Caseynotes
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Posts posted by Caseynotes
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18 hours ago, dmedin said:
There's only one step for that to be even remotely possible.
Step one: get hired by Goldman Sachs or some other big firm.
The book is a recognised trading classic and a must have/read for any trader. It covers just about everything and in a language even retail traders can understand 🙄. I haven't read it for a while but remember his explanation on contract creation, exchange and deletion and the different affects on open interest and so exactly what rising and falling OI signifies was clear and very useful.
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10 hours ago, marauder said:
Hi, is it possible to download or otherwise import historical FX data from IG in to MT4? When I log in to my MT4 account the historical download seems to max out at 2/3 months. You can download additional data but it sources it from MetaQuotes and not IG.
Thanks
Hi, not that I've seen, the historical data from IG comes as 'packets' so there is only so much 5 minute chart history data and only so much monthly chart history data and so the 5 min chart data only goes back x number of weeks and the monthly chart data only goes back only x number of years.
You can download some extra data from the History Center from the mt4 Tools tab but that is metaquotes data not IG's.
Other sources of historical data see hee;
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And continuing on from the recent big move up in open interest in S&P (see last post above) further evidence hedge funds are finally moving in on US equities in a big way after staying on the sidelines for most of the year.
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On 26/12/2019 at 17:48, UN1234 said:
I am currently doing some testing of the web platform and have some questions:
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Charts in one workspace reset time to weekly if I change to a different workplace. Is there a way to disable that effect? Obviously I want the candles and charts to stay at the area and in the timeframe I left them (this kind of unwanted reset also happens every logout-login).
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If it is impossible to avoid that timeframe change with workspace switching, I notice there is a specific option to open a workspace in different browser tabs. Can having different browser tabs for different workspaces on the same account cause any problems with sync, security etc., or is it intended to work that way (I have had problems with that on other platforms in the past)? Same workspace across 2 different tabs do not update changes automatically on both, not sure what would happen...
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Each chart in a workspace can be split, but is there a way to display different assets/pairs/CFDs etc. in each such window? It seems I can only split the same asset/pair etc. into different timeframes, but not add e.g. EUR/USD & EUR/GBP in one split chart?
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Is there a targeted zoom function, or just the in-out buttons?
While using zoom in/out with a mouse scroll wheel, is there a way to enable/disable a kind of 'maintain chart position'? (default is obviously not maintaining)
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Movement on the web chart seems to have 2 'modes': sometimes it allows me to move freely as I click a random area and move the cursor around, but other times it will only move strictly horizontally or strictly vertically, even though I am seemingly doing exactly the same movement with my mouse. Is that an intentional difference that can be triggered, or a glitch?
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When trying to click on the time or price scales, to compress or stretch the price and time, how it responds seems to depend on how far/close you are to the center/top/bottom/edges. Is there a way to make that response consistent, i.e. when clicking the price or time line and moving the cursor up/down it will always respond in the same way?
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Is there a separate risk/reward tool that can be placed on the chart, independently of the buy/sell menu?
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Can the toolbar be customized?
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Can the chart background color be chosen, aside from just light mode vs dark mode?
Can the 'price line' / last value line color be chosen?
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Is there a built-in screenshot tool?
Thanks.
Hi, for saving layouts right click on the chart and select 'Layouts' though it should also auto save.
there is an issue with using different time frames if not using the split screen function.
You can an add multiple charts to a page by using the minimise tab (top right) and manually resize and re-position the charts on the page.
zooming is by the mouse wheel.
the risk and reward is auto calculated on the deal/order ticket.
there is only light or dark modes as yet for background colour.
for screenshot tool right click on chart and choose 'export chart' and a copy will be placed in your downloads folder.
sorry but don't understand the other questions, the platform is still relatively new and there are new additions added frequently and the tech staff are always keen for feedback and suggestions.
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Absolutely every year-end, without fail, you find some clown writing this type of scare story. Journos gotta write something I suppose.
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Looking like open interest is starting to take off on the US indices (green line bottom pic). The big guns have stayed on the sidelines til now but look to be coming to the party.
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'Trading for a Living' Dr. Alexander Elder audiobook on youtube.
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On 21/12/2019 at 07:02, senthil8521 said:
It will be nice to hear how Margin money is derived while making a deal with major currency pairs in CFD
Hi, margin (leverage) is set by the regulator not the broker. See https://www.ig.com/uk/charges/margin
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On 22/12/2019 at 17:58, Pike said:
I've just spent the past hour trying to understand exactly what I would be charged for holding CFD contracts overnight. I'm talking Oil, PMs & stocks. And the calculations are different for each. Is there not a calculator somewhere on the site that can give me this information quickly?
Please someone tell me there is.
TIA
Hi, currently only FX and Precious Metals have the swap calc estimates listed. You need to add a watchlist to a workspace and click on the 3 stripes and add swaps (see link). Until the others are added it's either to calc or have a trade on the demo platform running to give an idea of the current daily rate.
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10 minutes ago, dmedin said:
Zut alors! 🐮🥳😻
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23 minutes ago, Caseynotes said:
The problem is the vids are all mixed up so you will need to sort through and pick them out.
Just realised the first vid is an overview of daily routine, the second vid lists the conditions for taking trades which is also the list of names of the videos relating to them, the number 2 is the video called Baselines.
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A link here to a youtube channel of a trader I picked out a vid for to add to a different thread but have seen there are more recent videos where there is a description of the basic trade plan he uses.
He calls it an algorithm but it's not a bot but rather a set of simple rules connected to a set of indicators that is used to select markets and entry and exit points.
So a number of conditions must be met before a trade is taken and each has an indicator to do a specific job to give a yes or no. I've not watched all the videos but this is basically how you should set about building your own trading plan.
An indicator to show the state of the market. An indicator to show an entry signal. An indicator to confirm entry signal and an indicator to signal exit.
It's really very simple and there are a number of examples and choices of indicators to use, the important thing is that each preforms a specific task and gives a straight yes or no decision, there is no guessing.
The problem is the vids are all mixed up so you will need to sort through and pick them out.
Look for vids on;
1/ ATR and volume indicators (market conditions).
2/ Baseline (entry signals).
3/ Confirmation indicators.
4/Exit indicators.
https://www.youtube.com/watch?v=6NfU2OwuyTc&list=PLPqWQo6-TXfHyC12MRHK5doA5oUeGwpkV&index=20&t=0s
https://www.youtube.com/watch?v=JxUtee7krFc
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S&P runs up to the weekly pivot R2 on the US morning session.
Daily and H1 charts;
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up and away yeah;
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Boeing's space rocket launch live;
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hahaha
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12 hours ago, eggroll111 said:
hi,
On my transaction summary what does WITH stand for
Thanks
Hi, it stands for withdrawal as in money withdrawn from the account.
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The 12 worst indicators to use on Forex. Was reminded of this video by recent discussions on the forum. Very interesting concepts and some explanations as to why many well known indicators just don't work.
Also added at the bottom is the link to his Vid list, I remember the one on big banks was well worth a view as well.
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Strong day yesterday for Dow, S&P and Ftse. Dax still lagging as Merkel struggles to make a trade deal with China, one recent report said China had threatened to declare 1 mil Ger imported cars unsafe if Merkel did not accept Huawei 5G into into Germany.
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US Indices just backing off after a very strong day yesterday, Bonds down, Oil and Gold flat, Crypto down.
Today UK GDP at 9:30am (final so should be no surprises). US final GDP at 1:30pm.
UK Brexit vote in parliament at 2:30pm could affect the GBP after the recent turmoil when GBP shot up on a good election result then came straight back down when Johnson announced could well see a no deal Brexit.
US income and sentiment data at 3pm.
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15 minutes ago, dmedin said:
The U.S. indices are blasting off into the stratosphere,
(Well, S&P 500 and Nasdaq 100 at least,)
But oh, how long will it last?
And for how long shall it be, my bonnie loon?
Of which oracle shall we enquire? To which god shall we pray?
What animal's intestines or tea leafs shall we divine our omens from?
Oh the pain! The pain! I cannot take it any more, my bonnie bairn!
thought you already had this sorted. You don't need any of the above or Reuters or any of it.
Step 1/ look at the chart. is it going up, down or flat? if flat walk away. if up you are looking for longs, if down looking for shorts. are you with me so far? good.
Step 2/ for longs look to buy a dip. if no dip presents then look for a break.
that's it, really. you can chuck all that baggage in the bin.
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2 hours ago, larrybreheny10 said:
I am unable to open the charts in my share dealing? Can anyone help here?
Thanks
Larry
Hi, it's probably site permissions not allowing Flash to run. Click on the padlock icon in the address bar and settings then set Flash to Allow (not Ask) then exit and click the 'reload page' banner.
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Dow and S&P break into new highs, S&P at 3,200.
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2 hours ago, JoeG said:
Hi,
I'm quite new to this, however have a made a few trades so far. I was told by using the spreadbet interface you can avoid the standard tax rate however whenever I make a trade is the platform forcing me to use leverage? Typically I was always taught to use a very small amount of leverage if any at all. Can somebody help me understand this a little better?
Hi, yes spread betting is nearly the same as contracts for difference but is not taxed. Both are leveraged type accounts and you are trading a derivative of a product rather than the actual product itself.
So you will use some leverage but that can be limited by using smaller position sizes (bet size or number of contracts) on your trades rather than using the maximum size allowed (using up the full margin requirement on your account ).
On IG's web based platform the lowest size is usually 50 pence or £1/point, on the MT4 platform it is 10 pence/point.
hahaha
Trade Planning and Testing
in General Trading Strategy Discussion
Posted
@dmedin, don't beat yourself up, you should try trading properly for a change and see how that goes 🙄. Let me explain, but first a couple of points. A short while back I was looking at a chart you posted and the structure and all 5 indicators you had on were screaming 'bullish' so you happily jumped in short. I think you're missing a trick, if you're going to completely ignore all your indicators don't have just 5, have 10! That will make it look like you know what you are doing and earn you lots of kudos points, but don't ever have no indicators because then people will just suppose you don't know anything 😉
2nd point is that trading reversals needs a special set of skills that you don't currently have, so just don't.
So that leaves just pullbacks and breakouts in trends, there is nothing else, buy the dip or the breakout.
So how to?
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a/ 2 time frames correlating, your trading chart and a higher time frame chart both trending in the same direction.
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a/ On your trading chart find a pullback of roughly 40 - 60% of an impulse move.
b/ Wait for the pullback to die and the bars to change back to the trend colour and so signal trend continuation.
c/ Aim to buy at that point or wait for a breakout passed the previous high.
Now the indicators. There must be a reason for them and they must give a go or no signal, a red or green light, nothing else, no perhaps or maybes.
3/
a/ An indicator to confirm what your eyes are telling you about the trend. This could be a simple moving average with settings tuned to your chart time frame. Sloping up = long entries only.
b/ An indicator to confirm what your eyes are telling you that the pullback is dying. I like to use Stochastic with settings tuned to the chart time frame to be starting on an upward curve for a long entry. Some use volume colour reversal or an RSI direction reversal.
c/ 1 or 2 overall confirmation indicators, these tend to be mid-range oscillators on default settings that signal whether bulls or bears are in control, I use to use Vortex but am trialing Aroon with Chaikin Money Flow. Aroon must have the green line on top for a long entry and CMF must be above zero.
The important point of these last 2 indicators are that they are there to filter out a lot of the maybes so you are left with fewer entry signals but they are of a higher probability.
So you see the setup on the chart. You look to the indicators and if you have all 4 showing green lights (MA, Stoch, Aroon and CMF) you automatically enter .
You know your system works because you have validated it. You collected the stats when you backtested it on 20 trades, then forward tested it on demo for 20 trades and then forward tested it live with smallest position size for 20 trades.
Of course you need to tack on some trade exit and money management rules but that's easy, the entries are the hard part, get them right and you are more than halfway there.