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Cable Update (GBPUSD)

  • #255,961
  • Sep 24, 2010 2:24pm Sep 24, 2010 2:24pm
geppy good trading bro!
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  • #255,962
  • Sep 24, 2010 2:25pm Sep 24, 2010 2:25pm
Quoting pres78
Will check out that thread this weekend after a few beer...

Have a great weekend.
Here is the complete version on why I am bearish on EG. The reason was price breakout the weekly wedge.. and I shorted at this area is because the engulf candles at about the 38% fibo levels on daily.
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  • #255,963
  • Sep 24, 2010 2:28pm Sep 24, 2010 2:28pm
Quoting nAVIN2007
geppy good trading bro!
were you referring to me?
check out my blog: forexmademillionaire dot com
  • #255,964
  • Sep 24, 2010 2:34pm Sep 24, 2010 2:34pm
Quoting ubaidahsan
BOJ intervention or any bad news of JPY effect only Yen crosses not Gu,EU or AU usually when Uj goes up GU and EU goes down coz dollar is getting stronger in Interventions..

Ub
Be careful with this advice as it's not necessarily true.

Firstly, USD/JPY generally moves in the opposite direction of GBP/USD, EUR/USD, AUD/USD, etc. during normal market conditions. That's obvious.

However, BoJ intervening in the currency market is not normal market conditions. When this happens, you'll generally see no reaction by USD denominated pairs (EUR/USD, GBP/USD, etc) and they'll continue doing whatever they were doing before the intervention. So basically, just because USD/JPY is headed higher on intervention, GBP/USD will not necessarily be inversely correlated at this time.

Furthermore (and what we saw last week), GBP/USD, EUR/USD, etc may go up during/after the initial BoJ intervention.

Why?

Well, our good ol' friends in Japan need to buy a bunch of USD in order to weaken their Yen. This means they accumulate a bunch of USD and perhaps they don't want all that USD. What do they do? They buy EUR/USD, GBP/USD, etc in order to diversify some of those USD holdings into Euros and Pounds, etc.

So, in summary... expect GBP/USD to be unaffected by BoJ intervention and if anything, it may get a bid tone as Japan diversifies their USD purchases to other currencies.

Hope that helps.
check out my blog: forexmademillionaire dot com
  • #255,965
  • Sep 24, 2010 2:35pm Sep 24, 2010 2:35pm
Quoting pawpaw1000
Cloggs, reckon I should contact FXCM just to find out?

Been with fxcm for a couple of years. Call it what you want but they can move their spread up and down like a wild rabbit. If your stop or limit was triggered within a pip or two it was probably a move in the spread that caused the quick spike. They know where the stops are and I have experienced your problems in the past.
  • #255,966
  • Sep 24, 2010 2:48pm Sep 24, 2010 2:48pm
Quoting 13.1 Runner
Been with fxcm for a couple of years. Call it what you want but they can move their spread up and down like a wild rabbit. If your stop or limit was triggered within a pip or two it was probably a move in the spread that caused the quick spike. They know where the stops are and I have experienced your problems in the past.

FXCM's been perfect for me recently not 1 issue, not 1 SL hit which shouldn't be.

BUT a few more profitable trades in the account and all of a sudden, FXCM starts to conspire against you ( could be coincidence ), so can't rule it out.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #255,967
  • Sep 24, 2010 2:49pm Sep 24, 2010 2:49pm
Quoting Geppy
were you referring to me?
absolutely brother!
  • #255,968
  • Sep 24, 2010 2:51pm Sep 24, 2010 2:51pm
Quoting Turveyd
FXCM's been perfect for me recently not 1 issue, not 1 SL hit which shouldn't be.

BUT a few more profitable trades in the account and all of a sudden, FXCM starts to conspire against you ( could be coincidence ), so can't rule it out.
I would trade forex with a bookie I find on the streets before I traded with FXCM. I've interviewed and been offered a position there in the past. I don't consider myself a religious person, but I have morals.
check out my blog: forexmademillionaire dot com
  • #255,969
  • Sep 24, 2010 2:52pm Sep 24, 2010 2:52pm
Quoting nAVIN2007
absolutely brother!
Thanks Navin! It turned out to be an exceptional week and I like how we're ticking up in the last minutes of NY trading now
check out my blog: forexmademillionaire dot com
  • #255,970
  • Sep 24, 2010 2:54pm Sep 24, 2010 2:54pm
Quoting Geppy
Thanks Navin! It turned out to be an exceptional week and I like how we're ticking up in the last minutes of NY trading now
i think theres a possibility that the monthly bearish candle is fake..expecting a new high..
  • #255,971
  • Sep 24, 2010 2:58pm Sep 24, 2010 2:58pm
Quoting Geppy
I would trade forex with a bookie I find on the streets before I traded with FXCM. I've interviewed and been offered a position there in the past. I don't consider myself a religious person, but I have morals.

When they start playing up again once I've ruled out coincidences then I'll be looking for someone else to, shame I like there software.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #255,972
  • Sep 24, 2010 3:43pm Sep 24, 2010 3:43pm
Quoting nAVIN2007
i think theres a possibility that the monthly bearish candle is fake..expecting a new high..
Hi Nav

I have been busy on shares and stuff for ages and dumped my old broker oanda

Going to get a new one that doesn't take 3 weeks to send checks (cheques) through the mail

cable setting off for 1.70+ by year end I reckons...might do some long term stuff and keep the gearing small

share dealing is mega cheap in the US with no stamp duty, but I wish I had my UK spreadbetting facility which is illegal here

Alan
  • #255,973
  • Sep 24, 2010 3:45pm Sep 24, 2010 3:45pm
Quoting allserene
Hi Nav

I have been busy on shares and stuff for ages and dumped my old broker oanda

Going to get a new one that doesn't take 3 weeks to send checks (cheques) through the mail

cable setting off for 1.70+ by year end I reckons...might do some long term stuff and keep the gearing small

share dealing is mega cheap in the US with no stamp duty, but I wish I had my UK spreadbetting facility which is illegal here

Alan
Great to see you around these parts, Alan.
  • #255,974
  • Sep 24, 2010 3:54pm Sep 24, 2010 3:54pm
Quoting 13.1 Runner
Been with fxcm for a couple of years. Call it what you want but they can move their spread up and down like a wild rabbit. If your stop or limit was triggered within a pip or two it was probably a move in the spread that caused the quick spike. They know where the stops are and I have experienced your problems in the past.
Exactly what I am saying.
  • #255,975
  • Sep 24, 2010 3:55pm Sep 24, 2010 3:55pm
Quoting Turveyd
FXCM's been perfect for me recently not 1 issue, not 1 SL hit which shouldn't be.

BUT a few more profitable trades in the account and all of a sudden, FXCM starts to conspire against you ( could be coincidence ), so can't rule it out.
The more often you trade with fxcm, the more the spreads widen, stop hunting goes on. If you use fxcm, its best to have a second broker where you can switch off trading between the two.
  • #255,976
  • Sep 24, 2010 3:58pm Sep 24, 2010 3:58pm
Quoting gammase1
Great to see you around these parts, Alan.
yeah Paul I will be back with it in a week or two---

been playing with options and shares and its working fine...

so winter coming on and I need to play fex again when the snow piles up

There will be some action this winter I reckon as the economies turn (or don't)
  • #255,977
  • Sep 24, 2010 4:06pm Sep 24, 2010 4:06pm
What the story guys , I'm surprised to know leverage going to change 1:50 next month My broker told me so
Is that CFTC, NFA new rule to all brokers ? what about brokers outside US?
I'm not good follower to that stuff , Do U know that news guys?
  • #255,978
  • Sep 24, 2010 4:16pm Sep 24, 2010 4:16pm
Quoting allserene
Hi Nav

I have been busy on shares and stuff for ages and dumped my old broker oanda

Going to get a new one that doesn't take 3 weeks to send checks (cheques) through the mail

cable setting off for 1.70+ by year end I reckons...might do some long term stuff and keep the gearing small

share dealing is mega cheap in the US with no stamp duty, but I wish I had my UK spreadbetting facility which is illegal here

Alan
nice hearing from u buddy..
Yup i figured that too..1.70 is actually my target..if it breaks 1.60 with some substance..that should hold to take into a range where we see 1.68..thats my third part of the plan assuming we get keep rising

thanks for the heads up hope u keeping well
  • #255,979
  • Sep 24, 2010 4:21pm Sep 24, 2010 4:21pm
Quoting egkid
What the story guys , I'm surprised to know leverage going to change 1:50 next month My broker told me so
Is that CFTC, NFA new rule to all brokers ? what about brokers outside US?
I'm not good follower to that stuff , Do U know that news guys?
Outside can still still 1:200, but they are stopping all accounts for US Citizens out of the country, so your stuck at 1:50 with no real way out of it.

They tried to do 1:10 so be slightly happy.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #255,980
  • Sep 24, 2010 4:31pm Sep 24, 2010 4:31pm
Quoting Turveyd
Outside can still still 1:200, but they are stopping all accounts for US Citizens out of the country, so your stuck at 1:50 with no real way out of it.

They tried to do 1:10 so be slightly happy.
Seems u know about that new rule ...well i feel good with my broker but if that will put me in stress will change them "I'm not US Citizen"
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