Hey.
GT247. Are they not a South African broker??? Seem to remember seeing their platform once on somebody’s PC some years back. Never mind. GLOBAL TRADER. Just remembered now while I was finishing off my post below. Not South African but GLOBAL I think???
Much as I’d love to sound posh and give you some inside track on the S&P and the DAX I’d just be trying to sound like a know it all!!! LOL!!! I just trade them blindly with my trading system. Only thing I can tell you though is that the S&P is probably the best all 'round payer and bang for buck and I’m guessing that’s why a lot of equity traders will trade only the S&P day in and day out and some make a really good living as far as I know. And there is also this thing of the S&P being “the market”. I concur with that notion. But I do also believe that the NASDAQ leads. And of course: the Dow isn’t the Dow isn’t the Dow anymore and as we used to know it either i.e. the weighting on the index insofar as industrials are concerned is negligible nowadays as some of the heavyweight tech. stocks have manged to weasel their way into the index. Hmmmnnn… Maybe I do know SOMETHING (in just reading my last few sentences!!! LOL!!!).
@dpaterso
GT247 is Global, but yes…I trade the South African version. In some countries our trading war games are not allowed. As long as our corrupt country can claim capital gains tax, they don’t care what we do. Is it healthy? NOT for new traders. We gun fast and hard, survived most catalytic events. Newbies get chewed up in days, weeks most.
I myself just got cut off from indexes, since I tried to refine my skills on Forex for the competition. Now I have to pay extra money to get back to my original game. I don’t mind…I spend a year learning Forex for 1 reason…Being better at trading war games. I got what I need to an extend of 78%…Better than 0% last year.
By “corrupt country” you mean??? Nothing can be worse than here!!! LOL!!! Even some of these Latin American countries are newbies in comparison!!! LOL!!!
I’ve never heard of this trading war games thing. Not that I’m a gamer (most I could ever stomach was a round or two of Mario Kart with my kids when they were young!!! LOL!!!). Sounds interesting though.
Yeh. I’ll not sully your thread (also) with my Equities and Commodities vs. FOREX argument. Suffice to say: they do move differently and in a way that works for me. And I suppose the last part it the key really.
@dpaterso
Commodities:
I tried gold using silver as a trigger point. (To most it won’t make sense…You get this one)
I tried Oil…Too much politics involved and confusing with Brent, Nummex (I think, correct spelling) The US one and off course Canada being the spanner in the works!
Equities I know nothing about!!! Please explain this one to me
Nummex??? LOL!!! NYMEX (or WTI)!!! LOL!!!
Equities i.e. stocks is all. Individual stocks. Trade them the same way (I do trade them the same way I mean). Potential pitfall of course: a single stock can tank for a variety of reasons but may or may not adversely affect an entire index (depends on a number of factors though e.g. it’s weighting in the index for example). But nothing complicated at all. Unless you’re into studying earnings reports and taking wild guesses as to what numbers are going to be released and what effect those numbers are going to have on the stock of course. Takes a better man than me to be able to trade like that though.
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Only one word for it: F-U-C-K!!! Look what happens when you’re not looking!!!
USDHKD Daily
Suppose only good thing: you know where’s it’s eventually going to end up with a fair degree of certainty.
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I saw your like.
Actually quite unbelievable is it not if you think about it. The short was a one way bet let’s face it. Knowing what we know today about this of course.
…And like you pointed out, with enough savvy and monitoring it is almost too predictable to be true. Looks too easy!!!
I’ve been keeping an eye on it, but placed it on my trading back burner. Busy fine tuning my current trading strategy for 11 specific trading pairs…But once I am done with that, I am definitely gunning for this pair. 
Don’t tell me you are not tempted to give it a shot!!!
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Problem is: when to go long. Going short was a no brainer as it couldn’t very well go anywhere else as we know!!! LOL!!!
This flipping Hong Kong. I was holding a long on the Hang Seng for at least a week if not more. What happens??? I get impatient and TP for the price of a box of cigarettes. Next day: gaps to the moon an then shoots up like a rocket the next day. Then get a signal to go short the day after that. Ignore it because now I’m pissed with it. What happens the next day??? It tanks!!! LOL!!! Those two moves / trades would have been a 10% gain by my calcs. Nice huh!!! LOL!!!
It’s actually frightening you know. If I didn’t know any better: you could bet the farm and go short when you’re at the brick wall and just sit back and wait for the wheels to fall off. Wouldn’t even need a stop as the brick wall is effectively your stop if that makes sense. Only thing you have worry about is that some wiseguy doesn’t wake up one morning and decide to remove the peg!!! LOL!!! And you wanna have a bet that the next day after you try this the peg will get lifted!!! LOL!!!
7.82045 looks like solid support. Lets see how long it hangs around that area before the next move. So far it has been almost 10 hours in that region.
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Tell you this much: once you are long there’s no guessing where your TP needs to be.
Being honest: I’d be too nervous to go long. The opposite side of that brick wall is a LONG way away.
Wasn’t actually monitoring it by the way so cannot claim bragging rights. Bloomberg had an analyst come on to discuss Hong Kong and the HKD.
https://www.bloomberg.com/news/articles/2019-06-12/hong-kong-dollar-jumps-to-five-month-high-on-tighter-liquidity
Probably make more sense to you than me. Cannot find the video yet just the article above.
I would set the TP for the beginning area of the price consolidation before the “wall”. 7.83905
If you do go long, then this is 1 trade where you definitely need to use a trailing stop.
Thank for the link!!! With the current riots in Hong Kong, it is set for a long, I will observe to see if it hits my expected TP on a long. Will make for a good practice run.
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As I predicted…It’s on it’s way to my target zone!!!
LOL!!! You lucky bastard you!!! LOL!!!
Looks like it’s about half way to your TP though.
Yep…Strangely enough, this pair is not rocket science. Only needs a pair of … and cash flow. It is so predictable!
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Now if you are REALLY lucky maybe China or somebody lifts the peg!!! LOL!!! Or forces the peg to be lifted (don’t really know how it works).
No ways…Not with Donald Duck Trump with his fearsome Twitter account!!!
Well actually and just based on reading through and between the lines of that Bloomberg article:
I don’t think we’re the first to discover this little nugget. They make mention of the huge costs involved in holding short positions on this thing. So you can bet your bottom dollar that my joking about simply shorting at that brick wall and waiting for something to happen isn’t a new idea.
Tell you what WOULD be interesting:
I wonder if you could use options to trade this thing???
Options is out of my league knowledge wise…Can you give me a breakdown?
I cannot actually. Have never traded them. Had a friend that used to trade them so only know about them from what he tried to impart on me.
But as I understand it:
(By the way I’m talking about PROPER Options here and not these money fleecing Binary Option scam things)
You would buy (not sure if buy or sell in this case???) an Option. The Option has a strike price (essentially your TP). And is limited in time. But you only pay for the price of the Option. You’re therefore not exposed to the risk (like you and I in normal trading) of being in a position that can go against you. In other words: if price reaches your TP (the Option’s strike price) within the Option’s expiry date then you TP (make money). If not: the Option simply expires “out of the money”. And I believe that what I’ve just described is called a “Vanilla Option” i.e. just a basic Option with a set price, strike price, and expiry period. I mention this because there’s many flavors of Options (which is what put me off i.e. WAY above my intellect and pay grade). I THINK the longer the expiry date the more the cost of the Option.
Who knows. For something like this??? Could be a no brainer. Maybe there’s an Options trader around these parts that would chime in and help us out here.
Matter of fact: let’s throw it out there and ask i.e. keen to know myself (if I’m talking sh*t above or not).
Have started a thread to ask re: the above.
Will point them here if any responses.
Another thought: I do seem to remember also that it could be that because you’re paying for the price of the Option and there is no leverage involved: I THINK you could take a sort of HUGE position type of thing. In other words: a sort of “bet the farm” Option without actually betting the farm if that makes sense.
In just looking at that chart: probably a safe bet to take an Option with an expiry date of a year or something like that. So far as I can tell every few months it tanks so it’s bound to happen within a year???
