Forex rebates on every trade - win or lose!

Tempted to take out a long here...retraced backdown but still above. the lows and price conjestion area.. of 1.8680-95... just

thought I would post to the chat to yourself thread again...LOL

long from 1.8711... 1.8743 the high bang on the resistance level from the highs...

If we crack that...would give a nice break...

Go Cable.... 1.8755...

Sorry your talking to yourself Foale. I've been rather busy this last week or so.

I looked in earlier but couldn't see much to trade so gave it a miss - well done on your perseverance and a nice trade in the end.

Back tomorrow for me but I suspect it will be a nothing day until the Fed news is out.

Well done foale.

Been a bit dormant over the last week or so as wife is ready to pop anyday.

Should have arrived by now, I guess it's a stubborn one. Bit like cable sometimes.

Like his dad then :-))

foale, I'm still lurking so carrying on chatting to yourself:-)

news just out..."Bean says best to err on side of caution vs inflation"

He is the Bank of England member I hasten to add..not
Rowan Atkinson off the TV...!! LOL

anyway its putting uk rate rise in November back on the agenda...mitigiating some of the effect of poor CBI data

Its ok I like talking to myself....

Choccy where is that chart with all those impt lines ...

Back home to find I wasn't stopped out and even better, am slightly in profit. Going to leave this to run now. Hasn't paid for the shopping yet :-)

Dollar slips vs. most major currencies
AFX


NEW YORK (AFX) - The dollar edged slightly lower against major currencies Tuesday, on the cusp of a two-day Federal Reserve meeting on interest rate policy.

The euro bought $1.1.2566 in late New York trading, up from $1.2546 in New York late Monday. The British pound rose to $1.8742 from $1.8649.

The dollar was marginally lower against the Japanese currency, slipping to 119.27 yen from 119.30 yen. It also slipped to 1.2661 Swiss francs from 1.2679, and to 1.1254 Canadian dollars from 1.1269.

The Fed is expected to keep interest rates at 5.25 percent at its meeting, which ends Wednesday, but investors are awaiting the statement that will accompany the decision for clues on the direction of future policy.

Though the dollar slipped versus the euro and yen, it remained in a tight range. Speculation suggests that any possible rate cut 'may not be seen until well into the first quarter of 2007,' and 'there seems to be little justification for putting the greenback under pressure yet,' CMC Markets chief analyst David Jones said.

Rising interest rates have boosted the dollar over the past two years as the Fed sought to keep growth from fueling inflation. But the Fed has kept rates unchanged for its past two meetings, saying that inflation seems to be moderating as the economy slows.

Higher interest rates, a weapon against inflation, support a currency by making assets denominated in that currency more attractive to investors.

====================================================

I see Limpy's had a word then ;)

An FT survey said that most US fund managers believe the Fed will resume increasing interest rates in the next six months.

And, "in questioning after the speech, Bean said a sizeable downward adjustment in the value of the dollar may be necessary soon to solve the US's imbalances and indicated that it is possible that it could be done in an orderly manner in the way it occurred in the late 1980s. However, he stressed that the crucial thing for the US is to save more and consume less."

Ok Foale - these are the channels I'm using, normally with bits of gubbins inbetween.

Had a grey-out and lost my charts before when I clicked on the news thingie up there - happens from time to time, if you're reading this Ian. S'pose you're going to tell me it's cos of my googly scary pop-up blaster. :S



ANyway, still trading it short since reversing on Friday evening. Missed closing them earlier this morning cos I was busy, but I left an order in before I went out, which was nice :) Currently short again from 1.8762, imo 1.8710ish provides a bit of support.

Either way works atm - I just don't have enough time to watch, but I'm obviously leaning on the short side right now. If we can break recent lows, what do your PnF runes say about 1.86 Harlosh?

Hope all's well Bak!

Choccy thanks for the chart.
Using the same info. I have decided to go long this am..target 1.8800+

Very tight stop though..

Lots of dojis on the 1 hour..so it clearly could go either way.

Closed yesterday's position +56, going to sit it out for a bit.

And today's thoughts from Nicole Elliott of Mizuho:

"[Cable] stuck in the middle of of the Ichimoku 'cloud' with a small 'doji' candle yesterday denoting slight instability at current levels. It is not overbought and momentum has still to turn positive."

MM ,Heiken Ashi nice too see :-) someone else Master the Cloud "lost Art Samurai"

Just thought I'd post up my longer term chart to show the bigger picture.

It's currently sat near the top of my downward channel but well above the long term support line.

Evening all. Not traded today whilst we await the rate decision in 15 mins or so.

Really not sure which way this is going. The point and figure charts are pretty ambiguous too Choccy although whilst the longer trend is up there are indications of further downside from here.

I would like to see a bit of Cable strength after the news assuming it is neutral followed by a big sell off down to the 8600/25 area but what I want and what I get are often very different.

I shall wait for things to settle down anyway. Good luck if you are already in a position.

Release Date: October 25, 2006



For immediate release

The Federal Open Market Committee decided today to keep its target for the federal funds rate at 5-1/4 percent.

Economic growth has slowed over the course of the year, partly reflecting a cooling of the housing market. Going forward, the economy seems likely to expand at a moderate pace.

Readings on core inflation have been elevated, and the high level of resource utilization has the potential to sustain inflation pressures. However, inflation pressures seem likely to moderate over time, reflecting reduced impetus from energy prices, contained inflation expectations, and the cumulative effects of monetary policy actions and other factors restraining aggregate demand.

Nonetheless, the Committee judges that some inflation risks remain. The extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Timothy F. Geithner, Vice Chairman; Susan S. Bies; Donald L. Kohn; Randall S. Kroszner; Frederic S. Mishkin; Sandra Pianalto; William Poole; Kevin M. Warsh; and Janet L. Yellen. Voting against was Jeffrey M. Lacker, who preferred an increase of 25 basis points in the federal funds rate target at this meeting.

2006 Monetary policy

This ithe bit I findest hardest...not when to enter or stop out when to exit when it moves in your favour and then looks like it mght retrace..so sold 25% at the top this am.

Indeed foale. If it breaks this resistance we should see a nice run though.