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Cable Update (GBPUSD)

  • #93,301
  • Oct 22, 2008 5:36pm Oct 22, 2008 5:36pm
Now, around 21:25 GMT...big spreads on GBP/USD:

Oanda: 10 pips
FXCM: 12 pips

...and no coming news or terrorism threats...

So, I will not be surprised when we reach a spread of 40...50 pips...
  • #93,302
  • Oct 22, 2008 5:43pm Oct 22, 2008 5:43pm
hi juys

i would like to thank many of you traders for every moment i have in DA market, i enjoy being with you guys

some very good traders send me private message to ask me
why price dont go up , is really the trend is up and all this movement to down is just retrace.

i 100% sure and confirmed from the trend guys trend are up for geppy.

GBP (British pound vs all currencies are up trend )
and you can see my analysis in cable room to confirm.
JPY (yen vs all currencies are down trend, and the jpy index confirm my words).
you can see my analysis in usd yen discussion room.

so why geppy fall down like this way

the answer in fundamental aspect!!!!

as i said before all the buyers and sellers in those threads ,
so if you found everyone post focused on the up movement that will happen (up trend) so the price will go down coz all the traders will take long positions & visa verse.

so be sure from the trend my friend, but you have to but your eyes on fundamental too.

trade well.
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  • #93,303
  • Oct 22, 2008 5:52pm Oct 22, 2008 5:52pm
Quoting spintrader
Ranges can be dangerous in these conditions though. It gets to the bottom and you buy and it begins to travel up as you would expect- and before you know it the big boys start selling and it crashes through the range and continues the trend. You need tight stop losses.
Whenever I try and trade these ranges I put such a tight stop loss in for fear of it breaking out- that it usually gets hit and I just make a series of small losses that add up to quite a big loss.
I've been short for a while now- and just as I'm typing this it begins to fall out of the range in a quick 50 pips move in a couple of seconds- that's the danger I'm scared of in ranges.
Wel look s like you and me have difrent way of understanding what is range and when to trade as range.For range as i see it it takes for price to bounce many times, and if it goes up and then breaks low then it was retrace.If it is range it will bounce again from that low.But never mind everybody is trading on his way.

One more thing i notice in people's posts that they are scared of what if they make some lost of money.
I was scared too,but then go to micro.Test your strategy and if you lost 20 pips it would be 2 $ i think.Test that strategy for 10 times.If you have bad result go to demo find other strategy.But bad trades are part of this job.If you make good money menagment you can't lost in the end of day.If you wait for 100% sure thing go to something else.You have to risk a little.And if you wait for 100% conferm then you start to ask your self is to late now,i should take that call.

In beginig i was so scared so when i take 10$ i was closing, then i take 100$ and closing.Today i was -200$ but i still wait to bounce from 6340 area.So if you make 30 pips and you are scared of that big boys moves then close that order.Do it 20 times in mounth and you take 6000$.Not bad at all.Take the rest of the day off and enjoy the day.I posted today my results and theare are 20$ profits only.i was scared too but then i take another order too and make 2000$.I made today 10-15 trades i think.Some was bad but the point i am not scared anymore and at the end of day i am rich.Don't think that much what if i lost.That way you will lost for sure because you waitHope i helped to new guys on this market.of course do some time first on demo for that testing of strategy
  • #93,304
  • Oct 22, 2008 6:12pm Oct 22, 2008 6:12pm
yeah I see you're point, I'm not affraid to make some losses- it's part of the game. Also I trade a demo account simultaneously- I find it gives me somewhere to make the riskier trades where I won't lose money.
Anyway all the small losses I've made today have been from trying to find a good position to short- and it looks like it's paying off- I've been short since 340, which more than cancells out my losses. happy trading.
  • #93,305
  • Oct 22, 2008 6:32pm Oct 22, 2008 6:32pm
Im short here from 1.6212, hope to see this slide to 1.60
  • #93,306
  • Oct 22, 2008 6:52pm Oct 22, 2008 6:52pm
Quoting SamuelOnline
Now, around 21:25 GMT...big spreads on GBP/USD:

Oanda: 10 pips
FXCM: 12 pips

...and no coming news or terrorism threats...

So, I will not be surprised when we reach a spread of 40...50 pips...
You might want to look at FX Solutions. Spreads are constant. The only down fall that I would see most traders having is they do not use MT, they have their own charting, pretty good one though.
Take what you can... Give nothin back.
  • #93,307
  • Oct 22, 2008 7:38pm Oct 22, 2008 7:38pm
Quoting Maverick537
You might want to look at FX Solutions. Spreads are constant. The only down fall that I would see most traders having is they do not use MT, they have their own charting, pretty good one though.
Or you can use the MT4 demo, which I do with my live FX Solutions account!!

HOLLA
  • #93,308
  • Oct 22, 2008 7:42pm Oct 22, 2008 7:42pm
What is going on with cable guys? Are we all still waiting for 6060?

I sometimes look at algsnotes.blogspot.com for his calls, which can be very useful (Algirdas is VERY good) and he says it will bounce from sub 61 area....
  • #93,309
  • Oct 22, 2008 7:47pm Oct 22, 2008 7:47pm
i don't know what's going on, that upward spike was insane- managed to open a nice short from it though.
If it breaks 1.6100 I think there's a good chance it will fall a ton more before any significant retrace.
My stop loss is set at 1.6350 and as long as it doesn't get hit, I plan to leave my short open at least until the end of the week.
  • #93,310
  • Edited 8:41pm Oct 22, 2008 7:56pm | Edited 8:41pm
what the hell! 100 pips spike up in just 2 minutes... insane!!!


Another point: 50% monthly fibo on the big 2050 pips UCAD monthly candle @ 1.2625, beauty to short it?....
  • #93,311
  • Oct 22, 2008 8:06pm Oct 22, 2008 8:06pm
nothing move ... up or down..

any idea?.
  • #93,312
  • Oct 22, 2008 8:28pm Oct 22, 2008 8:28pm
i'm long at 269 TP set to 6600
I think we are finally in retrace territory.
I'm setting a very high TP but it is below resistance on 4H AND it's also belo Yesterday's high. I think it may very easily go back as high as 6700 but we'll see.

good luck ppl
  • #93,313
  • Oct 22, 2008 8:32pm Oct 22, 2008 8:32pm
Quoting dakrusha
i'm long at 269 TP set to 6600
I think we are finally in retrace territory.
I'm setting a very high TP but it is below resistance on 4H AND it's also belo Yesterday's high. I think it may very easily go back as high as 6700 but we'll see.

good luck ppl

good luck m8... but don`t forget this one...


GBP http://www.forexfactory.com/images/m...mpact_high.gif Retail Sales m/m
http://www.forexfactory.com/images/m...etail_star.gif
-0.8% 1.2%
  • #93,314
  • Oct 22, 2008 8:49pm Oct 22, 2008 8:49pm
Price getting squeezed uncomfortably between 15min 5ma and 50ma.
Both pairs

edit: GU broke up, Eur still trapped
  • #93,315
  • Oct 22, 2008 9:35pm Oct 22, 2008 9:35pm
Quoting nedal26
good luck m8... but don`t forget this one...


GBP http://www.forexfactory.com/images/m...mpact_high.gif Retail Sales m/m
http://www.forexfactory.com/images/m...etail_star.gif
-0.8% 1.2%
Might be better than predicted, so they are giving us signs to go long.
  • #93,316
  • Oct 22, 2008 9:42pm Oct 22, 2008 9:42pm
Quoting fxpinoy
Might be better than predicted, so they are giving us signs to go long.

sure... then i`am long too..

but we should care of time too...
  • #93,317
  • Oct 22, 2008 9:46pm Oct 22, 2008 9:46pm
Quoting fxpinoy
Might be better than predicted, so they are giving us signs to go long.
I'm wondering if the spike and pull back around the 8pm hr US. Was just a set up to go down. The price maybe just holding out by the Big boys. Till closer before the release. Maybe a short lived rise back up then down in anticipation of bad news. Pound lost a lot already and just holding out to complete the nice down candle on the monthly. Just a thought time is relative and the price will come down. After US elections then probably up. I Think????
  • #93,318
  • Oct 22, 2008 10:02pm Oct 22, 2008 10:02pm
short from 16233
  • #93,319
  • Oct 22, 2008 10:19pm Oct 22, 2008 10:19pm
Quoting sblank
short from 16233

same here short 1.6260..
  • #93,320
  • Oct 22, 2008 10:20pm Oct 22, 2008 10:20pm
Quoting nedal26
same here short 1.6260..
nice move so far see what happens as we test the low
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