Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Very encouraged by today's results. I was able again to identify direction changes, keep from missing changes or adding unwarranted changes. I understand this is a small part of trading and I have a long way to go. Yet this is a step in the right direction with which I am pleased.
Today's analysis was as follows:
In hindsight:
0325 -price began an upward push, trend is UP.
0450 -trend changed to DOWN as per the 50% rule.
0530 -trend confirmed DOWN breaking the prior swing low.
0735 -trend change to SIDEWAYS with range of 1.3200-1.3218 (I used 1.3222 the nearby resistance).
0800 -upper end of range was tested.
0845 -bottom of the range tested.
Real time analysis began at 0910
0930 -top of the range tested for a second time.
1005 -price breaks out of the range with strength to the upside, trend UP.
1055 -trend changed to DOWN as per 50% rule.
1205 -testing support.
1235 -stopped analysis for the day.
Next week, I will be away for holidays, so no posting. When I return I am going to begin adding analysis of strength and weakness to the charts when, currently unsure exactly how I am going to do this. Suggestions welcome.
Real-time analysis today began at 0910. At that time trend was UP and forming the boundaries for the sideways trend which began at 1015. I identified the range from 1.2949 - 1.2977.
It appears to me I successfully identified ALL direction changes during my live analysis without including any unwarranted changes.
I plan on continuing posting and grading my future direction analysis until I decide how to include real-time strength/weakness analysis on my charts. I am also considering beginning to add areas of trade opportunity, I identify, to my charts next week and grading them as well.
I feel confident in my ability to assess future trend direction.
Today's Future Trend Direction grade: A
In hindsight I marked the trend as in a sideways range at 2240 yesterday. The range I felt was from 1.2904 to 1.2943, but with an area of supply at 1.2947 I used that as the upper boundary of the range. There were of course trend within the range, although not marked on the chart. I was able to identify them correctly while analyzing in real-time. There were no other direction changes as price stayed in the upper portion of the range.
As mentioned yesterday I will begin marking areas of trade opportunity (according to my method and plan) I identify beginning Monday. Grading will be done at the end of my trading session. If I identified ALL areas of trading opportunity while in real-time without missing any or adding invalid opportunities I receive an A. For each opportunity area missed, identified incorrectly or invalid area added I drop a grade.
After I feel confident that I am correctly identifying areas of trading opportunity, and consistently getting A's, I will move on to the next step (a minimum of two weeks).
Again, any suggestions, thoughts or comments regarding this or my charts are welcome and encouraged!
I have come into a snag. Friday I was notified by Oanda that I must be an Accredited Investor (have over one million in net assets, earn over $200k /year) in order to trade forex (and futures) in Alberta, Canada. I have been spending time trying to resolve this issue. After contacting ASC (Alberta Securities Commission), I verified this to be true. As Oanda is under Canadian Regulations, this would apply to all their Canadian accounts. I am now looking into my options. Any suggestions would be great, I need help!
As far as i am concerned you don't have a lot of choices unless you try to open an account with a foreign country but i would not recommend it. You could also try to ask an exemption to the ASC. In Ontario or Quebec we do not have this type of limitation.
I'm also Canadian and use Interactive Brokers (Canada) for spot Forex, mostly because I already had an account with them for stock trading, partly because IB is supported by NinjaTrader. 2 issues may be the data feed is sampled and historical tick data is not available. As I recall IB's financial criteria may not be as steep as Onana, minimum initial account size is $10,000.
Look at Thinkforex. Their spreads are similar to Oanda.. maybe just slightly higher, but you can get a rebate of $3/lot. Dukascopy is really good, but their java platform takes some getting used to. Dukas is even better than Oanda, IMHO.