Forex Profit Alert: January 6, 2009
January 6, 2009 · Print This Article
Two gap trades still open. The second leg of the JPY gap trade is up +172 pips. The second leg of the CHF gap trade is still going with a current profit of +340 pips. If these two pair continue to move further into profit, we will have to closes these trades out on Friday.
The USD/JPY has a pending short pivot trade. The EUR/USD has a pending pivot short trade and a pending long trade. The GBP/USD has a pending long pivot trade. There is a pending long and short pivot trade in the USD/CHF.
There are no significant news announcements for tomorrow. Therefore, there are no movers trades.
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Forex, Jason, Fielder, EUR, USD, CHF, JPY, GBP, AUD, NZD, markets, pairs, trading, trade, profit, money, currency
HI
I’M WONDERINNG,!!!HOW COULD SOMETHING LIKE THIS HAPEN?MY GBP/USD DAILY CHART IS DIFERENT COMPARING TO YOUR CHART.YOUR CHART IS MISSING 01/04/2009. MY BROKERS IS http://WWW.FXPRO.COM. AND I’M COMPARING IT WITH http://WWW.DELTASTOCKS.COM SOME OF MY BROKERS GBP/USD CHART DAILY CANDLESTICKS ARE COMPLETELY DIFERENT.THERE IS SELLING ALL DAY MY IS BUYING.(BLACK AND WHITE).AND IT IS DAILY CHART???IS SOMEONE CHEATING? THANKS.
Hi KL,
Thanks for the email.
You have to remember that this is an unregulated market, so the brokers are using there own data feed. This means that each broker decides which and how many banks around the globe that they will use to make there data feed and pricing. So far I have identified about five different data feeds out there.
To make things even more fun, each broker handles Sunday differently. Some brokers include Sunday with Monday displaying five 24 hour periods that start on Sunday at 5:00 pm ET and run through Friday at 4:00 pm or 5:00 pm. Other brokers show Sunday as it’s own day on the chart.
I hope that this helps.
Good trading,
Jason Fielder
Hi Jason,
Following on from that question…if we are having to take into account differing datafeeds (cos I am having a similar problem here in the UK) if our charts are different does it invalidate your suggested trades? in other words should we only work off the charts and data feeds that we have? This is like having a party of polar explorers all declare the north pole to be in different places depending on which Japanes mnfr of GPS they’re using!!!
Hi Richard,
I do see your point. However, this does not invalidate my suggested trades because most of the time the charts are close enough. The data feeds are similar. Where the biggest issues come into play would be with the pivot system and qualifying bars.
Plus, you must remember that I have back tested and forward tested these trading systems and I have found them to be profitable.
It would be interesting to do a study to see if there is an difference in profitability between charts that show Sunday on it’s own versus those that use a 24 hour approach.
I hope that this helps.
Good trading,
Jason Fielder
Hi Jason,
Thanks for that. I agree, and would beinterested to hear your results if you look into it.
Here in the UK the market closes Friday and opens midnight on Sunday night.
What I will attempt to do is check whether the gap (if there is one) is the same from what gap we see as opposed to what gap you see. 15 pips isnt much so if there is a 15 pip discrepancy it will “invalidate” your suggested trade, sorta speak, even though it wont strictly be true!.
Concluding question : can we safely trade the gap we see on the charts on this side of the pond?