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Cable Update (GBPUSD)

  • #810,221
  • Feb 17, 2024 2:48pm Feb 17, 2024 2:48pm
Quoting Bones
The weekly before has only broken one way and that's what made me think the low would hold & daily was right, I've had to enlarge the range which we never escaped yet. {image}
1.24 in the Balance looming
  • #810,222
  • Edited 6:44pm Feb 17, 2024 3:04pm | Edited 6:44pm
Quoting navk
{quote} Do not worry about brokers offshore or american. Do not worry until account balance hits 20 to 25k. Once it hits those numbers, remove excess funds ( above 5 k ) and put it with another offshore broker. We are currently dealing in numbers less than 10k, lol So do not worry about it. We shall worry when we are able to see 500k. That time we shall goto brokers with Investor protection. Until then let us remove excess balance to another offshore broker who accepts americans. Keep in mind, for americans, very less options available as broker...
Hmm... Good to know.
However, Oanda isn't an offshore broker. They are regulated by U.S.A. rules for American brokers and are based in New York City.
That's why I was surprised to see they don't insure investor funds. I will have to look into this and find out from them personally to see what kind of insurance they do offer, if any.
I am really not interested in changing brokers unless they have a similar trade platform setup because it's complicated to change around. But yes, if my account balance exceeds $25k, I will consider checking into some other American brokers if I don't feel safe with Oanda.
By the time I reach $25k, I should have withdrawn about $10-12k into my bank account along the way, so that wouldn't be for nothing if I lose the account.
You cannot fail if you never give up.
  • #810,223
  • Edited 5:06pm Feb 17, 2024 4:55pm | Edited 5:06pm
Quoting woody70
{quote} Yeah one is one is not but the one that's not Ive been with for 10 years and have not lost a dime. Just because one is not does not guarantee you will lose money. Thats what your statement said.

woody...im a fan of mafia movies especially Martin Scorsese ones like goodfellas and casino LOL


im like remo in this clip...why take a chance with an uninsured offshore broker since it can bite me in the ass
Inserted Video



joe pesci gots the chicago accent when he narrates that court room scene LOL
short trump and go long the deepstate
  • #810,224
  • Feb 17, 2024 5:06pm Feb 17, 2024 5:06pm
Quoting woody70
{quote} Yeah one is one is not but the one that's not Ive been with for 10 years and have not lost a dime. Just because one is not does not guarantee you will lose money. Thats what your statement said.
Could you please share both of your broker's company names here? I would like to start making a list of brokers that pro traders use and have had a good experience with.
I originally started with Forex.com for over a year before I found Oanda. Never had a problem with them except that their transfer / withdrawal process takes 2-3 days, far too long. I know someone else (Mr. Bull Bear) who also has used Forex.com without issues as far as I know.
Once I found Oanda, I discarded my Forex.com accounts and haven't looked back since. And after over 3 years, not a single problem with Oanda.
I like Oanda.com better because:
#1. Oanda's transfer process between accounts is instant, and withdrawal is sometimes same day, most times next business day. Since Oanda allows 20 sub accounts, it's very easy to transfer funds between accounts instantly if you want to.
Forex.com takes 2-3 business days to transfer funds between accounts and to process withdrawals. I don't know how many sub accounts they allow. I had like 3 or 4.
#2. Oanda allows you to get under-margined until your net equity reaches 50% of your margin used, (then it will be closed automatically), or up to 3 trading days. After being under-margined for 3 consecutive trading days at 3:45 p.m. Eastern Time, it will be closed automatically (Margin call).
Forex.com does not have any of those benefits. They only allow you to use about 97% of your available net equity to open trades, and will automatically close your trade once your net equity reaches the margin used to prevent getting under-margined. I hated that kind of restriction.
#3. Oanda's minimum deposit is $0.01.
Forex.com's minimum deposit is $100.00
#4. Oanda's minimum trade size is .00001 lots.
Forex.com's minimum trade size is .01 lots
#5. Oanda's customer service/email/chat function is way more active with fast responses/very little wait time to start chat (if any) to solve issues.
Forex.com's customer service is much slower, and you usually have to wait a while in line to start chatting.
All in all, I think Oanda is much larger, more professional, and with more up to date modern software and computer technology than Forex.com.
That's my take.
Does anybody else here also have opinions and comparisons about various brokers, including Oanda and Forex.com?
I haven't been on Forex.com since over 3 years, so I don't know if they have improved.
You cannot fail if you never give up.
  • #810,225
  • Feb 17, 2024 5:19pm Feb 17, 2024 5:19pm
Quoting Zebi
{quote} woody...im a fan of mafia movies especially Martin Scorsese ones like goodfellas and casino LOL im like remo in this clip...why take a chance with an uninsured offshore broker since it can bite me in the ass https://youtu.be/Ka7hSZhgplk?t=17 joe pesci gots the chicago accent when he narrates that court room scene LOL
Great movie, I can respect that, I know a lot of them are not good but some are. You just have to do your due diligence. Besides being from Chicago you should be use to taking chances. I'm originally from baltimore.
  • #810,226
  • Feb 17, 2024 5:27pm Feb 17, 2024 5:27pm
Quoting 7154Superman
{quote} Could you please share both of your broker's company names here? I would like to start making a list of brokers that pro traders use and have had a good experience with. I originally started with Forex.com for over a year before I found Oanda. Never had a problem with them except that their transfer / withdrawal process takes 2-3 days, far too long. I know someone else (Mr. Bull Bear) who also has used Forex.com without issues as far as I know. Once I found Oanda, I discarded my Forex.com accounts and haven't looked back since. And after...
The brokers that I use no longer accept American clients. They have both been like that for at least 4 years. If you go to the brokerage section on FF you can find some. Also forexpeacearmy.com has brokers there. Read the reviews just realize there is no perfect broker. All brokers will have some un-satisfied customers.
  • #810,227
  • Feb 17, 2024 5:47pm Feb 17, 2024 5:47pm
Quoting 7154Superman
{quote} Could you please share both of your broker's company names here? I would like to start making a list of brokers that pro traders use and have had a good experience with. I originally started with Forex.com for over a year before I found Oanda. Never had a problem with them except that their transfer / withdrawal process takes 2-3 days, far too long. I know someone else (Mr. Bull Bear) who also has used Forex.com without issues as far as I know. Once I found Oanda, I discarded my Forex.com accounts and haven't looked back since. And after...
Very good info about OANDA.

You did research yourself as well as you experienced with them.

I am planning to open account with OANDA, CMC Markets in the future.

They both are Canadian regulated broker.
Intraday only.
  • #810,228
  • Feb 17, 2024 5:49pm Feb 17, 2024 5:49pm
Quoting 7154Superman
{quote} Could you please share both of your broker's company names here? I would like to start making a list of brokers that pro traders use and have had a good experience with. I originally started with Forex.com for over a year before I found Oanda. Never had a problem with them except that their transfer / withdrawal process takes 2-3 days, far too long. I know someone else (Mr. Bull Bear) who also has used Forex.com without issues as far as I know. Once I found Oanda, I discarded my Forex.com accounts and haven't looked back since. And after...
Superman, if it's not broke don't fix it.
  • #810,229
  • Feb 17, 2024 5:58pm Feb 17, 2024 5:58pm
Quoting navk
{quote} Very good info about OANDA. You did research yourself as well as you experienced with them. I am planning to open account with OANDA, CMC Markets in the future. They both are Canadian regulated broker.
Oanda is a very good broker as a Canadian myself that’s my favourite one
Master your mind. Master Trading.
  • #810,230
  • Feb 17, 2024 6:03pm Feb 17, 2024 6:03pm
Quoting KareemAliFx
{quote} Oanda is a very good broker as a Canadian myself that’s my favourite one
I tried to open account with them few days agi.

They ask SIN number, Is this normal ?
Intraday only.
  • #810,231
  • Feb 17, 2024 6:31pm Feb 17, 2024 6:31pm
Quoting navk
{quote} I tried to open account with them few days agi. They ask SIN number, Is this normal ?
Yes, they need to verify your identity for regulation purposes, and they need to know if you're trading with other people's funds. I haven't traded anything else other than my own funds with Oanda, so I don't know what their process is with that. And they will also report your earnings withdrawn to your bank account (after you withdraw your original investment) to the IRS if you're trading from the USA.
You cannot fail if you never give up.
  • #810,232
  • Feb 17, 2024 6:49pm Feb 17, 2024 6:49pm
Quoting 7154Superman
{quote} Yes, they need to verify your identity for regulation purposes, and they need to know if you're trading with other people's funds. I haven't traded anything else other than my own funds with Oanda, so I don't know what their process is with that. And they will also report your earnings withdrawn to your bank account (after you withdraw your original investment) to the IRS if you're trading from the USA.
ok, got it.

In my case, the withdrawals if any will be reported to tax authorities I guess.

For tax purposes.

If that is the intention, i feel good.

I do not want headache in the future.
Intraday only.
  • #810,233
  • Feb 17, 2024 6:50pm Feb 17, 2024 6:50pm
Quoting 7154Superman
{quote} Another interesting trading day with red news volatility on Friday. I didn't have much opportunity to focus on trading at first during news volatility, but I managed to scalp both ways towards the end and make a decent profit for the day. I closed all positions for the weekend, regardless of drawdown. So, my prediction for EUR/USD to break out below 1.07 down to 1.06 - 1.065 turned out not coming to pass this week. But, on the contrary, bullish price action seemed to prevail towards the end. So, maybe next week, we might see EUR/USD rising...
Ok, my Trade Explorer update is done.
You cannot fail if you never give up.
  • #810,234
  • Edited 7:17pm Feb 17, 2024 6:54pm | Edited 7:17pm
Quoting navk
{quote} I tried to open account with them few days agi. They ask SIN number, Is this normal ?
This is perfectly normal , it’s regulated in Canada and this reports to the government like any other employer. It is a source of income. If anything this is good they ask you for SIN
Master your mind. Master Trading.
  • #810,235
  • Feb 17, 2024 8:25pm Feb 17, 2024 8:25pm
Quoting 7154Superman
{quote} So, my prediction for EUR/USD to break out below 1.07 down to 1.06 - 1.065 turned out not coming to pass this week. But, on the contrary, bullish price action seemed to prevail towards the end. So, maybe next week, we might see EUR/USD rising again, at least to high 1.08s, maybe even up to 1.10. If that appears to be on the cards during the beginning of next week, then I'm expecting to prioritize long positions for now until bears seem to prevail again.
Next week, we only have one trading day with major high impact news for EUR/USD and GBP/USD, which is Thursday.
And the data expectation is bullish for EUR and GBP, and bearish for USD.
So, I expect bullish action on both EUR/USD and GBP/USD next week until Thursday BEFORE the high impact news.
Sure, we could see some more dips, too, to this week's low area, or simply boring ranging action until the end of Wednesday, then a break out up as a response to red news data expectation being priced in before the news volatility hits. If you pay attention, that happens a lot. Not all the time, but the majority of times, price will be leaning towards pricing in the news data expectation like anywhere from a few hours to a few days before the news release is scheduled.
But I'm leaning more towards aggressive bullish rallies without a significant retrace until Thursday.
Target for EUR/USD for next week = 1.10.
You cannot fail if you never give up.
  • #810,236
  • Edited 12:39am Feb 18, 2024 12:00am | Edited 12:39am
Quoting Whatevs
{quote} Interesting. Thanks! I know Trump wanted to fire Powell already for keeping rates high, so if Trump was to be elected, then he would force Powell to start cutting rates faster which would actually bring the USD down under Trumps term.

You have a bunch of guys who have zero idea, I mean ZERO idea what they are doing....
They claimed the inflation was temporary and transitory meaning it would soon go away yet it became full blown and devastating for the world.
Had they jumped on rates immediately to slow things down the world would have had far less pain to endure.
Powell and his pathetic mates are responsible for the suffering of many people and many businesses going to the wall.
If these P.O.S had any clue at all the American federal government wouldn't be 34 trillion dollars in debt.
They have ZERO idea how to run an economy!!

Here in Australia it's staggering just how many businesses have gone to the wall over the last two years and guess what? They followed the USs lead on raising and lowering interests rates, like the idiots here in Australia can't make decisions for our own economy!
Every other day were hearing of businesses here who have been around for many decades folding and that's not a normal situation...
Don't Leave Money on the Table
  • #810,237
  • Edited 12:28am Feb 18, 2024 12:08am | Edited 12:28am
Quoting Whatevs
{quote} USD was super strong under Biden... makes sense. I want to see weaker USD however, so I'd vote Trump, so Gold starts flying. Just my opinion...

Strong or weak USD is not the metric for a countries success and happiness.
What is are policies that improve the peoples lives which in turn will make the country more successful and happier.
The drouling Ghoul's(who shakes hands with shadows) administration is doing the exact opposite that's needed for it to happen.
FDR was probably the US president whos policies best helped the American people
A carpenter I use to work with Paul beared a striking resemblance to FDR and I always thought he was the reincarnation of the president
Don't Leave Money on the Table
  • #810,238
  • Edited 1:06am Feb 18, 2024 12:49am | Edited 1:06am
By looking at the H4 chart I'd say bulls are in complete control, but we'll see. 1.265 looks like a good spot to TP longs and perhaps wait and see if even 1.265 will fail and demand will outweigh supply at 1.265.

What do you think Pat Chiko? You're trading S&D.

Been trading for more then 2 years and have never really looked into S&D which is basically what market is... foolish.

Basically, if market is S&D which it should be, then we just trade from D to S zone (our TP) and if D outweighs S, then we leave the trades running until another S zone is reached and vice versa.

Pat Chiko, where do you put SL and why? If you go long, because you see that price entered demand zone, you put SL below that complete demand zone, right? Thanks!
  • #810,239
  • Edited 3:10am Feb 18, 2024 2:01am | Edited 3:10am
S&D zones can be good, but only as part of a system, with reinforcements.
maybe.




studying the order flow might help.
  • #810,240
  • Feb 18, 2024 2:11am Feb 18, 2024 2:11am
Quoting Bones
{quote} The FED has to buy anything longer than the overnight Gov loans if they want lower rates further than the market participants will buy. Gov debt (risk-free) underpins all other types of rates. {image}
wow, the flag pattern is awesome, ngl. But, is this pattern always happened?
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