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Cable Update (GBPUSD)

  • #141,401
  • Jun 30, 2009 8:55pm Jun 30, 2009 8:55pm
Quoting malcolmb14
my target also 1.6250 test


I am with you they sell every rally today. i am not risking longs till chart say otherwise.
there is no risk when u are in profit and protected.
  • #141,402
  • Jun 30, 2009 8:57pm Jun 30, 2009 8:57pm
Quoting forexlion
Jack history is repeating itself

compare the current chart patter with the history, see what happened in the history !!

unless 1 hour confirms, i will never never go long, to hell with the support lines
this market is governed by the laws of demand and supply.. or in other words, support and resistance.

your system is your system. and youcan withstand a drawdown or loss from this trade but some newbies may not and as such id rather try to teach them a safer way to trade. you are either short before the move down, or you're not.
  • #141,403
  • Jun 30, 2009 8:58pm Jun 30, 2009 8:58pm
Quoting jack.canadia
there is no risk when u are in profit and protected.

lol trying telling that to the trader that were long when UK prime minster was rumored to be voted out , when we got that 200 pip gap down. even if you had 50 pip stop in place and locked in you still lost 150
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  • #141,404
  • Jun 30, 2009 8:58pm Jun 30, 2009 8:58pm
Quoting malcolmb14
my target also 1.6250 test


I am with you they sell every rally today. i am not risking longs till chart say otherwise.
we talked about this all day now. we just want a better level to short off of, and this level is near the daily pivot.
  • #141,405
  • Jun 30, 2009 8:59pm Jun 30, 2009 8:59pm
Quoting malcolmb14
lol trying telling that to the trader that were long when UK prime minster was rumored to be voted out , when we got that 200 pip gap down. even if you had 50 pip stop in place and locked in you still lost 150
well luckily i wasnt apart of it! .. ive never had the problem with my broker tho, not once and ive been in some bad spikes against me and my stop was honored.
  • #141,406
  • Jun 30, 2009 9:00pm Jun 30, 2009 9:00pm
Quoting jack.canadia
this market is governed by the laws of demand and supply.. or in other words, support and resistance.

your system is your system. and youcan withstand a drawdown or loss from this trade but some newbies may not and as such id rather try to teach them a safer way to trade. you are either short before the move down, or you're not.

70 pip drop free fall ..... 14 pip bounce .. does not seem like buyers to me

I am selling the rallies until 1.6500 taken out

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  • #141,407
  • Jun 30, 2009 9:01pm Jun 30, 2009 9:01pm
Quoting malcolmb14
70 pip drop free fall ..... 14 pip bounce .. does not seem like buyers to me

I am selling the rallies until 1.6500 taken out

Attachment

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  • #141,408
  • Jun 30, 2009 9:03pm Jun 30, 2009 9:03pm
Quoting jack.canadia
we talked about this all day now. we just want a better level to short off of, and this level is near the daily pivot.


I got in at top of range test just before tokyo .... 1.6475
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  • #141,409
  • Jun 30, 2009 9:05pm Jun 30, 2009 9:05pm
Quoting jack.canadia
well luckily i wasnt apart of it! .. ive never had the problem with my broker tho, not once and ive been in some bad spikes against me and my stop was honored.
I understand when that happened though all bid orders disappeared from the markets and bid was dropped 200 pips and not even 1 mini lot could have been filled . Interbank that happened and as all brokers get their deal through interbank it would also have happened to them . This was a very rare occasion
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  • #141,410
  • Jun 30, 2009 9:06pm Jun 30, 2009 9:06pm
Quoting malcolmb14
I got in at top of range test just before tokyo .... 1.6475
as per your style nice trade. im not bashing anyone short now nor do i favor longs.

my point is that to short right this second is risky.
  • #141,411
  • Jun 30, 2009 9:07pm Jun 30, 2009 9:07pm
Quoting malcolmb14
I understand when that happened though all bid orders disappeared from the markets and bid was dropped 200 pips and not even 1 mini lot could have been filled . Interbank that happened and as all brokers get their deal through interbank it would also have happened to them . This was a very rare occasion
how does it drop that far that fast? was buying not allowed or something? doesnt make sense
  • #141,412
  • Jun 30, 2009 9:10pm Jun 30, 2009 9:10pm
Quoting malcolmb14
I understand when that happened though all bid orders disappeared from the markets and bid was dropped 200 pips and not even 1 mini lot could have been filled . Interbank that happened and as all brokers get their deal through interbank it would also have happened to them . This was a very rare occasion
let him breathe, go back to your forex trading, naughty boy
  • #141,413
  • Jun 30, 2009 9:10pm Jun 30, 2009 9:10pm
Quoting jack.canadia
this market is governed by the laws of demand and supply.. or in other words, support and resistance.

your system is your system. and youcan withstand a drawdown or loss from this trade but some newbies may not and as such id rather try to teach them a safer way to trade. you are either short before the move down, or you're not.

I really think it's safer to short when it's moving down and go long while it's moving up. I usually place stop sells and stop buys (anticipate rallies both ways), and it's been working fine. I'll sacrifice some profit to minimize risk.
  • #141,414
  • Jun 30, 2009 9:11pm Jun 30, 2009 9:11pm
I'm long at 6430 for a quick scalp.
  • #141,415
  • Jun 30, 2009 9:17pm Jun 30, 2009 9:17pm
Quoting jack.canadia
how does it drop that far that fast? was buying not allowed or something? doesnt make sense

if the bid drops out of the market then it can happen

typically forex is a very liquid market and most can get fills at the bids or ask.

However if you are trading large positions you will have to see what the market depth is , for example. If you are trying to buy on the ask at 1.6436 with 500 lots , there may only be 10 lots there , 20 at 1.6438 , another 50 at1.6440 etc etc .

In bad news time the bid can be dropped so fast that no one can get filled. This is what happened in 911 with the stock market tank.
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  • #141,416
  • Jun 30, 2009 9:17pm Jun 30, 2009 9:17pm
Quoting invicta79
I really think it's safer to short when it's moving down and go long while it's moving up. I usually place stop sells and stop buys (anticipate rallies both ways), and it's been working fine. I'll sacrifice some profit to minimize risk.
and you are probably apart of that special 95% of fx traders
  • #141,417
  • Jun 30, 2009 9:18pm Jun 30, 2009 9:18pm
Quoting malcolmb14
I understand when that happened though all bid orders disappeared from the markets and bid was dropped 200 pips and not even 1 mini lot could have been filled . Interbank that happened and as all brokers get their deal through interbank it would also have happened to them . This was a very rare occasion
mal, i see a very big selloff forming on weekly charts with a time gap of 2 to 6 months

your comments on this
  • #141,418
  • Jun 30, 2009 9:20pm Jun 30, 2009 9:20pm
Quoting malcolmb14
if the bid drops out of the market then it can happen

typically forex is a very liquid market and most can get fills at the bids or ask.

However if you are trading large positions you will have to see what the market depth is , for example. If you are trying to buy on the ask at 1.6436 with 500 lots , there may only be 10 lots there , 20 at 1.6438 , another 50 at1.6440 etc etc .

In bad news time the bid can be dropped so fast that no one can get filled. This is what happened in 911 with the stock market tank.

we do not see this in fx but here is what stocks look like

http://www.bullsignal.com/depth.asp
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  • #141,419
  • Jun 30, 2009 9:22pm Jun 30, 2009 9:22pm
Quoting forexlion
mal, i see a very big selloff forming on weekly charts with a time gap of 2 to 6 months

your comments on this

check this out .. those in 401s go to cash

6000 dj 6 months

nd = no demand or buyers on up moves and are signs of weakness

if this happens gu , gj will follow dj like they did before

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  • #141,420
  • Jun 30, 2009 9:27pm Jun 30, 2009 9:27pm
Quoting forexlion
mal, i see a very big selloff forming on weekly charts with a time gap of 2 to 6 months

your comments on this
yeah its been noted here a few times.
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