500 and I must say I've had no problems, no re-quotes and no slippage. Spreads are usually tight. They are also regulated with the FSA. I'm not pushing them because I'm an IB for them but because I really think that they are the best broker I've been with so far and I've tried quite a few!

Rgds

Jerry
 
Daily Update

Good morning, everybody
Today will not be any update, since there was a holiday yesterday, market is almost the same as on Friday.
 
EUR/USD Daily Update, Wed 28, December 2011

Good morning,
price action is very anemic in these days, but let's update our view a bit.

First, on daily time frame we see some kind of bearish dynamic pressure - trend has turned bullish, but price action does not support it. May it this pressure is not very reliable due market's thin, but still - this is it.

Second, market is forming multiple inside trading sessions, all price action holds inside of Stop Grabber range. We can expect significant breakout.

On 4-hour time frame is the same picture as in weekly analysis. I've marked potential targets that will not erase overall bearish picture on daily. Market could reach any of them to start froming butterfly pattern:
1.3103 - nearest Fib resistance, upper border of triangle and very close to pivot point;
1.3150 - 0.618 resistance and some extension targets;
1.3190 - 0.618 target from greater AB-CD pattern.

Hourly time frame gives us classical triangle framework - a lot of butterflies inside it.
Also pay attention how market is flirting with pivot now. Will any of these butterfly appear and which one will appear - very difficult to say now. But I suspect, that large butterfly will hardly appear, since recent flat action is not typical for right wing appearing. Most probable is middle and smallest butterflies. Still, potential upward levels remain the same.

So, we do not know - will market show some upward move or not (although it seems logical). Hence, we have two choices. First one is pay attention only to taking of 1.3029 low and downward breakout. If this will happen - market will erase all butterlfies and AB-CD on 4hour chart. And this will be frist clue on potential downward continuation.

Second way, if still some upward move will happen is to try enter from levels that we've discussed. Stop should be above 1.3224 high anyway. That's why this is up to you how you will enter, it depends on risk management system. Probably it makes sense to enter partially at different levels.
 

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Thanks for the analysis Sive. It's an absolutely thin market these days. I just can't wait for the end of the week to start my holidays.
 
EUR/USD Daily Update, Thu 29, December 2011

Good morning,
Yesterday market has shown nice plunge down, confirming daily bearish bias and made another step to completement of our medium-term expectation - 2 side by side butterflies, that will combined in 3-Drive buy pattern at monthly Agreement. And reaching of 1.2750-1.2830 area.

Stop grabber pattern has worked perfect. Now we see bearish dynamic pressure on daily chart. Although price almost has reached 1.27 extension of Butterfly, hardly it will stop here since significant weekly targets stand lower.

4 hour time frame shows butterfly with more detaiils and also AB-CD pattern with 1.618 extension slightly below 1.28. The point that market has not even tried to pass through above the pivot adds more downward sentiment to overall price action.

Still, if you want to possess yourself and join to downward move - currently retracement is possible on hourly time frame. MArket has hit AB=CD target at 1.2914, but retracement hardly will be deep. Most probable area is 1.2980-1.30 - the swing low of Butterfly.
Market should not show any fast explosive moves up and return above 1.3015-1.3023 hourly K-area. From bearish point of view - we want to see gradual some kind of AB-CD retracement.
The trigger pattern for this retracement could be H&S on 15 -min chart or 3-Drive buy. Take a look - current low has formed some kind of W&R and stands at 1.618 extension of previous one. If market will proceed slightly lower and will form 1.618 3-Drive on 15-min chart it will reach 1.2866 and hit daily 1.618 at 1.2884.
So, keep an eye on this action. It might be interesting.
 

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Hi Triantus,
Hardly. One pattern that is still possible is 3-Drive buy If market will stop around 1.2860 area. If not - then probably it will be just continuation to main target.
 
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