Forex rebates on every trade - win or lose!

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]



[IFR Forex Watch]
[SQUAWK BOX]

[IFR Forex Watch]
[SQUAWK BOX]


[14:06 AUD/USD: Retreats As US Yields Surge on Latest Data] San Francisco,
April 25. AUD/USD has pulled back to 0.7462/65 on yet another failed attempt to
test 0.7500. Helping to weigh on AUD is a surge in US bond yields in the wake of
the better-than-expected US existing home sales and Conference Board confidence
data. US ten-year bond yields have rallied above 5.04% before easing off the
highs. This continues to pressure the AUD yield spreads over US bonds. The ten-
year yield differential has been trading near recent lows of 60 bp to 63 bp and
remains a factor hampering the AUD performance.
Support for AUD/USD on dips remains at 0.7440/45. Rhonda.Staskow@Thomson.com





[14:05 EUR/USD: Strong US Data Prompts Profit-Taking] Boston, April 25. After
failing to overcome 1.2450 barrier options, EUR/USD has slumped back through
1.2415 support on the combination of much stronger than expected US home sales
and consumer confidence. Bids are seen in the 1.2380/90 area and again toward
1.2365. Small stops are seen below the latter level. Expect Asian names to buy-
back EUR/USD sold to protect 1.2450 on dips. EUR/USD trades at 1.2405 after a
slide as low as 1.2390, briefly. Jamie.Coleman@Thomson.com /rs





[14:04 USD/CHF: Bouncing As Home Sales Data Supports USD] Boston, April 25.
Better than expected home sales data, -0.3% Vs the 3.0% expected, have helped
the Dollar to rally. Also helping is the jump in consumer confidence in April
from the previous 107.5 to 109.6. Thus far USD/CHF has hit 1.2702 on the way
back up but macro accounts are said to be sitting on the offer into 1.2700/05 to
limit any further rebound. Matthew.Foster-Smith@Thomson.com





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





[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

Another crazy day on cable today. It spent the morning in yesterday evenings downtrend then wandered up into the previous two days uptrend. It decided that it was in nosebleed territory and fell straight back into the downtrend again. It's been undecided since the afternoon whether to join an up or down trend. It's been slowing creeping upwards, though, forming higher lows this evening.

Only picked up +6 pips today as bottled out and closed up. As soon as I closed it went on in the direction of my trade by a further 30 pips. Just my luck!!

I'll crack it eventually but at least I'm fairly satisfied that I'm able to make out the main trends at this stage.

It's spot on again this morning, H. Just umming and aaghing whether to bank now as it's hovering around those two targets.

edit: Took it as I posted.

Glad it's working for you Hilary :-)

The one hour chart is really interesting Hilary. The P&F target of 7920 was set on 10th April and achieved exactly on 18th April. We now have no more upside targets but a downside of 7470. We shall see.

We actually have two independent targets of 7470 which increases the validity of the target. edit. Although in fairness the first of those has previously been achieved. It has yet to be validated though so should not be relied on just yet.

Does anyone here use livecharts.co.uk?
If so have you been getting Java general exception errors in the last few days?
I use these as detached floating indicators of FTSE Gold and Brent. If only I could figure out how to do p&f targets from them!

Sorry, not me rpaco.