Here are the two positions I recommended on
Scout-Forex DTS:
See daily review:
Good Scalps and More Upsides Friday +97 pips
+87 pips
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The Dell Bounce
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If you go to InterbankFX’s homepage you just might notice how proudly proclaim their “no dealing desk” status. Yet how humorous and perhaps sadly tragic in that it speaks of something foul with this forex business that at the bottom of every e-mail they send out you see this statement - and better yet all capitalized too!
THE FOREIGN CURRENCY TRADING YOU ARE ENTERING INTO IS NOT CONDUCTED ON AN EXCHANGE. INTERBANK FX, LLC IS ACTING AS A COUNTERPARTY IN THESE TRANSACTIONS AND, THEREFORE, ACTS AS THE BUYER WHEN YOU SELL AND THE SELLER WHEN YOU BUY. AS A RESULT, INTERBANK FX, LLC’S INTERESTS MAY BE IN CONFLICT WITH YOURS. UNLESS OTHERWISE SPECIFIED IN YOUR WRITTEN AGREEMENT OR OTHER WRITTEN DOCUMENTS INTERBANK FX, LLC ESTABLISHES THE PRICES AT WHICH IT OFFERS TO TRADE WITH YOU. THE PRICES INTERBANK FX, LLC OFFERS MIGHT NOT BE THE BEST PRICES AVAILABLE AND INTERBANK FX, LLC MAY OFFER DIFFERENT PRICES TO DIFFERENT CUSTOMERS.
IF INTERBANK FX, LLC ELECTS NOT TO COVER ITS OWN TRADING EXPOSURE, THEN YOU SHOULD BE AWARE THAT INTERBANK FX, LLC MAY MAKE MORE MONEY IF THE MARKET GOES AGAINST YOU. ADDITIONALLY, SINCE INTERBANK FX, LLC ACTS AS THE BUYER OR SELLER IN THE TRANSACTION, YOU SHOULD CAREFULLY EVALUATE ANY TRADE RECOMMENDATIONS YOU RECEIVE FROM INTERBANK FX, LLC OR ANY OF ITS SOLICITORS.
What, you’re shocked?! Don’t be! Did you ever read that e-mail footer? I bet you didn’t.
Just thought I’d let you know in case you did not. Make sure you take this into account when you’re trading. Not only are you fighting against other traders who most likely are better than you but against your broker as well - a recipe for failure indeed.
Be aware that any company which says that they are a “no dealing desk” broker yet acts as a counterparty in a transaction is most assuredly insulting your intelligence.
You know this stuff would not bother me so much if they just plainly stated on their website that they’re a market maker pure and simple. No, they have to lure the unsuspecting clueless traders who upon hearing “no dealing desk” automatically their eyes light up like candlesticks. Folks, just look up counterparty.
I just felt that I had to get that off my chest. Now get back to your IBFX MT4 trading station.
Cheers,
Alan
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Checkout this article written by Michael A. Jones regarding one of the oldest forex strategies employed by traders - the 200 EMA strategy.
–I quote–
A challenge facing many new traders when developing their forex strategy is the ability to identify the overall trend for intra-day trading.
The 200 EMA (Exponential Moving Average) can solve the problem.
The 200 EMA is one of the most popular indicators of all time with Forex traders the world over, and for that reason alone is worth noting due to the psychological effect on the market place price can have when hovering around the 200 EMA.
Using The 200EMA Strategy
To use this very powerful Forex strategy, create charts on 3 time frames:
Now plot a 200 EMA indicator on each chart and, as a suggestion, color it red, for easy visual impact.
Preferably tile the 3 windows containing your 3 charts into a vertical fashion so you can see the 3 time frames next to each other. It will squeeze up the information on the charts somewhat but for the purpose of this strategy that doesn’t matter.
Now scroll through the various currency pairs you like to trade.
If you prefer to trade only pairs with a smaller pip spread, they amount to about 9.
They are:
- EUR/USD
- GBP/USD
- USD/CHF
- USD/JPY
- EUR/JPY
- USD/CAD
- AUD/USD
- NZD/USD
- EUR/CHF
What you are looking for is any currency pair that bucks the 200 EMA on the 15 minute chart.
So for example, look at the EUR/USD pair and note the position of price relative to the 200 EMA on the 3 time frames.
If price is well above the 200 EMA on the 4 hour chart, well above the 200 EMA on the 1 hour chart, but BELOW the 200 EMA on the 15 minute chart, price is bucking the trend.
The overall trend is up, price has temporarily gone against the trend and is currently in a retracement.
Using the fundamental trading principle of “buy the dips in an uptrend”, “sell the rallies in a downtrend”, look for a suitable entry point.
In the example given above you would look for an opportunity to buy the EUR/USD, perhaps watching for a candle signal that price has exhausted it’s downward momentum, bucking the 15 minute chart 200 EMA and will soon resume it’s upward momentum.
This is an easy exercise and it can be done once or twice a day, taking just a few minutes.
Watch For Price Bucking The Trend
Once you see price bucking the 200 EMA on the 15 minute chart, whereas it is on the opposite side on the 4 hour and 1 hour charts, sit up and take note. Watch carefully and grab the opportunity to get in and make some pips.
After a little practice you will see how extremely powerful this simple Forex strategy is - certainly deserving a place in your trading tool kit.
–end quote–
Source: http://ezinearticles.com/?expert=Michael_A._Jones
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The LG Vu has a touchscreen and mobile TV, but not much else.
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This week...bikini coffee, a cat in the wall, and Jersey tattoos!
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I just wanted to let all my dear readers know that I will be leaving on vacation for a few weeks in a short while, so you won’t be hearing from me for some time (hey, stop that cheering!)
So as of today this will be my last blog post until I get back. It is time for me to take a break from this strangely addictive thing known as the internet.
Where I’m going I will check my mailbox once in a while but don’t expect me to answer within 5 minutes as I usually do (ask someone if you doubt me).
Ok, best of luck to you all!
Cheers,
Alan
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Sooner or later, the Fed will have to pay attention to inflation and turn off the money machine. That's what Wall Street is afraid of.
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A primer on managing your business's cash flow.
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