Forex rebates on every trade - win or lose!

It's probably not going to make a lot of difference which one you pick today, T. Why not try them both?

As you might have guessed I was stopped out of my positions yesterday - for -25 and -45. Not good because I watched it go to +50 and +30 and left them open.

I doubt, therefore, whether you will take any notice of my current view/positions. I'm short from 285 and 290 loonking for a repeat of the overnight fall to around the 200 mark.

My view is that the charts are looking very toppy - and rounded - suggesting that we may well be looking at a lower high for the - wait for it - daily - chart.

But please remember I'm new to cable and am trying to figure out what might pass as a reasonable (for me) strategy. I don't think rampant shorting would pass the "reasonable" test ;)

Saxo bank like upside for EURO/Pound
or short $/Swiss on North Korea histrionics.
I am long Euro via sb from about 3320 and considering trying another too

mg,

It depends upon the time frame of your trade and also the tightness of your stop, but it's generally dangerous to trade against the trend. Tellon and I are looking for a trade which will hopefully last from between 1 hour and 8 hours depending upon how well it goes. That trade this morning is short Dollar.

In a completely different type of trade (one which would last days or weeks) I had been long Dollar (short Cable to be precise) from last week but closed it out yesterday and reversed.

hilary
Thanks - agree about both timescale and trend. However, it does depend on what you "see". In charting terms I can "see" an upward sloping flag (on a downward moving chart) and a lower high forming.

I suppose it's not necessarily "what you see is what you get".

mg,

I can see exactly the same thing on the chart, other than that my interpration is that the "lower" high hasn't been given time to form yet and therefore might end up not being a lower high at all. I'd rather wait for confirmation of the high and for it to actually start coming down before looking for a short entry. That's just my style.

I can incidentally see the making of a fresh cable uptrend with rising support through the lows of Friday and yesterday.

hilary
Unfortunately I can see that as well - not a precise science this game is it?

Well, not the way I play it ;)

Something about "...eye of the beholder.." I suppose ;)

If it were easy, everybody would be doing it.

Btw, just been watching the pop videos on TMF whilst doing my stint on the rower. Eric Prydz/Call on Me featured a girl writhing about on a yoga mat wearing a thong leotard. I don't know why, but I thought of you.

:o)

hilary
Not this early in the morning - you've got me in a sweat - and I've been nowhere near a rower ;)

What's the name of your rower - Matthew Pinsent perhaps!!!

Lol, mg. It's Steph Davis actually, but that doesn't mean what you might think.

:o)

I went Long this morning EUR only.I wanted a 76 entry on Cable but it never came, when I was at the screen. I took 315 as my EUR entry.

That bounce of 3300 just now I think was ver significant..

Long Term Im sticking with the chart I posted a while back that show 2.0 then 2.4 for Cable..

Anyone know what happend with the Tankan today? I saw the yen drop yesterday.

Well done you guys - back to the drawing board - stopped out @ 320.

Think I'll give up for the time being. Need to get my head around this one.

2005 will have to be my year ;(

That's the 2nd time I heard someone say that today - so it must be true. :)

Any thoughts on this rally?

Try not to think, T. Stay focused and just stick to the game plan.

hilary
Thanks - oh wise one ;)

I got scared and im out.. +44 (Exit at 69) on the Euro today. I feel it will start to drop now.

I should have took GBP, I think I will aim to take more Sterling postions when all seems to be in favour of a direction..

Up it goes! Oh well another lesson learned for the future!

hilary
Great call - and I'm watching sma/ema very carefully. I think I may now have a game plan to work to. Thanks again.