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Cable Update (GBPUSD)

  • #135,841
  • Jun 5, 2009 5:18pm Jun 5, 2009 5:18pm
Quoting jack.canadia
http://www.forexfactory.com/showpost...stcount=134942
good idea jack,i think that down trend was today definitely confirmation,but what target you see on monday?today volatility was again bigger than candlestick,i think that movement down will be too large and target 1,5550-15 is possible...,excuse me my english,but i'm learning,
good night(day) from Czech Republic....
  • #135,842
  • Jun 6, 2009 12:16am Jun 6, 2009 12:16am
I am still holding my short on gbp.My target at least 1.5550. Weekly closed still showing gbp will go down.the gbp price still remain under the recent trend line breakout so i'm still bearish on gbp for another two weeks.
  • #135,843
  • Jun 6, 2009 8:40am Jun 6, 2009 8:40am
What i see that (maybe i am wrong) the indications for 1H, 4H, D is short , for Week not confirm, for Monthly still up, also the pair still with up trend line (two trend lines in green arrow), the first one from March 2009 and the second one from April 2009 and those trends are the main trends of moving up from 1.3655, in the last down of the pair it touched the fibo 23.6 (yellow arrow).

Maybe it will move up again, maybe it will continue moving down till 1.57

Gods know

Your advice please
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  • #135,844
  • Edited 12:30pm Jun 6, 2009 11:38am | Edited 12:30pm
Quoting fxbillie
The down spike in GBPUSD this morning must be a wicked one. I longed it last night (London session) and set the stop loss to break even when the trade was 40 pips in profit. Went to sleep afterwards. Woke up this morning to a shock. My broker (FXCM) charged me 135 pips loss per lot below my stop, claiming the reason of slippage in news announcement. I can understand 30, even 50 pips slippage. But 135 pips is unheard of. Does anybody out there get hit with this slippage? If not, I need to find a way to challenge FXCM.

This totally takes away the peace of mind I have for stop loss and for leaving a trade open during news hours. I am looking for a broker who gives 100% slippage protection. Any recommendations?

Thanks.
Quoting 4cfx
Wow that's terrible. I had a problem with Oanda at that same time when their system just froze when I was trying to take profit. It was then down for almost an hour. I complained and it's now being looked at.

I think you should complain vehemently.
Have you gotten any good news from your broker with your complaint? I have started the complaint process, but FXCM so far has not done anything to help ease my loss. There is communication but no action to reduce the 135 pips slippage? Have you guys who are trading the GBP crosses with different brokers been hit hard by massive slippage too if you had longed GBP during that wicked spike down caused by the bad news? And if so, how much was your slippage? I like to do a little comparison here to see if FXCM is fair in charging me with that huge slippage? This is a massive thread in GBP crosses with many readers, so I hope this comparison is doable and that I am not the only victim. Thanks. Can you log your slippage below if you have similar experience (just c&p the survey portion and add your slippage):

Broker, position, approx slippage from stop, poster (or victim LOL)
FXCM, long GBPUSD at 1.6310, 135 pips, Fxbillie
  • #135,845
  • Edited 12:17pm Jun 6, 2009 11:59am | Edited 12:17pm
Quoting jack.canadia
Complain to the NFA
It is a possible avenue for me if the comparison survey shows that FXCM alone is charging this huge slippage during the massive down spike of GBP crosses by the Thursday bad news.

By the way, I feel the rapid move down in GBP may have killed the risk bull theme recently, and a larger correction may be on the way. I may have to look at the daily fib levels instead of the smaller time frame. The 38% of the recent bull move (1.4396-1.6661) is 1.5784 and may be the next target in this move down. Any suggestion?
  • #135,846
  • Jun 6, 2009 12:08pm Jun 6, 2009 12:08pm
Quoting fxbillie
It is a possible avenue for me if the comparison survey shows that FXCM alone is charging this huge slippage during the massive down spike of GBP crosses by the Thursday bad news.
They didnt charge you anything .. What happens on some news releases is a large influx of buy or sell orders .. So large that price may gap many pips from the price before the release to a new price that is very different from the pre-release price.

That being said, if you had a stop 20 pips away and a news spike went in the direction of that stop and you chose to have that stop filled "at best", that means that if it cant fill at your stop price, it may fill at the next best price which could be many pips down the road...

Next time, instead of an at best order, change it to allow maybe 3-4 pips slippage to avoid losing alot. That way, if there is no available trade within 3-4 pips of your entry or stop price, the order will not be filled.
  • #135,847
  • Jun 6, 2009 12:27pm Jun 6, 2009 12:27pm
I think your suggestion is for an entry/pending order, isn't it? But my situation was I had a long order already in progress with a stop loss set at break even.

I am interested in your suggested alternative if it is doable. So what does this mean if the stop order doesn't get filled (with 3-4 pips slippage) in a massive down spike? I don't know if FXCM has this option on their trading platform. Can you recommend a broker with that capability if this feature can avoid massive slippage?
  • #135,848
  • Jun 6, 2009 12:30pm Jun 6, 2009 12:30pm
Quoting fxbillie
I am interested in your suggested alternative. So what does this mean if the stop order doesn't get filled (with 3-4 pips slippage) in a massive down spike? I don't know if FXCM has this option on their trading platform. Can you recommend a broker with that capability if this feature can avoid massive slippage?
I am with fxcm.. I know with entry orders you can change it from an at best to market range order .. meaning if price blows past your entry price of say, 1.5000, and you set it to only fill within 2 pips of that, if no price is available within 2 pips of your entry then the order is not executed.

i just looked to see if you could do it with stops but i am not sure? i would ask them, but keep complaining anyway .. 135 pips or whatever you said is too much
  • #135,849
  • Jun 6, 2009 1:13pm Jun 6, 2009 1:13pm
As long as we don't rally to much Sunday or gap up heres my out look...
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #135,850
  • Jun 6, 2009 3:57pm Jun 6, 2009 3:57pm
Quoting Bones
As long as we don't rally to much Sunday or gap up heres my out look...
Bones I couldnt agree more.. I am looking to short anywhere from the 38.2 to 61.8 .. I'm thinking I'll start scaling in at the 38.2 depending on the momentum any retracement has.

And a nice target is 5300-5500 .. But then we should look to set up some long-term longs out of that area!

See you tomorrow
  • #135,851
  • Jun 6, 2009 5:57pm Jun 6, 2009 5:57pm
gbpusd
Attached Image
  • #135,852
  • Jun 7, 2009 5:19am Jun 7, 2009 5:19am
Exactly my thoughts Jack

Quoting jack.canadia
Bones I couldnt agree more.. I am looking to short anywhere from the 38.2 to 61.8 .. I'm thinking I'll start scaling in at the 38.2 depending on the momentum any retracement has.

And a nice target is 5300-5500 .. But then we should look to set up some long-term longs out of that area!

See you tomorrow
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #135,853
  • Jun 7, 2009 8:33am Jun 7, 2009 8:33am
Hi all! I' looking for short at around .61 and long around .55. Hope UKs European election results will help me with my plan.

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  • #135,854
  • Jun 7, 2009 10:12am Jun 7, 2009 10:12am
Quoting hardaez
I just subscribe a trial signal for 5 day at 30 dollar, i will not mention the signal site yet, until all signal show profit.. since monday all correct and make me profit.

today signal tell me to pending sell at 1.6220 and let see what happen...
and take profit around 35 to
75 pips.
All five day signal since monday till friday are correct.. i sell at 1.6220 and
tp at 50 pip..

i should take profit at 100 pip or more..

Now i'm decide to subscribe for one month.. hehhhehehhe
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Never look for past.. always beyond the boundary
  • #135,855
  • Jun 7, 2009 12:54pm Jun 7, 2009 12:54pm
That is a good signal call. It is a 50% fib level on retracement against the recent downward move caused by the bad news. You can explain it by looking at the 1 hr char. The drop from the last high is 1.6433 to 1.6017 (I am using 1 hr MT4 chart FXDD data feed) and the retracement at 50% is 1.6220 range. Good fib level play.
  • #135,856
  • Jun 7, 2009 2:19pm Jun 7, 2009 2:19pm
Have a Great Week, Traders!
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  • #135,857
  • Jun 7, 2009 5:18pm Jun 7, 2009 5:18pm
Cable going back up ? :o
  • #135,858
  • Jun 7, 2009 5:35pm Jun 7, 2009 5:35pm
Quoting Ges
Hi all! I' looking for short at around .61 and long around .55. Hope UKs European election results will help me with my plan.

Attachment
1.6090 to begin .. but as high as 6240 to short. I agree with longing near 55 .. wait for confirmation though. Market may like 5300 or 5000 better ..

We'll see when she gets there!
  • #135,859
  • Jun 7, 2009 5:46pm Jun 7, 2009 5:46pm
hey jack whats ur plan ? where to sell ?
  • #135,860
  • Jun 7, 2009 5:52pm Jun 7, 2009 5:52pm
Quoting Faryad
hey jack whats ur plan ? where to sell ?
Ill first look to sell at 6090 but if that level doesnt hold then 6240
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