Forex rebates on every trade - win or lose!

et tu, peter !!!

Hilary,

OK, I bow to the superior technical knowledge of yourself and MM re the feeds. I am a little concerned that you describe the feed as inaccurate. I may take it up with Updata and see what they have to say. Personally I have never had a problem with it or the P&F charts but maybe it's a case of ignorance is bliss.

I am still pursuing the disappearing chart issue. I presume your trial finishes this week and you won't be subscribing by the sound of it but I don't know whether I will have an answer before then.

H,

I don't think it's so much a case of the data being inaccurate, rather than the vast majority of the market looking at something different and that could prove costly.

Earlier I was watching the O's and X's form this morning on the 1 minute Updata P&F chart and comparing it to both FX Powerchart (FXCM feed) and FXTrek Intellichart (S&P Comstock feed). The latter two charts were both coming down smoothly and the P&F chart was forming a column of red O's. Suddenly the P&F data spiked up by around 6 pips and prompted a column of blue X's to print while the other two charts didn't show this upwards spike and continued their downward path. A minute later, the P&F chart resumed the down move and started a fresh column of red O's. The effect of this was to introduce two columns unnecessarily into the P&F chart and thereby push the price action closer towards the trend line.

I don't know how often similar events occur, but it strikes me that if it happens a lot, then it will break the trend line before it really should. This could cause whipsaws as I mentioned last week.

As for some data feeds relying on 600 or even 2,000 contributors, I suspect that the likes of Reuters, Bloomers and FXCM only use around a dozen or so of the major contributors within their feed and ignore the rest. I've no way of proving this of course, but as the spot FX market is effectively controlled by around 16 banks, I don't see the significance of relying on data provided by all of the "hangers on". In the case of Updata, I suspect that you count the contributors to their price feed on the fingers of one hand which would explain the roughness of it.

You're also correct in that my Updata trial expires this week. I might ask for an extension or I might simply register under a different name. I shalln't be around very much for a month or so starting next week, however, as I have other commitments, so I might simply leave it for now and come back to it in a few weeks time.

I downloaded the trial with a completely open mind as I didn't really understand it and wanted to find what it was all about. I can certainly see why people think so highly of it, although I'm still not sure that I'd pay for it. I'd really like to compare the charts from a different feed first.

Hilary,

I tend to use the 1 box 1 min chart to time my entry but then change to a slightly longer time frame and box size to follow the trend. The 1 min charts are too sensitive I find and will take you out of a trade uneccessarily.

H,

I've no idea whether I've been doing it right or wrong, but I've been using a half pip to a box with a 3 box reversal and the trend has been tending to hold for quite long periods.

My observations so far are:

Wednesday (when I guess I started to look at it properly) and Thursday last week, the trend held pretty much all day long. Friday was a day of whipsaws although I suspected that would be the case from the outset when my 1 hour MACD was rising but my MA's were still falling. Nonetheless, Friday still had its moments. Today the trend has held since before 7am although it looks like it's starting to come under a bit of pressure now.

On that basis there's certainly some merit in it.

Hilary, are you aware of the + and - figures in the bottom right hand side of your chart?

CMC have reduced their spread on EUR/USD to 2 pips.

H,

Yes, I'm aware of them although I need to get my magnifying glass out to see them.

:o)

Incidentally, what does it mean when it quotes a price and then says CRR: 0.9 or similar? I haven't downloaded the help files or bought the book yet.

Hilary, CRR means current risk reward. I wouldn't use them on small charts though. The chart can change very quickly.

Strange that you think the + and - are very small. But you can increase and decrease the box size with them.

H,

It's more likely just a case that I need some new glasses. Either that or I need to cut back on my daily intake of Chablis by a bottle or two.

:o)

Hilary :-))

Just watched and traded Cable all the way down hugging the bearish resistance line on the 1 min chart and being contained by the line too. Fantastic.

Alongside you, H, although I still think that the half pip box size works slightly better as the price action seems to be currently contained a way off the trend line and is in little danger of giving a false break.

Long at 1.7863 from it around 7:30 this morning, reversed at 1.898 and still going.

MM,

How difficult or easy would it be to take the raw data feed from Reuters or Bloomers or whoever and create a P&F chart from it in Excel? Or could you do anything from it?

I've taken a screenshot of the P&F chart that I've been working to today, but I can't seem to upload to my web server at the moment. I think there's a problem with the firewall blocking the required port.

If either IanT or Derek are lurking, could I mail it across to you please for you to upload and link to? TIA.

Oh well, never mind about the chart now as I've offloaded as it raced down a few minutes ago.

Hil: Mail it to me and I'll put it up on the IST site and give you the link.

Good call Hilary. I lost quite a few pips at the end there :-(

H,

The reason that I covered was that fiber failed to push lower alongside cable at the same time and was already starting to muster support. I guessed that the cable stops below 1.78 might be being gunned.

I've e-mailed the chart to MM, so hopefully he'll post it up a bit later.

Hilary's chart:

Thanks Hilary - good tip for the future.

Thanks MM for postings Hilary's chart. Very impressive. Cable is now back at 7900 and the same .5 pip chart is equally good on the rise.