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Cable Update (GBPUSD)

  • #56,681
  • Feb 29, 2008 6:48am Feb 29, 2008 6:48am
Quoting salah k.
Chicago PMI came out bad
lets if it gives cable a push upwards(hopefully not)
it went
If I Go Broke Trying Then I Will die happy.
  • #56,682
  • Feb 29, 2008 6:51am Feb 29, 2008 6:51am
Quoting Abuawad
FXCM, and i don't have any problem with thim until now
thanks, whats there average spreads on gbp/usd
If I Go Broke Trying Then I Will die happy.
  • #56,683
  • Feb 29, 2008 6:53am Feb 29, 2008 6:53am
Quoting Moe
it went

the market just reacted to the news....the market will fall back to its technicals.....just wait for 4hr candle to closed...
  • #56,684
  • Feb 29, 2008 6:55am Feb 29, 2008 6:55am
Quoting Moe
thanks, whats there average spreads on gbp/usd
http://www.fxcm.com/spreads.jsp


from 0.8 to 3.7 depend on the market demand
  • #56,685
  • Feb 29, 2008 6:56am Feb 29, 2008 6:56am
we still have consumer sentiment
this is the decisive report for the day.
it could give cable the push it needs either way.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #56,686
  • Feb 29, 2008 6:59am Feb 29, 2008 6:59am
consumer sentiment went well
bye bye cable hope u hit the 9760 today
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #56,687
  • Feb 29, 2008 7:01am Feb 29, 2008 7:01am
Quoting salah k.
they have been screaming to me for a week but dollar screwed with all of us.
now dollar is rebounding from its lows. u never know if it will reach new lows due to those politicians and economists. so keep an eye on bloomberg or watever for the news.

bro ..b4 I started in forex. I went to a stock market course paid £500 for 3 days worst and best money i ever spent cause it lead me to forex which i think is good. money makers use news, bloomberg etc to give tips and therefore manipulate the market so money can be made. I know forex is different cause of fluidity but can still have similiar effects.

All in all bloomberg and place such as....all they do is mess with your head. trading is about how mechnical u can be .....technicals lay in the chart..u need to just awaken to this fact. nobody who is a excellent trader will be influenced by media, forums and god knows what ...its just the charts, remember this is about probability not about 100%
look at charts and yur probability of success will be higher..
  • #56,688
  • Feb 29, 2008 7:06am Feb 29, 2008 7:06am
Quoting nAVIN2007
bro ..b4 I started in forex. I went to a stock market course paid £500 for 3 days worst and best money i ever spent cause it lead me to forex which i think is good. money makers use news, bloomberg etc to give tips and therefore manipulate the market so money can be made. I know forex is different cause of fluidity but can still have similiar effects.

All in all bloomberg and place such as....all they do is mess with your head. trading is about how mechnical u can be .....technicals lay in the chart..u need to just awaken to this fact. nobody who is a excellent trader will be influenced by media, forums and god knows what ...its just the charts, remember this is about probability not about 100%
look at charts and yur probability of success will be higher..
wat ur saying is perfectly correct but wen we are in a grey are such as this fundamentals are the trigger believe me.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #56,689
  • Feb 29, 2008 7:17am Feb 29, 2008 7:17am
Quoting Abuawad
http://www.fxcm.com/spreads.jsp


from 0.8 to 3.7 depend on the market demand
Hi Abuawad,
Could you say a word or two about FXCM options - Do they have trailing stops, allow trading both ways with different positions, is that maximum spread always true or maybe gets bigger during news releases or near weekends for example and can you make orders based on pips or on fixed money sums ?

I train on Avafx and they have these options and the spreads are fixed - a bit bigger than those on fxcm on average though. Yet it's a lot more comfortable and practical then Oanda for example so the bigger spreads are less important to me.

Thanks a lot.
On the path to Enrichment.
  • #56,690
  • Feb 29, 2008 7:25am Feb 29, 2008 7:25am
Quoting Jurrasic
Hi Abuawad,
Could you say a word or two about FXCM options - Do they have trailing stops, allow trading both ways with different positions, is that maximum spread always true or maybe gets bigger during news releases or near weekends for example and can you make orders based on pips or on fixed money sums ?

I train on Avafx and they have these options and the spreads are fixed - a bit bigger than those on fxcm on average though. Yet it's a lot more comfortable and practical then Oanda for example so the bigger spreads are less important to me.

Thanks a lot.
Almost all the options you ask about are available please check the official website for more information about FXCM.
  • #56,691
  • Feb 29, 2008 7:33am Feb 29, 2008 7:33am
The big players have there own departments to estimate what the results are going to be in most cases, thats why if it's news that would make the market go up, you can see in the chart they've been buying all day, then they let the others buy into the good news run it up then they sell / short.

Know what time the news is, so you can be ready for a fast move, or sitting the market out your call, definitely tighten your stops though.

But DO NOT READ THE NEWS, it will create a bias towards up or down and more often than not, the media will hype it another way anyway so it'll go the opposite of what you'd expect and get caught on the wrong side.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #56,692
  • Feb 29, 2008 7:39am Feb 29, 2008 7:39am
FXCM spead wise.

GBPUSD 3.3's typical during busy times, I've seen 7, low's of 2.6 but rare.
EURUSD 2.6 typical, 2 lowest. 3.3 highest area.

Gets larger during quite periods ( good market volume indicator ), middle of the night, 5-6 is the norm.

Margin is £50 per lot for me, instant stop out off all positions upon hitting it, so if you've got 2 $1 lots, £100 GBP and out

I see they've just released the strategy system, with 50 systems able to test and choose from, maybe write your own, will look into that later ( tried with with Meta, and FAILED so won't waste much time on it )
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #56,693
  • Feb 29, 2008 7:40am Feb 29, 2008 7:40am
like right now .....looking at the chart i can say (according to me) technically we are going down....let see what happens today...are we going up or down.
  • #56,694
  • Feb 29, 2008 7:44am Feb 29, 2008 7:44am
Quoting Abuawad
Almost all the options you ask about are available please check the official website for more information about FXCM.

also: http://clk.atdmt.com/FXM/go/tloaaeng...fxm/direct/01/
  • #56,695
  • Feb 29, 2008 7:52am Feb 29, 2008 7:52am
Well technically to my system,hour :-

24hour sma capped the advance at 1.9880, broke through the 12hour just, supported on the 6hour whiih I'm not going to risk a long off.

Sadly too tired to care, so unless the urge grips me shortly thats it for this week.

Weekly scores are :-

15trades, 7 losses, 8 wins, worst day tuesday -52pips uggg, closed the week at -19pips.

Bounced off 6hour while writing / working this out LOL +25, enough to get me to profit LOL

Also this week, I've been 6pips away ( mid trade ), 12pips closed trades from Sending a cheque twice, got 40pips to play with here, does not help 1's focus!!! ( I'm the come back king LOL )

Despite the $$$'s side, I'm counting this week as a victory, as I've learned alot, will I forget it over the weekend ??
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #56,696
  • Feb 29, 2008 7:57am Feb 29, 2008 7:57am
geppy drove cable up 55 points i think
cause i cant find any other reason
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #56,697
  • Feb 29, 2008 7:59am Feb 29, 2008 7:59am
Quoting nAVIN2007
like right now .....looking at the chart i can say (according to me) technically we are going down....let see what happens today...are we going up or down.
nAVIN...... nAVIN...... nAVIN......
Never Give Up.....
  • #56,698
  • Feb 29, 2008 8:05am Feb 29, 2008 8:05am
Quoting nAVIN2007
for this pattern to complete where does the price need to go ? Im not saying we will but if the pattern is what it is ...it might ...thou its impossible to believe

goto 1.9550 bounce to 1.96 then maybe 1.93 ish area
Ok, let's go step by step.

My strategy is good 7 out of 10 If you understand Pattern Recognition.
This Pattern recognition use Fib for entries and exit.
Now, a Gartley pattern could fail and become a Buttlerfly pattern.
Also, there are retracements during formations. You can't see this for scalping trading, unless you use patterns at small TF's. Small TF (5M to 30M) you are aiming for 10 to 30 pips average.
If the trend is very strong, a 38% fibo retracement is good. If not, 61.8% fibo es common.

But patience is the key, you need "cojones" to wait and trust this methode.

So far, for me is the only way that I trade with success after my huge lost last year. But this technica is not for everybody, you have to find your way of trading where you feel good with it.

Here is some patterns that I use.

I DON'T USE ONLY THESE PATTERNS BELLOW, ALSO HARMONIC NUMBERS, FIBO RETRACEMENT PATTERNS,S&R LINES, AND THE CHART IN FROM OF ME. YOU HAVE TO BE CONECTED PSYCOLOGYLY AND MENTALY WITH THE MARKET SENTIMENT.

Please don't this live if you don't have the experience trading patterns.
Very risky if you don't understand how this works. The are rules to work with this!!!

Thaks everybody and good trading for all.
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  • #56,699
  • Edited 8:32am Feb 29, 2008 8:17am | Edited 8:32am
it appears we are bouncing of the trend lines..i didnt even notice, i just realised now ..its things like this i need to see straight awy b4 i go live if it breaks above upper trendline we go up otherwise we gonna bounce down...

Its looks like possible top trendline was rejected so we will ok (me thinks)

do others agree or disagree?

and yes i know not good to buy at bottom of channel ..i didnt even have a channel 5 minutes ago....lol
just a slight problem the moving average is in the way ......
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  • #56,700
  • Feb 29, 2008 8:33am Feb 29, 2008 8:33am
I have two people I'm mentoring and one of them wanted a guarantee that if he took my training that he would make money trading the forex. I showed him my trading results for January 08 with 82 positive trades in a row. He said that he wanted to see something more recent. So I told him I would trade for 30 days on FXCM and see if I couldn't double the account. So I opened a demo with $50,000 on 2/5. I showed him the account this morning. 126 positive trades in a row with a 62% increase. He said, "Well, 30 days aren't up yet." The point is - I have a system that works, and although its not perfect it does make profit. The forex doesn't guarantee anybody anything, it only offers a level playing field for those that care to learn the rules and then learn to stick with a system that makes more pips than you loose. Remember the golden rule: Grow Your Capital
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