Forex rebates on every trade - win or lose!

still pretty thin out there regarding earlier comment now closed cable shorts and flat goin into the budget.

Easy way to make money on Forex

Hils / anyone , those times for economic announcements in the header , I know this is probably a stupid question but I need to be sure ... is 8.30am GMT equivalent to 9.30am BST ?

Yes Dilbert.

Spring Forward, Fall Back.

Cable was always a good short as soon as Darling opened his mouth

I think it's a two-way play today, Jeffie. All the time it's below around 1.4650 it could go either way, imo.

PS. Not sure how often you check your Pipex emails while you're in Belgium, but there should be one in your inbox.

Hils
usually evening time, will read later.

Ta Hils , too busy to thank you earlier was kicking the crap out of GBP during the budget :-)

Where's choccy these days ?

Following on from earlier reports of Russian central bank buying around 1.4520/30, were now hearing the same bank was in again, this time selling around the 1.4595 session high. Also reports that an Asian central bank was seen selling up around that level.

Technical support 1.4540/45, resistance at 1.4600 and 1.4640/45.

I'm short.

Hi shorty

Do you wear glasses as well, shorty?

:o)

I'll set 'em up, you knock 'em down.

Blimey gorgeous.
Just busy trying to implement plan B - like you I guess ;)

Plan A working well at moment and aint got a plan b .... thats what I need to email you about :-)

Plan B, After all these years I would have thought Plan C and D should be in operation by now. Good to see you back chocky. If your unlucky I might even give you a call in the next few days.

Only 4 more working days to my plan B, or maybe plan H

Jeff, Whats about plan AMS ? or Bluewater Coffee plan....

Spacie, plan Bluewater will be soon, one more week here then Im a free man

WASHINGTON (Dow Jones)--The embattled U.K. pound still finds favor with Jim O'Neill, head of global economic research at Goldman Sachs Group Inc. (GS).

"We remain bullish for the pound against the euro and the dollar," said the London-based O'Neill in an email interview Friday. "I think the market is exaggerating all these issues for the pound this week."

The pound slid against many major rivals Friday following worse-than-forecast growth data for last quarter and after the government's forecast of surging debt supply and widening budget deficit raised concern that the nation's triple-A credit ratings may be downgraded.

In recent trading Friday morning, the pound dropped to $1.4685 from $1.4740 late Thursday.

Despite the pound's weakness, Goldman Sachs said the currency will strengthen to $1.73 versus the U.S. dollar in six months and further advance to $1.86 in 12 months. The euro will weaken to GBP0.84 in six months and slide further to GBP0.78 in 12 months, according to Goldman.

Investors fret about the U.K.'s plans to borrow an added GBP606 billion ($877.25 billion) over the next four years and worried that even the government's own gloomy budget forecast - which sees it running large deficits through the year 2017 - may be too optimistic. Complicating the picture: The government itself must face re-election by June of next year, casting doubt on its promises to ultimately get its finances under control.

Earlier Friday, Standard & Poor's said its analysts are examining the details of the budget. A spokesman for the company said its ratings are constantly under review, but its examination of the budget isn't part of a formal process that will lead to a ratings decision. Ratings agency Moody's Investors Service said Friday that it isn't reviewing the U.K. government's credit rating for a possible downgrade.

O'Neill argued that there is "no new information for the markets from the [U.K.] fiscal situation this week" compared with last November's Pre-Budget Report.

As for Friday's meeting of Group of Seven finance minister and central bank officials in Washington, O'Neill said he doesn't think there will be anything new regarding currencies in the group's communique due later in the day. He didn't elaborate.

In terms of market movements, currencies have come off the extreme levels seen in previous months of this financial crisis. Notably, volatility has declined and intraday movements are occurring in narrower ranges. This leaves little reason for leaders to lean on one currency or another, market participants said.

Hils / Trebs

Not that I'm thinking about purchasing an EA, but I've been doing a little research and wondered what you thought about the basic tenets of this post (lifted from a FX website). I wouldn't be surprised if the poster is the EA designer!

pth

"I purchased Avonko because I am exceedingly comfortable with the indicators, its track record, its design team, and its ease of use. The most compelling reason I can give for using Avonko for automated FX trading centers around the inherent logic of the system. I find it hard to blindly follow a system which I do not understand - any system which is fraught with too many moving parts falls into this category for me.

On that note, this system is reliant on a simple trend-breakout strategy. It is designed for consistency and reliability. And please remember, backtested results are non-discretionary, meaning they do not take into account the manner in which you are instructed to trade with the system.

The design team advises (and they are exceedingly helpful via email) that you trade the system only on non-news days (no scheduled high impact economic releases) - and abiding by this "no news days" mantra yields returns far in excess of those supposed by the backtest.

The problem with complicated systems build around a plethora of indicators is that once the market dynamics change even slightly, affecting the robustness of but one indicator, your entire system is effectively garbage. Give anyone with a stats and coding background five days and they can devise an EA which appears to be 90% accurate - this is called curve fitting. It's very easy to develop a system that "would have worked" but it's very difficult to put together a host of indicators that will continue to work going forward.

This is why I like Avonko - it is trend breakout... not a whole bunch of unstable indicators. It is easy to understand, and easy to apply effectively if you follow the clear instructions. I have even expounded a bit on the instructions here to give those who are new to forex a good rule of thumb for when to trade the system.

For my part, I believe there are many systems out there that work. But those who are new to forex fall victim to a few fallacies...

1) The more indicators you have in a system, the better it must be

2) The more often you trade, the better


If you exercise enough mental strength to avoid getting whipsawed by these faulty beliefs, there can be a lot of money to be made in fx trading and system trading. And when you find something that works, stick to it."