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RE: [Metastockusers] Automatic order execution



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I presume you are in the US? In that case “overnight” for you means something slightly different to me in the UK…but please bear the following in mind before you hit the self-destruct button and let MS trade away your account for you.

 

Forex on Asian trading hours have different volatility characteristics to European hours, which are again different from US open hours. This is because the size of the market participants generally gets progressively bigger from East to West as you might expect, and also because the US dollar is still the reserve currency and therefore the primary driver (so traders tend to ‘watch’ the US stats and ‘listen’ to Greenspan before suddenly, and often spectacularly, driving the market in the direction it wanted to go anyway).

 

For my own trading I actually filter out the data from trading between the hours 7pm and 7am GMT. Apart from the fact that the data is irrelevant to me because I’m either alseep or enjoying myself (or both), it turns out that, wonderfully, the very few resultant gaps in the data are generally in the direction of the prevailing trend anyway…i.e. I still capture all the important turning points. Now why do you think that is? Hell, it doesn’t even seem to make much difference for the Yen/USD. The resultant intraday charts are now much smoother and make a lot more sense, both visually and from the way they affect indicators.

 

If you want to see some stats for yourself then just get an intraday file, stick it in Excel, create a new column by subtracting the high from the low and then use a pivot table to plot a chart of time versus the average high-low range.

 

So, putting the for/against arguments of purely mechanical trading aside for one second… do yourself a favour, ignore Equis’ lunatic advice. And ignore any forex buy/sell signals you get from Asian trade hours. Depending on the time frame you are trading you might also like to treat the ‘European’ signals with a degree of skepticism also.

 

In any case, the forex markets are especially big, nasty and wild and they need your full attention. Yes, it’s “tough watching a screen all day”…but not as tough as watching your hard-earned money disappear.

 

 


From: Metastockusers@yahoogroups.com [mailto:Metastockusers@yahoogroups.com] On Behalf Of Kevin
Sent: Friday, April 15, 2005 9:39 AM
To: Metastockusers@yahoogroups.com
Subject: Re: [Metastockusers] Automatic order execution

 

Hello,

FWIW, I have been using eSignal for quite a while and have found the FOREX feed to be (almost) faultless. If you are using MS RT, you won't need their fancy charting certainly so the basic package will be fine for you and MS has a built-in eSignal interface. The extra cost for the FOREX feed is $50 a month; you can't just select one pair, you get the whole piggy-bank. If you do get a winning trade on in the middle of the night that you would otherwise have missed then your data feed will be paid for, right?

I'm certainly interested to know how you get on with Dynaorder - it's tough watching a screen all day.

Regards,
Kevin




At 12:26 14/04/2005 -0500, you wrote:


Well although it sounds like not many people seem to be interested in this issue,
I just found another service provider other than tradebolt. Dynaorder takes a 1-year price of $200-250 and takes order from metastock to yourdealer realtime.

Now I need a cheap and trustable real time data provider, just for FXcash market, infact just for euro-dollar. My broker company is refcoFX.

As iam being very specific and request info. About only one specific pair it should drive the costs down.

I will use this real time data feed on metastock pro to initiate signals and signals to be routed by dynaorder to my broker refcoFX.

If anyone has comments and information about a convenient real time data provider pls reply.

Regards


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