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Cable Update (GBPUSD)

  • #276,661
  • Apr 17, 2011 3:51pm Apr 17, 2011 3:51pm
Quoting bonus76
Tnx Magix. Hotforex closing price is 1.62943


Seems there is a strong support at 1.6250 which i doubt it would be broken

My thoughts exactly, I am expecting ranging trade this week between 1.625-1.635 . Maybe on thursday could go down to 1.6 level.
  • #276,662
  • Apr 17, 2011 4:02pm Apr 17, 2011 4:02pm
Quoting 45Condor
Nope, not me... will not get dragged into any discussion on gap trading.

there is no such thing as gap, the market keep moving during the weekend, the gag comes from where your broker close on friday and where it open on sunday, so if your broker close on friday at 1.5505 and the market is moving during the weekend and price is at 1.6505 and your broker opens at that price you think it's a gap but it's not
  • #276,663
  • Apr 17, 2011 4:24pm Apr 17, 2011 4:24pm
Quoting PoundTrader
there is no such thing as gap, the market keep moving during the weekend, the gag comes from where your broker close on friday and where it open on sunday, so if your broker close on friday at 1.5505 and the market is moving during the weekend and price is at 1.6505 and your broker opens at that price you think it's a gap but it's not
Yes it is.

If price of close does not equal price of open in market it is a GAP...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #276,664
  • Apr 17, 2011 4:30pm Apr 17, 2011 4:30pm
Quoting Magix
Yes it is.

If price of close does not equal price of open in market it is a GAP...
wrong, the market is moving during the weekend, your broker is only catching up with the market, they shut down there price and chart so when your broker opens it look like a gag but the market was trading at that price before your broker open, trust me a gap is when price never reach that price, it jumps from let say 1.6500 to 1.6600 with no in between.
  • #276,665
  • Apr 17, 2011 4:31pm Apr 17, 2011 4:31pm
Quoting PoundTrader
wrong, the market is moving during the weekend, your broker is only catching up with the market, they shut down there price and chart so when your broker opens it look like a gag but the market was trading at that price before your broker open, trust me a gap is when price never reach that price, it jumps from let say 1.6500 to 1.6600 with no in between.
nope.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #276,666
  • Apr 17, 2011 4:34pm Apr 17, 2011 4:34pm
Quoting Magix
nope.
ok, i wish you well in your gap trading and hope you make big money.
  • #276,667
  • Apr 17, 2011 4:38pm Apr 17, 2011 4:38pm
Quoting PoundTrader
ok, i wish you well in your gap trading and hope you make big money.
Didn't say I traded gaps...

Just said you are Wrong...

I will go with 100% wrong at that....

But thanks for the well wishes, enjoy your week.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #276,668
  • Apr 17, 2011 4:39pm Apr 17, 2011 4:39pm
Quoting Magix
Didn't say I traded gaps...

Just said you are Wrong...

I will go with 100% wrong at that....

But thanks for the well wishes, enjoy your week.

  • #276,669
  • Apr 17, 2011 4:42pm Apr 17, 2011 4:42pm
Quoting PoundTrader
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #276,670
  • Apr 17, 2011 4:42pm Apr 17, 2011 4:42pm
Quoting Magix
Didn't say I traded gaps...

Just said you are Wrong...

I will go with 100% wrong at that....

But thanks for the well wishes, enjoy your week.

btw you can go broke taking proift if your loses are more then your take profit, think about it
  • #276,671
  • Apr 17, 2011 4:44pm Apr 17, 2011 4:44pm
Quoting PoundTrader
btw you can go broke taking proift if your loses are more then your take profit, think about it
http://www.forexfactory.com/showthre...92#post4549792
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #276,672
  • Apr 17, 2011 4:45pm Apr 17, 2011 4:45pm
  • #276,673
  • Apr 17, 2011 4:48pm Apr 17, 2011 4:48pm
Looks like Cable continues to respect this rising wedge. However as you can see on the second graphic, the teal line (look on blog to get full detail of second graphic) is stalling while the others are continuing to shoot up.

http://i53.tinypic.com/bev4p1.png

http://i52.tinypic.com/1538ygl.png

Seeing this means, the likes of GBPNZD could continue to be a good place to short.

http://i52.tinypic.com/2lxuyo5.png
  • #276,674
  • Apr 17, 2011 4:51pm Apr 17, 2011 4:51pm
I dont trade these 20-30 pip gaps like of today, but I do trade a gap when its more than like 90-100 pips... sometimes we open with 150 pips gaps too.. that means something happened during the weekend and many people wanted a price which they could not get because the market was 'indeed' closed, not just my broker's office, but the 'markets' were closed for weekend, stocks, commodities, bonds, forex, banks were closed.

Now when we open with such a large gap and than in London open they see it, they would react to it and drive the price in some direction. And this direction will always be towards the filling of this huge gap, because if they dont and the underlying price keeps shooting in a same direction another 100-150 pips than it means a crash or a boom coming ahead.. so its always safe to trade a large gap with a higher SL because they do fill.
  • #276,675
  • Apr 17, 2011 4:53pm Apr 17, 2011 4:53pm
bro the forex market never close only your broker does you need to do more home work
  • #276,676
  • Apr 17, 2011 4:59pm Apr 17, 2011 4:59pm
Quoting PoundTrader
bro the forex market never close only your broker does you need to do more home work
Even the 24/7 dept store next to my house ever closes.. it dosent mean a thing.. when all brokers are collectively closed, all banks are closed, all other markets are closed for the whole weekend.. so if you put a little trickle of electricity in exchange servers and keep it open, it means nothing.
  • #276,677
  • Apr 17, 2011 5:40pm Apr 17, 2011 5:40pm
think about it, do your bank realy close on the weekend, can you talk to a teller on sat or sun they might close early but ARE THEY OPEN, im done take it in the face
  • #276,678
  • Apr 17, 2011 5:42pm Apr 17, 2011 5:42pm
this is why newbies fail 99% of the time, good thing we don't need them
  • #276,679
  • Apr 17, 2011 6:28pm Apr 17, 2011 6:28pm
Looking for a test of the moving averages for a long entry.
  • #276,680
  • Apr 17, 2011 6:33pm Apr 17, 2011 6:33pm
chart
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