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Cable Update (GBPUSD)

  • #64,121
  • May 4, 2008 11:18pm May 4, 2008 11:18pm
Cable is completely not moving, probably due to the fact that Japan is closed and London won't be open either. Wonder if we will see any movements until US session.
Expected the unexpected
  • #64,122
  • May 5, 2008 12:02am May 5, 2008 12:02am
Quoting Carrera
Possible sideway movement for a while because holiday.
Yup, very slow.
  • #64,123
  • May 5, 2008 12:11am May 5, 2008 12:11am
Quoting Carrera
Yup, very slow.
Have you had any experience in the past when London market is closed but the rest of Europe is open? Is London the largest forex market in Europe?
Expected the unexpected
  • #64,124
  • May 5, 2008 2:32am May 5, 2008 2:32am
Quoting scyang
Have you had any experience in the past when London market is closed but the rest of Europe is open? Is London the largest forex market in Europe?
yes london is the largest forex market in the world not just europe, when london is close it's best to stay out during london/europe session, when london is close i tried to make some pips during u.s. session.
If I Go Broke Trying Then I Will die happy.
  • #64,125
  • May 5, 2008 2:37am May 5, 2008 2:37am
Quoting Moe
yes london is the largest forex market in the world not just europe, when london is close it's best to stay out during london/europe session, when london is close i tried to make some pips during u.s. session.
Any particular reason why London is the biggest forex market in the world? I don't think it's the biggest stock market in the world, is it?
Expected the unexpected
  • #64,126
  • May 5, 2008 2:48am May 5, 2008 2:48am
Quoting scyang
Any particular reason why London is the biggest forex market in the world? I don't think it's the biggest stock market in the world, is it?
the u.s. has the biggest stock market in the world, london runs the forex market, if you can answer why the u.s. has the biggest stock market in the world then you have answer your question why london runs forex.
If I Go Broke Trying Then I Will die happy.
  • #64,127
  • May 5, 2008 3:00am May 5, 2008 3:00am
Quoting Moe
the u.s. has the biggest stock market in the world, london runs the forex market, if you can answer why the u.s. has the biggest stock market in the world then you have answer your question why london runs forex.
Well it's not hard to imagine that the US would have the largest stock market in the world since it is the financial center in the world. But I still can't figure out why London has the largest forex market in the world.
Expected the unexpected
  • #64,128
  • Edited 3:40am May 5, 2008 3:12am | Edited 3:40am
Quoting scyang
Well it's not hard to imagine that the US would have the largest stock market in the world since it is the financial center in the world. But I still can't figure out why London has the largest forex market in the world.
This article is quite informative on the subject

This IFSL paper is more recent

EXTRACT:
Main advantages of London as a centre for foreign exchange trading

- A central geographical location and position between the US and Asian timezones;
- Easy access to markets combined with a tradition of welcoming foreign firms;
- High quality professional and support services;
- Substantial physical assets, particularly office accommodation;
- Efficient telecommunications infrastructure;
- Concentration of financial institutions. London has more foreign banks than any other centre;
- Perception of a proportionate approach in its regulatory climate;
- Use of the English language.

Interesting to note that America's share of this market is shrinking (as is Japan's and Germany's) whilst Britain's is growing.

Another IFSL article states; Europe is the largest market for foreign exchange trading, accounting for 55% of trading worldwide in the latest BIS triennial survey undertaken in April 2007. In Europe, average daily turnover rose by 75% to $2,223bn between April 2004 and April 2007, while US turnover was up 44% to $607bn. As a result, Europe’s share of global foreign exchange trading increased from 53% to 56%, while the US share dropped from 19% to 17%.
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  • #64,129
  • May 5, 2008 3:22am May 5, 2008 3:22am
Quoting priceaction
This article is quite informative on the subject

This IFSL paper is more recent

EXTRACT:
Main advantages of London as a centre for foreign exchange trading
- A central geographical location and position between the US and Asian timezones;
- Easy access to markets combined with a tradition of welcoming foreign firms;
- High quality professional and support services;
- Substantial physical assets, particularly office accommodation;
- Efficient telecommunications infrastructure;
- Concentration of financial institutions. London has more foreign banks than any other
centre.
- Perception of a proportionate approach in its regulatory climate;
- Use of the English language.
If I Go Broke Trying Then I Will die happy.
  • #64,130
  • May 5, 2008 4:18am May 5, 2008 4:18am
Hi All,

Here is your morning star on the 1 Hr. And if you pulled fibs, you will see that it pulled back to 38 % level and had a cool 45 Pips. Then the news release for the EURO came out and SLAMMED the price back into the,.....Well, I'll be damned..... the 9730 level.......Hmmmmmmmm, Must ne something special about that level, where have I heard that before. Does anyone notice something else here????

Jim

Quoting hard1head1
Keep an eye on the 1 hr for a Morning star to form, signs are pointing up so far.
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  • #64,131
  • May 5, 2008 4:21am May 5, 2008 4:21am
Yep, its a textbook example of a head and shoulders on the 1 Hr T/F. Trade it like you see it.
  • #64,132
  • May 5, 2008 4:28am May 5, 2008 4:28am
Head and shoulders patterns have a much higher chance of working out at the end of a trend which this one isn't. It's in sideways consolidation, just my 2% for what it worth...


Alex


Quoting hard1head1
Yep, its a textbook example of a head and shoulders on the 1 Hr T/F. Trade it like you see it.
  • #64,133
  • May 5, 2008 4:33am May 5, 2008 4:33am
Quoting AlexFX
Head and shoulders patterns have a much higher chance of working out at the end of a trend which this one isn't. It's in sideways consolidation, just my 2% for what it worth...


Alex
yes thats true....work good end of a uptrend
  • #64,134
  • May 5, 2008 4:36am May 5, 2008 4:36am
Yea, I am looking for some help from this support area here. But you are right about that. I think it will work out. But I been wrong before

Quoting AlexFX
Head and shoulders patterns have a much higher chance of working out at the end of a trend which this one isn't. It's in sideways consolidation, just my 2% for what it worth...


Alex
  • #64,135
  • May 5, 2008 5:00am May 5, 2008 5:00am
Finally got thru that level, shoud fall now. Check out the tweezer tops on the 1 Hr
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  • #64,136
  • May 5, 2008 5:12am May 5, 2008 5:12am
long cable long...
its just money
  • #64,137
  • May 5, 2008 5:16am May 5, 2008 5:16am
Quoting de123
long cable long...
maybe later....

still holding half my short. want to see how far it goes and see clear signals of a turnaround. which are not happening for now.
The quality of your life is brought about by the quality of your thinking.
  • #64,138
  • May 5, 2008 5:17am May 5, 2008 5:17am
Thats what I was looking at Friday on the 1 hour.
Better on the end of a up movement I know.




Quoting Bones
Im not sure of today that was pretty strong , maybe some consolidation where we are which may give a head and shoulders pattern?
I’m defiantly not an expert on patterns ,lol though I try
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #64,139
  • May 5, 2008 5:18am May 5, 2008 5:18am
Trying hard to break 1.9700. Dont jump in too quick will get a pullback first
  • #64,140
  • May 5, 2008 5:28am May 5, 2008 5:28am
outside view..
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