Forex rebates on every trade - win or lose!

:) shorts from 1.7850, 7842 and 7835 just closed.

Now flat but have orders in to buy longs @ 1.7760 and, if that's too early 1.7710. Stops on both.

Been a great week (after a crappy start) so no more unless they trigger.

Good trading MG

I am still long @ 1.7852 from yesterday. Its getting a bit iffy but will hang in till around 740 :-(

Just got back in to find that long from 1.7760 has triggered - not sure about that - but it is just below the bottom of a support line I've been running - the other one is around 1.7700 - hence the other order to buy. Might look to get out for a few (if possible) rather than drag this week's average down - I'll give it an hour or so ;)

Bob
That looks like a nasty position at the moment - let's hope that 7770ish was a real support - otherwise we're both fooked ;(

Well, that was a nice end to the week - no heroics - taken 1.7800 for 40 unexpected points.

I'm gonna have a nice bottle of red vino now to celebrate my recovery and return to sensible trading - I'm a happy chappy :)

PS - still got that 1.7710 sitting there - just in case !!!

Just chickened out @ 1,7772

MG Will be joining you in a bottle of red but mine will be to drown my sorrows

C'est le guerre. :-)

If anyone is interested, these are the 2 "master" screens I've been working off - trading using a 5 minute screen to position against "contrary" movements. What is very interesting - and the reason I was wrong footed the other day - is that the 4 hour MACD seems to have made an important move downwards. It means I shouldn't really have that 1.7710 position in there ready to trigger - so I may pull it.

Hope it helps to explain the way I've been trading this last week - but is not intended to be advice - NFAG, DYOFR - things go up, down, sideways and I am not suggesting anyone uses these for their trading. They proved useful to me - and that's the only reason I'm posting them :)

MG cant open your screens, just see the little box with x

MG ignore previous, got them with IE

Thanks fr info. Have a nice weekend

Well, I pulled th 7710 - but it didn't get there anyway. Shame because the 1 hour MACD has turned back up and would have given some good points. I've got a couple of hours so I'll be looking to long any fall-backs - 'cos I reckon 7900 is there to be bust on this hourly move - BUT I'm still wary of that 4 hour trend.

So, on the one hand it's a long and on the other it's a short :)

High risk strategy - short from 1.7815 - hopefully back down to around 1.7750 - but not very confident :(

Reversed long Friday evening 1.7735 and then spooked myself out of it last night. Got back in shortly after though, same level, when it bottomed at 1.7720 (still a nice number) and still hanging in a while :S

I like yours better than mine ;)

Bottompickingforexlickinglookinggood !!

Weird looking calendar this week. I wonder what's with the Pages 1 & 2?????? Has the Fairy lost his magic powers just when he needs them?

:o)

My feeling is that the sharks were pushing the Pound up this morning to give them something decent to short into. I wouldn't be surprised to see it a fair bit lower over the next few days. We'll see.

Hils
Must admit that, with the FED likely to raise interest rates tomorrow the runes suggest that the 4 hour could be more reliable than the 1 hour chart. May leave that short in place rather than pull it @ 1.7750.

Must admit I was beginning to doubt my reading of that "resistance" around 1.7800. My little lines say that if it goes through 7750 then the next support is around 1.7675. So I think I'll leave itto see if it gets there - GULP !!

mg,

My reading of the chart is a perhaps more simplistic. On the 1-hour, I saw a rising support line passing through the lows of 19th and 25th October. This line was broken decisively on Friday, so if it ain't no longer a long, it's got to be a short. That's my patented version of rocket science.

Btw, I'm not 100% convinced that the Fed will up rates tomorrow. The decline in the Dollar this last week or so has, imo, been a reflection that the market shares a similar view and has been pricing in a hold. Inflation seems to be the buzz word atm and that could gate further rises for now. Notwithstanding, I wouldn't be surprised to see a rise in the Dollar over the next few days even if rates are left on hold. Regardless, I shalln't be in the market tomorrow evening on account of how there's an important footy match that I intend to see.

Bottled out for 70 (closed @ 1.7745) - now have to concentrate on day job stuff - but will keep my eye out for a possible entry point to go short some more.

WASHINGTON, Oct 31 (Reuters) - U.S. consumer spending rose 0.5 percent last month as post-hurricane insurance payments led to the biggest jump in income in 10 months, a government report showed on Monday.

Personal income jumped 1.7 percent, the biggest rise since December 2004, as insurance payments in the wake of hurricanes Katrina and Rita rose at a $120 billion annual rate, the Commerce Department said.

The gain in spending matched expectations on Wall Street, but the increase in income handily outstripped forecasts for a 0.3 percent rise.

The income gain, however, followed a downwardly revised 0.9 percent drop in August that reflected plummeting rental and personal business income after the storms. Rental and proprietors' income declined again last month, but not as steeply.

While spending rose last month, the increase was more than accounted for by surging energy prices. Adjusted for inflation, spending fell 0.4 percent after a 1 percent August drop.

The department's inflation measure - closely watched by policy-makers at the Federal Reserve - shot up 0.9 percent, the biggest rise since February 1981.

But excluding food and energy, the so-called PCE price index advanced just 0.2 percent. Over the past year, this core price index has risen 2 percent, a level considered to be at the upper end of the Fed's comfort zone.

The data released on Monday was incorporated in a report on third-quarter economic growth released on Friday, which could lessen its value to financial markets trying to determine the direction of the economy and interest rates.

The saving rate - the percentage of after-tax income Americans sock away - remained in negative territory in September for a fourth straight month.

The department said the saving rate percentage was minus 0.4 last month, after bottoming out at a minus 1.8 in August.

You say the sweetest things, ten four ;)
Still short from reversing 1.7795 - almost back to where I started.

Hope you got all 100 of that drop from 7795 - cheeky little entry point that.

Been day-jobbying so didn't manage to get the move from 7750 down to below 7700 - however I checked in and reckoned that my 1.7675 might not trigger so picked up some long from 7685 and 7695 ....... only looking for a bit of a pull back on a very extended 5 and 10 minute MACD chart.

Hoping nt to give today's points back.

Still short for a tidge more :S