Cable Update (GBPUSD)

wonder if this support will hold technically the pin is still doing its job

Now that's how you let money work for you
I'm doing okay brother, no complaints. Can't be around too much as I have my big day around the corner lol, so I'm basically trading light.
Btw, how about some real fundies on this surge dave. What's your take.
I've had to endure some really shitty insights for the past 2 days haha.

The Shooting star in 4h , could indicate a trend reversal.

My chart..Bearish Divergence on MACD, Momentum & RSI..





4H Chart..Bearish Hanging man..Different broker, different pattern..




Any comment are welcome..

Was i rite or was i wrong?

Did i posted that while ago... Hum!

http://www.forexfactory.com/attachme...1&d=1238738582
http://www.harmonictrader.com/3drivesbearre.jpg

Notice I-09-10

April 13, 2009
Effective Date of NFA Requirements Regarding Forex Orders
NFA has received notice that the Commodity Futures Trading Commission has approved new NFA Compliance Rule 2-43 regarding forex orders. The prohibition on carrying offsetting transactions will be effective for any positions established after May 15, 2009. The requirements regarding price adjustments will become effective as to all customer orders executed after June 12, 2009.
Offsetting Transactions
New Compliance Rule 2-43(b) requires an FDM to offset positions in a customer account on a first-in, first-out basis, thereby prohibiting a trading practice commonly referred to as "hedging." A customer may, however, direct the FDM to offset same-size transactions even if there are older transactions of a different size. Rule 2-43(b) is effective for any positions established after May 15, 2009. Offsetting positions that were established prior to the effective date do not have to be liquidated, but once either position is closed out after May 15, it may not be reestablished as a hedge.
Price Adjustments
For orders executed after June 12, 2009, Compliance Rule 2-43(a) will prohibit an FDM from adjusting executed customer orders, with two exceptions. The first exception is where the adjustment is done to settle a customer complaint in favor of the customer. The second exception is where an FDM exclusively operates a "straight-through processing" model and the liquidity provider with which it entered into the automatic offsetting position changes the price of an executed order with the FDM.
Pursuant to the new rule, an FDM that adjusts an executed customer order based on an adjustment by a liquidity provider must provide notice to the affected customer within fifteen minutes of the customer order being executed. The notice must state that the FDM intends to cancel or adjust the order and must include documentation of the price adjustment from the liquidity provider. The FDM must either cancel or adjust all customer orders executed during the same time period and in the same currency pair or option regardless of whether they were buy or sell orders. All cancellations or adjustments of executed customer orders must be reviewed and approved by a listed principal of the FDM who is also an associated person. Such review must be in writing and include the documentation from the liquidity provider, and the written review and documentation must be provided to NFA at [color=#0000ff][email protected][/color]. Finally, any FDM that may elect to cancel or adjust executed customer orders based upon liquidity provider price changes must provide customers with written notice of that fact prior to the time they first engage in forex transactions.
A copy of new Compliance Rule 2-43 is attached for your convenience. NFA's submission letter to the CFTC contains more detailed explanations of the changes, and you can access an electronic copy of the letter at:
http://www.nfa.futures.org/news/PDF/...Adj_112408.pdf
Questions concerning these changes should be directed to Edward Dasso, Managing Director, Compliance ([color=#0000ff][email protected][/color] or 312-781-1551) or Lauren Brinati, Senior Manager, Compliance ([color=#0000ff][email protected][/color] or 312-781-1215).

Part 2 - RULES GOVERNING THE BUSINESS CONDUCT OF MEMBERS REGISTERED WITH THE COMMISSION
* * *
Part 2 - RULES GOVERNING THE BUSINESS CONDUCT OF MEMBERS REGISTERED WITH THE COMMISSION

* * *
RULE 2-43. FOREX ORDERS.
(a) Price Adjustments

1. (1) A Forex Dealer Member may not cancel an executed customer order or adjust a customer account in a manner that would have the direct or indirect effect of changing the price of an executed order except when:
   1. (i) the cancellation or adjustment is favorable to the customer and is done as part of a settlement of a customer complaint; or
      (ii) if a Forex Dealer Member's platform exclusively uses straight-through processing such that the Forex Dealer Member automatically (without human intervention and without exception) enters into the identical but opposite transaction with another counterparty (creating an offsetting position in its own name) and that counterparty cancels or adjusts the price at which the position was executed.

   (2) With regard to cancellations or adjustments made pursuant to section (a)(1)(ii), a Forex Dealer Member must:

   1. (i) provide written notification to the customer within fifteen (15) minutes of the customer order having been executed that it is seeking to cancel the executed order or adjust the customer's account to reflect the adjusted price provided by the Forex Dealer Member's counterparty, as applicable, and the written notification must include documentation of the cancellation or adjustment from the Forex Dealer Member's counterparty; and
      (ii) either cancel or adjust all executed customer orders executed during the same time period and in the same currency pair or option regardless of whether they were buy or sell orders.

   (3) Notwithstanding section (a)(2)(ii), a Forex Dealer Member may choose to honor transactions in which customer orders resulted in profits for the customers but must do so with regard to all similarly situated customers.
   (4) Cancellations and adjustments to executed customer orders must be reviewed and approved by a listed principal that is also an NFA Associate. Such review and approval must be documented by a written record, must include any supporting documentation, and must be provided to NFA in the manner requested by NFA.
   (5) A customer order is considered executed upon the earlier of the customer receiving notification of the execution price from the Forex Dealer Member or when the position established by such order is identified in the customer's account, whether electronically or otherwise.
   (6) If a Forex Dealer Member may cancel or adjust an executed order under the circumstances provided for in section (a)(1)(ii), the FDM must provide customers with written notice that the Forex Dealer Member may cancel or adjust executed customer orders based upon liquidity provider price changes prior to the time they first engage in forex transactions with the Forex Dealer Member. The notice may be included in a customer agreement.
   (7) Any provision in a customer agreement or any contract between a Forex Dealer Member and a customer that reserves to the Forex Dealer Member the right to make price or equity adjustments to a customer account except as allowed by this Rule is prohibited.

(b) Offsetting Transactions

 

1. Forex Dealer Members may not carry offsetting positions in a customer account but must offset them on a first-in, first-out basis. At the customer's request, an FDM may offset same-size transactions even if there are older transactions of a different size

it reach 5018
will it goes up again?
(now its a bit down...)

in a nut shell people will have to STOP chasing the maket and start trading the market

patience and let the market come to you, it will and always has and patience is all you need

it is very true, i notice it always the minute i join the forums ..start chasing the market for pips like they are the last..instead get killed.

Its funny how such a simple thing can prove to be such a big obstacle...man u gotta love this game

i love this saying...""Let us be thankful for the fools; but for them the rest of us could not succeed"" Mark Twain

not that im calling any1 a fool...i just love the saying

Navin, no posts for over 2hours I think you've upset everyone

After the morning breakout, cable formed a symmetrical triangle pattern at the top on hourly chart. As long as cable stay above recent swing high 1.4956 I will remain an upward bias. This bias was backed by the double top breakout on both daily and hourly point and figure charts.

here's yesterday history level, GU try break 1.5010 level


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History Level GBPUSD

1.5159 is the target for tonight. This bullish move is expected to stop there since that fall over 88.6% of the larger daily chart move = W. Target is at 1.4582 = 38.2%

AGREE WITH YOU, WAITING TO SHORT

Last stop level from history level




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History level GBPUSD

Thats Better

i think most in this thread shipped to eo journal

i thinking up from support but only the close on the 4hr will confirm this

Nav, a very basic question... Should trend lines be drawn from the absolute low of the shadow? I sometimes see them drawn from the open/close..Cheers