Forex rebates on every trade - win or lose!

SC,mail received !!!!

Added 17614

Trichet says Dec ECB rate hike 'warranted'; monitoring risks 'very closely'

Closed second lot -20

And first lot - lots more. Looking forward to the bend at the end.

I knew that would happen, and I wouldn't be in :-( Would now be +50 and +80

I am finding FX very hard to read at the moment...
after a clear trend ...easy to get into the mentality of
trend trading...then get whipsawed when it range trades

Got burnt this morning when the CPI figs came out, ouch!

Divetime,it is always good idea to take a look at the calendar at the top of the thread or better print it off and if you trade say cable,then all you do is check that there is no data coming out on that day with a GBP beside it.News like that can and will move it as you have found out.

Sorry to hear the news with a OUCH :-(

Mega...

Mega,

forgive my ignorance but I therefore presume it is not a good idea to hold positions overnight or before 9.30am when most of the news seems to come out?

Harlosh,

I personally don't have a problem with holding overnight nor with entering the market before 9:30am. The business of holding overnight is very much down to the type of trader you are though. I presume that you're aware of the carry costs????

There are often some decent moves to be had between 7am and 8am and it is within this period that I believe the direction is set for the rest of the session. Fwiw, Cable and Fiber both had pretty good sell signals this morning shortly after 9am and ahead of the CPI.

I'm also going to have another play around with the header to stick in some links to some good articles on each currency. The articles are updated daily.

Bernanke to deliver monetary policy to Congress on Feb. 15

Hilary,

Many thanks. I appreciate it.

Bloody Lorenzo Bini Smaghi!!! 'Twas all going ticketyboo today till he got involved.

What a name though ;)

Dubya live on gloomberg - watch the dollar tank!

I'd like to share my experiences of this past week in the hope that it might help some of you who are struggling a bit with FX.

I've had the dubious pleasure of having my husband working alongside me as the poor lamb hasn't been feeling too well. There's no denying that he's very clever. I employ 4 different strategies for trading FX, all of which were designed by him and all of which work consistently. When I trade, I really don't have to think. I just have to do what the system says and then move the stop every so often together with an order to reverse. Very, very simple. I sometimes get my kids to do it and they don't have a problem with it.

One would think therefore, that it would be a cinche for the guy who designed the strategy to implement it. Wrong!!! I have popped out on occasions only to return and find that he has come out of a winning position unecessarily prematurely. A couple of times he has even taken positions contrary to his own strategy. The net result is that I am down for the week when I should be well up. The icing on the cake came today when he took 5 positions in cable for a net loss when the 2 obvious trades would have gained around 100 pips.

There are some obvious lessons there to be learned.

I don't want to go into them now though as Home & Away is about to start.

Thankfully he's going back to work onMonday.

Hils

Priceless post for any strategy/system trading - no doubt about it.

You know the story about the pilot training for the next generation of supercomputer controlled stealth planes - the pilots are trained to open a tin of dog food. Their job is to feed the dog. The dog's job is to bite the pilot if he looks like touching anything!

Good luck with training your husband :-)

Regards
Rob

Hils,which charting package do you use and what settings,at the moment when trading cable i use Meta Trader set with candlesticks at 15min 30min wth a 34.55.200 day moving average and pivot points installed also another screen set up on usd/chf because as a general rule i find if one is going up the other is coming down and visa versa and is used solely as a indicator to confirm cable,if that makes sense :-)

Any thoughts on above !!!

Mega...

Wonderful post, Hilary.