Ahhhhhhh BREAKOUT!

[BigBubba]

Le Chic!

Just kidding.

Is this a breakout?

NZDJPY

[wolf825]

Originally Posted by BigBubba

Le Chic!

Just kidding.

Is this a breakout?

NZDJPY

Well.....maybe...but not a huge or definitive one.

I am not a fan of triangles in Forex...they can lie and give false break hopes...especially in a quiet range market.. BUT the candle you are seeing--could indicate a possible short term move that may be possible to trade LONG from 81.60 to perhaps 81.80-90. For it to be a breakout with any definition IMO, you really need it to break above 82.35 or below 80.45 as those are some of the most recent support and resistance areas.....

JMO..
-w

[BigBubba]

Well, just trying to look at charts and identify some patterns. Later, drawing the lines and confirming. I guess it helps to work on it.

I realized this is not a breakout but a potential for one. But good to hear from an experienced FOREX trader on what things they have seen.

Was working on carry trade stuff and bought GBP/JPY using ITradeFX, and guess what? They charged the account -24 dollar on a standard lot on demo account for holding overnite. To top it off, they haven't replied to my query about that. It's been 24 hours now.

Also they are weird. If I sell one lot, I can't buy a separate lot since it closes the first trade. What is I wanna scalp in the middle of the day in the opposite direction of the long term one? They also have some slippage.

The other one InterBankFX is pretty cool in most things. Their server becomes unresponsive when it's important and loses pips. Meta Trader 4 with their server allows to open 1 lot long on a pair, and 2 lots short without cancelling any existing orders.

A third one from MGForex is the dumbest one. I had bought on dips and decided I'd take the $70 and $110 profits so clicked on the first lot to close. It close all three of my trades. Have they no shame?

[techno791]

Mister Doodi had an issue with some broker charging him interest on a carry, when it was a carry positive position. He had to change some type of account setting. Sounded like broker nickel and diming to me.

Wait until that candle closes for confirmation. Maybe they count the wicks sometimes for those lines. I don't know. But if that candle isn't closed, it could just as well retrace a bit, and give a wick instead. I like it when candles close for confirmation.

Unless of course, the candle in question magically spikes 30 pips or so instead of waiting. Since you're on the 1H.

[BigBubba]

Originally Posted by techno791

Mister Doodi had an issue with some broker charging him interest on a carry, when it was a carry positive position. He had to change some type of account setting. Sounded like broker nickel and diming to me.

Sounds like bad broker to me. They haven't responded to my question. Now if one is risking a thousand dollars to buy a standard lot in a $5,000 account, somebody better get back to him/her in 5 minutes! (This is demo account, so I'm not pissed). I am learning about them. I was not opening multiple accounts in the beginning 'coz I wanted to just learn off of one and then worry about others demo accounts. Now I have three and already the experience has given me a lot to think about. The strengths and weaknesses of different brokers and their little platforms.

InterBankFX, has a live chat available that one can use anytime of the day on the website. Response was fast and professional.

Originally Posted by techno791

Wait until that candle closes for confirmation. Maybe they count the wicks sometimes for those lines. I don't know. But if that candle isn't closed, it could just as well retrace a bit, and give a wick instead. I like it when candles close for confirmation.

Unless of course, the candle in question magically spikes 30 pips or so instead of waiting. Since you're on the 1H.

Agreed. Everytime I think I've learnt something new, the next day it's invalidated or has more conditions. Enjoying learning. Hopefully will keep this up.