Forex rebates on every trade - win or lose!

Lets hope we are not all wrong...

D,

Basically I'll only add to positions where I'd got the initial entry pretty much right on a slower chart such as the 4-hour and it looks to be oscillating nicely between oversold and overbought. There is then the opportunity of a trade which might last 2 or 3 weeks with an overall move of more than 500 pips.

I'd never add to a daytrade based upon the direction of the 5- or 10-minute charts.

It's called Pyramid Trading. Suggest you put it into Google.

Well, that's one of 'em triggered. Short from 19003

erm! I wasn't expecting that. Anyone know what caused it?

ooops - and another from 19017

Stops in just above previous high - 19050

Got the 4 hour threatening a reversal - but it could go either way until it confirms. Hopefully the bullish rise didn't pop too many stops :(

Stopped out, but short again from 9013

I didnt like that little northerly move earlier :-(

Apparently caused by rumours that we may get a 0.5% rate hike instead of the expected 0.25%

Back to where we were before that little inconvenience :-)

This is what I'm looking at - for a nice return (hopefully) - based on the 4 hour crossing of the MACD (settings 19,39,9)

Tried to be clever and scalp. Bloomin' stupid idea:-(
Going to put that one in the trading diary so I never do it again.
Still short.

:>((
My stop got hit on that spike up for -41. Suppose I should have put it at around 9050. But in short again from 9014.

At last the mean average thingie ( believe that is the correct term) has turned down on my one-hour chart, the first time since Oct 24.

Hi Maggott, good to see you on here.

Well out of my short for now :-( Tough morning.

I am staying short...but will have to get used to seeing a small minus as well as the hoped for +...am in no hurry...

but then nor is cable... LOL

you have to very careful at these end of range areas not to give away lots on whipsaw trades...and then you start to need 100pips just to get back what was taken from you..also too stressful..

I tend to wait for a good entry...ie a limit entry.. and have a stop in mind with FXCM you can enter stops to go with the limit order even before it is filled...then sit it out.

It seems a bit like a tanker takes ages to slow and turn around...

I find the 2 hour bars sometimes a good compromise between too much "noise" and too little sensitivity in getting a feel for direction ...what time periods do others use?

I suppose I should be glad to see others are finding it tough as well, but we're all in the same boat (tanker?) so sympathy more than satisfaction is the order of the day. I have an 80 pt stop atm !! And I'm eating into it.

So far using 1 min, 30 min and 1 hr charts, but looking at others. 4 hr chart with macds looks interesting.

The tanker analogy is quite apt. When a market like cable trundles up 5 cents over 2 or 3 weeks, it can't be expected to turn on a sixpence. If I recall, the turn up in mid-October took around 3 days to complete so patience is needed.

Punters make their money, not when they enter and exit the market, but during the patient wait in between.

I wasn't around this morning when cable rallied back up towards 1.9030, but I would almost certainly have thought that any rumour about a BoE 50 point rise was simply rocking horse poo being spread by a big player to find some buyers so that he could sell into the rise. This is a dirty business - that's why I love it.

:o)

Fingers crossed that we start to turn down over the next 24 hours.

Maggot: mean average thingie is indeed the correct term. The ladies on the FX thread insist on it, I am merely looking after their sensibilities.

As it's Tuesday, why aren't you fishing?

Now got 4 positions open - grabbed another at 19027 - all have the 19050 stop .... but it's getting very close