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Cable Update (GBPUSD)

  • #244,001
  • Aug 6, 2010 10:50am Aug 6, 2010 10:50am
hi cloggie, she has retested the 1.5930 level twice, what do u think, will it still be a retracement. The way it is fluctuating, thats the range
  • #244,002
  • Aug 6, 2010 10:52am Aug 6, 2010 10:52am
Quoting chitindu
hi cloggie, she has retested the 1.5930 level twice, what do u think, will it still be a retracement. The way it is fluctuating, thats the range

As soon as NY lunch is over we may see a bit more, just follow your plan.
  • #244,003
  • Aug 6, 2010 10:53am Aug 6, 2010 10:53am
Quoting 4xStar
but will never ever ever again open a live acct with them!!!

I use 'm as one of my brokers, I like them, they are well capitalised, have good customer service if you need them and have a stable feed with little latency.
  • #244,004
  • Aug 6, 2010 10:55am Aug 6, 2010 10:55am
Quoting cloggie
I use 'm as one of my brokers, I like them, they are well capitalised, have good customer service if you need them and have a stable feed with little latency.
If you have a small account, they are out and out crooks .. known throughout the internet for the dirty tricks they play to take out stops etc. NO customer service for small account holders .. after a honeymoon period, they just go to work wiping out accounts.
I have heard they have improved somewhat in the past year or two due to all the complaints about them .. but I personally would never trust them again.
******************* I'd rather make money than be right.
  • #244,005
  • Aug 6, 2010 10:57am Aug 6, 2010 10:57am
Quoting 4xStar
I will try their demo, the only one I havn't tried .. but will never ever ever again open a live acct with them!!!

Why not?
I've only recently opened my account with them, but did so because had heard nothing but good things about them.
  • #244,006
  • Aug 6, 2010 11:00am Aug 6, 2010 11:00am
Quoting 4xStar
If you have a small account, they are out and out crooks .. known throughout the internet for the dirty tricks they play to take out stops etc. NO customer service for small account holders .. after a honeymoon period, they just go to work wiping out accounts.
I have heard they have improved somewhat in the past year or two due to all the complaints about them .. but I personally would never trust them again.

They are way too big to be hunting stops of mini account holders. Most of the traders that I know personally have accounts with them, I feel secure leaving a large balance on my account knowing they are not going to fold and disappear on me. I like it that they are FSA registered. But picking your broker is personal, just do your due dilligence. As to a few losing retail traders b!tching about them on the net, I don't really care, most losing traders blame their brokers, it is the nature of retail trading. Lots easier to blame someone else then find faults at home. If you see the balances that my friends and I keep with them you would not worry about your mini account. I spread my accounts among 3 brokers, just to secure the feeds and be able to sleep at night.
  • #244,007
  • Aug 6, 2010 11:02am Aug 6, 2010 11:02am
Quoting cloggie
That will double your account every 6 weeks.
I just need to get more consistency & keep my head screwed on better, which would probably lead to the consistency, before I start getting to that. But what I have learnt this week I feel is starting to take me in the right direction
  • #244,008
  • Aug 6, 2010 11:04am Aug 6, 2010 11:04am
Quoting cloggie
As to a few losing retail traders b!tching about them on the net, I don't really care, most losing traders blame their brokers, it is the nature of retail trading. Lots easier to blame someone else then find faults at home. If you see the balances that my friends and I keep with them you would not worry about your mini account. I spread my accounts among 3 brokers, just to secure the feeds and be able to sleep at night.
Sorry .. it is not people just bitching .. taking out tens of thousands of 'small' accounts can add up. I know they treat their big holders with golden gloves but that does not make them honest.
Last post on this subject, I do not like thinking about them.
******************* I'd rather make money than be right.
  • #244,009
  • Aug 6, 2010 11:04am Aug 6, 2010 11:04am
Hi cloggie, correct me if i am wrong.

If the resistance at 1.6000 is not broken will it continue with its retracement or it wil continue its uptrend as the daily candle shows continuation with the trend
  • #244,010
  • Aug 6, 2010 11:06am Aug 6, 2010 11:06am
Quoting chitindu
Hi cloggie, correct me if i am wrong.

If the resistance at 1.6000 is not broken will it continue with its retracement or it wil continue its uptrend as the daily candle shows continuation with the trend

No, you are right, this move today still shows the H4, daily, weekly and monthly up. At this point in time every TF, except tick and M1 is showing up.
  • #244,011
  • Aug 6, 2010 11:07am Aug 6, 2010 11:07am
Quoting 4xStar
Sorry .. it is not people just bitching .. taking out tens of thousands of 'small' accounts can add up. I know they treat their big holders with golden gloves but that does not make them honest.
Last post on this subject, I do not like thinking about them.

This is not a broker thread, but most retailers blow up their account perfectly fine on their own without any outside help. No matter what broker they use. I use a mini account with FXCM so I can get their data feed on MT4 for my charting and I see no evidence of stop hunting, the feeds are pretty much identical, and I watch prices pretty much from the London open till the NY close mon-fri.
  • #244,012
  • Aug 6, 2010 11:08am Aug 6, 2010 11:08am
Hello,

Long time reader, first time Post...

Today, what we are seeing are bonds gaining while stocks fall, which is what we would expect after a disappointing NFP, but we are also seeing the dollar fall.

While I can think of several good reasons why the dollar would fall you could not predict that would happen today, especially after seeing the dollar gain in similar situations over the past 4 years or so.

All of this obviously creates another level of complexity in forex trading and it just goes to show that you have to constantly increase your knowledge base in order to be successful.
  • #244,013
  • Aug 6, 2010 11:12am Aug 6, 2010 11:12am
I used to trade FXCM small account and i still remember they hold my market orders, sometimes for 10 min, and execute them at prices that I did not want..
Its better after i changed my acct to std acct.. But i like MB trading...

Quoting cloggie
This is not a broker thread, but most retailers blow up their account perfectly fine on their own without any outside help.
  • #244,014
  • Aug 6, 2010 11:15am Aug 6, 2010 11:15am
Quoting peach
I used to trade FXCM small account and i still remember they hold my market orders, sometimes for 10 min, and execute them at prices that I did not want..
Its better after i changed my acct to std acct.. But i like MB trading...

That is the inherent problem of MT4 itself purely due to the latency and has nothing to do with the broker. There is a latency issue with processing orders in MT4 due to the infrastructure of MT4 itself, once you use another platform, as I do, for your orders you can really see the difference. I get pretty much instant execution even during news. I can't tell the difference between any of my 3 brokers either from a latency point of view or slippage at execution.

I am just about done for the day and am planning on posting a lot less next week. Maintaining this post rate for the week has actually been detrimental to my return for the week, and sorry guys but it is all about the Benjamins.
  • #244,015
  • Aug 6, 2010 11:19am Aug 6, 2010 11:19am
An interesting pattern on the GBP/CHF. Even though taking a big fall, the pound is still above the main trend line and as long as it holds will lend strength to further cable strengthening.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf.gif Size: 16 KB
Probability Professor
  • #244,016
  • Aug 6, 2010 11:20am Aug 6, 2010 11:20am
Quoting cloggie
Lining up your trading with 1700 EST lines up your charts with 1/8 of the world market while lining up your charts with London lines you up with 1/2 the world market. Every US bank worth their salt uses London as a base for currency trading, ones that don't have a London base open up their trading floor to coincide with London.

It is purely personal but I want to see the same chart that a majority of the big boys use. The 1700 EST is a purely historical one as retail FX started in the US and it has no bearing on Institutional FX.

So...
Actually, it does have a bearing on institutional FX. An example being that all derivative contracts linked to FX use the 1700 EST as the point when a trading day or week closes. Therefore, all observations periods relating to barrier options, say, including OTs and DNTs, will normally adhere to this calendar.

Global banks class 1700 EST as being the close of one business day for FX and the opening point of the next day. And this is usually the time of day when the NY traders will hand over the spot and option trading and order books to their colleagues in Asia, who will commence the following day's trading.
  • #244,017
  • Aug 6, 2010 11:21am Aug 6, 2010 11:21am
Quoting cloggie
This is not a broker thread, but most retailers blow up their account perfectly fine on their own without any outside help. No matter what broker they use. I use a mini account with FXCM so I can get their data feed on MT4 for my charting and I see no evidence of stop hunting, the feeds are pretty much identical, and I watch prices pretty much from the London open till the NY close mon-fri.
Agree 100%
  • #244,018
  • Aug 6, 2010 11:21am Aug 6, 2010 11:21am
Quoting gammase1
Actually, it does have a bearing on institutional FX....

Oh absolutely, it is a price I watch carefully during the day and use in my plays around it, however we were debating the candle patterns on H4/daily and whether to use London or NY as its base for a visual representation when trading Cable.
  • #244,019
  • Aug 6, 2010 11:25am Aug 6, 2010 11:25am
Quoting peach
I used to trade FXCM small account and i still remember they hold my market orders, sometimes for 10 min, and execute them at prices that I did not want..
Its better after i changed my acct to std acct.. But i like MB trading...
MBT has one of the best reputations on the internet. I have used FX Solutions for 2 years & never a problem, but once my account grows to $5k I plan to switch it to either MBT or TradeStation. More flexibility. TS has a tremdous charting platform .. which may be unnecessary now that I only trade with tls and boxes LOL. So maybe MBT with their 'no spread' & excellent service.
******************* I'd rather make money than be right.
  • #244,020
  • Aug 6, 2010 11:28am Aug 6, 2010 11:28am
Quoting cloggie
No, you are right, this move today still shows the H4, daily, weekly and monthly up. At this point in time every TF, except tick and M1 is showing up.
Also I find it difficult to believe she will not get past that 1.60 psychological level after having gotten so close .. first time since February...
I see at least one more try at 1.60+ but am not trading it until 5 min confirms.
******************* I'd rather make money than be right.
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