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Cable Update (GBPUSD)

  • #224,041
  • May 5, 2010 12:58pm May 5, 2010 12:58pm
I think that cable now is in strong downtrend. What do you think about my graph?
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  • #224,042
  • May 5, 2010 1:13pm May 5, 2010 1:13pm
Quoting bzyqe
I think that cable now is in strong downtrend. What do you think about my graph?
It looks very nice, one can see it worked for you until now!
But, according to this graph there is nothing that you can trade at the moment; the price is hanging in the middle of nowhere. A very few but really decent trades could be made on such a graph.

This is not for intraday trading.

Cheers,
Lietuve
  • #224,043
  • May 5, 2010 1:19pm May 5, 2010 1:19pm
Quoting lietuve

This is not for intraday trading.

Cheers,
Lietuve
Sorry, u'r right
  • #224,044
  • May 5, 2010 2:44pm May 5, 2010 2:44pm
12pips spread !!!!!!!!!!!!!! Alpari UK...
... feel better day by day.
  • #224,045
  • May 5, 2010 2:48pm May 5, 2010 2:48pm
Quoting zoom
12pips spread !!!!!!!!!!!!!! Alpari UK...

darn that is a SL killer
  • #224,046
  • May 5, 2010 3:16pm May 5, 2010 3:16pm
http://www.reuters.com/article/idUSLDE6442LY20100505

comments?
... feel better day by day.
  • #224,047
  • May 5, 2010 3:28pm May 5, 2010 3:28pm
anyone else's chart looks like this? i'm charting with mt4 on alpari, but trade on oanda. and oanda doesn't have that massive pin bar.
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  • #224,048
  • May 5, 2010 3:30pm May 5, 2010 3:30pm
Quoting 9000rpm
anyone else's chart looks like this? i'm charting with mt4 on alpari, but trade on oanda. and oanda doesn't have that massive pin bar.
Ouch. That is a serious SL hunt!
  • #224,049
  • May 5, 2010 3:34pm May 5, 2010 3:34pm
and i'm very tempted to short here. current price is 1.50973
  • #224,050
  • May 5, 2010 3:36pm May 5, 2010 3:36pm
Quoting 9000rpm
anyone else's chart looks like this? i'm charting with mt4 on alpari, but trade on oanda. and oanda doesn't have that massive pin bar.
This is the SL hunt FXSol on m5

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  • #224,051
  • May 5, 2010 3:38pm May 5, 2010 3:38pm
Quoting 9000rpm
anyone else's chart looks like this? i'm charting with mt4 on alpari, but trade on oanda. and oanda doesn't have that massive pin bar.
Looking at those numbers, that must be a blip in their data. I'm sure that is not for real, so ignore it!
  • #224,052
  • May 5, 2010 3:41pm May 5, 2010 3:41pm
lols sl hunt but for this who are short very fast profit
  • #224,053
  • May 5, 2010 3:52pm May 5, 2010 3:52pm
Quoting bbakker
Looking at those numbers, that must be a blip in their data. I'm sure that is not for real, so ignore it!
The market is so edgy right now that a broker can do whatever they want. Perhaps it was just someone trying to take the market down???
As many others have already stated, 'it is a good time to be very cautious', in either direction.

A couple of days ago someone posted a table of the debt to GDP's of the EuroZone. I'm just wondering if anyone has either a table of the bailout contributions or a scaled version of the economic rankings??

tia
Ah Luv the smell of a good prediction in the mornin!
  • #224,054
  • May 5, 2010 4:09pm May 5, 2010 4:09pm
Quoting 9000rpm
anyone else's chart looks like this? i'm charting with mt4 on alpari, but trade on oanda. and oanda doesn't have that massive pin bar.
Got the same spike on my Alpari US Demo platform. Had open shorts from 1.5197 and the stopped me out at 1.6033 and wiped my demo clean LOL.

I called Alparalready and they said there was no real spike.

Im glad Im not the only one that happened to
  • #224,055
  • May 5, 2010 4:38pm May 5, 2010 4:38pm
read room


i've read a lot of things about forex, but there's one concept that i would like to discuss here.
When we're trading on H4 and D1, it's important that we see the same candle formations that banks and institutions see. For example, if we see a doji or a hammer, we hope the "big boys" will see it too, because we want to ride with them when they buy or sell.

Now, the thing most people don't realized is that the candles look different (on H4 and D1) from broker to broker! One broker may have their candle close at 00:00 GMT and another may do so at 5pm EST.
So the big question is, which one is better? Which of the candle closing time would have the MOST impact (watched by institutions)?


think that most accurate charts are one that runs on GMT+3, as market open at 2100 GMT on Sunday, and on those charts first candle is starting at midnight which is more accurate, as that is Monday morning candle which is true, as there is no market that open on Sunday local time, therefore, we shouldn't have Sunday candle. Also, on those charts you will have all 4h candle last 4 hours, when on chart that runs on GMT time or other time, you will have their first 4h candle of the week ending at Sunday midnight (those candle will be 3 hours long or else because that first candle will be Sunday candle, and has to end at midnight), which I think is not correct.
Also, there is another issue: because we have different 4 hours candle formations due to different brokers charts, we cannot claim 4h chart to be most accurate when talking about candle formation when different broker has different 4h chart showing.
  • #224,056
  • May 5, 2010 4:55pm May 5, 2010 4:55pm
This is one of the roots for my intuative mistrust of charts. The other is having seens signs of 'back dating'. There was a thread started by ??Red...?? a while ago about chart painting. If I find the link I'll post it.

The point I'm trying to make is that the only thing one can really trust is the price of the moment. And sometimes the "moment" is brief...

Quoting kill56
read room


i've read a lot of things about forex, but there's one concept that i would like to discuss here.
When we're trading on H4 and D1, it's important that we see the same candle formations that banks and institutions see. For example, if we see a doji or a hammer, we hope the "big boys" will see it too, because we want to ride with them when they buy or sell.

Now, the thing most people don't realized is that the candles look different (on H4 and D1) from broker to broker! One broker may have their candle close at 00:00 GMT and another...
Ah Luv the smell of a good prediction in the mornin!
  • #224,057
  • May 5, 2010 4:59pm May 5, 2010 4:59pm
Quoting kill56
read room


i've read a lot of things about forex, but there's one concept that i would like to discuss here.
When we're trading on H4 and D1, it's important that we see the same candle formations that banks and institutions see. For example, if we see a doji or a hammer, we hope the "big boys" will see it too, because we want to ride with them when they buy or sell.

Now, the thing most people don't realized is that the candles look different (on H4 and D1) from broker to broker! One broker may have their candle close at 00:00 GMT and another...
Good point Killer

I have demoed a few different brokers and I think it would be good to list those that are off with the time setting of their opening candle. I totaly agree it skews the charts. The ones I know of that have a "sunday candle" are IBFX and FXCM. The ones I know do NOT have the Sunday candle are FxLite, FXpro, and Alpari. I just switched back to Alpari for just that reason and was rather happy until I got the 3000 pip spike that didnt happen.
  • #224,058
  • May 5, 2010 4:59pm May 5, 2010 4:59pm
Quoting kill56
read room


i've read a lot of things about forex, but there's one concept that i would like to discuss here.
When we're trading on H4 and D1, it's important that we see the same candle formations that banks and institutions see. For example, if we see a doji or a hammer, we hope the "big boys" will see it too, because we want to ride with them when they buy or sell.

Now, the thing most people don't realized is that the candles look different (on H4 and D1) from broker to broker! One broker may have their candle close at 00:00 GMT and another...
An excellent and really valid point that does require discussion, input and the correct answer! You're the man bro! I would not have a clue, but I do know a man who might and should know the answer. He works in the city as a trader. Maybe former institution traders who frequent this thread could also answer this! I will get to the bottom of this one, as this is a very important point, especially on the h4 and d1 tfs!

Can't sleep... lack of nicotine in the body. To combat this I am overindulging in cheese and biscuits
  • #224,059
  • May 5, 2010 5:28pm May 5, 2010 5:28pm
Quoting Artcritique
The market is so edgy right now that a broker can do whatever they want. Perhaps it was just someone trying to take the market down???
As many others have already stated, 'it is a good time to be very cautious', in either direction.

A couple of days ago someone posted a table of the debt to GDP's of the EuroZone. I'm just wondering if anyone has either a table of the bailout contributions or a scaled version of the economic rankings??

tia
A 240 pip move in such a short space of time that does not show up on other brokers feeds would indicate a blip in their data. Non-ECN brokers (Money makers) can make up their own data and not be market true, but 240 pips is one hell of a difference and if I got stopped out because of it, I would raise a complaint with the broker!

Here is a list of national debt by country (world) although may be outdated as the debt in some countries is soaring so fast!
http://www.economicshelp.org/blog/ec...bt-by-country/
http://en.wikipedia.org/wiki/List_of...by_public_debt

List of main Euro countries debt and % unlikely to pay back (2nd May)
http://news.bbc.co.uk/1/hi/business/8508136.stm

Not good news for Sterling, although this is the yearly deficit and not the total deficit. This was a news article from yesterday (5th May)
http://www.guardian.co.uk/business/2...se-than-greece

Greek Britain and screenshot of CDS spreads for Eurozone countries (12th Feb) -
http://www.bbc.co.uk/blogs/thereport...k_britain.html

No tax please we're Greek (Link from Feb, but underlines the root problems in Greece)
http://news.bbc.co.uk/1/hi/programme...nt/8509244.stm

Enjoy the reading!
  • #224,060
  • May 5, 2010 5:30pm May 5, 2010 5:30pm
hi clogg,

is it safe to trade between opening - closing polls ? or should i wait for the result? it's gonna be on friday morning 07.00 in my country (BST+8).
on what time is the best time to watch the trend in the election?

thx

Quoting cloggie
Election is tomorrow, polls open at 0700 close at 2200 BST, first results start coming in around 2300-0000, it will take all night for the final results coming in, I watch only the BBC during the night as I find them the most accurate in their reporting. You can watch their broadcast on the web if you want to trade the election, just be ready for some major whipsaws in the PA, not recommended for the fainthearted, but there is some serious money to be made on one night of trading, running the moves especially on M5 and M15.
i'll do my best, and let the old lady decide where she wanna go
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