Intraday?

[fxtrader]

Setharb:

My charting software closes the trading day at 5pm EST so for me its the H/L of the last 24 hours ending at 5pm. But my hangup was in a 24 hr market is there ever a close? Pull up a 1 hr chart on say the E/$, you'll see trading ranges which last for 1-3 days and are about a 100 PIPs from H/L of that range. I'm trading the BO of that range which will take out Y H/L or better yet 3 days of H/L. Its the BO of that tight band which is a good intraday trade.

 

[atorchio]

Quote from fxtrader:

5o:

Last thing, I hope your not paying for the delayed feed cause you can demo a platform with any spot dealer for free. Try Commerce Bank, Refco, CMS, or Global Forex. All platforms are good and the feed is real time.

Thanks a lot for your imput.

Based on your experience, could you suggest a broker?

 

[fxtrader]

atorchio:

GAIN, Refco, CMS & Commerce are all good. Funds segragated, good platform(although CMS has had issues in the recent past i.e. getting disconnected at the worse possible time; they tell me they're working on some upgrades). I very rarely get requoted with GAIN, maybe a few times a week with CMS & Refco. If you need a good charting platform, CMS is pretty slick. I trade predominantly E/$ & pay 3 PIPs w/ CMS & 4 with Refco & GAIN. Have been talking to Commerce recently & the are offering 3 PIPs on E/$, $/y, & Cable/$ & 4 on $/Swissy which is pretty competitive for a spot retail guy like myself. Global Forex has been looking for some business but I can't tell as of today how I'd rate them. If you don't need a good charting platform, I'd have to suggest Commerce provided they offer you the above spread(its a bank) or Refco if they'd tighen up their spreads($20 billion in assets). Hope this helps. Good luck.

 

[Canibus]

Quote from 50 cent:

Hi, looking into forex, I just subscribed to the delayed feed at eSignal and can look at the charts in a decent way.

Do you guys trade this thing intraday? There is constant overlap between the bars, and if you add the spread you have to pay on top of that, it doesn't look too promising to me.
I can see the benefit in swing trading forex, but for taking intraday moves (few minutes to few hours) it seems problematic to me. Plus there is no real fixed trading hours, so there are no known reversal times like there are in equities. These reversal times work pretty well for me on the nq.

Any opinions?
Thanks
50

Good luck. Day trading FX intraday is close to impossible!
I have not seen it done profitably on a consistant basis.
There are times when you can but more than not you wont be able to. For daytrading NOTHING beats the emini sp 500.
If you are having success with NQ or ES then stick with that.
FX is for swing traders and position traders ONLY.
IMHO.

Stay Blunted.