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
Yahoo! Groups Links
Yahoo! Groups Links