IB is an ECN they have pretty tight spreads, but charge a commission (same as futures) comms are competitive, customer service a bit lax and the platform difficult to to use. Oanda is pretty good. Spreads are pretty good.
Hi ESR, Do you look for any confirmation or trigger tha the level is holding before triggering your trade? (e.g. you like to see price 'bounce' of it a bit) or do you just place a limit at the line when price is close. Thanks.
Hey BlowFish I have described the set ups on the thread . In brief: Essentially you are looking for a extreme on the 1 min BB and the 1 min $tick (in market hours) close to your level to enter. You pay attention to price action and are looking for a slowing of momentum.
He may be referring to Fx where you said you didn't use your normal setup. I've been putting a limit order and if I get filled then I manage the trade. The problem is guessing how the price will react to the support or resistance. I set my stop under support. I'm currently struggling with this because if the stop is too close I often get stopped out and then the trade goes in my intended direction. If I put the stop too far, as I did last night for the overnight, I got stopped out on gold for a $600 loss. In fact I was thinking today that when using 60 min charts for S/R, I will only daytrade it. And if I do any overnight holding I will base it on daily S/R points. What do you guys think? ESR - I hope I'm not distracting from your thread by talking about currencies. I know your method is focused on daytrading ES. I'm trying to apply it to markets that are open during the day in europe..
Hi everyone Please find attached todays levels The S/R numbers are in the black column, the MP, Pivots, Fibs, Simple Moving Averages and Summary Numbers are for confluence and information. Always remember to use the numbers as a guideline for potential areas of high probability plays. Always use a set up based upon your system to enter a trade . Good trading all
With fx well... I base my levels from the 4hr chart and only fine tune with the 1hr. I am looking for price to be slowing and hopefully when my area is hit a very quick reaction in my direction. If price is not responding to the level I exit. I dont wait around for my stop to get hit, if price doesnt want to roll with me I jump out. FX is more a hobby and I swing trade, I have not spent as much time and effort on mastering it as I have the ES. Cunparis, Support and Resistance trading can be applied to almost every instrument, so feel free to discuss any instruments you like.
I swing fx, I use 4hr/daily charts for my levels (1hr only to fine tune). I day trade the Es and use 1hr charts mainly. So what you are saying makes total sense.
What time do you usually send the numbers? Are they posted on the website earlier than when they are sent out? I have seen how they would have assisted me on 4 trades today.
It varies, I aim for 3-4am EST but if I am in a trade I focus on that. Its been a very nice morning today.