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Cable Update (GBPUSD)

  • #5,081
  • Jan 4, 2007 9:11pm Jan 4, 2007 9:11pm
I've never had even one problem with Oanda...!!!

Duke... we all know it is a war !!! Try to be nice !!!

I just got 22 pips going down... looks like it turned though now...
  • #5,082
  • Jan 4, 2007 9:12pm Jan 4, 2007 9:12pm
fixme1too

Are we still looking for at least mid 1.9300s ??? Or even Lower?? It's almost there already !!
  • #5,083
  • Jan 4, 2007 9:13pm Jan 4, 2007 9:13pm
look at the chart i posted



Quoting Tiki Trader
fixme1too

Are we still looking for at least mid 1.9300s ??? Or even Lower?? It's almost there already !!
  • #5,084
  • Jan 4, 2007 9:14pm Jan 4, 2007 9:14pm
Ive seen this setup before....
On the recent major upswing in both Eur and GBP...many people were long, then got blindsided by the positive dollar ISM. ..when everything else seems to be dollar negative. Then the after the major down post ISM... EUR and GBP creep lower vs dollar ( including more lower tonight) then will go sideways sometime between 3-8 AM EST. AT this point everyone who got caught long have been hoping since this morning (today) that they could get out before the NFP, but they kinda dont want to take a hugh loss. In a way they are now banking on a bad NFP to save their position. NFP comes out you get spike in EUR and GBP (dollar negative) about a 50% retrace around 194.40 (keep in mind these are my numbers and they are just a rough guess) its the direction that Im focusing on...then the big move down maybe, i repeat maybe to 192.50.... this is the US's chance to strengthen the dollar. remember Paulson's comment " strong dollar is in the interest of the US gov't" the US dollar never looked back after that comment. Just my 2 cents
  • #5,085
  • Jan 4, 2007 9:14pm Jan 4, 2007 9:14pm
I wish I knew where it was going I would be Rich!! I beleive its going to go back up now a bit since it dropped so fast just now. Waiting for London open though because I was told by Monarch that at that time good movements happen and he is right... But... I just set a long from 9369 my target is 9418
trading on demo is not trading
  • #5,086
  • Jan 4, 2007 9:15pm Jan 4, 2007 9:15pm
the turn is starting to complete - 100 more ticks to go and we should be heading back over 9400. Nevertheless, must wait for confirmation before adding. Just an opinion.
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Man who scratches ass should not bite fingernails
  • #5,087
  • Jan 4, 2007 9:15pm Jan 4, 2007 9:15pm
Quoting Pickensrulz
No good Retail platforms aka "bucket shops" have been known to not execute traders who have a poor track record. They take the orders on the platform and essentially take the opposite position. Bucket shops sprung up in the 1920's, I believe, as a sort of neighborhood broker. Since the quotes came on the ticker, the brokers could manipulate the data to screw the customers. The tickets were placed into actual buckets at these establishments hence the phrase
Pickensrulz,

Thanks for the explanation on buckets.....I have heard of FCM's trading against you, but should'nt they pass off your trade to the banks they use to offset your position????

mackeymax
He who hesitates is hesitant....which always leads to bad entries.
  • #5,088
  • Jan 4, 2007 9:19pm Jan 4, 2007 9:19pm
When considering the weekly range - we should target in the least an 80 pip retracement from the bottom as of now. This may change though if price heads lower, but at that point, I'm out of here and done for the week so good luck to you all.
Man who scratches ass should not bite fingernails
  • #5,089
  • Jan 4, 2007 9:20pm Jan 4, 2007 9:20pm
could even go down to 9350 before going back up...
trading on demo is not trading
  • #5,090
  • Jan 4, 2007 9:23pm Jan 4, 2007 9:23pm
I agree with Deadman. Whether or not the gov't is cooking the books is debatable. However, the gov't has a very strong interest in keeping the dollar under control. I look for continued dollar strength with the obvious retraces in between. Fixme's chart shows a strong possibility on how will it get there.
Life is too short to have anything but delusional notions about yourself.
  • #5,091
  • Jan 4, 2007 9:29pm Jan 4, 2007 9:29pm
Quoting MACKEYMAX
Pickensrulz,

Thanks for the explanation on buckets.....I have heard of FCM's trading against you, but should'nt they pass off your trade to the banks they use to offset your position????

mackeymax
I dunno, I've never heard the brokers details of how to do it. I just know some do it and it's pretty easy because spot isn't regulated.
  • #5,092
  • Jan 4, 2007 9:36pm Jan 4, 2007 9:36pm
1.9396add to short
  • #5,093
  • Jan 4, 2007 9:48pm Jan 4, 2007 9:48pm
How did you know to add to your short right there ??

I did too...........
  • #5,094
  • Jan 4, 2007 9:48pm Jan 4, 2007 9:48pm
Hey I thought I would show everyone this many of you might have it. But I found this site that has over 30 downloads of pretty good Forex Ebooks from elliot waves, crossovers, fibos etc... Good stuff I will be reading it all weekend

http://www.chmpdf.com/archives/forex/
trading on demo is not trading
  • #5,095
  • Jan 4, 2007 9:52pm Jan 4, 2007 9:52pm
Quoting Pickensrulz
I dunno, I've never heard the brokers details of how to do it. I just know some do it and it's pretty easy because spot isn't regulated.
Thanks for your response....yes, the unregulation can be a double edged sword...but the info on these boards is very helpful....just use a very judicious ear when you do, though....still waiting for the duke to comment further....


mackeymax
He who hesitates is hesitant....which always leads to bad entries.
  • #5,096
  • Jan 4, 2007 9:54pm Jan 4, 2007 9:54pm
Duke is gone...

Man he has been strange lately... not got enough moonshine up there in Tennesee
  • #5,097
  • Jan 4, 2007 9:55pm Jan 4, 2007 9:55pm
Quoting Tiki Trader
How did you know to add to your short right there ??

I did too...........
that's classified infomation, I could tell you but I'd have to kill you!
  • #5,098
  • Jan 4, 2007 9:56pm Jan 4, 2007 9:56pm
Ok I am for it if I can learn something !!!
  • #5,099
  • Jan 4, 2007 9:56pm Jan 4, 2007 9:56pm
Quoting Pickensrulz
jumped back in, sold gbp.jpy @ 23010, traders will be back from lunch soon.
out 22953 +57.
  • #5,100
  • Jan 4, 2007 9:57pm Jan 4, 2007 9:57pm
Now I'm back, and nuts as I ever was, mofo! Let's let it roll down dangerously ahead of NFP, then watch for this hyper underinflated B.S. going on with JPY to turn into a long a little bit...

Get me off this forum, please, I'm too nuts and everyone hates me! What the hell, it's all in good fun!
"The time to act is when others show signs of tire." --W.D. Gann
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