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'Toad in the Hole' or as they call it in the City 'Darling up shit creek'




toad in the hole
Serves 4
Mix the batter ingredients together, and put to one side. I like the batter to go huge so the key thing is to have an appropriately-sized baking tin – the thinner the better – as we need to get the oil smoking hot.

Put 1cm/just under ½ inch of sunflower oil into a baking tin, then place this on the middle shelf of your oven at its highest setting (240–250ºC/475ºF/gas 9). Place a larger tray underneath it to catch any oil that overflows from the tin while cooking. When the oil is very hot, add your sausages. Keep your eye on them and allow them to colour until lightly golden.

At this point, take the tin out of the oven, being very careful, and pour your batter over the sausages. Throw a couple of sprigs of rosemary into the batter. It will bubble and possibly even spit a little, so carefully put the tin back in the oven, and close the door. Don't open it for at least 20 minutes, as Yorkshire puddings can be a bit temperamental when rising. Remove from the oven when golden and crisp.

For the onion gravy, simply fry off your onions and garlic in the butter on a medium heat for about 5 minutes until they go sweet and translucent. You could add a little thyme or rosemary if you like. Add the balsamic vinegar and allow it to cook down by half. At this point, I do cheat a little and add a stock cube or powder. You can get some good ones in the supermarkets now that aren't full of rubbish. Sprinkle this in and add a little water. Allow to simmer and you'll have a really tasty onion gravy. Serve at the table with your Toad in the Hole, mashed potatoes, greens and baked beans or maybe a green salad if you're feeling a little guilty!

this made me smile, twin headlines on DailyFX

US Dollar Loses Most Against Japanese Yen in 10 Years
Monday, 06 October 2008 15:01:12 GMT

Japanese Yen Advances The Most Since 1998
Monday, 06 October 2008 14:32:29 GMT

Nothing like making 2 stories out of one !!!

Foxey,

That's Jamie Coleman, ex of Reuters FX Hub. I'll be mailing you over the next few days, so will let you have a link.

I preferred Bullie's version. And recipe.

Just for DelBoy ....



James Bullard, Bullard.
Better than Frank Lampard.
Better than Steve Gerrard.
James Bullard, Bullard.

He doesn't think that rate cuts are the answer either. He doesn't have a vote though.

Dezza's probably thinking that's a lot of Bullards :o)

How sweet of you to think of me, Hil. And he's right, of course, central bank rates just aren't the issue. Unfortunately, it's the only knob they've got to twiddle, so they keep wanting to twiddle it. As Mr Bullard doesn't get to twiddle it, he's free to speak the deadly truth.

Well here's a crowd that have gone against the grain, DelBoy, even if Jamie does think they're twerps ........

Something stinks in Denmark
October 7, 2008

The Danes just raised rates 40 bp to 5.0% in order to re-establish a positive rate spread versus the ECB. They also intervened to supported the Krone. This begs the question what benefit does Denmark enjoy staying outside the euro if it feels it needs to maintain a higher interest rate and does not take advantage of a weaker currency. Very odd indeed.

The rest of the world is cutting rates, you silly twits!

Perhaps they're trying to be the new carry trade ;-)

Well Doris has got me licking my lips and I'm having Toad in the Hole tonight. With salad and coleslaw.

poor old toad !

With all the exitement on the equity markets lately I have not looked at FX to see where its going. Have I missed much?

Difficult to be precise on a monthly chart, but it looks like cable's just bounced off long term support for the second time today.

Will it hold or is this the end of its seven year up channel thingie ...

Italian finance minister proposes currencies be part of “new Betton Woods”
October 15, 2008

Italian finance minister Tremonti, the main proponent of what he calls ” a new Bretton Woods agreement” (which fixed exchange rates and adhered to a gold standard),suggests that currencies should be a part of the discussion. Tremonti is a noted antagonist to globalization.

Not only do the Italians want to legislate against hostile takeovers, they don’t want you to be able to speculate in currencies. This from a country which followed beggar-thy-neighbor policies for generations is pretty rich.

Wondering if any one else on here trades currency options and who may be a good broker to use for this?

I copied this from Forex Tsd, thought it might be useful. I think the first option pretty much describes myself

Hi Folks,
This is Stallion,veteran forex trader and mentor. I would be reviewing strategic tips on how the major currency pairs can be milked. Though I specialize in gbpusd, other pairs would also be taken into consideration during our analysis.

It has been theorized that your state of mind will dictate your trading methods. Experts in the field of trading psychology have pinpointed three main states of mind and how each has a direct effect on a trader's profitability.

These three mind states are "having", "doing" and "being". Psychologists have noted that those new to trading start with a "having" state of mind. As they gain more experience, they move on to a "doing" state of mind. The pinnacle of profitability occurs when a trader moves into the last and final "being" frame of mind.



The "Having" Mind Set
A novice trader may focus primarily on profits. In this "having" state of mind, they are out of sync with the markets. They are blinded by their obsession to obtain the all mighty dollar and what it can afford them. Trading is not viewed as a job that must be mastered, but as a vehicle to escape from a world of mediocrity.

Many traders are in the business to make money, as well as they should be. However, if they are blinded by greed, they tend to take uncalculated risks. Looking at the potential payoff without carefully calculating market trends and other factors is a recipe for disaster.

It is impossible to graduate to a high performance level when you concentrate on "having" instead of how the game is won. If you trade in a "having" frame of mind, you may become frustrated when profits are not immediately forthcoming. With frustration comes a lack of focus. Without the ability to focus, you cannot gain knowledge from your experience on the trading field.

Other negative consequences of this mindset are feelings of frustration and anger. Frustration stemming from a lack of expected profits and anger directed at oneself or the market in general. These adverse emotions will only cause further decline in profitability. Without witnessing gains from one's efforts, an individual may not give their best and may be tempted to "throw in the towel".



The "Doing" State of Mind
If an individual continues on to trade another day, they will eventually move from a "having" to a "doing" state of mind. Learning that there is more to trading than the amassing of money, a trader will turn their focus on learning new methods of trading and what does and doesnt work.

This state of mind is still primarily centered on how to turn a profit. Although a "doing" mind state is essential to becoming a seasoned adept trader, the main focus is still short of the mark. It is crucial to know what works and what doesn't. However, a skilled trader will tell you there is more to the business then choosing one method and using it arbitrarily to make trades across the board.

Becoming a trader of means requires not only a winning attitude, but also a fine honing of trading skills. To develop these skills, you must make trades using various methods under a wide spectrum of market conditions. Only then can you develop the needed intuition to master the art of trading.



Pinnacle of Profitability: The "Being" State of Mind
A successful trader almost instinctively knows how to make a trade using the best method available for the current market trend and/or condition. This ability does not occur overnight. It is only accomplished through perseverance, knowledge of various trading methods and learning which one works given a particular market condition.

No trade is ever a "sure thing". However, a profitable synchronicity almost naturally occurs when you are faced with a potential trade, have a feel for the current market trends and conditions, and utilize the method best suited for a potential payoff. This "being" state of mind ultimately lends itself to long-term success in the high stakes of trading.

Is cable starting to turn up?

Not sure but found this
Technical Analysis - Sterling plummets again!
By Michael Hewson

Wed 22 Oct 2008

LONDON (SHARECAST) - The big winners on the currency markets overnight have been the USD and the JPY especially against the pound.

In a previous article I indicated that a move through $1.6540 which is 61.8% retracement of the 1.3685/2.1140 up move would be negative for the pound against the USD. Well we didnt so much break it as smash straight through it last night, largely helped by a massive sell-off in GBP/JPY positions as the market piled out of carry trades.

This really makes the outlook for cheap holidays to the U.S somewhat bleak we could be heading to 1.5400 before the end of the year.

Carry trades for those who dont know, are long positions in high-yielding currencies against lower yielding ones, of which the Yen is the daddy with near zero interest rates. Being long of a high yielding currency like Sterling that is strong, makes the holders of Sterling money on a day to day roll-over basis.

As the recession bites and interest rates look to be cut traders will pile out of the stronger currency to take profit before the rates go down. This week alone GBP/JPY has come off from JPY179.00 to JPY161.00, a near 10% drop.

The Sterling Rate Index doesnt look much better it is trading near its lows around 87.80 again, a break of which would initiate a move towards levels last seen in July 1996 around 84.00.

What's not to be sure about, Falco?
Do please join in :)

Not sure whether cable is worth buying as oversold. Usually cautious of currency trades as things tend to go a lot further than expected and this whole de-leveraging process and carry trade reversal seems to have a fair tail wind behind it. Market ticker is ranting on about treasuries today and Hank and Ben digging themselves into a bigger hole, whether that means the dollar is about to implode I have no idea. I shall do a little more research!