Forex rebates on every trade - win or lose!

Choccy,

It's not a criticism ......... just an observation, so please don't take offence.

Why the fcuk are you trying to short something that wants to go up?

chocolat,

Thank you for the storyboard, it is good to see another's thinking...:-)
(Mind you, I get told off for thinking too much...lol )

ps, left work at 1.7773 eh......sneaking out early then, I'll tell the boss..:-)

Subtlety rules eh, Hils.
I traded cable long from below 1.73 until changing stance on Monday afternoon, since when I traded 5 shorts up to early this morning for 200 points, plus 80 odd from today. If I'd stayed long on Monday at 1.7710 I'd be about 80 points up as I write.

I like the way you qualify your observation, but I'm not sure what you're getting at?

Stormie - I was spotted :)
No worries though, I won't confuse anyone any more.

Choccie,

It was just an observation that cable has been well supported of late and is still rising. Every pip made on the short tack could probably have been 2 or 3 on the long tack. Maybe I'm too old for the stress, but I just don't see the point in trading against the trend.

Well done on your 200 pips.

Hils - I think the point I was trying to make on Monday was that I felt cable would struggle to break up out of the 1.77 level, and I wasn't afraid to say I was wrong yesterday, but when it failed to maintain 1.78 my conviction was renewed for now. All I've done is follow the chart to whatever level it takes me before I feel comfortable - so there's really no stress involved :)
My support line isn't as steep as the one you described the other day (although I can't find your post now) and I closed today's second short earlier as it bounced from 1.7741. It could be that my support line is still too steep, otherwise it looks like it was breached in the early hours yesterday and earlier this morning, looking at it in a candlesticky way.

Choccy,

I too have revised my rising support line. I now have a line connecting the 10am low from 29th July with the other more recent lows. Generally speaking, trends do not turn during Asian trade as appeared to be the case early yesterday morning.

I also agree that this current level is an obstacle as it provided support last autumn which turned into resistance last month. The hourlies are overbought and a retracement from here might well be on the cards. The daily oscillators, however, show it rising from an oversold position and bouncing from support on the multi-year uptrend. The bulls don't look ready to give up the fight just yet.

I'll be surprised if we don't see another 10 cents from here over the next few weeks.

I think Hils is now on Hols and the FX Fairy slept in.

Economic Data Release Calendar now updated. Apologies for late arrival at the FX Ball.

Thanks :)
X

Long AUD/USD @.7615

Out of the blocks, Sputtie ;)

Choc :-)

I traded the 2month outright maybe should have taken the spot

Only a brief appearance. Haven't been trading cable for a couple of months. Went short @ 7955 and 7948 with stops - still in - @ 8000.

Looking good so far - going out for a Balti to Typhoon Alley soon so may close them now there seems to be a bit of support above 7900. Limits set @ 7900 for net +103 - always over-egging a good thing ;)

How ya doin chocciepops - I see you've been keeping your end up on the Forex thread. You should be in the chocolat bar kitchen, or doin' a bit of ironing - I dunno, wimmin !!!

mg XIV (still hiding in the shadows)

Nice to see a new and an old face in here.
Funny that, everyone always seems to think I should be somewhere else ;)
I'll put up my trades when I get home - btw ten four, I was looking for 1.79 too :)

Only goes to show we're both bonkers

I cannot believe it - she said the b word ...........

I have not and never have been b.......... Anyway, I wouldn't know how to do b.......

mg XIV (and none of the Nuns know what you are talking about - they have no idea what b........ing is - they only do praying - on their knees, bent over, looking ever so angelic, mouthing chants and stuff ........)

Ok I said I would, so here goes (especially for Stormie)

Here's a screenshot of cable from Monday morning



I haven't budged on my trendline since last week, and you can see where support became resistance on Friday. I shorted first of all at 1.7871, made a note that I'd probably get burnt - I was going to give it until 1.79 - and that's where I added. It looked fairly strong from the outset and it made such a meal of it all day, I closed at 1.7842. Managed to catch it just below 1.79 on Tuesday and closed that for 75 points within fairly short order. So the rest of the day was a bit of a yawn until FOMC time came round. I watched it spike up to the 70s and caught it as it fell back to go long (eek) at 1.7850, inbetween trying to be clever with the Dow. I was rather hoping for 1.80 this morning



but I gave up and reversed at 1.7967 - looking for support at 1.79. I would've added around 1.80 if it had found the strength, but in any event I closed it at 1.7940. Shorted again at 1.7975 this afternoon and closed that at 1.7919.

So yep - the trend is your friend, whichever way you look at it, although I have to say, the MACDs are my best friends :)

And you're a little liar ten four - no point in giving you penance, cos you love it ;)

Added to AUD/USD spot @ 7702

Added to AUD/USD @ 7722

I hope the fairy doesn't sleep in again :)

The FX Fairy thanks you for the nudge (in the hammock, one assumes :))

Been closing those cable longs started from just above $1.74 this morning. For around 730, 630, 530, 430, ....... respectively. Just over 3000 pips for 3 weeks work.

:o)