Forex rebates on every trade - win or lose!

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.

Sorry about that Hils. I couldn't get a feel for it since Monday and traded it both ways in the channel yesterday and reversed short again mid-afternoon. But I closed it last night as it bounced off the line. Back short again earlier this morning, and no more longs until it maybe finds support on that rising trendline - I would guess now around 1.8050, unless it takes a sudden dive today and it could be nearer to 1.80

Morning. Have not posted recently, but still watching dollar, and waiting for a short.

Choccie,

I mentioned the other day that I didn't have a target as such for short cable because I felt that the projection was unattainable as I felt that the Euro and Swissie were on support from their own lines.

That projection was the rising support line through the daily lows since the end of July which currently sits at around 1.8030.

I suspect now that we will actually see that line reached over the next few days before it next finds any real support.

Sorry about that. Hilary. I stayed away cos I couldn't get a feel either and have to go to dentist this am cos bit of tooth fell out yesterday! So just continuing to watch for the moment.

There's no need to be sorry, Helen. As well as having stops which were hit on my Dollar shorts, I also had orders to buy the Dollar if the stops were hit.

:o)

Yep Hils - glad we agree :)

Just closed that short and waiting for a pullback.
Edit: hopefully to around 1.8177/81

Oh 'eck - enough of channels. Too hasty, me.



It could be quite interesting when we get to 1.8050/30, whatever ;)

Just had a query about http://www.forexmentor.com/ trading course for 245 quid.
Anyone heard of them??, or got opinions'

Glad you got my mail, Bob! My mate is also using CMC for the actual deals (still "paper trading" on the live dummy version at the mo). He reckons CMC are only "3 points away" on the spread c.t. 8 points with the next best provider? Anyway one step at a time for me - need to learn HOW to trade before I reach that stage! Well the grey matter needs to be kept stimulated!

Regards,

Markus.

-

Just goes to show perseverance can pay, after lots of failed attempts, finally managed a +ve cable trade. Not that I am paranoid or anything, but figured the only way I would get anywhere was to log-in as someone else............and it worked!!
Nicked 15 points from the bounce off of that lower support, a planned move..:-)

(Alright it should have been more, but after recent experience I am VERY cautious)

Turns out blundering ***king stupidity works a treat as well!!!
Just logged in to find a stop I had left on, through complete carelessness, has kicked in so I have a cable short @ 70 showing a +50, go figure?!?