Forex rebates on every trade - win or lose!

Thanks Harlosh, plan to have a proper play this evening and see what's what

I've acknowledge you on Messenger so if I or Fundy are around, give us a bell.

You still short Cable?

That upside target on the 1-minute has prompted me to cover my short daytrade and am flat for now. I'm not willing to long it just yet awhile.

I'm also long on a pyramided medium term trade and am staying long for now despite the 100+ pip pullback today. I'm still looking for $2 from that one.

:o)

Harlosh

Had a poor start to the day -50 and then clawed a bit back short & long. The shorted for most of the pm and got ahead. Mind you I'm still short and not looking too healthy again :-(

pth

Thanks Hilary - always nice to know what your position is :-))

Pth, too much contradictory evidence for me to get involved right now.

Must say Hilary, the 5 min 5 box chart pulled back perfectly to the bullish support line from the low at 1.15pm on Friday but I missed it. Not sure whether to go in now or wait for a re test.

I can't advise on that one, H.

My situation is different in that I'd already entered a medium term position (at least I hoped that I'd be able to let it run for a period of time) as it broke up towards $1.79. At the time I was using my 1-hour candlesticks and hadn't looked too deeply at the P&F. Since entering the trade, I played about with the P&F settings and settled upon the 10 pip/box chart with a 3 box reversal. As it was producing continual upside targets, I decided to just add to the position and leave it until such time that it produced a downside target and it is then my intention to re-align the bullish support line and tighten my stop. So far it hasn't produced a downside target so I'm still there.

I guess that to enter the market now, you've got to use the 1-minute and hope that you can build on it from there.

Sorry Hilary, not asking for advice honestly - just thinking out loud.

Yes the 10 box chart is looking very good and should keep you in trades for a lor longer.

No worries, H. I was happy to give my thoughts because I still don't really know if I'm doing the P&F thingey as I should be or as it's intended. If I had any sense, I'd order the book, but I don't get too much time for reading.

Incidentally, have you looked at the XTA 1-min 2 x 3?

Just had a look Hilary - are you thinking short?

or a buying opportunity?

I will watch with interest in the morning

Neither atm, H, as it loooks to be in no-man's land as it went into the close although I'm sure that the picture will become clearer in the morning. I mentioned it because it has been capturing some pretty powerful moves recently.

edit: It's a shame that it only stores the last 5 or so targets as you'd probably see better what I mean if the older targets were still there.

Yes thanks Hilary. I saw your post on the Traders Thread on Friday - very well done. I shall watch a little more closely from now on.

Don't know if anyone uses IG; but I got stoped out on a 10 pip stop this morning and fortunately I checked my transaction history to check the damage only to find that I had been stopped out 26 pips away from my entry level. Now I know this can happen, but in the time frame, it was an impossibility as that level had not been reached. Following a phone call, the 16 pips were credited to my account, but it does beg the question of how often does this happen? Views?

pth

pth

have used IG (for shares not currencies) for a few years and have had this prob a few times, mainly it seems when they do a rollover for some reason.

first thing i do now when i close a trade with IG is to open my current statement and check it

Must admit I have been guilty of not checking every trade, but I certainly will now. As far as I can work out when the stops / limits are triggered someone has to manually close the position, seems a bit barking when everything else is electronic. Certinly brings into play human error.

Pete,

I've had a few issues with Finspreads recently which I've not been happy with at all. They have a habit of going phone only and hanging trade tickets during volatile periods. As you know with forex, there are lots of these volatile times.

I've been monitoring this over several weeks with hypothetical trades and the number of times this is done is quite shocking. Their excuse is always the same i.e hedging etc. My opinion of spread betting brokers are that they'll all the same...no better than a school of sharks!

As soon as I get more confident with forex I'm off to open a proper forex broker's account. Fins wont even get the steam of my p*ss!

bakko, i've had the same problem with fins. you wait for the news ..... and then can't do anything because it's gone phone only!! seems to happen most with /$ , euro/$ doesn't seem to get the same treatment.

Baks, Bos

I knwo Chocs has the same problem with Fins going indicative (phone only) and it must cost money. I have to say however, that IG have never in my experience gone indicative, the internet option is always available (so far). I do have a Fins account, but judging from your experiences, they can stick it where the sun don't shine.

On the trading front, it has been a funny old day. Started on Friday night with a short which I closed for -50 (incidentally had I let it run all day, I could have closed +30), and then throughout the day have been making some good calls and some bad. Biggest mistake is to close winning trades too damn quickly. Have ended up +5 on the day, what a laugh. And to think I was short from the high of the day!!

Oh well, another day of experience.

Think I have had enough now, gonna watch Preston v Leeds and do some Betting Exchange magic...............I hope.

pth

Hilary,

Didn't have much time yesterday but just wanted to comment (if you don't mind) on closing your position when an opposing target is produced by the system. I know you have not read the book yet so I hope the following might help:

Targets are not a recognised stop loss and in fact many targets generated by the system are not valid until certain conditions apply so it would be erroneous to use them other than that for which they were intended.

Technically buy and sell signals are given on double and triple top breaks but forex is so volatile I have effectively abandoned using them in that manner. These signals should (technically) also be used when considering whether or not a trend line break is valid. Briefly, if a double or triple top or bottom occurs at or near to a trend line then the line can be considered broken and no longer of any significance. Some trend lines are more important than others however. Those that have been touched previously and from which the price has reversed are clearly of more significance than those that have not yet done so.

So, if an internal trend line (those nearest to the current price action) is broken by a double or triple buy or sell signal then that line is removed. If it was a significant line i.e. one which had been touched previously then the break of that line may also be significant. Depending on your time frame and risk profile you could, in theory, stay in the trade until all but the final exterior (i.e. the very first trend line in that move) has been broken. At that point it is time to get out IMHO. In practice, I think you would be out much earlier perhaps at one of the internal trend lines but even then you could give up a lot of points depending on how far away the price is from your first internal line. You will however, stay in a trade much longer this way so I suppose it is a little swings and roundabouts.

Alternatively a recognised P&F stop method would be to change your chart to logarithmic once in a trade. If you wanted to apply a 6% stop loss for example, adjust the chart size to a 2% x 3 which would provide a 6% stop on as soon as a 3 box reversal occurs. 10% stop would be 2% x 5 of course.

It sounds very complex perhaps but it is really simple I promise you, if I have made myself clear that is. :-))

Hope it helps a little at least.