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Cable Update (GBPUSD)

  • #113,681
  • Jan 21, 2009 10:28am Jan 21, 2009 10:28am
Quoting Professor4x
They yen 25 year low of 79.80 looks to be coming into play. The gbp target of 1.05 still has to get some legs to go but with monthly stoc's so oversold it doesn't look like gbp will test that. Jpy has plenty of room to go lower from here and fundamentals warrant a test to this low. Not speaking about going there today on yen but trending and trading to that low over next 3-6 weeks
I will say this for technicals - once a point has been established, people know it's possible and that makes it easier to get there

Gasoline has been to $4.40 - and so that psychological resistance is broken and $3 will seem cheap in 2 or 3 years

thats why I have BP shares with a 8% yield while i wait
  • #113,682
  • Jan 21, 2009 10:28am Jan 21, 2009 10:28am
Quoting allserene
Yo the man !

techies are ok when there is no driving force and everyone is wondering what to think - but when the house is on fire, you get the fire brigade quickly, you don't think - 'oh that fire 20 years ago only caused a bit of damage so it will be the same this time'

current fundies rule
I agree.... most of these moves in the last weeks were fundamentally driven... sweeping technicals aside many times along the way...
Patience + Discipline - Greed = Success
  • #113,683
  • Jan 21, 2009 10:29am Jan 21, 2009 10:29am
Closed my order at 1.3753 on spike still have my tradea at 1.3700. Closed cause I want to use that leverage down lower. My order at 3700 was double the one at 3750. so still if it doesnt give another entry below 3700 i got lots of troops heading north.

Often times if i get a spike down and i have a higher entry and lower I will close the higher at b/e or just above. Then use that leverage at the lower price or lower than that.
  • #113,684
  • Jan 21, 2009 10:32am Jan 21, 2009 10:32am
Quoting steelhead
Closed my order at 1.3753 on spike still have my tradea at 1.3700. Closed cause I want to use that leverage down lower. My order at 3700 was double the one at 3750. so still if it doesnt give another entry below 3700 i got lots of troops heading north.

Often times if i get a spike down and i have a higher entry and lower I will close the higher at b/e or just above. Then use that leverage at the lower price or lower than that.
Great trading.. that is exactly how I trade myself.....
Patience + Discipline - Greed = Success
  • #113,685
  • Jan 21, 2009 10:33am Jan 21, 2009 10:33am
Previous resistance of 1.3770/75 area proving to be an interesting little number.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 39 KB
Probability Professor
  • #113,686
  • Jan 21, 2009 10:33am Jan 21, 2009 10:33am
Quoting fry2010
real choppy markets i think im stayin out for the rest of the day now, got there in the end with some heart attacks.
I think I'll follow you.
This is not for me today.
  • #113,687
  • Jan 21, 2009 10:34am Jan 21, 2009 10:34am
Quoting Infinity
Great trading.. that is exactly how I trade myself.....
That is nice trading, my primary broker blends my prices though, so I can't do that on my main broker. If I have one at 37 another at 38, they give me a blended price of 3750.
Just digging in the trenches like everyone else!
  • #113,688
  • Jan 21, 2009 10:36am Jan 21, 2009 10:36am
haha! That was fun! A lucky snippet of useful information. Did not think the damage would be so sever. GBPJPY fell over 500pips on that move. Did not trade it but I am currently up 100 pips on the long out of the ditch. Lock and leave. See you guys.

Quoting laza
You are the man!!!
Ride the Bulls bearback!
  • #113,689
  • Jan 21, 2009 10:39am Jan 21, 2009 10:39am
Quoting eohater
That is nice trading, my primary broker blends my prices though, so I can't do that on my main broker. If I have one at 37 another at 38, they give me a blended price of 3750.
It essentially calculates to be the same if you close out the same amount of lots that you opened at the higher price.. for example if you opened 1 lot long at 38 and price went down to 37 where you enter another lot long.. If you decide to close out 1 lot at 38 when price goes back there, you should have a net price of 37.

The psychology is different when price is blended....
Patience + Discipline - Greed = Success
  • #113,690
  • Jan 21, 2009 10:39am Jan 21, 2009 10:39am
Quoting eohater
That is nice trading, my primary broker blends my prices though, so I can't do that on my main broker. If I have one at 37 another at 38, they give me a blended price of 3750.
I wasn't aware that any broker does that for Forex trades. Personally I would hate it, but you seem to do very well, so more power to you
  • #113,691
  • Jan 21, 2009 10:41am Jan 21, 2009 10:41am
Quoting ezodisy
I wasn't aware that any broker does that for Forex trades. Personally I would hate it, but you seem to do very well, so more power to you
MBTrading does it this way. I'm numb to it at this point.
Just digging in the trenches like everyone else!
  • #113,692
  • Jan 21, 2009 10:43am Jan 21, 2009 10:43am
Quoting eohater
MBTrading does it this way. I'm numb to it at this point.
My old fixed spread broker was like that as well.. I did'nt have a problem with it.. you get used to it over time...
Patience + Discipline - Greed = Success
  • #113,693
  • Jan 21, 2009 10:46am Jan 21, 2009 10:46am
Quoting Infinity
My old fixed spread broker was like that as well.. I did'nt have a problem with it.. you get used to it over time...
Unfortunately, I don't have fixed spreads with this broker.
Just digging in the trenches like everyone else!
  • #113,694
  • Jan 21, 2009 10:51am Jan 21, 2009 10:51am
Quoting eohater
Unfortunately, I don't have fixed spreads with this broker.
Variable is fine as long as the spreads are reasonable and are not conveniently widened on a regular basis.
Patience + Discipline - Greed = Success
  • #113,695
  • Jan 21, 2009 10:52am Jan 21, 2009 10:52am
Quoting eohater
Unfortunately, I don't have fixed spreads with this broker.

Eo you gotta get out of mbt i have heard nothing but nasty things about them. I am testing a new broker today that I think has some potential.
  • #113,696
  • Jan 21, 2009 10:55am Jan 21, 2009 10:55am
Quoting steelhead
Eo you gotta get out of mbt i have heard nothing but nasty things about them. I am testing a new broker today that I think has some potential.
What things have you heard about them?

I think the majority, if not all brokers have had bad things said about them. When it comes to money, people are very sensitive.
Probability Professor
  • #113,697
  • Jan 21, 2009 10:56am Jan 21, 2009 10:56am
Having trouble getting above this broken line....
Attached Image
Patience + Discipline - Greed = Success
  • #113,698
  • Jan 21, 2009 10:57am Jan 21, 2009 10:57am
the gbp is wrapped in duct tape in a bathtub in mid atlantic and a seagull just stole the plug
  • #113,699
  • Jan 21, 2009 10:58am Jan 21, 2009 10:58am
Quoting Galation
What things have you heard about them?

I think the majority, if not all brokers have had bad things said about them. When it comes to money, people are very sensitive.

I just think its the silliest thing I have ever heard that in order to close a long you must open a short.

When im in the heat of battle I dont want to deal with that crap
  • #113,700
  • Jan 21, 2009 10:58am Jan 21, 2009 10:58am
Quoting Galation
What things have you heard about them?

I think the majority, if not all brokers have had bad things said about them. When it comes to money, people are very sensitive.
I've never heard of a truly great broker. There's always something to bitch about.
Hi, my name is Barry and you can keep your doctor...
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