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Forex - Dollar dealt blow from German, U.S. economic data - UPDATE 4

Just wondering if the mighty magic man would come and wash my pots :S

Ladies and gents, Mark[-The-Shark]usantonius has started his first day of Fx training today (basically from scratch!).

Doing it "crash-course-style" and plan to go live on Dec. 01st. Any helpful tips, recommended websites, books, anything advice-related will be gratefully received.

A little bird tells me that this is THE thread to read & learn from - although that little magic fairy is becoming a tad irritating after a while. Well, does he forecast Cable, at all?

Special thanks to Overgrowth for pointing me in the right direction. Not posted on your website forums yet but have found a few of them very engrossing.

Choccie:

Just wondering if the mighty magic man would come and wash my pots

I surmise that might be a pleasure. Possibly even better sport than straddling Cable.

Well finally the short might prove to be appropriate. Went short @ 1.7860 and 1.7825 last night and, after a scary start to the morning I'm reasonably comfortable that the 60 minute MACD charts are pointing in the right direction.

Maybe I haven't completely lost it :)

Nice one ten four :)

Btw MM - I found shortie asleep over my chart last night - his snoring belies his stature ;)

Closed the 7860 for 100 points - that's more like it - but still ground to make up so leaving the 7825 in for a bit longer - although the pretty number 7777 looks like it's a key number in the longer term trends.

just gone long cable @ 60

Good luck Bob - I've bottled out of my other short for 65 - so made up for yesterday's debacle. I really must remain focused rather than getting carried away with trying to defend bad decisions - and making them worse.

Watch out with that long - I personally still think we' could well see plenty more downside - all, of course, in my very humble opinion - and look where that got me yesterday ;)

PS - take a look at the 60 minute with SMA, EMA and MACD settings - could be 100 points in it - so I'm possibly looking to get back in later on - short

mg

11 am is a dangerous time to be entering the market other than for quick scalping, imo.

The Yanks start coming on line at 12 noon and you always see a bit of choppiness then as their overnight stops are applied and the bulls and bears jockey for position. Just the same as it's often better to wait until at least 7:20 am before entering the market, it's also often better to wait 20 minutes or so to give the Yanks a chance to sort themselves out and get a clearer picture. Otherwise you'll easily find yourself being shafted.

edit: And that's discounting any figures at 13:30.

I'm currently with mg.

I happen to think that, if anyone's think of selling the Dollar right now, they should give it another half hour or an hour or so of watching to be on the safe side. Cable's still moving below all but the fastest ma's on the 5-minute chart and those ma's are all still pointing down. The Dollar bulls from earlier this morning don't look ready to give up the fight just yet and will be hoping to see the Yanks adding a bit to give it another push up.

Hils I get the message tks. I am off to play golf to see if I can beat yesterdays spectacular achievement of 1 eagle and two birdies . Closed the 60 cable @ 70. :-) :-)

Good luck with the Eagles, but watch out for the
Parrots, Bob ......... they might have that Bird Flu thingey.

Btw, did I ever mention that I used to caddy for my father who used to be Club Captain of Wimbledon Park? I got into a bit of trouble one day when I got caught skinny dipping in the lake, but that's another story.

:o)

Looking for cable support 1.720/1.77 if it gets that far :S

Feeling a lot better having just nicked a net 50 from a couple of sneeky shorts.

Great when it's going your way - miserable when it isn't.

That's me done for the day - nicked another 50

Heyyy mg :)

1.7720 kicked in just after I left work. So short's out and long's in. I had another order in just below 1.77, scrubbed that now.

Oops just noticed my last post was short of a 7 - must be because mg nicked them all for his pretty number ;)

After an awesome example of self-control, had 1 round trip on cable tonight, and didn't lose a point.
This called a halt to a 2 day haemorrhage of laughable ineptitude.

It closed even

Pretty good for me..:-)

chocopops
That post was a bit early for you - and no update at half past 2 in the morning ;)

Agree about longs. Didn't have anything open overnight - but had a stopper in @ 1.7690 - to open long if it had reached there - shame - it would have been a cracker @ 1.7720 - hope you got that.

Now trying a couple long from 1.7795 and 1.7800 to see where that gets me.

Out and about today so will pull them if no action before I have to go out.

I think that Merlin's got something to say about your trading, mg. Well done.

:o)