Forex rebates on every trade - win or lose!

Thanks Hilary and Choccy for the CPI/PPI explanation. Learning new things on a daily basis.

Managed to squeeze out 40+ ticks this morning :-)

I've been monitoring the direction of the trend prior to a big news release over the last 2 weeks and have noticed that the spike up or down is more often in the direction of the trend. This begs the question whether the big boys have a whiff of the news before mere mortals like ourselves??

Broken all my rules - I think it's that MoTU thing.

a) shouldn't be trading whilst "working"
b) trying to guess the 60 minute turn by using the 10 minute
c) etc.

Net result is that I'm short from 290 and 280 with 50 point stops in place.

Ridiculous - so I deserve what's coming to me - unless I relent and take the hit ..... leaving them until 15:00

Flogging yourself in public mg. Kinky :-)

mg....your shorts are looking very healthy now.

Flaggelation seems to have worked - maybe I am the MoTU :)

The 10 minute may not be a bad indicator after all !

Did well after all - still think it was a bum decision - seat of the pants really.

Anyway closed for +40 and +30.

Now - discipline regained - no more trading until Friday - otherwise it's a severe reprimand from my imaginary friend - Capt. Sensible.

mg (Opus Dei flaggelant)

blimey!! what did bernanke say?

I know it's not Friday but I'm short - based on the 60 minuteMACD - from 500 and 496.

Let's see what tomorrow brings

PS - I didn't stick to my discipline and got burnt on shorts just before the big rise yesterday - went off to a meeting and found both positions stopped out for -50 each - so -100. It was a MoTU moment. Useful reminder that I'm not the MoTU :(

OK mg what's a MoTU?

I'm short too by the way.

Harlosh, MoTU - Master of The Universe!

Masters of the Universe -- wasn't that orginally the Salomon Brothers traders in NYC?

Harlosh
Sorry - yes - it's a term we used to use in another place to warn each other of the risks of getting too carried away with/believing your own hype. Sometimes it just seems as if you've cracked it - only to discover that it's the market that rules - not you - and that it is ready to stick one on you when you think it's starting not to go as "predicted".

There are some out there who will sell/tell you that they are the market gurus - follow my system and you will be the world's greatest trader etc. etc. - they actually believe they are professional MoTUs.

I think we know differently - and we know to DOYR - don't we ??????

Anyway.

MoTU-like I've added to my shorts @ 505 ..... Gulp !!

Klal, mg thanks for the explanation. Don't think I was ever going to figure that one out but I can see the reasoning behind it.

Oooops
Not a good start to Friday - stopped out of all of them for -54, -50 and -45 so -149 :( and the sun isn't shining either so I'll have to think of something else to do - Golf sounds less punishing........

Yes not a good trade mg :-)

Nope - using the same indicators (sort of) that had served me well - this time they didn't. Just shows that it don't always go to "the plan". Good learning for me AND I was getting out of my hard learned discipline, patience approach - this time trading when I had told myself to wait - greed/confidence etc etc.

Aspiring MoTU (retired)

My gut feeling was that the market wanted to go higher yet my indicators suggested a correction was due. I listened to the indicators and not my gut.

Now if I could measure my gut feeling on a scale 0 - 100 oscillating around a centre line of 50. Hmmm!

Been trying to get rid of my gut - and my gut feeling - neither are much use to me. It's got to be the indicators every time - even though my interpretation of them - on many occasions - is suspect. I can end up willing them to be right rather than looking for confirmation.

On the face of it, the main indicator I use (MACD) is suggesting a turn back up which I'll try and show below. Looking at the MACD you can see the logic of a short around 18:00 last night - but now the likelihood of a long emerging:

mg,

Fwiw I think that you were right to go short yesterday pm based on the 1 hour MACD.

May I make a suggestion though please? The high before the MACD turned yesterday was 1.8518, so why not use a figure just above that as your stop loss on the short? The reason being that if you think it's coming down, it's not going to make a fresh high. And if it does make a fresh high, then it's going up and is a long. Therefore it can also be sensible to have a buy order in at around the same level as the stop.

Just a thought.

Hils
Thanks for that - given my time again I would still have gone short - the indicator I use was giving me the signal that has served me well. Obviously, on this occasion it didn't give the result - just one of those things. If it were that easy we'de all be millyunairs !!

Good point about stops and buy orders - I must admit that I'm a bit too generous with my stops - I think it goes back to my "hit and hope it'll come back" days - rather than my new, shiny, disciplined trader approach. Clash of cultures with my alter-ego.

BTW - the MACD60 is being a right tease at the moment - bit of will it won't it.

The sun's coming out so I think I might drag myself away from the screen.

Good luck to all you disciplined traders.