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Cable Update (GBPUSD)

  • #110,421
  • Jan 9, 2009 3:51am Jan 9, 2009 3:51am
They are very good most of the time but awful others. I once foolishly traded a evening news item, and it looked like the trade was going against me and I tried to close it for a breakeven. The system hung and I could not get back in and the charts showed the price going well beyond my SL so I just gave up for the night. Came back the following morning and there was a fresh £1000 in my account as they had messed up and the trade turned and close in the green at the 8pm close. Suck that IGindex.

Actually, I am making decent weekly withdrawals from them so they are certainly giving more than they are getting from me.

News does not seem to have had too much impact now. Lets march back up ...?

Quoting m0N5Ta
I am with igindex as well, they freaky auto cut me out when I was half way to reach my SL. I called up and they say that was causing by margin calls, although it only reach half of my SL at the time I was ordered.

I read the review of this broker, someone saying that they do manual manipulating to get you out of the trades and make you lost sometimes.
Ride the Bulls bearback!
  • #110,422
  • Jan 9, 2009 3:57am Jan 9, 2009 3:57am
Quoting FXaddict
looks like downward momentum is likely..my indicator tells me 1.5087 is the TP target
Wrong looks bro.
She suddenly moved up
  • #110,423
  • Jan 9, 2009 4:02am Jan 9, 2009 4:02am
Quoting eychenz
i think the market would close above 5250.
so i insist on my long position
Looks like you gonna be right there bro.
Good luck to you
  • #110,424
  • Jan 9, 2009 4:02am Jan 9, 2009 4:02am
i'm long GU at 1.5150 and tp 1.5350.i think gu will test right shoulder tonite if NFP data is worse than expected GU will have a massive bullish momentum and i put my short pending order all the way to R2 1.5500-1.5583
  • #110,425
  • Jan 9, 2009 4:05am Jan 9, 2009 4:05am
Quoting hanizad
i'm long GU at 1.5150 and tp 1.5350.i think gu will test right shoulder tonite if NFP data is worse than expected GU will have a massive bullish momentum and i put my short pending order all the way to R2 1.5500-1.5583
i agree with u , i'm long too and my tp is 5330
  • #110,426
  • Jan 9, 2009 4:43am Jan 9, 2009 4:43am
Quoting alcando
They are very good most of the time but awful others. I once foolishly traded a evening news item, and it looked like the trade was going against me and I tried to close it for a breakeven. The system hung and I could not get back in and the charts showed the price going well beyond my SL so I just gave up for the night. Came back the following morning and there was a fresh £1000 in my account as they had messed up and the trade turned and close in the green at the 8pm close. Suck that IGindex.

Actually, I am making decent weekly withdrawals from...
Glad that worked in your favour!

What spreads do they apply? What's their charting package like (does it allow one to easily spot a horny beast formation?) and range of currency pairs? I'm with Cantor Index, who have crap charts and limited selection of pairs, but always 1 pip spread on EURGBP and EURUSD and 2 pips on Cable. They have quick and simple withdrawal process, too. I also trade commodities and equities with them, as their spreads are awesome.

I've had two disputes with them in as many years over whether a s/l was actually touched, on one occasion they agreed I was right and reinstated the trade and on the other they wouldn't budge. In general, their customer service team are very helpful.

All in all, compared to some of the horror stories you hear, they seem an good choice broker for those in the UK trading G4 currencies. I also use FXCM, who I think are a shower of %&*%$ in comparison.
  • #110,427
  • Jan 9, 2009 4:45am Jan 9, 2009 4:45am
at this level again...
are we going to continue up or are shorts coming in to play?
closed my long.
Keep It Simple Stupid
  • #110,428
  • Jan 9, 2009 4:52am Jan 9, 2009 4:52am
Damn! Those are good spreads! IG's are fixed at 3 on cable and 2 on EurUSD but 8 on JPY trades. It's also a spread betting system and not a brokerage so longer term overnight spreads they re-charge the spread at 8pm UK which sucks. Their charts are simple line charts so I chart using Metatrader on Demo IBFX. I'll check out Cantor. Have you tried CMC?

Quoting gammase1
Glad that worked in your favour!

What spreads do they apply?...
Ride the Bulls bearback!
  • #110,429
  • Jan 9, 2009 4:55am Jan 9, 2009 4:55am
does any one here use GCI as their broker?
Keep It Simple Stupid
  • #110,430
  • Jan 9, 2009 4:56am Jan 9, 2009 4:56am
Quoting alcando
Damn! Those are good spreads! IG's are fixed at 3 on cable and 2 on EurUSD but 8 on JPY trades. It's also a spread betting system and not a brokerage so longer term overnight spreads they re-charge the spread at 8pm UK which sucks. Their charts are simple line charts so I chart using Metatrader on Demo IBFX. I'll check out Cantor. Have you tried CMC?

I used to do that - use a separate metatrader platform but eneter my trades on IG; but just found it too cumbersome. I use metatrader with ODL - they have same spreads as IG and I've always found them pretty reliable.
  • #110,431
  • Jan 9, 2009 4:57am Jan 9, 2009 4:57am
Quoting Alastair
does any one here use GCI as their broker?
oh no youre on GCI?
  • #110,432
  • Jan 9, 2009 4:59am Jan 9, 2009 4:59am
They are suggesting very weak employment data from the US. I don't think shorts (ie buying $) are going to provide good runs until after that US data has settled. My thinking being that if a large level trader such as the banks were to take profit today they would tend to wait until after that run. We may range here tho but I suspect we are going to the horns at
15360 before the data today.

But after I submit this I will most likely be proven wrong....

Quoting Alastair
at this level again...
are we going to continue up or are shorts coming in to play?
closed my long.
Ride the Bulls bearback!
  • #110,433
  • Jan 9, 2009 4:59am Jan 9, 2009 4:59am
Quoting Alastair
at this level again...
are we going to continue up or are shorts coming in to play?
closed my long.
i'm done until nfp time
don't think it will go up much before then - but could be wrong
already up over 300 between gbp/usd and eur/usd
going both ways -- no need to get greedy

good luck - i will power nap for couple hours now
  • #110,434
  • Jan 9, 2009 5:02am Jan 9, 2009 5:02am
Quoting trader2160
oh no youre on GCI?
Am indeed!
not a problem to date.
Keep It Simple Stupid
  • #110,435
  • Jan 9, 2009 5:04am Jan 9, 2009 5:04am
Yes, I tried the demo from ODL but I stopped using it as the pricing was very often out of sync with IG and IBFX. It then tended to jump to the correct price intermittently. Very annoying. They told me the full access server would not do that but I don't trust it. Glad to hear a good report tho.

Quoting linleysound
I used to do that - use a separate metatrader platform but eneter my trades on IG; but just found it too cumbersome. I use metatrader with ODL - they have same spreads as IG and I've always found them pretty reliable.
Ride the Bulls bearback!
  • #110,436
  • Jan 9, 2009 5:09am Jan 9, 2009 5:09am
Quoting alcando
Damn! Those are good spreads! IG's are fixed at 3 on cable and 2 on EurUSD but 8 on JPY trades. It's also a spread betting system and not a brokerage so longer term overnight spreads they re-charge the spread at 8pm UK which sucks. Their charts are simple line charts so I chart using Metatrader on Demo IBFX. I'll check out Cantor. Have you tried CMC?
Yep, much like IG, Cantor apply similar spreads on trades held overnight. Think they're great for intra-day traders in the UK though, those who are happy to just trade EURUSD, EURGBP or GBPUSD. For my charting, I use VT Trader, which I get from a demo account with CMS.

Not been with CMC. I like the tax-free element of trading with a spread-betting wrapper.

You trading full-time, Al?
  • #110,437
  • Jan 9, 2009 5:15am Jan 9, 2009 5:15am
I've been trading this tred line since the monster flag pole pattern on the 4 hour chart yesterday.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 19 KB
Probability Professor
  • #110,438
  • Jan 9, 2009 5:20am Jan 9, 2009 5:20am
morning everyone just went short from 5264 as a retracement fib seems to have held target 5130
  • #110,439
  • Jan 9, 2009 5:24am Jan 9, 2009 5:24am
Yes a tax free income is lovely.

I was doing property development until the banks stuffed that up. Now everything is on hold and a lot of capital tied up in some depreciating assets. I started Forex trading to get a bit of revenge on the banks and to fill my time with a view to make a few pounds. After a long session of demo trading and steadily building up a small £500 account, I am trading fulltime UK session and US open and am now reasonably consistently making a very good income while evryone else in the property business is struggling on. I love trading the rate cuts... I get the win win sensation! Lovely!


Quoting gammase1
Yep, much like IG, Cantor apply similar spreads on trades held overnight. Think they're great for intra-day traders in the UK though, those who are happy to just trade EURUSD, EURGBP or GBPUSD. For my charting, I use VT Trader, which I get from a demo account with CMS.

Not been with CMC. I like the tax-free element of trading with a spread-betting wrapper.

You trading full-time, Al?
Ride the Bulls bearback!
  • #110,440
  • Jan 9, 2009 5:29am Jan 9, 2009 5:29am
Quoting alcando
Yes a tax free income is lovely.

I was doing property development until the banks stuffed that up. Now everything is on hold and a lot of capital tied up in some depreciating assets. I started Forex trading to get a bit of revenge on the banks and to fill my time with a view to make a few pounds. After a long session of demo trading and steadily building up a small £500 account, I am trading fulltime UK session and US open and am now reasonably consistently making a very good income while evryone else in the property business is struggling on....
I think we'll see up to a 50% peak-to-trough fall in both commercial and residential property prices here in the UK. However, this will definitely throw up some amazing opportunities to those ready with cash and strong stomach, with potential yields far greater than the cost of capital. I will start sourcing opportunities at the end of this year. I am not bothered about catching the actual bottom of the market but instead am hoping to make strong long term gains.

p.s. glad to hear you're making decent cash from forex!
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