Forex rebates on every trade - win or lose!

Alongside you, H, although I still think that the half pip box size works slightly better as the price action seems to be currently contained a way off the trend line and is in little danger of giving a false break.

Long at 1.7863 from it around 7:30 this morning, reversed at 1.898 and still going.

MM,

How difficult or easy would it be to take the raw data feed from Reuters or Bloomers or whoever and create a P&F chart from it in Excel? Or could you do anything from it?

I've taken a screenshot of the P&F chart that I've been working to today, but I can't seem to upload to my web server at the moment. I think there's a problem with the firewall blocking the required port.

If either IanT or Derek are lurking, could I mail it across to you please for you to upload and link to? TIA.

Oh well, never mind about the chart now as I've offloaded as it raced down a few minutes ago.

Hil: Mail it to me and I'll put it up on the IST site and give you the link.

Good call Hilary. I lost quite a few pips at the end there :-(

H,

The reason that I covered was that fiber failed to push lower alongside cable at the same time and was already starting to muster support. I guessed that the cable stops below 1.78 might be being gunned.

I've e-mailed the chart to MM, so hopefully he'll post it up a bit later.

Hilary's chart:

Thanks Hilary - good tip for the future.

Thanks MM for postings Hilary's chart. Very impressive. Cable is now back at 7900 and the same .5 pip chart is equally good on the rise.

Evening all,

Baks, thanks for the response.

Bos, good to 'see' you.

Well, having posted my intentions last night, I guess it is only fair to update on progress so far:

Started the day feeling somewhat pissed off, as Cable opened 40 pts higher than I had expected (lesson identified: should have opened my position on Friday before the close). However, got stuck in anyway and after some umming and arring closed 3 postions (2 x CFD / 1 x SB) at 17900. Net +104.5.

Then lost the plot and opened two further long positions during the fall, one stopped out, one left to run. Net -27.0

Opened two further longs later in the PM, then closed all three. Net +109.5

Out now for Net +187 and feeling quite pleased with myself.

I nearly didn't close my early positions, but after a nudge from Choccie, stuck to my intial target and took profits. (Thank you, your Chocciness, I'll have to find a way to repay you ;-)!!)

So, a successful day, but I still need to be more disciplined and STICK to the rules.

I need to re-draw my chart now as that fall penetrated what I thought was a solid support trend line.

Probably won't post that frequently during the next two weeks, until I get home and swap my 9.6kbps connection for good old Broadband; I really can't wait to have instant access again.

Hope you all had a good day.

pth

Pth,

I'm sorry. I've been meaning to say hello all day but was carried away with that thing called Cable. Excellent trading by the sound of it and your rules on your first post are very true. An excellent post. Not sure I would like to open a trade on a Friday before the close though. Anything could affect the price over the weekend and leave you high and dry but what do I know.

Look forward to you posting when you get home.

pth...Great trading. I didn't accumulate as many pips as you, only a miserly +27 but it was a very well managed and disciplined trade which for me at this early stage is more satisfying.

It was a very see-saw day on the cable coalface. I shorted it at 7866 as it was falling through today's uptrend channel. As it fell below the bullish support line I was at one point sitting on a +68pip profit. However, it didnt hold at those levels and decided to shoot back up into the uptrend channel. I managed to close out as it broke the bullish support line. Just as well I did that otherwise I'd be losing now as its currently sitting at 7891

Looking at the 5min chart, what I should have done was to short it at 12.30pm when it fell below the bullish resistance line but with a stop loss at today's highs. As it fell below the support line, have a trailing stop at the point ready to close again to lock in profits which would have been at least 70 pips. All very easy when looking at it retrospectively.

Choccie......"And then there were none". New sequel to Agatha Christie's classic.

Thanks too for the other chart suggestions.

Hi Harlosh, that is a very good point re sitting on a position over the weekend. I do recall holding a position over a weekend sometime ago and spent 2 days worrying about unexpected news!

Baks, I think you suffer from the same syndrome as me :-) waiting for bigger profits rather than taking what is there, +67 would have been a very good trade. However as you say, you finished the day in profit and that just has to be a good day!

Hilary, you woudn't be with NTL for your broadband would you?

No, H, Pipex.

Despite a couple of early whipsaws, those half pip boxes are working again today.

Thanks Hilary.

Yes, I'm very impressed how you spotted that when you had no understanding of P&F or Updata. I had never looked or even considered that size of box but it does work very well.

Put it down to beginners luck.

:o)

What a spectacular fall - fortunately I had taken my profits. :-))

Got stopped tight on the data.

[14:02 US ECON: Existing Home Sales Stronger Than Expected at 6.92M ]

[14:03 USD/CAD: US to Halt SPR Build Temporarily] Boston, April 25. Keep an eye
on oil prices as Bush just announced that the US will suspend adding to the
Strategic Petroleum Reserve. While just a fraction of overall demand, it is a
constant bid for the oil market that will leave the market. Oil prices are
steady at $74.00 at the moment. USD/CAD is getting a short-covering lift from
that news as well as much stronger than expected US existing home sales and
consumer confidence. It trades now at 1.1335 from 1.1317 lows.
Jamie.Coleman@Thomson.com

[14:03 US ECON: Confidence Surprisingly Inched up to 109.6 in April]



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