Forex rebates on every trade - win or lose!

[15:47 EUR/JPY: BOJ Debate To Center on Inflation Target] San Francisco, March
7. The Yomiuri writes this morning that the majority of BOJ board members are
planning to cancel the quantitative easing policy when debate on policy begins
tonight in Japan. The paper also notes that both the government and ruling party
accept that this is a prudent decision, but the paper asserts that much of the
focus will turn to the pressure from the government to establish an inflation
target for the BOJ. Opinion between the board members is said to be divided on
establishing a target, with objection from some on fears that such a target will
serve to impair the flexibility of monetary policy. However, the government
continues to press for a numerical target as part of the policy shift.
EUR/JPY is trading lower yet again at 139.80. It should be noted that the gold
slide remains a negative for JPY crosses with many Japanese investors exposed to
speculative gold positions. A fall in gold forces them to sell gold for USD and
the USD proceeds for JPY, contributing to JPY strength. Rising global yields
also make it difficult to play such trades. Bids are eyed around 139.60 on
EUR/JPY with more stops under 139.50

klal, bear candles stronger on the 10 min chart at the moment and hasnt closed above 5ma o/c on hour chart. i'm not in any rush, just enjoying a day without wind

Well, I've gone long Cable because I've noticed that if a trend starts between 6.30 am and about 7am it almost always carries on for the next few hours. I'm a bit down at the moment, but it's going the right way. Was late looking at the chart - must get up earlier!

Nice going with your Euro thingie yesterday too Maggot.

Anyone here using CMC?

Should have had a lot more, Chocolat. But I tend to put in OCOs, because in the past I've left profits and come back only to see them all gone. So I now take at least something - but at the cost of losing the big trends. However, forex is really only a sideline, though I suspect if I concentrated on it I would make much more.

maggot, like you I was late, should have bought on the break of 380 area, got in higher up(above 400), didnt like it and got out for -12. At the moment its trading within the 7am hourly candle, which way will it go?

Harlosh-yes

Gfii,

My Updta chart is USD/GBP and CMC is GBP/USD.

Is the CMC way the 'normal' way to quote that pair. I'm confused.

So with CMC which way do I trade this chart?

I think the normal convention is GBPUSD.

EDIT: So it works out as one GBP buying you so many US Dollars

H ie for1 you will get $1.7402(that wont last long!)

So am I currently watching the dollar rise or the pound?

It's 'doin' me ead in' as they say here in Machestoh!

Harlosh,

The Updata convention of USD/GBP is incorrect although their chart is actually of GBP/USD which is at approx 1.74 despite the incorrect convention.

If it were USD/GBP the price would be 1/1.74 (ie. 0.5747).

If the number (1.7nnn) is rising, then it is the value of the pound going up

Thanks Hilary. I think it is the Updata chart which is confusing the hell out of me.

Caution. There's meant to have been large EUR/USD short stop loss which has been triggered in the move higher this morning. Now that's out of the market ................

Who knows?

ditto H. Haven,t a clue which way its going to go, so I'm of to the shops to buy my little girl a pressie. catch you later

10:40 EUR/USD: German Buying Linked To Schatz Auction] London, Mar 8. London
based players are noting the German interbank name demand for the EUR this
morning since the Asian session. They have linked the buying out of Frankfurt to
the German 2008 Schatz auction at 10:00 GMT. The initial rumours said the German
name had in the region of EUR7Bn to buy but upon the release of the auction
results showing the market bought EUR7.69Bn the order looks to have already been
filled over the last week. The latest rally to 1.1940 in [EUR/USD] has eased and
technical accounts selling ahead of the 10-Day moving average line are reported
to have helped weigh onto the topside.