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Cable Update (GBPUSD)

  • #19,821
  • Jul 18, 2007 5:43pm Jul 18, 2007 5:43pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting SeekingLight
Why are you on Oanda and not a true ECN? Serious question, not mockery.
Hi, could you please explain ECN, i thought that was were our platforms traded, what kind of balance would you need to trade there.

Cheers
  • #19,822
  • Jul 18, 2007 5:49pm Jul 18, 2007 5:49pm
Quoting MPP
Hi, could you please explain ECN, i thought that was were our platforms traded, what kind of balance would you need to trade there.

Cheers
has more to do with "no dealing desk". you can open an account with as little as $400.

some require min of $5000.

there are others where min is $100,000. i've been looking at these trying to find out what the advantages are.
BAM BAM BOOM! -bravado
  • #19,823
  • Jul 18, 2007 5:57pm Jul 18, 2007 5:57pm
Quoting SeekingLight
I just had a look at GBPCHF for a friend. I believe 2.4900 - 2.5000 is very likely in the near term.
i don't look that far ahead.

keeping my eye on it though.
BAM BAM BOOM! -bravado
  • #19,824
  • Jul 18, 2007 6:25pm Jul 18, 2007 6:25pm
Quoting bravado
there are others where min is $100,000. i've been looking at these trying to find out what the advantages are.
must have seen it wrong. can't find that $100,000 minimum anywhere.

good thread on ECN:
http://www.forexfactory.com/showthre...&highlight=ecn
BAM BAM BOOM! -bravado
  • #19,825
  • Jul 18, 2007 7:43pm Jul 18, 2007 7:43pm
Quoting SeekingLight
Well I am on Oanda as well but as soon as I get above a certain sum I will move to a qualified ECN for sure. Cheaper spreads, features, treatment, other variables...and not so insane news behavior.

Anyhow.

I just had a look at GBPCHF for a friend. I believe 2.4900 - 2.5000 is very likely in the near term. Assuming even if USDCHF stayed at 1.2 that means 2.5 / 1.2 = 2.0830 GBPUSD.

2.49 / 1.2 = 2.0750 GBPUSD.

Sure, we could see USDCHF surge up alongside GBPUSD as well, but that'd be a bit odd, wouldn't it?

1.2140 x 2.0600 = 2.5000 would of course also end up working.

Well, we'll see what combination gets us there.

Just some last musings before going to bed.
Well ecn spreads aren't neccesarily cheaper (but they can be) and during news time they are just as erratic, the flurry of PA make it almost impossible to make a limit order and have it done and dealed. (my gf calls it "doing the jackpot shite"). Plus you pay comms per trade and you still suffer slippage so you are not really better off with ecns. So the grass is not really greener. I still like Oanda's simplicity.

Quoting bravado
has more to do with "no dealing desk". you can open an account with as little as $400.

some require min of $5000.

there are others where min is $100,000. i've been looking at these trying to find out what the advantages are.
I think the real advantage would be trading on SMALL leverage, and have the ease of mind that you trades counter party is not neccesarily your broker. So really no big deal...Oanda still offers much better.
  • #19,826
  • Jul 18, 2007 7:55pm Jul 18, 2007 7:55pm
I'm looking for a bounce off the 200 ema on the 15 min then making a buy with a TP of 2.0520. Of course there will be a SL of ~20 pips.
Unless it shoots back up right now and breaks that 2.0550 barrier... then that's a different story. Either way I'm looking to go long.
Any thoughts?

<TK>
  • #19,827
  • Jul 18, 2007 8:35pm Jul 18, 2007 8:35pm
Quoting Gmak
Spot the trend.
Yeah, even Stevie Wonder could see the trend
  • #19,828
  • Edited 9:14pm Jul 18, 2007 8:44pm | Edited 9:14pm
Quoting jest1081
,,, and you still suffer slippage so you are not really better off with ecns. So the grass is not really greener. I still like Oanda's simplicity.
Not neccerarily true, specially if you trade forex futures thru an ECN. The spread in Oanda will kill you. Commissions on a future K of 125,000 US is only 2.85. The spread alone is at least 5 times that at Oanda. Take a look at interactivebrokers.com. Many money managers and institution use it. There must be a reason.
  • #19,829
  • Jul 18, 2007 9:48pm Jul 18, 2007 9:48pm
thanks

think tradestation, IB and global futures are benchmark for futures trading. Their comms ratio are really attractive. Some of the old time FX traders here are futures traders too, so proly they could give some insights.

Sorry for e off topic, last one i promise.
  • #19,830
  • Jul 18, 2007 9:56pm Jul 18, 2007 9:56pm
Since had a lot of rumors on cable..this is the way i trade...
no matter up or down...im still in profit!!!
Attached Image
  • #19,831
  • Jul 18, 2007 10:17pm Jul 18, 2007 10:17pm
Quoting Danish
Since had a lot of rumors on cable..this is the way i trade...
no matter up or down...im still in profit!!!
Why don't u just bag the profit, as it neither will change whether the prices go up or down? You will not lose alright, but the profit is the same whether it goes up or down from here.
  • #19,832
  • Jul 18, 2007 10:20pm Jul 18, 2007 10:20pm
Quoting wwwin
Why don't u just bag the profit, as it neither will change whether the prices go up or down? You will not lose alright, but the profit is the same whether it goes up or down from here.
Im not a gambler..im a trader...so geedy is useless...
  • #19,833
  • Jul 18, 2007 10:22pm Jul 18, 2007 10:22pm
Quoting Danish
Im not a gambler..im a trader...so geedy is useless...
yes, lol, but what is the point of leaving your positions open if the profit will not increase or decrease, the trades are offsetting each other.
  • #19,834
  • Jul 18, 2007 10:41pm Jul 18, 2007 10:41pm
Quoting wwwin
yes, lol, but what is the point of leaving your positions open if the profit will not increase or decrease, the trades are offsetting each other.
Please be informerd that the arrow is the indicator...so i will follow where's is the market move to...red arrow is signal to sell..blue arrow is the signal to buy...i will take the the profit from the position triggered....bare in mind...every trade system must have a win / loose ratio..this signal too...and the ratio is win 10 loose 2 ration = 10:2..

: :
  • #19,835
  • Edited 11:19pm Jul 18, 2007 11:07pm | Edited 11:19pm
Quoting Danish
Please be informerd that the arrow is the indicator...so i will follow where's is the market move to...red arrow is signal to sell..blue arrow is the signal to buy...i will take the the profit from the position triggered....bare in mind...every trade system must have a win / loose ratio..this signal too...and the ratio is win 10 loose 2 ration = 10:2..

: :
Are u saying that you will take profit at 10 pips or mulitple of 10, and that you will take a loss at 2 pips or a multiple of 2, or are you saying that your system produces a winning trade 80% of the time?
  • #19,836
  • Jul 18, 2007 11:22pm Jul 18, 2007 11:22pm
Soros, why are u so quiet, what do u see in your crystal ball.
  • #19,837
  • Jul 18, 2007 11:38pm Jul 18, 2007 11:38pm
good morning to everyone,

hope u all guys have enjoyed yesterdays small ride f cable,
i suggested yesterday to my friend holy pendant,

short at 2.0540 n double long at 2.0510 n again short at 2.0540

n see the trades finally he should have been in profit,
but bad luck he was long n got hit at a stop 2.0490,
if today till 12.pm gmt cable is not breaking 2.0555 ,
definately u can see at least today 2.0440,

todays major levels where market can/will touch

euro - 1.3690
aud - 0.8700
gbp - 2.0440 if breaks see 2.0380 n 2.0325

i will suggest don;t go long in eur/gbp/aud/nzd as if today bearish ness starts it will continue till next 4 trading days.

regards
lord of fx"
LIVE LOVE LAUGH KRISHNA
  • #19,838
  • Jul 18, 2007 11:48pm Jul 18, 2007 11:48pm
does the retail sales figure move the market much or not? the forecast is less than the previous. so thinking the pound will be bearish. hopefully it will as i shorted the pound for small profit. i think this is just a correction and it will continue its rally north. thats my analysis anyways. could be wrong though hope not.
  • #19,839
  • Jul 19, 2007 12:05am Jul 19, 2007 12:05am
U r rite Krishna. bad day yest for me... rite nw i had a order to long at 2.0557 SL 2.0517 TP 2.0637. Hopefully i hit my TP and regain my stupid loss yest...
  • #19,840
  • Jul 19, 2007 12:15am Jul 19, 2007 12:15am
Quoting wwwin
Soros, why are u so quiet, what do u see in your crystal ball.
i dont say this system is good..
but this is the result:

Position A:
Enter Buy at 1.9660
Closed at 2.0134
Profit : 174pip

Position B
Enter Sell at 2.0134
Closed at 2.0159
Profit : - 25 pip

Position C
Enter Buy at 2.0122
Closed at : Still in position
Profit Float : 546pip
(I will closed it when the next arrow appear)
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