Chinook's EUR/USD (E/$)Mumblings

Quote from chinook:

For now, I need to monitor it closely because I need to enter the orders manually--I use Bracket Trader so OCA order is ready to go anyway, I just need to adjust the trailing stop once in a while. But it only trades during the US session, so I don't have baby sit it all day and night long. After a week or so, I might semi-automate it by making Bracket Trader read a text file and send OCA orders automatically. Then I just need to manually trail the stop.

Probably in about two months, I can go full automation with the newer software versions. Then it should be able to enter, adjust stops and scale in. Partial executions might be a problem but I think I'll have Tradestation EL functions available by then to communicate with TWS.

The tested results look promising but markets change. I just need EURUSD to have similar daily volatility. Since the system is quite intuitive and not tweaked to weird parameters, I think it'll be stable and do better than breakeven.
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I didn't even understand a word you just said. That's how much I have to learn about this area :D
 
Chinook,

Aren't you worried that you are going to miss the big moves after economic releases by waiting till 8:40 eastern to enter? I got 30 pips fading the spike this morning and was out by the time you get in.

Edit-- Also why program it in tradestation? Doesn't IB have a good API?

Cheers,

TRADERguy
 
Quote from TRADERguy:

Chinook,

Aren't you worried that you are going to miss the big moves after economic releases by waiting till 8:40 eastern to enter? I got 30 pips fading the spike this morning and was out by the time you get in.

Edit-- Also why program it in tradestation? Doesn't IB have a good API?

Cheers,

TRADERguy
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I usually wait for 7-8 minutes after the number releases anyway.

The system is programmed in TS. Also, TS sends out all of the data, IB sends out flash quotes when things get moving.
 
Whew...now that I'm home, I need to watch out carefully on my trades. I'm used to playing a particular time of day, and that's all changed now (on EST).

Gonna sit today out and see what it yields, though I might get in after the Fed announcement.
 
Chinook, maybe you already told us, but maybe I missed it:

Why will you send your orders generated by TradeStation to IB's platform? TradeStation has a build in broker.

Maybe commissions, or are you just happy with IB's execution/service?

Thanks.
 
Short EURUSD position from above 1.3320 on 6EH5 - target +100 ticks.

Stops scaling out at 1.3350, 1.3365 and finally 1.3375 - that's roughly +10 ticks on the spot price (i.e futures is roughly 10 pips above spot).

Adding 30% at 1.3280, and additional 20% at 1.3250.

Stops will be moved down to roughly +10 average ticks profitable (1.3302) when below 1.3270.
If it continues below that I will set stops accordingly - but more aggressively.

Trade based on charts, "market conditions" and what I perceive as what market is "currently pursuing". No fancy indicators - I just think above 1.3320 gives good entries right now - for the moment. I might change my idea later on of course, but will try and sit on my hands to see it through to the end - semi-mechanically. :D

I had a great long entry at very low 1.3270s on 6EH5, but didn't have the courage to see it get to close to FOMC decision. Roughly +20 ticks today on avg. trade-size after commission - I scalped quite aggressively with very light position on FOMC decision - which was very fun and got a lot of ok entries for quick moves.

The position was also made to risk today's profits for bigger move, which I see as likely to happen - although securing profits on the way down with good stops is going to keep profits safe - if the move starts.

Perhaps the biggest influence for this trade has been the recent USDJPY big move.
 
TradingWise,

I don't like Tradestation brokerage. Compared to what IB offers in terms of order types, TS is a century behind. First of all, they don't have OCA orders. Believe it or not, you can't send trailing orders from EL to the TS brokerage. They don't offer an API. By combining TS and IB, I get best of both worlds.

I'm very happy with IB's execution. I didn't have to use their service much, but on couple of occasions, I was happy with them
 
I'm short Mar EUR future (6EH5) from this morning's spike .. put in a stop at 1.3372...many times I was tempted to cover at 1.3278 and 1.3288 after it made the low of 1.3270 but talked myself out of it ..looking back...yes it was a mistake.

the whole thing comes down to the fact that I am trying to hold positions for longer durations ...and I realize this P&L volatility is part of that deal...however given this is my first FX futures trade, I keep wondering whether I am asking for trouble...(sitting with a position for too long..)

I think the drop to 1.3148 last week was the first stage of the coming pullback in the Euro ...so I waited thru the bounce last couple of days and today it hit 1.3350 with a spike (61.8% retracement calc gives 1.3353 ...note:i'm not a fibo expert...) ... my first target for the short is the low made last week of 1.3148..and if that is broken then I have a target of 1.3020

If it trades comfortably above 1.3365 or so, then I would be proven wrong and would look to cover...

Also the short USD trade seem overcrowded and some flattening of those trades before year end could be the catalyst...

who knows...we'll soon find out.
 
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