Forex rebates on every trade - win or lose!

Also dipped my toe (the middle one on my left foot to be precise) at 26. We'll see where it goes. I'll be happy to bank on any sign of a turn down.

edit. Stop at entry so zero risk.

Have a limit order in at 25 as I missed the early action. Some suggestion that we might go to 150.

'Tis the early birds that catcheth the worms, Seymour.

:o)

Out at 50

I can see why Hilary but I'm hanging on for now

Still in but would like to see it having a go at breaking this morning's high. If it fails I'll be out

If my 1-minute macd turns back up above the zero line, H, I'll go back in long again regardless of price.

I'm not so sure that I trust it though. For a start, I don't think that the Philly Fed is the be-all and end-all that it's been painted as and I wouldn't be surprised to see some big guns offloading into strength around here. My 1 hour was also showing signs of turning down at 7am, so that probably needs a bit more time for clarity.

It's stalled a touch so went out at 49 a few mins ago.

I have a bad feeling that I went out a tad too soon

My limit order cancelled now, missed all that! Will look again at lunch, busy morning ahead.

Still hanging in and very wary.
Agree with Hils, the Philly Fed is only the new black until something else comes along to turn the tide ... like another wake-up inflation call over here.

Edit: 53 and out for now

Some info from another site on yesterday Philly Fed, mite be of some interest and explane low reading.

My concern for the bearish side is this story below broke at the same time as Philly Fed survey. So was it this that caused the spike down?

WASHINGTON (XFN-ASIA) - A string of strong underground explosions rocked
several high rise buildings in Philadelphia, leading to snap evacuations, local
media reports said.
The lunchtime blasts were apparently caused by an underground power cable
malfunction, local television station NBC 10 reported.
Only one person was taken to hospital but did not appear to be seriously
injured, the city's ABC station reported, as pictures showed smoke pouring from
a manhole cover.
Hundreds of evacuated office workers were milling around the streets of the
city center, waiting for clearance to go back to their desks.

Tried another long an hour or so back, but got stopped flat and have since shorted it at 30. Again stop's at breakeven so let's see where it can get to.

No more trades for me. Just feel that it'll drift about a narrow range for the rest of today.

Happy with the earlier trade and dont fancy giving a penny back. There's always next week!

Thanks all for your Philly opinions. I still feel there's a lot to learn but at least the learning curve isn't as steep anymore.

Well I keep banging those shorts away and each time it rallies back up and stops me flat. Sooner or later one's going to stick and get me a nice leg down.

Yes a difficult day Hilary. I'm long FWIW but it's doing its best to shake me out.

It looks to be trading into a wedge on the 1-minute, H. Waiting now for break.

Yes spotted that Hilary. I'm hoping it breaks up but could go either way I think..

Speculative Sentiment Index (SSI)

As of September 21, 2006 (10:00 EST, 14:00 GMT)



The ratio of longs to shorts in the GBP/USD is -3.91, which is above the extreme +/- 3 range. The ratio has remained mostly net short for the past week, coinciding with another 172 pips gain in the sterling. Long positions are down by 44 percent while short positions are up by 57 percent bringing total positioning 14 percent higher. Looking ahead, as the ratio grows more net short sterling strength is likely.

Well I was going to say this morning before I got called out, that 1.91 looks to be a fairly important barrier right now if we were to suppose that cable's still in a longer term decline from the end of 2004. Just a thought anyway. Next time it challenges today's high and the momentum carries it through, 1.95 should easily be achievable.
IMO :)

I think you're right, Choccy. I still feel that it'll reach $2 this year.