Forex rebates on every trade - win or lose!

Hilary, I wrote those very words in my trading book that day and noted that cable was at 18004. Finally went long today and v. happy with the result. Still learning fx, so don't yet hold positions for long, but getting braver! H

Helen,

I'll be surprised if you don't see around 1.86 or 1.87 at some stage over the next week or two. Time will tell.

I might have the courage to stay in this time then! Still find it a bit scary, but definitely getting the hang of it. H

Helen,

I covered those dollar shorts this am.

I closed my long cable for +95, then went short for a few more. Small beer compared to you, but think I'm getting the feel for it and for me it beats trying to second guess movements on shares for +2! (or in my case, usually -15!)

Has the Fairy had a lay-in this weekend?

Just testing, Hil, just testing ;-)

Oh, you are awake then.

:o)

I'm hoping for around another 75 pips long on the Dollar atm. Currently targetting 1.2250 on the Euro (will reverse above circa 1.2470) and 1.2630 on the Swissie (will reverse below circa 1.2420). No real target on cable as my projection (around 1.80) is probably unrealistic and unattainable. We'll see.

Not quite reached my targets, but I'm out of my Dollar longs now and flat. The dollar will have to fall a bit from here before I start shorting it.

Hilary, thanks for yesterday's post. I was short the $ (obviously not reading the chart right!) tightened my stop and then closed flat - didn't want to be going in the opposite direction to you! Waiting now for clearer direction. H

Helen,

If you call up a chart for EUR/USD and USD/CHF going back to July, you'll be a able to draw a line of resistance for the Dollar. It's close to that line now and, whilst I'm not saying that it won't break the line, I suspect there'll be a fair few punters selling the Dollar on or around it.

Thanks, Hilary. I see what you mean, but I'm not sure I'm confident enough to know when to short again - which is probably why I am still scalping more than trading longer term for more pips.

Helen,

You certainly shouldn't short it all the time that it's still strong and rising, imo. If it breaks the resistance that I mentioned, I'll hop back on board long again regardless of whether it's overbought or not.

Personally, I won't short it now until after it's fallen a bit and it's broken the rising support that it's gained since last Monday. Pyschologically, that's a difficult concept to grasp because, by then, the top will already be in and it may well have fallen 100 pips or more. The vast majority of punters will then have a fear that they will have missed the boat. It's all about patience and not panicking.

Thanks for the advice, Hilary. Much appreciated. H

Helen,

Yesterday turned into a bull/bear tug-o-war for the Dollar/European crosses and there are signs, imo, this morning that we've possibly turned. The Dollar is still supported by the uptrend from last Monday though and that has got to be the first real hurdle to overcome for anybody shorting it. I'm giving it a go.

Thanks for that , Hilary. I found yesterday's action very confusing (not to say a little scary!) Will watch carefully today and may join you.

I'll leave it to you, Helen, as to whether or not you join me. I shalln't post again now until I close and/or reverse.

Fingers crossed that'll be in a month and not a day.

:o)

I'll look forward to your next post and squillions of pips in the trade!

This is what I'm watching short-term. Was short cable this a.m. 1.8260 and reversed 1.8223.

I'm back again, Helen.

:o(

Got stopped overnight as it came through the bottom of Choccie's Channel. No serious damage, but I should've just stayed long Dollar on the basis that there was a nice support line in place since the beginning of last week. That's what happens when you try to think I suppose. It was looking good for a while too.