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GBPUSD early mover

Postby goldtop » Mon Jan 18, 2010 5:19 am

Cable appears to be the lone mover this morning. Making a momentum move out of the blocks towards last weeks highs.

US holiday today, so liquidity will be on the light side. A nice stair step run up last week on the Pound, & only now encountering the first of it’s resistance barriers at 1.6350-6400.

Anyone else get on this little move outside the Tokyo highs today?
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Re: GBPUSD early mover

Postby whipcrack » Mon Jan 18, 2010 5:37 am

goldtop wrote:Cable appears to be the lone mover this morning. Making a momentum move out of the blocks towards last weeks highs.
Anyone else get on this little move outside the Tokyo highs today?


I took it on the pullback off the Asian high marker goldtop.
The 6325 entry allowed me to get in nice & tight with a stop back below the 5 minute higher low @ 6310.

I’m looking to see how much support it gets to break thru last weeks high @ 6355 before trailing my profit stops up underneath.

If it falls away from last weeks highs & fails to push thru, I’ll scratch at breakeven. I considered it a value bet worth taking considering the smooth pop up & pullback during Tokyo trade - we'll see huh!

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early mover

Postby goldtop » Mon Jan 18, 2010 6:33 am

Nice to see we're reading off the same hymn sheet buddy :wink:

I'm trailing up quite aggressively on this one whipcrack. With the US out of the picture today I feel London could just as easily pack up their books early & this thing could drift to dust.

I'm happy to pull out +30 on a low volume punch out of this momentum high break today if this is the best it does.....plenty of gas left in the tank till Friday!! :)

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early mover

Postby shona123 » Mon Jan 18, 2010 7:16 am

Nice going guys.
I've left things alone this morning, but your Cable longs undoubtedly got a helping hand from general Pound strength across the board today.

EURGBP & GBPCHF especially supporting the Cable momentum thrust into the 1st ticks of the week.
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Re: early mover

Postby goldtop » Mon Jan 18, 2010 7:36 am

shona123 wrote:I've left things alone this morning, but your Cable longs undoubtedly got a helping hand from general Pound strength across the board today.

EURGBP & GBPCHF especially supporting the Cable momentum thrust into the 1st ticks of the week.


Hey shona,
Absolutely. In fact both those pairs are breaking ground on their respective support/resistance barriers at localized levels.

Eurgbp finally broke thru that stubborn support line at .8850 & gbpchf is attacking a resistance level from early month at .6780

Might get a little follow thru on Cable if those 2 can kick on from here. If not, it’ll dissipate & most likely slop around for the remainder of the day.

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Alternative Brokers

Postby goldtop » Thu Jan 28, 2010 8:54 am

Guy's,

I'm currently operating my main account through an ECN here in the States (MBTrading), but am seeking a similar scenario in Europe/UK. What with all the rumors & noise being kicked up by the CFTC re; the proposed leverage regulations, I'd like to stay on the front step & get a little prepared in case I need to diversify and/or pull funds out of the States completely in favor of more suitable & acceptable arrangements.

Any hints who might stand up to scrutiny & offer a similar execution facility?
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Re: Alternative Brokers

Postby spotfx » Thu Jan 28, 2010 9:56 am

Have a look at Interactive Brokers goldtop.
http://www.interactivebrokers.co.uk/en/main.php

Joe steered me toward them last year when I enquired about non-deal desk brokers that could be recommended & trusted.

I think you’ll find their commission costs are more competitive than MB’s too.
I’ve experienced no problems with their execution orders or fills at all.

They have offices in the States, so even if you open & fund the account via the UK, you’ve still a point of contact to reach back home if required.
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Re: Alternative Brokers

Postby carl » Thu Jan 28, 2010 12:03 pm

It might be worth giving Baxter a ring & see if they're still only taking institutional accounts. I'd heard that they were considering applications from individual entities, though not sure of the 'net worth' minimums or if the "individual status" was in reference to "individual" firm or sole trader (high net worth) limits?!

Anyway, worth a call even if it's only to see if they can send you down another route & recommend a likely source?

http://www.baxter-fx.com/
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Re: Alternative Brokers

Postby goldtop » Thu Jan 28, 2010 5:52 pm

Cheers fella's!

The IB info looks promising spotfx, looks like that might well be right up my street - thanks for that man! :wink:

Carl;
Yeah, seems as though Baxter is still predominantly an institutional streaming feed unfortunately. I did manage to also locate LCG.
They appear as though they also might be biased toward high net worth/institutional clients, but I'll give them a bell & hear what they have to say.
http://www.capitalforexpro.com/bankPortal.php
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New month, same story!

Postby whipcrack » Mon Feb 01, 2010 4:06 am

New month, same old set up/trigger combo.

The weeks (& day’s) open sets out the directional bias.
Prices above both those fulcrums = looking for longs only.

Looking for a higher high/higher low momentum step on the 5-minute chart (attached) in order to get long with an acceptable risk (stop-loss) placement.
Ensuring good upside potential for the day (plenty of the average days range left in the tank).
& optimum volume/liquidity to execute from (early European session).

Dotted line = last weeks low
Solid black line = today’s/this weeks opening price

Ideal entry at 125.30 allowing a stop-loss below the 5-minute step at 125.15, aiming initially for the pairs average days range up at approx 126.30.

A potential 6.5:1 potential reward, risking 1.5% of capital.

As always, if the momentum continues, stop will be trailed up underneath the 5 min momentum swings as higher high & higher lows are successfully printed.

Continually seeking out these types of positive risk plays, especially via the smaller timeframes, ensures the losses are adequately absorbed & negated by the profits.

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