I actually installed that script for Tos that was posted here.. its oriented towards days.. i'm not sure how to make it work for monthly lines..
Great song-Awesome performance. Never mind trading, time to start a band! Mav, many thanks for the continuously generous knowledge sharing on this thread. Lots to work on.
King, for longer term traders and even swing traders. I don't think time zone matters. I'll throw some bones out here. If I wanted to be long USD/JPY for example and it was trading at 101.50, I'll put some bids below the market at 101.10, 101 and 100.80 let's say over night. I already have an A level to lean against to get out which might be at say 98.00. I'm trying to jump on a train here but I'm not interested in paying market prices. In the morning if I didn't get any overnight fills I'll check my intra-day A levels and place some bids down around the A down. Still no fills? Rinse and repeat. I keep working the number line until the trend is exhausted. I'll put offers out as well. I'll get fills in the morning, the afternoon, evening, overnight doesn't matter. If I wanted to actively trade, sure, the London Market is best for momentum and the post Euro session ie. 10:30 central time to about 6pm central time is probably the best time to fade or range trade.
One other thing I failed to mention regarding FX Oanda and ACD is that on Oanda you can trade gold and silver in different currencies. For example, you can be long gold and short yen. This would be ideal if you have a confirmed number line on Gold or perhaps lean against an A level (we just bounced off the QTR A down) and then you also have confirmed number lines in Yen, Aussie, etc. You can also short Gold and Silver against strong currencies. Lots of ways to use ACD here. You can also trade the gold/silver spread as well.
Thanks for adding this. I was wondering what the advantage of Oanda over IB might be. I know IB push standard lots, but they do also accept smaller non-standard sizes that I believe are handled differently, aggregated perhaps, so scaling out would not be an issue. I'm getting sold on Oanda. Checked, they have an operation in Singapore where I could open the account. Regulatory environment there is good, perhaps better than what the CFTC and NFA do. Just need to confirm what the base currency of the account would be.
I believe you can choose the base currency. Here you go: Multi-Currency Accounts Open Sub-Accounts in Several Currencies OANDA's fxTrade customers can open multi-currency fxTrade accounts in any one of the following currencies: Australian Dollar (AUD) Canadian Dollar (CAD) Euro (EUR) Great Britain Pound (GBP) Hong Kong Dollar (HKD) Japanese Yen (JPY) Singapore Dollar (SGD) Swiss Franc (CHF) US Dollar (USD) As an OANDA customer, you may use any one of the above currencies to open one primary account or create up to 19 additional sub-accounts. You can deposit funds directly into a primary account or sub-account. These funds must be in the same currency as the account currency.
Thanks. I just completed the online registration with Oanda Asia Pacific (= Singapore). At this stage I was only given the option to select one currency, so I picked USD for a start. Once the account is up and running I'm sure the sub-account option will be available under account management. Out of curiosity, do you bother with sub-accounts? I think if you regularly trade Euro and GBP crosses, it would make sense to have sub accounts in those currencies?
Sub accounts are useful if you want to trade different strategies in different accounts. For example, one sub account could be for short term trading, one for long term or maybe you have an experimental strategy you want to run and keep it separate from other strategies.
Wow, another ISEE blowout. Printed over 200 today on the total index which almost matches the 52 week high and the equity only index broke through the old high printing a 265 reading. Both readings went out on the high tick of the day. My God are people bullish. They were buying calls with both hands today. We've only had about 7 readings over 200 in the total index since Jan 2009.