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Cable Update (GBPUSD)

  • #226,121
  • May 12, 2010 12:59pm May 12, 2010 12:59pm
Quoting digger1
lol, took my profit at the previous low was a nice little trade to finish out the day , fibre also had a nice little short trade from its daily open tht played out with cable Attachment


got the can early but no regrets
  • #226,122
  • May 12, 2010 1:01pm May 12, 2010 1:01pm
Quoting BadTradingFi
Bah!

I am now 100% convinced someone watches me trade and reverses the direction most of the time, then when I close it or walk away from my PC it goes my way (until I get back to my PC if the trade is still open).

Amazing stuff

I'll have to have two accounts I think, cover both ways and see what happens. Or try hedging properly and see if I can make that work.

it dos not work u ll break even flat
  • #226,123
  • May 12, 2010 1:02pm May 12, 2010 1:02pm
feb 28 mar 24 and today

almost identical support level looking at daily chart

who reckons it holds again ?
  • #226,124
  • May 12, 2010 1:03pm May 12, 2010 1:03pm
Quoting poortrader
can any buddy tell any good low spread broker for micro trading

thanks

I currently use MBTrading and FXCM (UK). Both have micro trading. (I've used FxSol and Forex.com in the past
but they didn't have micro's) With a micro account you can always trade in multiples that equal up to mini and
standard lots and this adds the advantage of scaling and averaging positions (MBT).

Advantage of MBT over FXCM...
MBT works off of a much lower spread plus 1/2 pip commission ($0.04 per micro lot [GU]) on each execution. I find
that the lower spread remains even lower comparative across all market conditions (even in high volatility) and this
easily offsets the commission. This difference in favor of MBT becomes even greater under extreme trading conditions.

Now (in quieter market conditions) may not be the best time to compare, for as the moment the GU has a 1.5-1.9
spread with MBT and a 2.0 -3.1 with FXCM. I've seen these spreads change to has high as 2-7 with MBT and 5-8+ with
FXCM during volatility. Still, all it takes is more than 1 pip difference in the spread to justify the commission.

Other traders may have different opinions in their comparisons.

Beyond seeing the broker widen the spread to gain advantage during volatility... what bothers me most is when they
delay executions to gain further profits to their greater advantage letting the market move to their favor. I've seen
this with Forex.com and MBT. I suspect this may occur at times with most any broker.

Uniquely, MBT also averages the open positions which eliminates the first in first out rule present in the US. I like this
feature since I often average in while adding to my negative positions.

FXCM has their UK division avoiding the first in / first out rule which leaves each position execution plus the advantage
of hedging to the traders individual choice. I'm slowly learning their platform.

MBT won't accept immediate credit card funding. FXCM does.

So, there is no perfect world here but a near perfect opportunity exists in trading the forex.

Good luck.

Dr. D.
vOOdOObOOdOOdOc
  • #226,125
  • May 12, 2010 1:09pm May 12, 2010 1:09pm
Quoting digger1
lol, you didnt jinx nothing man , I know it can seem like it at times , it just takes practice , when you find it happens over and over it just means you have to make a few adjustments the market isint going to change for any of us you make a few little changes and take wht the mkt gives you and you will do fine
Too true.

You, cloggie, BB and numerous others make it look too easy. I've been too busy to do much lately but have caught some blinders (in my books) although I missed most of the action last week (caught one 120 ish pip drop and that was it).

Sorry for clogging the board too guys, I'm off again to re-read stuff (including Kills rules which are uber important, the stuff bbakker has sent me, magix, etc)

Mistakes today:
1. Bagging 70 pips and letting it get to my head (I know, 70 is nothing to you guys)
2. 2 impulsive trades which I made which I COULD have closed for a few pips but didnt and ended up losing LOTS of pips on
3. Blindly jumping on other peoples posts and doing the same

EDIT: ADDING 2 more rules
4. Trying to quickly cover a loss by another trade
5. Trying to get another trade too quickly, it's not illegal to not trade and catch pips, but it is stupid to do a trade and lose them!
6. Ignoring the rules I'd put in to avoid the above!!!!

Reading the first original line of Magix thread is an important one as it's me!

Still, it's a +ve day, I know I have gone wrong again, I've lost a bit of dough doing it, but I WILL get somewhere with this, just need to study it more and keep reading all your excellent posts but take more notes.

I should post my trades just so you guys can go the other way!
Back to basics, it has to be for me!
  • #226,126
  • Edited 1:30pm May 12, 2010 1:09pm | Edited 1:30pm
Quoting poortrader
can any buddy tell any good low spread broker for micro trading

thanks
one thing you might want to check on , most broker platforms have settings you can change , if yours is set so it must take the exact price you see you will get requotes more often than not , if there is a way you can chage tht to a 2 or 3 pip cushion or "at best" you may have better results , experment with it with very small posistions till you see how it works Sorry wrong trader this was a responce to ovic who was having problems with getting requoted constantly
  • #226,127
  • May 12, 2010 1:16pm May 12, 2010 1:16pm
1BB look at the chart
Attached Image (click to enlarge)
Click to Enlarge Name: 15m cable n.gif Size: 25 KB
  • #226,128
  • May 12, 2010 1:23pm May 12, 2010 1:23pm
Quoting BadTradingFi
Too true.

You, cloggie, BB and numerous others make it look too easy....
i am sure u will be a great trader u know where it did go wrong and u will fix it take u time no rush
  • #226,129
  • May 12, 2010 1:23pm May 12, 2010 1:23pm
Well boys and girls, I am done for today see you guys at Franky open. Not going to trade the retrace tonight.

BadtradingFi, a sneaky little long would probably not go amiss from the day's low, targeting Franky open.
  • #226,130
  • May 12, 2010 1:26pm May 12, 2010 1:26pm
Quoting cloggie
Well boys and girls, I am done for today see you guys at Franky open. Not going to trade the retrace tonight.

have fun lets see if u can stay away from the pipe enjoy
  • #226,131
  • May 12, 2010 1:29pm May 12, 2010 1:29pm
Quoting kill56
1BB look at the chart
Just got back home and looking at your chart it doesn't seem that it wants to get below 1.4817 today. Digger was talking about a weekly close stopping it reaching L4 and it stopped it again!
  • #226,132
  • May 12, 2010 1:29pm May 12, 2010 1:29pm
of course price could go any which way it wants to go at any time... but to my style of chart-reading, I see a valid close beneath the lower trendline on both the H1 and H4 charts, and even with today's up move, resistance was hit at the 50% fibonacci level and a long upper wick was formed on the H4 and "railroad tracks" on H1. H1 MACD and H4 stochastics pointing down and H4 MACD looking heavy. Just maybe there is more downwards movement to come...
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-100512.01.PNG Size: 78 KB
"The real genius is knowing when to stop." - Marc Faber
  • #226,133
  • May 12, 2010 1:35pm May 12, 2010 1:35pm
Quoting bbakker
Just got back home and looking at your chart it doesn't seem that it wants to get below 1.4817 today. Digger was talking about a weekly close stopping it reaching L4 and it stopped it again!

will as i say no break no shack if short get out befor it touch the low cash in if we break then u stay or add it did try but stopped
  • #226,134
  • May 12, 2010 1:39pm May 12, 2010 1:39pm
1BB this might help too

its in here have a look

http://www.accrete.com/fx-atm/indicators.htm
Attached Image (click to enlarge)
Click to Enlarge Name: 15m cable n.gif Size: 23 KB
  • #226,135
  • May 12, 2010 1:44pm May 12, 2010 1:44pm
Quoting hhitch
of course price could go any which way it wants to go at any time... but to my style of chart-reading, I see a valid close beneath the lower trendline on both the H1 and H4 charts, and even with today's up move, resistance was hit at the 50% fibonacci level and a long upper wick was formed on the H4 and "railroad tracks" on H1. H1 MACD and H4 stochastics pointing down and H4 MACD looking heavy. Just maybe there is more downwards movement to come...

nice work bro
  • #226,136
  • May 12, 2010 1:47pm May 12, 2010 1:47pm


Quoting kill56
nice work bro
"The real genius is knowing when to stop." - Marc Faber
  • #226,137
  • May 12, 2010 1:48pm May 12, 2010 1:48pm
update h1 still no break no shack
Attached Image (click to enlarge)
Click to Enlarge Name: h1 cable.gif Size: 15 KB
  • #226,138
  • May 12, 2010 2:00pm May 12, 2010 2:00pm
Quoting kill56
will as i say no break no shack if short get out befor it touch the low cash in if we break then u stay or add it did try but stopped
3rd time lucky???
  • #226,139
  • May 12, 2010 2:02pm May 12, 2010 2:02pm
Quoting kill56
update h1 still no break no shack
trying now.
  • #226,140
  • May 12, 2010 2:04pm May 12, 2010 2:04pm
usa market making highs saving gbp.
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