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Sep 30 2010
You can do the research or talk to anyone you might know that has an understanding of forex and they can all have different ideas on what is the
best forex platform to use. Although in the end, it is you that will have to make the choice on what can be the best forex platform for yourself.
There will be many elements that will aid in this decision, some will be liked by the masses and then there will be some that you personally won't like. It will be determined mostly by the work ethics of the individual and the eagerness to learn.
The term currency trading is best defined by Wikipedia and I quote here " In finance, the exchange rates (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how much one currency is worth in terms of the other. It is the value of a foreign nation's currency in terms of the home nation's currency".
Foreign exchange traders are able to efficiently follow various trends and movements of a very unpredictable currency market. Some will even use the
forex market software to simplify the task of probable and profitable points in the marketplace. This software keeps track of all currencies and gives the best time to sell or trade your stock.
Wise traders will pick out the most reliable
forex robot to help with their decisions in trading. The best forex platform software on the market can automatically give up-to-date forex trading signals. This allows for uncomplicated and quick decision making.
Most financial institutions that function as an authorized foreign exchange dealer will have their own software trading program and this is where your research would factor into the equation. Deciding on the appropriate robot for your skill level can pay off and could determine whether you make money or not.
The main currencies that are tracked include the Euro, Canadian Dollar, Japanese Yen, Great Britain Pound, and the Australian Dollar. Although, there are a lot of other currencies covered, these are intently watched by traders who make a living selling stock.
As with any stock trading, the trading happens 24-7 around the globe and this allows for trading at any time of day. Each individual trader will have their own particular trading time that will fit into their day-to-day schedule. Although, your regular trader won't invest a lot of time into making trades, this is where the forex robot is so helpful and will come into play.
Timing is the chief factor in any market and using a software robot that will give automatic results in the decision process can only be considered the greatest investment in ones future. Nearly everyone of these businesses will permit the use of their software programs just for doing business with their company and that's a great benefit for the trader.
So, what is the best forex platform? This decision is entirely up to the person. It is significant to explore the forums and see what everybody else is saying. This will provide a more refined understanding of what program will best suit your needs.
Sep 30 2010
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Sep 30 2010
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Sep 30 2010
Wednesday, September 22, 2010
ALL EYES LOOKING ON FOR A STOCK MARKET TOP: CURRENCIES ALSO SETTING UP NICELY FOR THE BEARS
And don't forget to check out my midday
ELLIOTT WAVE THEORY COUNT post, "Midday Update - Risk Still Pulling Back", if you missed it.
The internals today were modestly bearish with the exception that volume remains fairly light still with 953 million shares traded on the NYSE. We had a break above the 1 billion share market yesterday, but today we're right back to the upper end of the slow volume range we've been at for several weeks. It's possible a major top was registered yesterday, and the uptick in volume then helps contribute to that thesis, and today's slight decrease in volume may be because the market was correcting the sharp late day selloff from yesterday. We'll have to see. But it's clear that the internals of the market are not showing signs of strength at the moment, and when you add the fact that the higher risk indices are showing more weakness relative to the lower risk indices like I mentioned in my previous posts, then you have the signs of a market topping.
Elliott Wave analysis
The S&P daily chart shows that after wave 1 down was complete in late May, the market has been undergoing a long and complex "combination" correction labeled WXY (EWI Tutorial, Section 5.1). Yesterday's high and reversal occurred at a good level for the bears at the 61.8% fibonacci level, a common retracement level for 2nd waves (EWI Tutorial, Section 8).
Also notice that the daily stochastics are starting to trend down with plenty of room to run from overbought territory. The bearish potential from current levels, with a stop just above yesterday's highs, remains a good trading opportunity for the bears to risk little and possibly gain a whole lot.
You can also see that the XLF picture I laid out yesterday with the 4hr chart proved to be a good indicator of future movement since the XLF declined 1.63% today, significantly more than the blue chip indices. The decline comes right after it fell short of breeching its early August high which keeps the 5 wave decline intact, and the larger trend pointed down. Again this could be another great trading opportunity for the bears with a stop just above the August high and plenty of room to run on the downside if that high remains intact.
With the XLF in full bear mode at the moment, it paints a bearish picture for the stock market as a whole since I highly doubt the stock market can sustain any meaningful rally without financials participating.
RUSSELL 2000 and S&P 600 SMALL CAP DIVERGENCE
While many market divergences have been erased with this week's rally, some still remain in place. For instance, the XLF and the S&P Small Cap index have not exceeded their July/August highs with the rest of the market. But in comparing apples-to-apples, the S&P Small Cap's failure to make a new high is in conflict with the Russell 2000's new high made yesterday. So the small caps are mixed, and the financials and the S&P are mixed. This type of behavior doesn't mean tell us for certain that a stock market top is in, as we've sure learned the past couple weeks, but if a top is in fact in then this is the type of divergent behavior we'd like to see.
CURRENCIES
The daily euro count paints a very bearish picture ahead. The currency is currently in a wave C of 2 that should be wrapping up shortly (EWI Tutorial, Section 7.2, number 2). Although wave 2 does not appear complete on the smaller timeframes, it can finish at any time, and there's evidence to support that.
For instance, the Daily RSI as charted above is at levels that it's achieved near tops in the past as you can see by the green markings on the above chart. Although the previous tops have been much smaller than what this wave count suggests, it still shows that the current extreme in the RSI is when price tends to top and reverse. And with the wave count projecting a large wave 3 about to start, any possible topping signs we get demands our attention.
This wave count and setup also coincides well with what's expected in stocks. The euro and stocks tend to move quite correlated to each other. And so it's encouraging to see two very bearish wave counts and setups in both equities and the euro at the same time.
Lastly, I just wanted to show the divergence in place between the British pound and euro agains the US dollar. You can see that the euro has been on fire lately and has well exceeded its August high along with most equity indices. However the British pound not only has not confirmed this new high in the euro, but also has not confirmed the euro's new September high it just put in, and has recently declined in a nice 5 wave impulse pattern (EWI Tutorial, Section 2.1) as discuess in today's midday post. See GBP/USD chart here.
So even currencies are setting up for a big fall, which in this case means a massive US dollar rally.
So the setups in the markets are there, we just need to wait for them to play out. The key for the bears is to soon get a sharp impulsive decline with a strong increase in volume to break down key levels which I'll discuss when the decline gets underway. Any continuation higher the rest of the week should just be temporary, and may mean a challenge of the 78.6% fibonacci retracement level surrounding 1180 in the S&P.
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.
Readers that are surfing for information about
forex trading online, please make sure to visit the site that is mentioned right in this line.
Sep 29 2010
The webIRESS plus trading platform is the most recent platform to be released by Australian financial markets software giant, IRESS market technology. WebIRESS plus enables retail on-line traders the ability to take full advantage of the versatility and speed offered by IOS plus from the relaxation of their home or office.
Unlike the traditional IOS classic that powers conventional webIRESS, IOS plus provides users with the ability to take advantage of advanced web services technology in their automated trading plans. webIRESS plus users are now able to develop trading algorithms without having to install and run the IRESS desktop software, saving a substantial amount of time and money. Being server based the web services technology also offers significant redundancy advantages.
IOS plus has substantial speed advantages over its predecessor with order transmission speeds being improved by a whopping 150%, this means webIRESS plus users are able to send trades to the market at speeds not previously available to retail clients in Australia. Faster execution translates into more trading opportunities.
webIRESS has also had a make-over with webIRESS plus utilizing the lasted in Java technology giving the front end interface a smooth visual appearance reminiscent of windows 7. Combined with an enhanced graphic appearance webIRESS plus also provides users with complex order types including having the ability to design multi legged contingent orders.
Presently webIRESS plus is only being used for
CFD trading, this is primarily due to low latency trade transmission times demanded by CFD traders. It is anticipated that webIRESS will soon be adapted for web based share and options trading also.
At present webIRESS plus is only being offered by CFD broker International Capital Markets (IC Markets), this is primarily due to customer interest in low latency CFD trading and the company’s drive to remain at the forefront of trading technology. It is expected that other CFD brokers presently offering webIRESS will quickly recognize the many benefits of webIRESS plus and add this revolutionary trading platform to their arsenal.
When selecting a
CFD provider always consider the platform being offered and decide whether it will give you an edge in your trading. If you are a day trader or scalper you should consider
webiress plus as it offers you a major speed improvement over all other platforms out there. It will enable you to take advantage of fast paced markets and rapid match price changes in the opening and closing market phases.
IRESS has again set a brand new benchmark for high speed low latency trading in Australia.
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