Comments on: EUR/JPY - Bounce off Bottom of Uptrend Channel http://blogs.fxstreet.com/fxpath/2009/06/26/eurjpy-bounce-off-bottom-of-uptrend-channel/ Technical Trading Tips and Techniques by James Chen, Chief Technical Analyst, at FX Solutions Sun, 22 Nov 2009 13:36:17 +0000 http://wordpress.org/?v=2.5.1 By: James Chen http://blogs.fxstreet.com/fxpath/2009/06/26/eurjpy-bounce-off-bottom-of-uptrend-channel/#comment-3495 James Chen Mon, 29 Jun 2009 15:52:01 +0000 http://blogs.fxstreet.com/fxpath/?p=813#comment-3495 Hi Deb, Thanks for visiting and for your comprehensive question. That's a long and involved topic - probably a bit too long and involved for this blog, as well as off topic, as you mentioned. But I would be more than happy to discuss this with you on the phone, if you would like. You can always call FX Solutions and ask for me. When I am available, I would be very happy to discuss. Thanks, Deb! - James Chen Hi Deb,

Thanks for visiting and for your comprehensive question. That’s a long and involved topic - probably a bit too long and involved for this blog, as well as off topic, as you mentioned. But I would be more than happy to discuss this with you on the phone, if you would like. You can always call FX Solutions and ask for me. When I am available, I would be very happy to discuss. Thanks, Deb!

- James Chen

]]> By: Deb S http://blogs.fxstreet.com/fxpath/2009/06/26/eurjpy-bounce-off-bottom-of-uptrend-channel/#comment-3448 Deb S Fri, 26 Jun 2009 17:10:55 +0000 http://blogs.fxstreet.com/fxpath/?p=813#comment-3448 Hi James, A little off topic, but what to you make of this and the future of FX in USA, I for one do not like these changes and do not like having to move an account to the U.K. only to later find that they make similar changes. See the email recently received from FXCM: "The primary regulatory authority for forex in the United States, National Futures Association (NFA), has implemented new requirements that will have dramatic consequences for your MT4 account. Hedging functionality has already been removed, and after July 31, 2009, First In, First Out execution will be required, which mandates that the first order in must also be the first order closed. Regulatory requirements in the United States will also likely restrict Forex Dealer Members from offering more than 100:1 leverage on major currency pairs and will be limited to 25:1 leverage on non-majors" "What does this mean for your MT4 account? To date, we have received no indication from MetaQuotes that they will be able to comply with First In, First Out execution by July 31, 2009. As such, the combined changes brought about by NFA Compliance Rule 2-43 will mean that traders will no longer be able to trade MT4 with U.S. regulated brokers. Assuming that MetaQuotes is able to comply, there will still be major implications: Traders will have fewer order choices Traders will have drastic limitations to their risk management options. The vast majority of Expert Advisors will no longer be functioning Hi James, A little off topic, but what to you make of this and the future of FX in USA, I for one do not like these changes and do not like having to move an account to the U.K. only to later find that they make similar changes. See the email recently received from FXCM: “The primary regulatory authority for forex in the United States, National Futures Association (NFA), has implemented new requirements that will have dramatic consequences for your MT4 account.

Hedging functionality has already been removed, and after July 31, 2009, First In, First Out execution will be required, which mandates that the first order in must also be the first order closed. Regulatory requirements in the United States will also likely restrict Forex Dealer Members from offering more than 100:1 leverage on major currency pairs and will be limited to 25:1 leverage on non-majors”

“What does this mean for your MT4 account?

To date, we have received no indication from MetaQuotes that they will be able to comply with First In, First Out execution by July 31, 2009. As such, the combined changes brought about by NFA Compliance Rule 2-43 will mean that traders will no longer be able to trade MT4 with U.S. regulated brokers. Assuming that MetaQuotes is able to comply, there will still be major implications:

Traders will have fewer order choices
Traders will have drastic limitations to their risk management options.
The vast majority of Expert Advisors will no longer be functioning

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