FX:GBPUSD   British Pound/U.S. Dollar
141 28 1
On the rebound now...
Entry at 1.5958.
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Stop 1.5944
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Oops, an extra bounce :p
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cryptoyoda cryptoyoda
Flatlined, wake me up at 1.5952...
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cryptoyoda cryptoyoda
Someone's gaming the order book; the bid/ask orders are going all over the place with no deals going through. Swinging from 1M on one side to 10 & back. I think I'm watching a chess game...
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cryptoyoda cryptoyoda
Wish I had a screen recording...
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cryptoyoda cryptoyoda
God I'm a dick. I had the historical tape showing; that's why only the top line was changing. Thank God for paper trading ;)
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cryptoyoda cryptoyoda
Of course 1.5952 is resistance, and time for more market-maker chess...
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ForceFollower cryptoyoda
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That's my reading...
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ForceFollower ForceFollower
As Tim Morge would say, price is going to return to balance. However, there's still a trend line to break. And a target of 0.500 micro extension (APP) coincides with the median line and the higher TF APP-0.618.
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cryptoyoda ForceFollower
Yes, but around 1.5952 (on TV's feed) all the buying is being met by selling. Just enough to overwhelm it.
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ForceFollower cryptoyoda
How do you know that? What TV's feed?
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cryptoyoda ForceFollower
The "time and sales" window, aka "the tape"; it shows the bid and offer, their sizes and the last transaction. TV's feed is where they get the data (the FXCM brokerage it looks like).
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ForceFollower cryptoyoda
I see. My broker (OANDA) doesn't provide me with such details. All I've got is this service: http://fxtrade.oanda.com/analysis/forex-order-book#GBP/USD, and I haven't found it that useful.
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cryptoyoda cryptoyoda
Really solid resistance at 1.5952/3:
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Nothing obvious on the chart; intervention? But why not choose obvious resistance to defend?
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cryptoyoda cryptoyoda
Going down?
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cryptoyoda cryptoyoda
Yep:
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I'd have to watch GBPUSD a lot more to have an idea whether this resistance was normal. Compared to the BC legs on the way down, it was much stronger, I'm not sure this ABCD will complete. Abandon ship!
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ForceFollower cryptoyoda
Right. But that information about the order book proved to be useful indeed.
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cryptoyoda ForceFollower
I think so. The window looks like this on IB's 'Trader's Workstation'
http://imgur.com/uYS2DGQ
(can't embed :s)
So that's time, last trade (I think midpoint is an error; I've contacted them to clarify), bid, ask, and 'inside' bid & ask order sizes. There are orders below the highest bid, and above the lowest ask; I think that info's called "level 2" or 'deep book'; I haven't got access to it. But you can see a "top three orders deep"* book here:
http://www.bullionvault.com/gold_market.do#!/orderboard
* This may not be the correct technical term :P
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cryptoyoda cryptoyoda
Hey, I've somehow got a market depth feed too:
http://imgur.com/sbN3mwe
WTF! Now I have to go check I haven't signed up for some really expensive data package by mistake!
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Trade never reached the entry, so not really a loss...
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cryptoyoda cryptoyoda
Perfect 'P effect' - but I have *no* idea which way this will break:
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ForceFollower cryptoyoda
I'm still bullish here. This up move looks like an unfinished story to me. Anyway, thanks for giving me a peek into your time and sales table. I thought it was only in stock market, not in forex.
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cryptoyoda ForceFollower
Yeah, I just clicked on it to see if it was there; I was a bit surprised when it was. I though forex was traded OTC, & no exchange meant no central order board. I guess there must be a centralised order board; or someone (IB?) consolidates multiple orderboards. And there's just no centralised clearing like a real exchange.

Anyway, the bullishness may be kicking in...
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cryptoyoda cryptoyoda
Actually maybe two P effects; a little one in the CD leg that never quite became a CD leg, just where it hit the resistance:
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cryptoyoda cryptoyoda
Maybe we could have a shot at this:
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BTW FF, come to chat if you're still around!
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cryptoyoda cryptoyoda
CD bounce miraculously delayed to 12am GMT, after the US, before European open, when the only mofos trading cable will be US & European investment banks in Asia. Another day in paradise:
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cryptoyoda cryptoyoda
Ignore top dotted red line; got overzealous with the cloning.
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