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Cable Update (GBPUSD)

  • #724,361
  • Jan 29, 2023 3:57pm Jan 29, 2023 3:57pm
GBPUSD price action on the daily time frame turned sideways as it retests the 1.22900/1.24400 horizontal resistance zone (purple). We may have to await directional clarity, or momentum shift, upon Monday daily closing.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
  • #724,362
  • Jan 29, 2023 4:06pm Jan 29, 2023 4:06pm
Quoting Robinhood1
{quote} Bear in mind that "all the others" = Metaquotes = Retailers.
Please how do you get the interbank rates?

Can I send you a private message?
  • #724,363
  • Jan 29, 2023 4:10pm Jan 29, 2023 4:10pm
Quoting pipcenturion
{quote} Please how do you get the interbank rates? Can I send you a private message?
There are guidelines but in reality, there is also interbank pricing, which they don't have to disclose to you and I
https://www.investopedia.com/terms/i/interbankrate.asp

If you recall, interbank liquidity or the lack of interbank borrowing and lending was a key catalyst to aggravating the 2008 financial crisis.
  • #724,364
  • Jan 29, 2023 4:16pm Jan 29, 2023 4:16pm
I hope it's not gonna range today as much as I think it will. If we can get 50 pips range I'd be fine with that. Will probably just trade back and forth today, from R to S.
Expecting range from 1.2350 to 1.24 today.
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  • #724,365
  • Jan 29, 2023 4:36pm Jan 29, 2023 4:36pm
Quoting Robinhood1
{quote} Bear in mind that "all the others" = Metaquotes = Retailers.
Yes, you are correct.
Just Googled and this popped up:
How does MetaQuotes make money?
Metaquotes is an IT / Russian Software company and service provider for brokerage companies. Brokers earn money with commission, spreads and the traders losses (if they are a market maker).
  • #724,366
  • Jan 29, 2023 4:48pm Jan 29, 2023 4:48pm
Quoting Jolita
{quote} Yes, you are correct. Just Googled and this popped up: How does MetaQuotes make money? Metaquotes is an IT / Russian Software company and service provider for brokerage companies. Brokers earn money with commission, spreads and the traders losses (if they are a market maker).
That is misleading.
Metaquotes is a software provider to brokers. STOP, FULL STOP.
Brokers earn money with commissions, spreads, and traders' losses (if they are market makers) STOP FULL STOP
Two separate statements. Very misleading if you attempt to connect them!
  • #724,367
  • Jan 29, 2023 4:53pm Jan 29, 2023 4:53pm
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good luck
  • #724,368
  • Jan 29, 2023 5:03pm Jan 29, 2023 5:03pm
Quoting dantpm
{quote} There are guidelines but in reality, there is also interbank pricing, which they don't have to disclose to you and I https://www.investopedia.com/terms/i/interbankrate.asp If you recall, interbank liquidity or the lack of interbank borrowing and lending was a key catalyst to aggravating the 2008 financial crisis.
That's info about what it is, he asked about where he could see them.
You have an IQ lower than 90 if you interact with this user.
  • #724,369
  • Jan 29, 2023 5:07pm Jan 29, 2023 5:07pm
Quoting SnailFX
I hope it's not gonna range today as much as I think it will. If we can get 50 pips range I'd be fine with that. Will probably just trade back and forth today, from R to S. Expecting range from 1.2350 to 1.24 today. {image}
FXStreet confirms haha.

GBP/USD Price Analysis: Finds resistance around 1.2400 amid Fed-BoE policy-inspired volatility
  • #724,370
  • Jan 29, 2023 5:08pm Jan 29, 2023 5:08pm
Quoting Ferna
{quote} That's info about what it is, he asked about where he could see them.
The banks aren't required to disclose the information. Pretty straightforward. There is no source for the information, especially one that can be authenticated.
  • #724,371
  • Jan 29, 2023 5:17pm Jan 29, 2023 5:17pm
Quoting dantpm
{quote} That is misleading. Metaquotes is a software provider to brokers. STOP, FULL STOP. Brokers earn money with commissions, spreads, and traders' losses (if they are market makers) STOP FULL STOP Two separate statements. Very misleading if you attempt to connect them!
Misleading how? I think this is how it works. Correct me if I misunderstood.

MT4 and MT5 is a trading software company who provides service for example to you if you were a broker. Broker pays them commission / monthly charge.
You will then offer retail trader to invest into your company, in fact trades will be placed via contracted company and its software MT4 or MT5. The rest is up to broker inc spreads, fees, slippage...
  • #724,372
  • Jan 29, 2023 5:33pm Jan 29, 2023 5:33pm
Sell GU

current price 1.2395
  • #724,373
  • Edited 5:50pm Jan 29, 2023 5:40pm | Edited 5:50pm
Quoting Jolita
{quote} Misleading how? I think this is how it works. Correct me if I misunderstood. MT4 and MT5 is a trading software company who provides service for example to you if you were a broker. Broker pays them commission / monthly charge. You will then offer retail trader to invest into your company, in fact trades will be placed via contracted company and its software MT4 or MT5. The rest is up to broker inc spreads, fees, slippage...
Metaquotes is a software company that wrote the MT4 and MT5 software applications that they sell to various brokers.
The software is sold as a license, much the same way that Microsoft sells licenses for the use of its software. Brokers who purchase the software pay in a variety of forms. To the best of my knowledge, it is a graduated fee based on the number of customers that the broker has, again much the same as Microsoft sells software licenses to their clients. It has nothing to do with the revenue that the brokers earn from each customer.
This is getting twisted to try to discredit a couple of principals of the Metaquotes software company because they originally came from Russia. It is why Apple pulled Metaquotes products.
When is the planet going to wake up! The media is lying to us!
Look at the way that we are getting manipulated with Forex!
Same concept.
Look at the rules that brokerages have. In some cases, they can pay referral residuals for new clients or referrals, again in some countries. In many countries, they cannot pay residuals by law.
  • #724,374
  • Jan 29, 2023 5:46pm Jan 29, 2023 5:46pm
I am hedged, aiming for long in the morning.
You have an IQ lower than 90 if you interact with this user.
  • #724,375
  • Jan 29, 2023 5:53pm Jan 29, 2023 5:53pm
Here's my take....its going down and lower!
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  • #724,376
  • Jan 29, 2023 6:05pm Jan 29, 2023 6:05pm
Quoting dantpm
{quote} Metaquotes is a software company that wrote the MT4 and MT5 software applications that they sell to various brokers. The software is sold as a license, much the same way that Microsoft sells licenses for the use of its software. Brokers who purchase the software pay in a variety of forms. To the best of my knowledge, it is a graduated fee based on the number of customers that the broker has, again much the same as Microsoft sells software licenses to their clients. It has nothing to do with the revenue that the brokers earn from each customer....
Spread was way to large compared, and problem lies with the broker missusing the software.

Do you use MT4?
I did, and have experienced abnormality on my Gold trade.

Sorry for my English.
Text was copied. FULL STOP!
  • #724,377
  • Jan 29, 2023 6:09pm Jan 29, 2023 6:09pm
Quoting Jolita
{quote} Spread was way to large compared, and problem lies with the broker missusing the software. Do you use MT4? I did, and have experienced abnormality on my Gold trade. Sorry for my English. Text was copied. FULL STOP!
As you said, the broker controls the spreads. Metaquotes doesn't control how the software is used.I have been burned by slippage several times. I get much better fills/ success with fixed TP. It is very frustrating but it is the market and the broker controlling this nuance. Your English is fantastic by the way.
  • #724,378
  • Jan 29, 2023 6:34pm Jan 29, 2023 6:34pm
Quoting dantpm
{quote} As you said, the broker controls the spreads. Metaquotes doesn't control how the software is used.I have been burned by slippage several times. I get much better fills/ success with fixed TP. It is very frustrating but it is the market and the broker controlling this nuance. Your English is fantastic by the way.
I think metaquotes is not really too good and there is a reason for that . . . it is FREE!

Even charting applications like tc2000 (worden brothers) is paid for.

DAS trader is paid for on a monthly basis.

There are many other trading applications that are paid for.

For those that truly know, MT4 (especially) is a black box with which the broker can rob anybody blind! This is the plain truth.

A simple question: Many people have been trading since circa 2006/7 till date That's some 16+ years. Technology has improved over the years but why has the MT4 platform remained the same way for over 16 years?

I will say no further.
  • #724,379
  • Edited 7:51pm Jan 29, 2023 7:25pm | Edited 7:51pm
Price will drop later but before then I think there is unfinished business up there. So I’m long now.
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  • #724,380
  • Jan 29, 2023 9:22pm Jan 29, 2023 9:22pm
Hi colleagues, this week in summary will be FED, ECB, BoE and NFP. Wish you all the profitable week ahead
I'm enjoying the wins because I was once terrified by loses
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