Currency trading (Aug 7th > 11th)

[wasp]

Why I hate the FED!

Every time a rate announcement is due in America it all stops or, like today, it becomes spikier than a hedgehog back from having his hair done. So for the 2 days prior, unless your a scalper, which I'm not, you may as well not bother. Then, when it does come around after waiting all bloody day, 9/10 its up and down 50 in a split second and you wish you hadn't bothered. Apart from the last time (nice 150 pip rise).

Why can't they carry on as usual up till half hour before and then worry about it, this is a waste of my time. Other things are hapening in the world! move market, damn you!

Right, rant over :cheesy:

 

[wasp]

Does anyone here trade through Oanda but use metatrader charts?

If so, how close are they or is it better to work of the Oanda's charts?

 

[Priceman]

Well I'm in total agreement wasp, yesterday I went short and got stopped at the very high TO THE PIP! Only to get back and see it fall to my target, sssoooo frustrating

Today I'm expecting fireworks later on but in the meantime am hoping people will just take some profits for it to fall just a little (note the terminology DC)

I'd be happy with 20pip fall from here to take a profit

 

[dc2000]

totally agree re the boring bit my limit order has been removed for the time being currently looking for a fall to just under 924 and then confirmation of an entry price and target

 

[trader79]

totally agree re the boring bit my limit order has been removed for the time being currently looking for a fall to just under 924 and then confirmation of an entry price and target

Hi all... just started following this thread.
DC do you mean 9024?

 

[dc2000]

Hi trader
yes 9024 trying to type toooooo fast

 

[waxwing]

Does anyone here trade through Oanda but use metatrader charts?

If so, how close are they or is it better to work of the Oanda's charts?

I would say in general they are close enough for TFs > 15min
Metatrader will be significantly spikier (i.e. cover a wider range of prices) on short timescales. OANDA, as I understand it, batch ticks together and smooth their chart a little; I believe this is part of what allows them to offer tighter spreads.
Don't forget bid/ask will be a bit different too.

 

[wasp]

If this range gets any tighter its gonna just come to a stop!

 

[martin brown]

wasp,

metatrader is a 3rd party api, the charts will depend on the price feed from the broker.

imo, metatrader is much better, although more complex. You can also customize your own unique indicators, and program functionality such as automatically plotting channels & fibo targets.

 

[zuke]

Does anyone here trade through Oanda but use metatrader charts?

If so, how close are they or is it better to work of the Oanda's charts?

Wasp, I trade thru OANDA but use MT4 charts..they are usually right on the button.

 

[wasp]

Thats great guys, just what I wanted to hear.

Whilst I think Oanda's charts are good enough, I like and have got used to Metatraders so I'd want to keep using them but not if the prices are as varied as capital spreads compared to meta's (or anyone elses come to that!)

Should have Oanda up and running for next week so bye bye CS soon

 

[zuke]

Morning all btw. I am currently long from 9048, with a stop at 08 and target at 9128

 

[wasp]

Reuters: Market participants falling asleep as cable stops whilst awaiting the damn FED announcement in 7 hours time

 

[Priceman]

There is a little bit of US news also at 1330 that may wake up the market.... Unit labour costs

 

[wasp]

Is there anywhere you can place a bet that it'll whipsaw like mad and finish the day not 10 more away from where it is now!

 

[martin brown]

Is there anywhere you can place a bet that it'll whipsaw like mad and finish the day not 10 more away from where it is now!

sounds like you want to use a "butterfly" option strategy?

 

[wasp]

Its just that after waiting all day through an exciting market for one figure it usually just dissapoints... hopefully not.

 

[trendie]

Its just that after waiting all day through an exciting market for one figure it usually just dissapoints... hopefully not.

Dont place undue expectations(emotions) on certain times or dates.

You perhaps were expecting to make another 150 pips or more like Friday? this is a variation of trading-overconfidence, which comes from a good couple of trades, and you start imagining what you could spend all that money on, if only all days were NFP days !!

NFP and other news-related events should be put into context. They are nice days to make a lot of pips, but focus on your normal "average". Treat them as treats.

Alternatively, if you were waiting for the news-event, switch off your PC, do some gardening, and return 30 minutes before news-events. That way you dont feel frustrated.

But then again, you dont know when the next good trend is going to come.

Especial good luck for your trading, wasp. (since you are a trend-follower )

 

[wasp]

Cheers for that Trendie,

I see what you are saying and I must admit I am hoping for something decent to come of this (maybe not 150 but something...).

Its not trading over-confidence really as I have continued my plan as per usual but becuase of the FOMC announcement, this has affected my day as the markets participants have been waiting for the announcement, and the market has been in a tight range.

I haven't actually decided if I will trade this evening but I am miffed that my day was dull becuase of an announcement that 9/10 does nothing and means I have near wasted my day.

 

[martin brown]

Cheers for that Trendie,

I see what you are saying and I must admit I am hoping for something decent to come of this (maybe not 150 but something...).

Its not trading over-confidence really as I have continued my plan as per usual but becuase of the FOMC announcement, this has affected my day as the markets participants have been waiting for the announcement, and the market has been in a tight range.

I haven't actually decided if I will trade this evening but I am miffed that my day was dull becuase of an announcement that 9/10 does nothing and means I have near wasted my day.

wasp. neally all FOMC announcement days are dull leading into the news.

who wants to take a large position just before an FOMC rate decision?

maybe next time around dont waste so much of the day and take Trendie's advice and do what most of the big players are doing (relaxing)