Forex rebates on every trade - win or lose!

If you're all OK, I'll wish you happy trading :)

Hi All

Just thought I'd say hello before I get outed (bosley style) by a popular member of this thread.

Been lurking around here for the last couple of months trying to get my head around forex. Inspired by Harlosh's initial muppet trades (sorry John) but must thank him for asking many beginners questions. Thanks too go to those who take the time out to answer them.

My first foray into forex was a short on cable taken yesterday. Looked ugly early this morning but the falls has turned it into a beautiful swan :-))

well done, bakko. has she been threatening you , too?

bosley, thanks. Not yet but if i'd waited any longer i'd have been outed!

Hi there bakko, hope all goes well for you. Back in england tomorrow for a while, weather forecast looks crap, catch you all in acouple weeks

Nice one Bak :)


What took you so long?

Thanks gfi.

Choccie...You have to remember that I'm old and frail. Also I'm still recovering from the trauma of being mugged at the casino last week!

NEW YORK, April 5 (Reuters) - Average daily spot foreign exchange volume on global trading platform EBS rose to a record $132 billion in the first quarter of 2006, up 2.3 percent from the same quarter a year ago, EBS said on Wednesday.

The busiest day of the quarter was Feb. 10, when total trading exceeded $191 billion through 102,000 deals, said EBS in a statement.

"It has been a remarkable Q1 for global spot foreign exchange. We have seen extremely high levels of trading from counterparties from across the world," said Bill Moran, chief operating officer at EBS.

Last month alone was the second highest for volume in EBS' history when counterparties from across the globe traded a total average of $137 billion per day. March also saw the highest total of counterparties trading on the systen, up 15 percent from a year earlier.

Volume was intense across both emerging and developed markets. The record trading period includes volumes from EBS Prime customers.

EBS is co-owned by 13 banks, including major currency dealers UBS, Citigroup, HSBC and JP Morgan Chase.

EBS and Reuters (RTR.L: Quote, Profile, Research) are the two major players in the spot currency interbank dealing market.

According to the Bank for International Settlements last triennial survey, total average daily volume in global currency trading - including spot, forwards, options, swaps and other derivative contracts - was $1.9 trillion at the end of April 2004.

Call that a mugging bak? Those Bee Gee boys brought me close to murder.

Payroll Jitters Could Limit Dollar Weakness

BoE leaves interest rates at 4.5%

Forget the BoE, MM. Forget the ECB as well, because nearly everyone expects them to leave rates on hold.

It's all ears on Trichet at 1:30.

As well as Trichet, you've also got ............

US event risk in the early North American session is provided by the weekly unemployment data (12:30 GMT), more Snow comments (13:30 GMT) and Moskow in London (15:00 GMT) before Transportation wraps the pre-NFP risk (15:30 GMT).

On the options front, plain vanilla 1.2225 and 1.2300 strikes are noted maturing into the 14:00 GMT NY options cut-off.

Any inyerest in snapping up Euro yet as Trichet waits until next time or the time after or the one after that

Is Cable always like this? Crazy. :-)

Doing everything I wanted it to today Harlosh :)
Try and get summat up later.

Thanks Choc. Bak and I are both in but it sure is a bumpy ride.

Choccy,

I'm targetting around the 1.7330 to 1.7350 area on cable and 1.2080 to 1.2100 area on fiber over the next couple of days from this move.

Small box P&F chart giving a target of 1.739 Hilary. Not too far away from you.

Harlosh,

It's my guess that the lead on this move is going to come from Fiber.

My chart is showing 3 possible supports. The first is at this current level of around 1.2200 and it needs to break down through that first. The next is currently at around 1.2140, but it's rising and will probably be around 10 or 20 pips higher by the time the price action gets there. The final line represents major support at around 1.2080, but that is also rising. It would be an ideal world if it hit that level and I'm not holding my breath.