Fx futures Journal

Quote from romik:

for the moment, I would say yes.
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I looked at it in more detail and I have to change my previous hold to cover.

Could you tell me do you trade E7? And is there any real difference between EC and E7 (mini) apart from margin and $ per pip?
 
Quote from romik:

You have slightly confused me by what seems to be a typo "ES" on your 15 min chart, so I just went by the hourly.
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The title was typed incorrectly. Sorry. It was the EC chart though.
 
Quote from romik:

I looked at it in more detail and I have to change my previous hold to cover.

Could you tell me do you trade E7? And is there any real difference between EC and E7 (mini) apart from margin and $ per pip?
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Much wider spread in the mini--however it's 6.25 per tick and the commission is half. It's closer in value of the contract to ES. One thing to note here though is that the spread is really not too bad when compared with ES since the tick size is half of ES tick size. A lot less volume on the mini as well, but it's tradeable especially on longer frames.
 
Quote from Buy1Sell2:

Much wider spread in the mini--however it's 6.25 per tick and the commission is half. It's closer in value of the contract to ES. One thing to note here though is that the spread is really not too bad when compared with ES since the tick size is half of ES tick size. A lot less volume on the mini as well, but it's tradeable especially on longer frames.
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Thank you. Would you know why there is no charting after hours, isn't it 24 hours?
 
Quote from mephistoII:


I'm wondering if he can cut off his perspective of the mkt at the minor trend level, and not be concerned with the intermediate and major trends. Personally speaking, my pea brain starts bogging down when I begin to factor in all what the daily, weekly and monthly charts are showing, since they are often at odds with one another. Should this matter if I'm targeting 20-40 ticks/trade?


Finally, if I could utter my thoughts about the current state of affairs with the euro. This is just my take on the mkt from viewing the 240 min chart. The mkt began a minor uptrend off the low @ 1.2503 on 7/19. This uptrend line was broken with penetration and a close below on 8/23. Since that day, price has entered into consolidation, and displaying an upward bias off the low on 8/25 (which, incidentally, provided a nice rsi/macd bullish divergence). Should price be able to significantly take out the 1.2740 level, I think it safe to say that a confirmed minor downtrend will have been initiated. I'd be very interested to hear your critique of this assesment.

Best of luck w/ your trades, B1S2 ...
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Certainly a daytrader can ignore the weekly and daily charts when trying to grab 20 to 40 pips. You will net larger gains by trading with the daily and weekly, but if you are just trying to grab 30 pips off the 15 minute chart, then you can ignore the longer charts. Notice my previous post regarding profit targets. Let's say I am short on the weekly chart and I am looking for 1000 pips, then intraday I decide to buy on the 15 and sell 30 pips higher. That's perfectly acceptable and I have traded around my position. By the way, if you will place a trade on a longer chart and monitor it, you will find that it is very easy to track the major trend because you have a vested interest in it and will monitor it.

As far as the analysis on the Euro, I think the weekly chart shows a weakening and I am looking for an eventual turn in the weekly chart to the downside. I already view this last thrust upwards as the second thrust from the pullback from the upper Bollinger Band and I believe that at some point. we'll sell off and initiate a downtrend. As you know I am already short and looking for this. Bulls are having a hard time giving up and that's always the case ! By theway, I believe the Euro daily although in consolidation leans to the downside. My stop is still at 1.3025.
 
Quote from romik:

Thank you. Would you know why there is no charting after hours, isn't it 24 hours?
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I don't know why. It is 23 hours. I never pull up the mini chart, I would just look at the big contract. They move together.
 
Quote from romik:

I can only assume that you have taken this short based on daily B1, am I right?
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Yes, however I have added to my position on intraday signals. --And I have traded some intraday and taken profits. I have no problem doing that in the FX Futures because the intraday charts are so much more reliable.
 
It's just amazing how the Euro FX offers longs and shorts each day. This is the impetus behind my definition of profit targets depending on the time frame.
 
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