Tag Archives: Market Watch widget

I can’t tell you how many times a member of Currensee (who has been around for quite a while) will ask questions like “so this Market Watch thing on my Dashboard, how does that work?” and I cringe thinking “If only you’d known you could have been using it all along!”

Which brings me to this week’s topic – education.

I remember my first cricket match where I sat there, bored out of my skull, wondering why everyone was so excited when I was so bored! Shortly thereafter a friend from India came to a baseball game in the US with me (go Sox!) and was equally confused. He was bewildered and overwhelmed with what was going on.

All of a sudden it came to me – excitement for the sake of excitement isn’t necessarily contagious, you need to have a basic understanding of what’s going on, who the players are, who’s making the calls, etc.

With that in mind, check out the Currensee Dashboard. As you roll your mouse over the different widgets you’ll see that most of them have a question mark (?) near them. Click on the question mark to get more information about a particular widget. For instance, if you click on the ? for the Market Watch Widget you’ll see:

For each currency pair, the length of the red or green bar to the right and left of the vertical black line is representative of the percentage of volume in the community in a long and short stance for each currency pair. The price shown is the current price for each pair. Color indicates the stance (long or short) is either profitable (green) or not (red) on average. Hover displays the average entry price for traders short and long as well as the number of traders in each stance. Those traders you are connected to who have taken positions in the pair are displayed. For more detailed information, visit http://www.currensee.com/help/market-watch-widget-social-indicators.

See, it’s more than just currency pairs and random red and green bars!

Once you check out the question mark you suddenly get a whole lot more out of the social analytics available on the Currensee site; kind of like getting excited when a bowler takes a hat trick OR Big Papi hits one over the Green Monster for a game-winning grand slam - all right here on Currensee!

In summary, fundamentals are the building blocks of fun.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

This is a guest post by Tim Mazanec, CMT, a 14 year veteran of the foreign exchange and global markets. Tim combines technical, fundamental and flow analysis to develop his forecasts and Forex trading decisions.

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Another Monday has passed and it provided another solid day of gains in the stock market. I believe that we have seen this story before haven’t we? Yes, in fact it’s the 4th consecutive week that equities have posted gains out of the starting gate. Unfortunately though that optimism has normally faded throughout the week for equity investors and traders alike.

More than understandable at this point is that FX traders have not pushed EURUSD above 1.50 for more than a few sessions. In fact for scalpers it has been a nice opportunity to sell and sell again. How long is this pattern going to last though? Normally a pattern like this one would be occurring during the Europe/US summertime and experienced traders know to use oscillators before the Labor Day break-outs begin. The holiday season usually presents thinner trading conditions that lead to trend continuations, both in developed and emerging market currencies.

Remember back in 2006 when EURUSD went from 1.30 to 1.35 in what seemed to happen in just a few hours. In fact it happened during the US Thanksgiving day break. Of course last year EURUSD went from nearly 1.25 to almost 1.50 in post Thanksgiving trade as well. That took a bit longer but it still happened in an extremely quick fashion. You can also point to moves in the IDR, MXN and THB over the years during this season to witness, or better yet, to take part.

Am I suggesting a similar move in EURUSD or another currency pair is about to happen? No, but is it possible. Absolutely and it seems to happen more and more often now-a-days. No wonder the G7 (or G20 now) leaders want less volatility in the FX markets.

How can you spot potential developments? Well first off logging in to Currensee.com each day is a start. From there its always good to check the overnight market reports delivered by Thomson. For example if Gold goes from 1100 to 1200 to 1300 or vice versa do we think that the AUD, CAD, EUR & ZAR will be sitting still? These markets are interwoven to some degree after all. The Commodities Market widget also gives a quick glimpse of what markets are moving and figuring out which currencies will follow should be fairly straight forward.

Then there is always the MarketWatch widget. If traders are positioned 90% one way (sounds like Gold doesn’t it) then it probably means that they are spot on and riding a beautiful wave or waiting for that wave to crash. Of course the Hot Topic discussion board always provides interesting ideas and subjects. Having traders from around the world adds to the quality of the content. One should never be afraid to start a discussion, chances are that if you are thinking about a subject then there are more than a few others thinking about a similar idea.

2009 has gone from the year that the stock market crashed to a year of opportunity in stocks (and risk-taking assets such as EURUSD). The Dow Jones chart shows how stocks are moving. If stocks had excessive volatility overnight then it should be reflected in the Thomson Market reports.

Is history about to repeat itself? Nobody can say for sure but can you be prepared ahead of time? Yes you can and by logging into Currensee you can better prepare yourself for the trading day.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

The Currensee Market Watch widget indicates how the membership of the trader network is positioned. This is both in terms of long/short as well as in the money or out of it. The further the bar goes to the left of the central line the larger the number of shorts, while the further right the other bar goes the more longs there are in that pair. When the bar is green it indicates those traders are in the money. When it's red, the traders are underwater on their positions.

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This is one of an occasional series of guest posts by John Forman, Senior Foreign Exchange Analyst for the IFR Markets group of Thomson Reuters and author of The Essentials of Trading. John is a 20+ year veteran of the financial markets. He holds an MBA from the University of Maryland and a BS from the University of Rhode Island, both concentrating in Finance.

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Using EUR/USD as an example, we can see in the graphic at left how there are a lot of shorts, with relatively few longs. The longs, however, are profitable at this point in time while the shorts are in losing money. This is all based on the average entry price for those trades.

Now, it's early days yet. The number of traders included and the amount of volume covered in the Market Watch figures hasn't reached a critical mass as yet. Once it does after the site goes live, however, this widget could provide some very interesting insights.

The most obvious analysis of this data is to use the Currensee trader bias as either a contrary or confirming indicator. Generally speaking, retail traders are not very good when it comes to being right about market direction when taken as a collective. We'll see whether that holds true with the Currensee membership, though. Volume weighted social indicators may end up being a better confirming than contrary reading.

currensee-market-watch_2
There's more to it, however.

What I'm going to be very interested to see is whether the figures are going to be useful in a convergence/divergence sort of fashion, and also in a leading/lagging manner. By that I mean if there is a disagreement between the positioning of EUR/USD traders and USD/JPY vis-à-vis their dollar bias what does it mean? And which pair tends to lead the way when the market changes course? And what does the cross tell us?

Let me tell you, as a professional market analyst I spend a lot of time looking at what is going on around the pair I'm focused on at the given moment. I don't just look at it's price action and news events. If I did I'd miss what's really going on. In particular, I look to see if there's an element not in line which might tip me off that something new is about to happen. Differences in positioning among related pairs could be one of those tip offs.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

After a long run your muscles get sore and need a break. After many hours of being awake the brain gets tired and need a break. After too many martinis the body becomes dehydrated and needs a break (or at least water). After too many losses my Forex account needs a break too.

As someone fairly new to FX trading I’ve broken a cardinal rule – I allowed my trades to go too far underwater before getting out. I set my take-profit at a moderate level and my stop-loss at, well, what stop-loss? When your average gain is in the tens of pips and your average loss is approaching the hundreds you know it’s time to pull out, go back to basics, take a look at the market, refine your strategy, take a deep breath, and then think about going back in with a more mature, less reckless, approach. For me that means taking a week or so off from trading, checking out what my trading mates are doing, paying attention to the Currensee Market Watch widget, maybe enjoying a martini, and then planning my next trade rather than being reactionary, trigger-fingered, and making more silly mistakes.

I’ve taken my time off to better understand support and resistance and really look at leading indicators and the correlation between currency pairs. Although I tend to make trading decisions based on the world economic news, I’ve found that making any decisions regarding Forex in a bubble just doesn’t make sense. So, instead of focusing solely on financial media reports I’ve decided to let history be my guide. I’ll take the information I learn, look to see when in history similar moons lined up, take a look at historical charts, and see if it looks like similar patterns are evolving, and to try to make better decisions. Oh, and I’m not letting my emotions get the better of me, I’m setting my stop-loss at a point that I’d feel comfortable walking away rather than throwing good money after bad, and of course I'll be using the Strategies section of Currensee to keep me honest and measure my performance in a meaningful way. Discipline is the new name of my game. And lots of water so I don’t get dehydrated.

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Be sure to read the full risk disclosure before trading Forex.  Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

1 Comment

Earlier this month, intrepid Currensee execs took the Forex and Options Expo in Lost Wages Las Vegas by storm.  You can read about their adventures - at least the published ones - in our earlier posts.  As part of the festivities, the Trade Together Twins, Cory and Kristen, randomly selected the winner of our $1,000 Forex trader sweepstakes under the watchful eyes of NFA regulators.

...and the winner is...

Congratulation to Esmont J. Rosenthal of Georgia!

Unfortunately, Esmont wasn't present for the drawing, but he'll soon have a Forex brokerage account (with one of Currensee's supported brokers) fatter by $1,000.  We know that he'll make wise use of the Market Watch dashboard and community analytics on Currensee and we wish him great trading success!  To see how Esmont's doing, invite him to trade together with you on Currensee.

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Be sure to read the full risk disclosure before trading Forex.  Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

Well, the Currensee Community continues to grow. Even though we’re still in beta, about 500 traders have joined our community and are sharing more than 100MM in trades monthly! As we’re gearing up for our launch in October, we’re busy rolling out new features to make your Currensee experience even better.

Linking Multiple Broker Accounts

Many of you have told us that you want to link multiple accounts so you can see a full picture of your trades and positions on Currensee. We listened and, in this release, you can now link multiple accounts easily from your Profile in the Accounts section. We’re now also supporting many new additional brokers such as Admiral Markets, FxPro, IKON, Start Forex and TadawulFX. Click here to see a full list of fully supported brokers.

Market Watch Widget

We’ve heard that you love the Market Watch Widget, but that it’s a bit difficult to understand. We’ve improved this social indicator widget to make it more visually representative of what’s going on in the community right now. You’ll see the Community long/short status bar next to each pair moves to represent the ratio of those who are long and short, and the color shows the win/loss status. Check it out, we think you’ll like it!

click here to log in

Community page

You'll notice we changed the Community Page, too. As our community of traders has grown, we've found that it can take a long time for the whole list to load. Now you'll see a clearer and more concise view, showing the number of trades and size of each trader's team. This will help you pick out new traders to connect with and grow your own teams.

Feedback Widget

Do you have feedback for us? We want to hear it. You’ll notice an new, orange icon in the bottom left-hand corner of the Currensee platform. Simply click on it from any page and share your site feedback with us. Good, bad, or simply suggestions, we want to hear what you have to say.

That's all for now. Please continue to tell us what you want to see in the Currensee community and we’ll keep you posted as we move toward launching this Fall.

Happy Trading!

The Currensee Team

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Be sure to read the full risk disclosure before trading Forex.  Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

What better way to end July than with an exciting and innovative release? The Currensee Team has been busy taking the product to the next level and we’re happy to launch the following new features to the platform today.

Fully Customizable Dashboard

Want to get all of your Forex trading information in one place? Our new Dashboard is paving the way to help you reach that goal. You’ll be able to choose the components that you want to see on your personalized Currensee dashboard. Want to see specific news in one place and your positions table in another? No problem, just click and drag it to where you want it.

Market Watch Improvements

We made a series of performance enhancements to our social indicators Market Watch hover and added win-loss indicators to show where the community stands against a particular currency pair.

Widget Gallery

From Forex to news to fun and games, you’ll be able to choose which widgets are displayed on your dashboard. We’ve even built three different dashboards for you to customize so you can separate the information and view it in a way that’s just right for you.

Community Volatility Widget

We’re excited to introduce the first community-powered Community Historical Volatility Widget. This rich new widget gives traders who use Support and Resistance the ability to analyze historical, community-based volume - all based on real-time price points. We look forward to getting your feedback on this one-of-a-kind widget.

New Interactive Features

You’ve asked for richer community content and we’re delivering. Now, in addition to the discussions that have been available, discussions can be categorized, commented on and given ratings by users in the community. We also added the ability to create community polls. What to know if the community thinks the USD is about to fall off a cliff? Poll them! It’s quick and easy to use.

That's all for now. We’re heading to Vegas in a few days for the Forex & Options Expo and looking forward to drawing our lucky $1,000 winner. In the meantime, thanks for your continued feedback. We hope you enjoy what you see in this new release.

Happy Trading,

The Currensee Team

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Be sure to read the full risk disclosure before trading Forex.  Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.