Forex rebates on every trade - win or lose!

Well a dreadfully slow day so I've surrendered and going to get some other things done. Made a small profit but was more useful in trying out the various time frames and box sizes on point and figure charts. I think they may be far more useful than I initially thought.

Another couple of roller coaster days on forex :-)

Hilary,

If you still look in, I would appreciate your thoughts on the current situation with Cable. Thanks in advance.

Well I've been filling my Manolos with cable and fiber yesterday and today, Harlosh.

naturally

I'm sure you have Hilary. By the way I am finding P&F charts far more useful than I originally thought.

In fact they are excellent.

That's good news, Harlosh. I suspected that you would find a way of using them, but I thought that you'd probably need to use a faster timeframe such as the 1 hour real time rather than the dailies. Am I close?

Yes Hilary, 1 and 5 mins too.

It's been turning on a sixpence today though. Not sure I've quite got the hang of that yet. Takes time to recognise the signs on such short time scales which I've never used before.

Having said that, I can often tell to the very pip when it will turn and the targets are often spot on.

Harlosh,

If the market is turning, as I hope it is, then the turn itself can often take a day or two as the bulls and bears fight it out for control. It can be frustrating in the meantime as you watch profits ebb and flow and you invariably think that it would have been better to have been in and out several times while you were waiting for the turn to unfold. Unfortunately it's also Sod's Law that when you try to play it like that you always miss the subsequent big move.

The only conclusion is that there's no such thing as a "right" or "wrong" way to play it.

Thanks Hilary. I wondered whether todays volatility was due to thinner trade approaching the Easter break.

When you say you think the market is turning - which way? :-))

harlosh, i can also tell to the very pip when it will turn ...... it's very often when i go in the opposite direction :) i've been doing that all day today but finally , i got one right. whoopee!!!
it looks so obvious now what i should have been doing. hopefully, i will know better next time.

LOL Bosley, I know what you mean. I think Hilary is trying to tell us not to look too short term. Find the trend and stick with it.

To tell the truth, Harlosh, I've not even bothered with my news plug-in today to know whether trade is thin or not. I bought the cable sell off after the trade balance and fiber as it dipped down towards 1.21 channel support on the 5 minute and then left it at that.

I might plug the news in now and see what they say.

My hourly charts are showing a very nice downtrend for cable over the last several days. The bearish resistance line was only breached this afternoon but seems to be heading back below this. Hopefully, this is just a small hiccup.

OK thanks Hilary. Here is a current state of play chart thought you might like to see.

If anyone's interested, I plugged Squawk Box in and they reckon that M&A Vodaphone rumours were responsible for the cable rally up which was stalled later on by real money sellers. Techs are looking to short it at 1.7490, but they're a great contrarian indicator, so I'd have said it's nailed on that it'll hit 1.76 at some stage tomorrow.

:o)

edit: Personally, I don't see any real resistance now until the 1.7520-17530 region.

Yes I'm very interested Hilary. Thank you.