Forex rebates on every trade - win or lose!

Couldn't resist the temptation to have another bash at cable tonight, having sold a relative to raise a small pot.
Still got the old touch! those of you with minute charts can see the point I took a trend long @ 85, exactly 2 minutes before it fell straight through! (19:07 for the lazy)
S & R'd it from the piqued school of trading for -11.
Too old and slow though, 1 point between close & open, (@ 74 & 73), and just left the bugger to slide down the other side, stopped for + 41, best i've done for weeks.
Now changed tack, sod the trend line, left a -0 stop loss on a cable short @ 37.

Finally achieved an "up-and-over" on cable, long @ 398, closed @ 432, short @ 432 and finally stopped out @ 416.
5 points from perfect of course, should have reversed @ 437......but I don't care, it's my first and I am happy with my +50 duplex..:-))

Nice one SC :-)

Thank you SC.....I luv it when a fluke comes together........lol

For tonights game with cable, missed the best move of the evening (22 - 71 ish) so chanced the res @ 74 and have short running from 70, which has to make up for a -17 from previous!

Senators threaten China with tariffs
AFX


WASHINGTON (AFX) - Two U.S. senators urged Beijing Thursday to let China's yuan currency appreciate further, or face the threat of punitive tariffs on Chinese goods.

Sens. Lindsey Graham, R-S.C., and Chuck Schumer, D-N.Y., said they were encouraged by China's decision last week to let the currency appreciate by slightly more than 2% against the U.S. dollar, but expressed concern over a subsequent statement by China's central bank, which warned that there would be no further changes in the currency's valuation.

For more than a decade, China had maintained the yuan pegged at an exchange rate of 8.11 to the dollar. U.S. manufacturers and lawmakers have complained that the rate undervalues the Chinese currency, putting U.S. exporters at a disadvantage. China last week altered its foreign-exchange regime, allowing the currency to appreciate around 2% to 8.28 to the dollar.

Schumer said he and Graham remained optimistic China would let the market play a role in dictating the value of the yuan.

If China doesn't let the currency appreciate further, the senators said they would press ahead with legislation to impose 27.5% tariffs on Chinese goods.

'While the Chinese Central Bank has said that they will not do another fixed valuation in the near future, we trust that the Chinese will allow market forces to work.?But we want to be very clear - our bill is still scheduled to be voted on before the end of the Senate session in October.? If it seems like the Chinese are moving forward - great; if not, we are still ready to vote on our bill,' Schumer said.

The pair shelved the legislation in June after receiving assurances from Treasury Secretary John Snow and Federal Reserve Chairman Alan Greenspan that China was prepared to take action on its currency.



This story was supplied by MarketWatch. For further information see www.marketwatch.com.

chocolat,

Thank you for the post, seems US policy remains as consistent as ever, apply punitive import tariffs whilst maintaining MFN status (or Normal Trading Status for some stupid reason?*?)

Had a play with cable again, and made a mess, still getting supports that don't and resistance that isn't...oops, blew a cable short for - 10.
So took another, still running from 60 we shall see.

Good news is I've been told if I bust another trend-line this week I am in with a chance of the vacancy as King Canute's chief technical adviser....

Home from work too late for market close, NOT a good day!!!
But a little cheer was to be found from my overnight cable short, pure good fortune rather than stunningly perceptive strategy fluked an exit at 1 point above day low, so closed for +40, nice end to the week...:-)

Stormie: A magic touch, I fancy.

Well done.

MM,

Thank you, it is always nice to see a worked idea come to fruition, but given the too close margin I feel I probably have to thank a last vestige of fairy dust courtesy of Hilary for my escape...:-)

Link to Article

Don't trade FX, but was scouting round the Net tonight
for Macro stuff and stumbled across this.
Don't know if he's right, but it may be of interest to you.
Apologies if this is old news, I haven't read a lot of this
thread for the past couple of weeks.

Extract:

STERLING could be on the brink of a dramatic slide, threatening the economy's stability
if it falls too far too fast, a leading economist has warned.



BRACED FOR CRASH: A slide in the value of sterling could threaten the economy's stability

'Rate cuts on the way'
Paul Dales at consultancy Capital Economics says slower economic growth and falling interest rates
will push the pound 10% lower by the end of next year, but a drop of up to 40% cannot be ruled out.

Hil:

Are you on hols?

FX Fairy.

Changed tack for tonight, just for a change have a cable long @ 49, let's see what the other side of the street looks like..:-)

Not yet, MM, and well done to Stormy.

Thank you hilary..:-)

Overly conservative limit on my unattended overnight long took me out much too early, hindsight is a wonderful thing, nonetheless a useful +50 for the pot!

Hey that's great stuff Stormie

.

Stormie: Didn't you do well! Nice when a plan comes together.

Evening, Choccie :)

Thank you folks, having had many false dawns (and plain old screw-ups..:-( ) it is nice to get a couple actually run to plan...:-)

hilary,

It is most kind of you to give us the benefit of your input once again, I am quite prepared to admit I need all the help I can get..:-)