Forex rebates on every trade - win or lose!

No problem, Jeffie. Just whizz it through along with your cheque whenever you want.

I get the impression, probably wrong with my forex track record that cable is staging a fake out to the upside

The U.S. economy lost 663.000 jobs in March pushing the unemployment rate to 8.5 percent, the highest level in more than 25 years, the U.S. Bureau of Labor Statistics said today in Washington. March was the 15th consecutive month with job losses and the U.S. economy has now lost more than 5 million jobs since the financial crisis erupted in late 2007. The U.S. dollar exchange rate seems to be reacting positively to the job figures. Still, price action often reverses after a news release since investors expectations are already discounted on exchange rates.

Well I'm long & looking for a few pips although I thought if it breaks up from here we could have a nice run up for some time to come - the D1 chart probably illustrates it best.

Flossiepops is right.

There's a dinky little ChocolineTM rising up through the lows since the fool has his day this week. I'd stay long all the time the price is above the ChocolineTM, but wdik.

Risk sentiment still improving, Asian stocks, oil up, while gold, treasuries are lower etc etc. Comments from Federal Reserve Chairman Bernanke, that policies to unfreeze credit markets are working, is helping sentiment.

In this environment the likes of sterling, euro, aussie, canadian dollar are prospering, while yen,greenback and swissy struggle. The ability of EUR/JPY to hold above 135.00 is reflective of the healthy risk appetite at the start of the week. Things have improved to the extent that people are talking about a mini revival of the carry trade.

For today, not a huge amount on the economic data front;

08:30 GMT: Euro zone sentix investor confidence expected -40.4

09:00 GMT: Euro zone PPI (Feb) expected -0.5% m/m, -1.5% y/y

09:00 GMT: Euro Zone retail sales (Feb) -0.4% m/m, -2.5% y/y

Which of the above do you think is the first to show risk aversion or do you just go for US dollar index?

All Yen crosses are a good barometer of risk aversion, Falco, but GBP/JPY is tradionally the most volatile instrument on the market. So if you've ever done "The Wall" in Avoriaz, you certainly be up for a bit of geppy.

Italy hit by 6.3 magnitude earthquake Northeast of Rome

UK new car registrations down 30.5% y/y in March

ECB’s Quaden: ECB still has room to move on rates, also reflecting other measures

ECB’s Bonello: Have to consider all options when interest rates at very low levels

Euro zone sentix investor confidence index -35.3 in April, up from -42.7 in March, and better than median forecast of -40.4

Institute of Fiscal Studies (IFS) UK deficit “more than predicted.” Says UK’s deficit about 2.7% more than Chancellor acknowledged in the pre-Budget report
Euro zone February retail sales -0.6% m/m, -4.0% y/y, weaker than expected, median forecasts -0.4% and -2.5% respectively. January data revised up, to -1.7% y/y from -2.2%

Euro zone February PPI -0.5% m/m, exactly as expected, -1.8% y/y, weaker than expected compared to median forecast of -1.5%. January data revised down, to -1.1% m/m and -0.7% y/y from previous -0.8% and -0.5% respectively.

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The morning started off with improving risk sentiment very much to the fore, the likes of euro,cable, aussie, canadian dollar prospering, while yen, swissy struggled. The process has certainly slowed through-out the morning with the euro, cable giving ground.

The euro hasn’t been helped by comments from Quaden and Bonello, which have helped re-highlight likelihood of ECB quantitative ease coming down the pike. The release of weaker than expected euro-zone retail sales and producer prices have also knocked the euro a little. Confirmation of recent euro sales by Eastern European central banks (Latvia/Poland), in support of their currencies with more likely to be coming, has also had a marginally negative impact although the amounts involved aren’t huge.

Cable meanwhile has given up about half a cent on the day. The Institute of Fiscal studies, highlighting the fact that the UK deficit is going to be more than the Chancellor forecast, has helped knock back sterling a little. New car registrations for March, down a hefty 30.5% y/y, also haven’t helped.

The yen has also regained a little lost ground, USD/JPY down at 101.15 from an earlier 101.45 high. Reports of Japanese exporters lined up at 101.40/50 at play here.

Well it's possible that this morning was the peak of this bear market rally,just when the market caught up with the idea that the G20 was little more than an expensive PR stunt.I read Simon Thompson of IC in Borders at weekend and on historical analysis thinks we haven't seen the lows to this bear market as the recent rise has been too steep(short covering) Dollar seems to be strengthening rapidly

Where' the calendar gone Hils ?

OK its there now , must be my pc.

jeff has mail ;)

Jeff, I would like to see your trading rules for the opening breakout strategy please.

Greetings Jeff ............

Like others I have been reading with interest regarding the 'breakout strategy'........

Sometimes the simplest ideas can work very well.

I have only recently started trading GBP/USD ....................... and would like to try it out.


Any other ideas / methodology would be appreciated.

Regards
Amar

So SC, if the house didnt burn down was it worth keeping the PC running?

Well Jeff, just picking my way through the embers now.

Actually it was a steady week, no big win at all but broke even. I mainly wanted to run Hiltops' "EAzeGor" EA as well but that didn't take any trades last week so I could have just left the PC off - but you don't know that in advance. The beauty of Winalot (I'm not on commission) is that any losses seem to get made up pretty quickly.

What I did do was keep my eye on it using the Mobile version of Metatrader, although I found myself standing on a park bench holding the phone up because the 3G signal where I was staying was lousy - but it's a nice bit of software to run to watch in the background.

SC
I have the iphone which does not run the mobile MT4. I might look to get a smartphone later this year specifically for MT4. Can you add indicators and EA like on the desktop version.

Not sure, some indicators can be added but possibly only the ones they give you - haven't investigated in detail yet. I doubt you can run EAs but not sure about that either. This is the only reason I won't get an iPhone because otherwise I think they're just wonderful!

You boys are sooooooooo last millenium with all this talk about iphones and strawberries. 2009 is all about retro, doncha know!