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Cable Update (GBPUSD)

  • #131,461
  • May 7, 2009 8:29am May 7, 2009 8:29am
Quoting EricB
Anyone else please could you confirm the figure? I need to make sure my broker isnt messing me over
Mine was 1.32601 at 1.36pm BST.
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  • #131,462
  • May 7, 2009 8:30am May 7, 2009 8:30am
Quoting EricB
sorry for not making it clear - was looking for lowest point on EUR/USD.
oh, 1.32601
  • #131,463
  • May 7, 2009 9:02am May 7, 2009 9:02am
Quoting dimlat
oh, 1.32601
Mine was 1.32630 and didnt trigger my limit set for 1.3266 went in reverse and hit my SL instead - Dodgy or what?!?!? Do you guys agree?
  • #131,464
  • May 7, 2009 9:20am May 7, 2009 9:20am
Quoting EricB
Mine was 1.32630 and didnt trigger my limit set for 1.3266 went in reverse and hit my SL instead - Dodgy or what?!?!? Do you guys agree?

It happens. I had an existing long trade knocked out by that dip spike and cost me a lot of pips. You won't find me complaining about brokers, though. Without them we wouldn't be able to trade at all.

If you are sure they have made a mistake just send a polite email asking for an explanation. I'm sure they'll be ok.
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  • #131,465
  • May 7, 2009 9:25am May 7, 2009 9:25am
Quoting smikester
It happens. I had an existing long trade knocked out by that dip spike and cost me a lot of pips. You won't find me complaining about brokers, though. Without them we wouldn't be able to trade at all.

If you are sure they have made a mistake just send a polite email asking for an explanation. I'm sure they'll be ok.
Im a bit paranoid about them price manipulating to run in stops etc - I thought brokers made money via comission and spreads but Ive learnt the diffferent models they have of significantly increasing their profits my running stops and margin calls etc - I hope thre are some really decent honest ones though too - we cant do without them I agree.
  • #131,466
  • May 7, 2009 9:29am May 7, 2009 9:29am
Quoting EricB
Im a bit paranoid about them price manipulating to run in stops etc - I thought brokers made money via comission and spreads but Ive learnt the diffferent models they have of significantly increasing their profits my running stops and margin calls etc - I hope thre are some really decent honest ones though too - we cant do without them I agree.
This is quite a common complaint. It's happened to me a couple of times and I've known others who have had similar experiences. Now I don't programme in stop losses anymore (unless absolutely necessary like if I have trades open overnight) which has its drawbacks.
  • #131,467
  • May 7, 2009 9:59am May 7, 2009 9:59am
i long to 5100
any?
i know its a down now...but hours ago it reach 5200 (5199) which mean price will up again .
- Always pray on your trading - God know the best for everyone
  • #131,468
  • May 7, 2009 9:59am May 7, 2009 9:59am
Quoting 4cfx
This is quite a common complaint. It's happened to me a couple of times and I've known others who have had similar experiences. Now I don't programme in stop losses anymore (unless absolutely necessary like if I have trades open overnight) which has its drawbacks.
Little update.

My original short from 5150 was trailed to +50 and stopped during the mark-up in price going into london.

Here is a quick chart. Price broke 5150 but did not close above and produced a nice shooting star doji, yet another bearish candle from this level. 4-hr chart produced a nice candle as well. A trendline was broken as well.
Attached Image (click to enlarge)
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  • #131,469
  • May 7, 2009 10:03am May 7, 2009 10:03am
Quoting jack.canadia
Little update.

My original short from 5150 was trailed to +50 and stopped during the mark-up in price going into london.

Here is a quick chart. Price broke 5150 but did not close above and produced a nice shooting star doji, yet another bearish candle from this level. 4-hr chart produced a nice candle as well. A trendline was broken as well.
agreed, i have support at 5025 - anyoner else?? if it breaks this, the retracement is on IMHO
  • #131,470
  • May 7, 2009 10:08am May 7, 2009 10:08am
Quoting dimlat
agreed, i have support at 5025 - anyoner else?? if it breaks this, the retracement is on IMHO
I am looking at it going to 1.49 - 1.50 region conservatively. Then I'll probably take a long position and wait for it to try 1.53. Thoughts anyone?
  • #131,471
  • May 7, 2009 10:11am May 7, 2009 10:11am
i went short @ 1-51460, my tp is1.50218....
  • #131,472
  • May 7, 2009 10:14am May 7, 2009 10:14am
Quoting made4life
i went short @ 1-51460, my tp is1.50218....
nice trade, how about posting your trades as you make them please, if foyu dont mind, i am keen to learn
i wenrt short at 5080
  • #131,473
  • May 7, 2009 10:16am May 7, 2009 10:16am
first support gone, next support 1.4987, lets see
  • #131,474
  • May 7, 2009 10:16am May 7, 2009 10:16am
Quoting dimlat
agreed, i have support at 5025 - anyoner else?? if it breaks this, the retracement is on IMHO
Support at 1.500 .
  • #131,475
  • May 7, 2009 10:17am May 7, 2009 10:17am
Quoting 4cfx
I am looking at it going to 1.49 - 1.50 region conservatively. Then I'll probably take a long position and wait for it to try 1.53. Thoughts anyone?

Hmm. I know we are to expect dollar weakness but pound weakness is also pretty certain. Government bonds secured by fresh money off the printing press? Cable is showing a double top. Basically a rejection of the 1.5 area. My chart here http://www.forexfactory.com/showpost...stcount=131424 shows my initial target. It could go much lower IMHO.
Gone to a better place
  • #131,476
  • May 7, 2009 10:20am May 7, 2009 10:20am
Quoting jack.canadia
Support at 1.500 .
thanks , Jack, assuming it breaks, what would you suggest would be the limit of retracement?
  • #131,477
  • May 7, 2009 10:22am May 7, 2009 10:22am
Quoting smikester
Hmm. I know we are to expect dollar weakness but pound weakness is also pretty certain. Government bonds secured by fresh money off the printing press? Cable is showing a double top. Basically a rejection of the 1.5 area. My chart here http://www.forexfactory.com/showpost...stcount=131424 shows my initial target. It could go much lower IMHO.
A retracement to 5070/80 is my plan to take a short. This is 38.2/50% of the current move plus in the region of resistance and a broken trendline.
  • #131,478
  • May 7, 2009 10:23am May 7, 2009 10:23am
Quoting dimlat
thanks , Jack, assuming it breaks, what would you suggest would be the limit of retracement?
If it breaks then we could probably see 4830/50.
  • #131,479
  • May 7, 2009 10:26am May 7, 2009 10:26am
Quoting smikester
Hmm. I know we are to expect dollar weakness but pound weakness is also pretty certain. Government bonds secured by fresh money off the printing press? Cable is showing a double top. Basically a rejection of the 1.5 area. My chart here http://www.forexfactory.com/showpost...stcount=131424 shows my initial target. It could go much lower IMHO.
I know what you mean. But sentiments are positive at the moment. The market is jumping on all the good news and equities are doing well still. I'll wait and see what the price action is like.
  • #131,480
  • May 7, 2009 10:29am May 7, 2009 10:29am
Quoting jack.canadia
A retracement to 5070/80 is my plan to take a short. This is 38.2/50% of the current move plus in the region of resistance and a broken trendline.
I very much respect your analysis but didn't we already retest the trendline? On the hourly? Thanks for your attention to this.
Gone to a better place
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