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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!

It's the iCan

Anything uCan do, iCan do too.

Can you make cable fall

If you give me a week, Jeffie, I'm sure I can oblige. In the meantime, try turning your chart upside down because all the charts I'm looking at say it's going up!

Blimey! I surprise myself sometimes. I didn't realise I was that good.



Would you like me to walk on water too?

:o)

Hiltops
I guess you have seen this from IBFX

Interbank FX is introducing 5th decimal pricing!
As part of our continuing commitment to delivering the optimal customer experience, we are introducing 5th decimal pricing on our currency pairs. The 5th decimal prices will be available on our primary demo server "InterbankFX-Demo Accounts" starting Sunday evening at 8pm EST on April 12th, 2009

Why 5th decimal pricing?
Adding the 5th decimal point can reduce the spread, or difference between the buy and sell prices of a currency pair. You may notice tighter spreads as we enable the 5th decimal pricing on our trading platforms. However, spreads are not fixed and may widen in volatile conditions.

How will this affect Expert Advisors (EAs)?
Most EAs will be affected by the introduction of the 5th decimal point. Please make sure that you have adjusted all pip value related parameters, such as take profits or stop losses, to allow for the additional decimal point. For instance, if you are currently using a stop loss level of 20 on a four decimal pair, you would have to change the value to 200 to get the same execution on a pair with a 5th decimal. Please be aware that some EAs will need fundamental changes to ensure that they will work as you expect. We would suggest that you use your EAs on our demo accounts before using them on your live account to ensure they are working properly.

How does this affect Stop Losses, Take Profits and Maximum Deviation?
All take profit, stop loss, trailing stops and maximum deviation values that are expressed in points should be multiplied by 10. For example, if you would like to enter a Maximum Deviation of 5 pips, you would enter 50 into the Maximum Deviation field.

How does this affect the profit / loss values expressed in the Trade tab in the Terminal?
All profit & loss values already incorporate the 5th decimal place adjustment when they are expressed as Points in the Profit column under the Trade tab in the Terminal window in MetaTrader.

Does this affect Trailing Stops?
Yes. When you are setting a trailing stop value you will multiply it by 10.

How do I connect to the demo server offering 5th decimal pricing?
Many demo accounts currently use the server titled InterbankFX-Demo Accounts (mt4-demo1.ibfx.com). Those accounts will immediately see the 5th decimal pricing. Demo accounts configured to use the server titled InterbankFX-MT 4 Demo Accounts 2 (mt4-demo2.ibfx.com), will need to open a new demo account on InterbankFX-Demo Accounts. If the correct server is not listed as an option when opening a new demo, select Tools, Options, Servers on the MT4 Client and enter mt4-demo1.ibfx.com in the space provided. Click ok. The server should now appear in the list of available servers on the Trading Servers screen.

Indeedy Jeffie. Alpari and a few other have been on 3/5 digits for sometime.

Pas de probleme.

And Hiltops EA's are very clever and work out how many decimal places the prices have and adjust accordingly.

Pas de probleme :-)