Forex rebates on every trade - win or lose!

B.,

Forget the coffee. Isn't the Bolly on you?

:O)

Greenback seems to be struggling for direction this morning. Think I'll sit on my hands for now and wait for a clear break one way or the other.

Well, my bunglings on the pound/dollar yesterday left me about 60 points down on the day. Of the 600 points of rise over the past three days I have managed to capture about 23 :-(

Holding a position open, looing for a further rise today. IFR Forex Watch suggest we'll see a retest of the January high of 1.8580.

[IFR Forex Watch]
[GBP/USD OUTLOOK]

[20:41 GMT January 22] Cable remains underpinned by rate hike expectations and
the resumption of a dollar-bearish psychological backdrop. ECB jawboning is
paying diminishing returns in EUR/USD and cable retains its preferred status
owing to stronger growth than the EU and less onerous deficits than the US.
Cross trade was particularly noteworthy today, with several large chunks of
GBP/AUD bought by a UK name. Dealers were unable to identify the flow, but
it felt like a "deal bid", for M&A purposes, for example, rather than for
speculative purposes.
Technically, Cable looks set to re-challenge the 1.8580 highs set earlier in
January, with a strong zone of support forming between the 1.5370 and 90 levels
on dips. The 1.5390 level was briefly visited in New York after another
unfounded rumor of Osama bin Laden"s capture made the rounds at mid-morning.
UK Q4 GDP and UK retail sales are due for release tomorrow, and will seal the
deal on whether or not the BOE will hike rates in February. MPC member Large
made no mention of rates or the economy in a London speech this PM. --JC/rd

[IFR Forex Watch]

| [ GBP/USD TRADING PAGE ]
| [SPOT] |[TECHNICAL SIGNIFICANCE] |[RECOMMENDATION] | [POSITION]
: 1.8635(M) |2% MA band top |flat on a failure | [LONG at]
: 1.8580(S) |daily high Jan 12 |take profit, buy break | [1.8304]
: 1.8535(M) |daily high Jan 13 |flat on a failure |
: 1.8480(M) |daily high Jan 22 |flat on a failure |Open|21/01/04

[1.8452] 08:00 GMT FRI 23 JAN : | TIME 08 45|

: 1.8400(M) |pullback low Jan 23 |sell stops below | |
: 1.8255(M) |pullback low Jan 21 |buy a bounce |TGT |1.8580
: 1.8150(M) |daily low Jan 21, 50% |buy a bounce |Stop|1.8390
: 1.8075(M) |61.8% of 1.7825 - 1.8480 |sell a break below |
============|==========================|=========================|=============

Sharp bounce out of 1.8400 has propelled price towards the 1.8480 top from
yesterday again. Have raised stops to below the former to lock in more profits
on the trade. Daily charts constructive and the 1.8580 high from last week is
a viable target but suggesting flatting the trade for profit of 1.8535 rejects
and re establishing on dips. (AS) [08:00 GMT]
end

Out of curiosity, anyone know why /$ is known as 'Cable'?

I've been using the news feed from the FXCM trading software and it is proving extremely useful. Regular updates (as above) on the outlook for different currencies as well as detail of their current positions.

You can get the trading station software by registering for a demo account and then download the news plugin for free.

Yes, sorry all wrong thread, that's why I could't find it before.:-))

dclinton; I used to be a foreign exchange broker in the '70s in london and hong kong. v$ was the first of the 'fully convertible' currency exchanges, and trade started in it before phone, or internet, and the only method available was via 'cable' When i started the rate was 3.40, and at one time it did for a brief period get to parity with the us$.
For a couple of years i ran the 'link line' to all our eastern offices, Bahrein, Hong Kong, and Singapore. About 100m would be traded down one phone line from 07.00 to 14.00. Aged a little i seem to remember.
hope this answers your question.

prodman - r u on the right thread?

dclinton - you r talking to yourself!!

Amyone worked out the pivot, support & resistance points on to $??

Thanks beeblebrox. I knew there'd be a historical reason for it.

Sue - yes, a bit quiet here today.

Errk, the is pulling back a little. I've raised my stop to $1.8390 and closed out half my position to limit my loss. There seems to be support at around 1.8440, though, and 2-day support at 1.8400.

Yes, quite a pullback now at the US open.

I've had umpteen quotes up today and every time I've backed away from pressing the button. I can't explain why .......... just not really comfortable, I suppose.

Instinct tells me to sell the break of the rising support line of the GBP and EUR against the USD. But on a Friday lunchtime at the end of what's been a very good week????? Think I'll come back on Monday and see what it looks like then.

what's up with you girl, wanna sleep at night......
made a bit this week on stocks, dont want to give it back now on forex,
but tempted - cable must be female.
biggest weekly rise for a while - would've thought a correction due, but
sitting on hands for now.

Beeb,

I might be tempted to trade in about half an hour.

Btw, I never have a problem sleeping at night.

:o)

Well, my stops got taken out at 1.8390. Looks like a lot of profit-taking in the US session on a Friday afternoon.

That's a high formed overnight on the Asian markets on the GBP/ & EUR/USD crosses. It enables a nice 2-day resistance line to act as a stop for shorts.

Cable just needs to move below Friday's low and you'll be able to turn the lights out for a few hours.

:o)

8230 resistance at the moment, will it get back through?

eezy peezy - next stop 183ish

Spaceman,

Broken the 2-day downtrend, but it might be ranging. 1.8289 was the overnight high.

F**k does it move quick....