Forex rebates on every trade - win or lose!

Well done mg. Fortune favours the brave eh? :-)

Dollar up against most major currencies
AFX


NEW YORK (AFX) - The dollar rose Thursday against most major currencies even after a closely watched gauge of U.S. economic activity slipped in May and unemployment increased.

The euro bought $1.2582 in afternoon New York trading, down from $1.2660 late Wednesday in New York. The British pound also sank to $1.8281 on Thursday from $1.8447.

The dollar rose against the Japanese currency, climbing to 116.08 yen from 114.87.

The Conference Board reported that its Index of Leading Economic Indicators fell 0.6 percent to 137.9 in May, which was in line with analyst expectations. The decline was the third in six months and the lowest reading since October.

The index is watched closely because it's designed to predict economic activity three to six months in the future.

The Labor Department also reported Thursday that 308,000 people filed for jobless benefits last week, a bigger-than-expected rise of 11,000 from the previous week.

'It's kind of a confusing market we have here. The market is more willing to trade off of technicals than fundamentals,' said Michael Woolfolk, a senior currency strategist at the Bank of New York.

Woolfolk said the markets are looking ahead to the Federal Reserve's policy meeting next week for guidance on future interest rate movement. The markets are already pricing in another quarter-point increase next week with another quarter-point hike to follow some time this year.

To stave off inflation, the central bank has raised rates 16 consecutive times since June 2004, which has helped to boost the dollar. Higher interest rates bolster a currency by increasing the return on some investments.

In other trading, the dollar bought 1.2424 Swiss francs, up from 1.2334 late Wednesday, and 1.1179 Canadian dollars, up from 1.1088.

Nice to see you're keeping your hand in, mg ;)

Has anyone reading this thread had any success using Updata P&F for Forex Targets?

8150 seems to have worked pretty well today JT - Because of Cable's volatility I tend to use them as a rough guide rather than rely on them too much but they are often spot on.

Thank you Harlosh. Useful feedback. Do u find the best results on the 60min timeframe? Meanwhile I will upgrade my Updata system. Thanks again. BTW I note the $/Yen has filled the London gap/

Tend to trust the 60 min targets more JT but they do work on smaller time frames. I haven't done any serious testing as yet though - it's hard enough calling the direction let alone how far it is going :-)

Keep in touch on the thread though - be interested in how you get on.

Managed to catch a few points (+70) from a short position taken out last Friday and closed last night.

Got a chance to watch a bit today but looks - at the moment - if it's a paint drying day with no clear indication from the MACD 60 - potential fireworks later on - but don't want to get caught either way.

In theory a big day for the $ with the FOMC decision at 18:15 but not a good idea to guess - despite rumours that it might be a 0.5% hike .......

Anyone in any positions?

Well, what would I have given to have been long @ 18100 :)

Nothing like a FOMC statement to put the cat among the pigeons !!

Nearly did it - but didn't have the bottle -shame...... may take a look in the morning - could be some points to make on a sensible "friend of the trend" trade

trend change?
using a bit of parabolic SAR on especially $/Yen to try and stay in the trades with the trend, place trailing stops on most recently added bits of overall trade and find suitable spots to add (readd) to position. Maybe post Fukui and any rate rise in the east it will go to 105?

Oooooooooh that was nice - took a couple of long positions earlier at 314 and 310 - and was beginning to sweat - I can now go off for a game of Golf feeling all smug and contented :)

Even more smug and contented. Limits triggered whilst playing Golf for +150 points from each of my positions. Now flat until I get some more time to watch.

nice one mg, I made all of 6 pips on Friday! Mind you I was out all day :-))

Tankan may send $/Yen down for night owls.
Adding to position here but stops on that already held.

114.35-40 break may leave not a lot between there and 109?

On holiday all last week so no trading for me but well done mg.

Made some more points the other day on a nice short but currently long @ 384 and 390 :( taken out earlier when it looked like the MACD60 had crossed in my favour - dropped back nearly to stops - now wondering whether to take the little hit rather than leave them open ........

Have some space to watch tomorrow but not sure if I'm on the right horses

Know what you mean mg - directionless at the moment and confusing indicators.
Tough call I think.

Seems to have spent the whole day, going up.............and then going down!! Wish it would make its mind up. Thought the break through 840 was gonna hold (for a few minutes anyway) and then ran out of steam again. Have been nipping in and out to accumulate a few pips at a time, but did get half of the 1330 news spike. It looks dead easy looking at the chart now, wonder where my crystal ball has disappeared to?

Good to see you guys on Tuesday, I'll look forward to the next one. Oh, and I finished 10 up on the tables. Easy this Blackjack isn't it :-)

pth

Pete, good to meet you too on Tuesday but you're from Loughborough - you're not allowed to win money in Manchester and take it away with you - we need all the money we can get up here, haven't you heard? Dark satanic mills and all that :-)

Never mind, you can give it back next time you visit and a whole lot more if I know the game of blackjack! (Or maybe I don't and that's why I keep losing).

Hope you'll join us again sometime.

John

There is far too much money in Manchester already, look at all the redevolpment! Much more needed down here, we all live in cardboard boxes. But I am sure next time I'll give it back and probably more, that's the nature of gambling, although good fun.

pth