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Cable Update (GBPUSD)

  • #21,941
  • Jul 31, 2007 9:40am Jul 31, 2007 9:40am
Hmmm cable storms back above 2.0300. Maybe I have did huge mistake when I have opened really big short position @ 2.0270. But I am still Short Cable Short.
  • #21,942
  • Jul 31, 2007 9:51am Jul 31, 2007 9:51am
Pincha, FX is nothing but bucketshops, BUT internanking spread flucuations are only to protect themselves from volatility period, guess they are tired of the massive swings in price. even still Some banks offer fixed rates and if you are with them i advise to stay. taking the hi and lo end of the banking community and making that a Law for most traders is unfair practice and when they can successfully eliminate all but a few brokers everything will become that ignorant spread based system, im sure of it.


Eventually and already in the works is a centralized platform for FX just as with futures, will be some time out though yet im sure, as it is now its a monopoly of conspiracy between banks.
"Millionaires don't use astrology, billionaires do"
  • #21,943
  • Jul 31, 2007 10:17am Jul 31, 2007 10:17am
Quoting OrionsWay
Pincha, FX is nothing but bucketshops, BUT internanking spread flucuations are only to protect themselves from volatility period, guess they are tired of the massive swings in price. even still Some banks offer fixed rates and if you are with them i advise to stay. taking the hi and lo end of the banking community and making that a Law for most traders is unfair practice and when they can successfully eliminate all but a few brokers everything will become that ignorant spread based system, im sure of it
When you open a position with your market-maker broker, the "long" or "short" is opened as a HEDGE, among their liquidity providers...right.

So they collect a little interest while you keep it open, and the spread when you close it.

Now...what happens is that the bucketshop brokers rely on slow systems to make this happen...so in order to cover their behinds they delay your order according to their system. I heard once, that the cable alone moves 5 million in the NY session each second, in a calm market. By news time this amount could go up 50 fold or more, if your broker fills your order on the banks by milliseconds later (due to volatility) they loose money..multiply it by the number of costumers trading news nowadays and one can explain the Refco fiasco.
For he that would be deceived, let him.
  • #21,944
  • Jul 31, 2007 10:35am Jul 31, 2007 10:35am
Pinch, yep accumulation and distribution, most brokers now are running no dealing desk direct to the interbanking network, as for refco they were the biggest bucketshop i believe for years, not sure volatility was their demise, seems internal scandal
"Millionaires don't use astrology, billionaires do"
  • #21,945
  • Jul 31, 2007 10:44am Jul 31, 2007 10:44am
Seems like a text book pattern: an ascending wedge. If it works like it must do price will fall soon.

http://img518.imageshack.us/img518/5...7103924fc4.png
Johann Channels and cycles are everything
  • #21,946
  • Jul 31, 2007 11:07am Jul 31, 2007 11:07am
Quoting Tragapips
Seems like a text book pattern: an ascending wedge. If it works like it must do price will fall soon.
Forget about it. Pattern was broken.
Johann Channels and cycles are everything
  • #21,947
  • Jul 31, 2007 11:10am Jul 31, 2007 11:10am
Quoting Tragapips
Forget about it. Pattern was broken.
What are you talking about, price is falling. Patience!
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #21,948
  • Jul 31, 2007 11:17am Jul 31, 2007 11:17am
Quoting OrionsWay
Pinch, yep accumulation and distribution, most brokers now are running no dealing desk direct to the interbanking network, as for refco they were the biggest bucketshop i believe for years, not sure volatility was their demise, seems internal scandal
My point Orion is that we have to accept trade-offs...Like in my case, Oanda has good fillings, they pay interest correctly and overall the spreads are tight...but at news time don't even bother, their charting system is primitive, and worst of all.....they don't have a MOBILE platform.

If you go to Dukascopy for example, the slipage and no fills are terrible, apart from the fact that they claim to be a Swiss company, but if you dig deeper you will find that they are from some obscure eastern European countries.

The bottom line IMHO is that the first criteria for choosing a broker must be the assurance that your money will come back to your when you need it.
For he that would be deceived, let him.
  • #21,949
  • Jul 31, 2007 11:24am Jul 31, 2007 11:24am
Quoting Plutonite
What are you talking about, price is falling. Patience!
how far down?
BAM BAM BOOM! -bravado
  • #21,950
  • Jul 31, 2007 11:29am Jul 31, 2007 11:29am
Pinch, yes 100% agree, just irritated about being charged for toll's twice just to enter a really good setup trade is all
"Millionaires don't use astrology, billionaires do"
  • #21,951
  • Jul 31, 2007 11:31am Jul 31, 2007 11:31am
Since yesterday I´m making quick longs and shorts until today´s London session. Now I´m out waiting price turn around but the yellow line in the chart I posted (Average price) is still pretty solid. So let´s wait and see.
Johann Channels and cycles are everything
  • #21,952
  • Jul 31, 2007 11:42am Jul 31, 2007 11:42am
Quoting manu.aquetdju
Hmmm cable storms back above 2.0300. Maybe I have did huge mistake when I have opened really big short position @ 2.0270. But I am still Short Cable Short.


How Do you feel now???
  • #21,953
  • Jul 31, 2007 11:46am Jul 31, 2007 11:46am
Quoting bravado
how far down?
I'm hoping for 2.0235 before friday. i will be travelling back to the states during that time, so you tell me then
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #21,954
  • Jul 31, 2007 11:48am Jul 31, 2007 11:48am
Quoting edward77
How Do you feel now???
Hey don't make fun of people! I'll pipify you! You have been warned.

PS: He's going to feel better soon
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #21,955
  • Jul 31, 2007 11:51am Jul 31, 2007 11:51am
Quoting Plutonite
I'm hoping for 2.0235 before friday. i will be travelling back to the states during that time, so you tell me then
wait. you are not in the states? then where could you be.
BAM BAM BOOM! -bravado
  • #21,956
  • Jul 31, 2007 11:52am Jul 31, 2007 11:52am
Wow this is looking good. Pullback and long I go!!
  • #21,957
  • Jul 31, 2007 11:52am Jul 31, 2007 11:52am
Quoting OrionsWay
Pinch, yes 100% agree, just irritated about being charged for toll's twice just to enter a really good setup trade is all
I understand your feelings Orion...I started to trade forex in march and since then I noticed that things are getting tougher....I used to hedge right before the news and close the winner at the spike, and since price usually comes back to were it was, I used to make money both ways. Now oanda leaves the spreads open for so long after the spike that my "trick" is not working that well anymore.
For he that would be deceived, let him.
  • #21,958
  • Jul 31, 2007 11:55am Jul 31, 2007 11:55am
Quoting pinchapip
I understand your feelings Orion...I started to trade forex in march and since then I noticed that things are getting tougher....I used to hedge right before the news and close the winner at the spike, and since price usually comes back to were it was, I used to make money both ways. Now oanda leaves the spreads open for so long after the spike that my "trick" is not working that well anymore.

Yes for years now we could exploit this event now prolly smart to just take a nap LOL

i remember just a few years back cable on NFP u could play 100-200 pips boths ways. today barely anything
"Millionaires don't use astrology, billionaires do"
  • #21,959
  • Jul 31, 2007 11:58am Jul 31, 2007 11:58am
Yes we will be sitting pretty in our tuxedo's holding our shorts soon enough
"Millionaires don't use astrology, billionaires do"
  • #21,960
  • Jul 31, 2007 12:06pm Jul 31, 2007 12:06pm
Quoting edward77
How Do you feel now???
Sorry but are u retard ? Now I ignore any losses, cus dark clouds from my personal life. Even I will wipe out my account, its only money, in past days I have lost much more.
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