Forex rebates on every trade - win or lose!

Hilary,

Be interested to see what you think about trading Cable by using the point and figure chart below. It is a .0025 box size and a 1 box reversal chart. In other words a column of X's (UP) would change to 0's (DOWN) every time the price reversed by 25 points. One could go long or short at each reversal or just trade with the trend, whatever suits.

I know the proof of the pudding is in the eating but on the face of it can you see any obvious pitfalls?

Regards

Sorry about the size but I want you to be able to see it :-))

Harlosh,

I've got to say that I really do not understand P & F. That said, my strategy is possibly similar in that I try to identify reversals on the 1 hour chart in the hope that the ensuing move will then span over several days.

I currently see cable as trending gently upwards which I guess is borne out by the X's on your chart. Unfortunately though, it's struggling for any va va voom recently and it's been far more lucrative to stay on your toes and trade it faster.

The Yen is where all the action is atm as I said the other day. There is a fundamental reason for this which is to do with the carry effect.

Have you tried a P & F of some Yen crosses?

Thanks Hilary, not yet but I will.

I'm not convinced on the intervention story ......... more likely to be Yen bull profit taking imo which I thought was present on Friday at around the 117 level then.

[09:18 USD/JPY: Quasi-Official Rumours Support Into 116.00] London, February 27.
Rumours of quasi-official bidding into 116.00 is doing the rounds across London
dealing desks after USD/JPY found support on the dip lower some moments ago.
Japanese bidding has been seen into the lows but some of this is seen as profit-
taking after spot held the 115.70 fibo level overnight. Technical support and
Japanese name demand from 116.00 down to 115.70 should ensure that liquidity
remains healthy around these levels.
Gamma related interest should restrict price action amid good size 116.00
strikes rolling off and offers are anticipated from 116.25/30 up to 116.45 from
CTAs and speculative players. Selling into strength is favoured, with another
test on the downside as the session progresses.

Blimey, today's turned into a blinder :)

Are you referring to Cable Choc?

Yup - just had a gallon of coffee :)
3 longs from yesterday and another this morning, average 1.7382 - all closed out for now.

Well done.

Dipped my toe for the first time just now with a short on cable from 64

Have 5 contracts on with BetonMarkets than cable does not touch either 1.775 1.720 or 1.722 all due to close tonight and tomorrow :-)))

Mega...

I hope my short falls only to 723 then Mega.

Good luck guys :)

choccie,its a no brainer really,its bang in the middle of either limits so as long as it does not tank or rise rapidly it will be a nice little earner so they say :-)

My short is looking shaky

Fwiw I can't see it going much lower than 1.7370 for a while yet.
And I'll stick to longs for now.

Covered cable -16

The greenback is weak across the board today because of fallout from the Dubai Ports/P & O deal.

hard luck harlosh

Long 1.7463

oops and 65 but will tip out if it doesn't look to break 1.75

Cracking entry, Chocs.

the entry yesterday wasn't bad either!