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Cable Update (GBPUSD)

  • #197,521
  • Feb 1, 2010 4:07pm Feb 1, 2010 4:07pm
Quoting egymedo
for the second time

please could u post your template ???
Check your PM's... you'll find I've sent you the
info on 1/27 and now again.

Dr. D.
  • #197,522
  • Feb 1, 2010 4:17pm Feb 1, 2010 4:17pm
Quoting fourxtrader
Check your PM's... you'll find I've sent you the
info on 1/27 and now again.

Dr. D.

Sir,
Should I Buy or Sell at this rate?
  • #197,523
  • Feb 1, 2010 4:58pm Feb 1, 2010 4:58pm
I closed my short 200 pips profit




Cheers and happy piping
Attached Image (click to enlarge)
Click to Enlarge Name: +200.gif Size: 22 KB
"Buy on fear, sell on greed !!!
  • #197,524
  • Feb 1, 2010 5:03pm Feb 1, 2010 5:03pm
  •  Now
  • | Joined Aug 2006 | Status: 'I should have taken the money' | 654 Posts
Quoting behman8850
Sir,
Should I Buy or Sell at this rate?
The cross is correcting and bottoming after last weeks sharp sell off, going short is not adviseable at this moment.
Wait for Asia-open to get confirmation or this upward move is sustainable
before establishing a long position (unless you are allready long).

Look at stock indices S&P and Dow Jones, they closed higher on the day, Asia will likely take clues and follow trough. Fueling risk-appetite.

A reminder, keep tight stop-loss, any news on souvereign debt, monetary tightening, bank restriction plans etc can shake things upside down again. The market is more fundamentally driven at the moment, "buy the rumor sell the fact".
Being right is one, taking it from the table is two.
  • #197,525
  • Feb 1, 2010 5:21pm Feb 1, 2010 5:21pm
Hey all,
Are we gonna make some pips tonight?

Petar, do you watch this chart? Or just follow trades on it?Just wondering... Nice trade.
Quoting Petar_Serbia
I closed my short 200 pips profit




Cheers and happy piping
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #197,526
  • Edited 5:37pm Feb 1, 2010 5:26pm | Edited 5:37pm
Cable flatlined "for now" @ 5960 area. At least the range was finally broken.

Interesting move on Fibe today, the beatdown slowed for a few.

Took some Pips this AM long on Aussie/Dollar. Had an order set below last pivot on the Daily, never hit, but entered for most of the ride..

Gold broke 1100 ($20+gain) again on the US deficit widening news. I am surprised this didn't do too much more for the other foriegn $$s, Dollar gains still maintained so far this week
FLAT as of now.
G/L
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #197,527
  • Feb 1, 2010 5:55pm Feb 1, 2010 5:55pm
Quoting Fx1618
I'm out of that short... it really worked out well this time, but it was a bit nail bitting at first.

trade1: 189 +
trade2: 171 +
>>> 360 this now bring my acc balance to +/- 30% more than my initial dep back in Sept/Oct 09.

I'm considering moving my acc to a UK based broker, because of the NFA regulations and are investigating CMSFX UK or Alpari.... any thoughts on them?

Well done to those calling the long earlier in the day, I'm not ready to change my bais for know.
A UK based broker is the way to go in my opinion. I have long switched all my accounts over to the UK. UK allows hedging, which I do not always use but it is a nice option to have if needed. In addition, I believe that many if not all US use the First in First out for trades. That I do not like as well. Makes things more complicated. There are other things I don't like as far as margin requirements for example.
  • #197,528
  • Feb 1, 2010 5:58pm Feb 1, 2010 5:58pm
  •  Now
  • | Joined Aug 2006 | Status: 'I should have taken the money' | 654 Posts
Quoting Ctic
... I believe that many if not all US use the First in First out for trades. ...
Could you explain, I do not understand?
Being right is one, taking it from the table is two.
  • #197,529
  • Feb 1, 2010 6:00pm Feb 1, 2010 6:00pm
FIFO means you have to close your trades in the order that you opened them. You can't open one trade at 1 Pm, then another @ 2 pm and then close the 2 pm trade first.
  • #197,530
  • Feb 1, 2010 6:05pm Feb 1, 2010 6:05pm
Quoting Now
The cross is correcting and bottoming after last weeks sharp sell off, going short is not adviseable at this moment.
Wait for Asia-open to get confirmation or this upward move is sustainable
before establishing a long position (unless you are allready long).

Look at stock indices S&P and Dow Jones, they closed higher on the day, Asia will likely take clues and follow trough. Fueling risk-appetite.

A reminder, keep tight stop-loss, any news on souvereign debt, monetary tightening, bank restriction plans etc can shake things upside down again....

Thank you for your guidance sir.
Now what!! for the London open? will it go up tonote?/
  • #197,531
  • Feb 1, 2010 6:11pm Feb 1, 2010 6:11pm
FX1618
CMS recently added a slew of new Pairs as well as Gold and Silver (AG/AU only for UK.) You should demo the platform.

There are some ways to get around FIFO like closing part of the position to exit a newer trade or buying a "lot" then 2 "lots" for however you trade.
They are then treated as separate positions, at least in terms of closing. Nevertheless it is most annoying and just another "not so old"
change made by the NFA / CFTC

Edit: FIFO also depends on the Broker.. There are some in the US that Allow hedging and do not follow FIFO.
I know of one IB thru a MM.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #197,532
  • Feb 1, 2010 6:19pm Feb 1, 2010 6:19pm
What are all these indicators? Can you list them?


Quoting fourxtrader
Watching for a daily close well below this trendline constructed
off of these lowest daily closes since 0ct. Could signal a break
from this ranging condition bringing further strength to the bears
and adding continuation to the recent 4h compression - release.

A move back up into the 1.6200's would further tighten the EMA
[i][color=#0000ff]compression on the daily and build more pressure...
  • #197,533
  • Feb 1, 2010 6:20pm Feb 1, 2010 6:20pm
MACD divergence in both EU and GU 1hr charts. Both pairs should go up today.
  • #197,534
  • Feb 1, 2010 6:26pm Feb 1, 2010 6:26pm
Quoting skiffx
MACD divergence in both EU and GU 1hr charts. Both pairs should go up today.
now you're with me?!
  • #197,535
  • Feb 1, 2010 6:31pm Feb 1, 2010 6:31pm
Ctic,

I will email your ff box w/a question on brokers...
Re: This oversight that will hit us,
And the other rabble going on...
----------------------------------------------------------------------
Obama’s plan would boost funding for the Commodity Futures Trading Commission by 55 percent to $261 million. Almost half the increase, or $45 million, would fund new authority granted under the regulatory overhaul plan. The White House last year proposed that the CFTC share derivatives oversight with the SEC.
The spending requests for the SEC and CFTC are part of a $3.8 trillion budget that the administration sent to Congress today. The overall plan puts an emphasis on job creation and would raise taxes for the most wealthy Americans in an attempt to narrow the deficit.
---------------------------------------------------------------------
Best of Trading to all gang,
Hope to make it up w/London,


Jeff
I will work to Objectively Identify my Edges
  • #197,536
  • Feb 1, 2010 6:34pm Feb 1, 2010 6:34pm
EU longs, take care.
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  • #197,537
  • Feb 1, 2010 6:44pm Feb 1, 2010 6:44pm
Quoting vlady1974
I'm gonna wait. If after the retrace price stalls and hovers at 1.58691 or 1.58081 I'm LONG.
Well, as I do have a life, I missed the LONG as I'm checking this at 12:30am GMT. Oh well... next potential trade.

So 4H price DID bounce off the major [0/8] Murrey Math (Blue) Line @ 1.58691 compared to where it was at this London morning session. I am tempted to think it will rise back between 1.60522 and 1.61133 levels where it will meet the 21EMA and 55EMA resistance. Compare 4H chart this morning to this evening

On the 1H, the 21 and 55EMAs have been crossed. Usually the behaviour I've seen once these 2 EMAs have been crossed is a test of the 200EMA via a pierce then retest failure. If it is back to bulls, it will still come back down from the EMA and bounce off either 1/8 or 2/8. If it fails strongly then the BEAR will convincingly kick through 1/8 and 0/8 in 2-3 hours.

My opinion is that it's SHORT long term and this play will take a few days. I will wait for price to return between the 2 levels mentioned above for a possible Short.

Safe trading
Attached Image(s) (click to enlarge)
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A pip is only worth it if you know how much you risked to earn it
  • #197,538
  • Feb 1, 2010 6:54pm Feb 1, 2010 6:54pm
Quoting Liquid
now you're with me?!
price hasnt moved much from where you entered
  • #197,539
  • Feb 1, 2010 7:00pm Feb 1, 2010 7:00pm
Quoting Now
Could you explain, I do not understand?
For example lets say you placed 3 trades and lets assume it went against you at first and then with you.

Trade one

Long @ 1.6200

Trade two

Long @ 1.6100

Trade three

Long @ 1.6000

At the point of the third trade you made you were

-200 pips on trade 1, -100 pips on trade 2 and 0 pips on trade three.

Price then went back up to 1.6100

So now you are

-100 pips on trade 1, 0 pips on trade 2, and +100 pips on trade 3. If you wanted to close a trade to take profit, minimize risk, whatever the reason....the first in first out would close:

Trade 1 for -100 pips and leave trade 2 and 3 open. Not that it is a big deal, but it is annoying.
  • #197,540
  • Feb 1, 2010 7:13pm Feb 1, 2010 7:13pm
Quoting Baby-Trader
EU longs, take care.
how about GBP Baby....
I will be the number one Manager.
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saidi01