Euro Day Trades

[minx]

Ok, just want a few peoples views on the Euro today, been coming off recently and just wondering if anyone thinks we might get a bit of a bounce or do you think I'm trying to catch a falling knife???

[mateusz]

nothing seems to do this "bit" of bounce. Its more likely that we have a "bit" of correction today and fall further down. Even about 100 points lower from now - as I see it. Your bit of upside bounce would be pretty dangerous for the downtrend we have.
Just keep in the trend partner.

cheers

[minx]

Cheers for the thoughts, trying to get a few more people interested in FX as I like the speed at which it moves compared with stocks but not many people seem to be interested....

[mateusz]

yes, this is wright, not many people (on esignal) are interested in forex. Dont know exactly why. I think that generally it is very hard market - only german DAX i that fast and "furious" like eur/usd for example. Maybe if we pay some more attention to this forum then more people will answer with interest.

good luck!

ps: watch for data in couple minutes, better stay of the market.

[minx]

Know what you mean about the bloody DAX, jesus I hate that contract, lots of other products behave themselves but not EUREX products. Strange- they have all that volume but moving them is really difficult (ie-Bobl).
I'm happy to post a few of my ideas/charts if you want to comment on them and post a few of your own!?! If nothing else at least one other person will be looking at them
Good luck over the figure- Hmmm, whether to have a punt on it

[mateusz]

see my post on "trading strategies" called "how to improve my system", there are some picks maybe usefull info for you.

[minx]

Yeah, thanks, making me think a bit more now. Hmmm, really getting beaten by the euro today, got to work on my filters a bit more I think. Have been experimenting with the multi-time-frames for order entry or even just as a filter but you can still nab 20-30 ticks on a 15min when its counter-trend to the 60, 120, D charts, they tend to plug the holes that other positions blow in my account....
Just waiting for the JPY to set up at the moment. Do you trade GBP/EUR? I really dont like it very much but am hammering away for my way into it.......

Note to self- Dont punt over figures

[mateusz]

mostly I trade eur/usd - its my favorite I like to focus on one instrument. With index futures there is different situation because their is more correlation between them.

Check the soylent`s methods on the thread ("how to improve my system") with woodies CCI methodology examples. Very interesting. I am working under putting double CCI on the 5 min chart and throwing away stochastic from this chart. For now its working very well but the research just begun.

[minx]

How do you double plot a CCI??? Also is woodies CCI different from CCI?? Do you need to subscribe to Woodies stuff????
I mainly concentrate on EUR/USD adn USD/JPY but also want to start looking at CHF (when I get a moment!!)

[mateusz]

I plot two CCIs and display in one window (hold shift and drag one indicator to another). I took Soylent`s setups: one CCI is:
CCI(6,HLC/3) and slower CCI(14,HLC/3). These seems to be nice working.

I dont know if these are woodie`s setups, I ment that Soylent is learning at Woodies. I dont subscribe any of them, it is simple studie from basic studies. It seems reasonable to draw trendlines on the slower CCI and watch zero lines and 100/-100 horizontal lines.

I am fresh with CCI and just getting know how it works.

[minx]

Guess I could see how good it filters out my mis-trades. When I place the two graphs together it doesn't scale correctly, it has 2 bars for +100 and two for -100. It seems that its calculating 2 different scales on the one graph........
Any thoughts??

[mateusz]

click on edit studie nad check on first CCI and second CCI to "display right" and "display right" - it has to be checked in all indicators that you put in the same window!!! thats important to display correct scale.

[minx]

Brilliant! Thanks guys, you've been a real help today!!!
Just wish you could've unplugged my trading program
Were you trading? Who do you use? What kinda spread on the Eur are they offering?

[mateusz]

I use saxobank, they have standard spreads: on eur/usd its 4 to 5 points normally. Very fast and proffesional. I like it a lot.

[minx]

I've been practising with Oanda.com they offer 2-3 pip on EUR and you can trade ANY size you like..... even as low as $1 which is always good for building up in good times and down in bad! I think they're really good and the best spreads I've ever seen too. Anyone else heard of them???