Forex rebates on every trade - win or lose!

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

Round spherical objects - got me the bar steward ...... :(

Weaker US figs just out has pushed cable into 50s.

I'm out for now :-(

I should have stuck to my 1=$2 theory ....... back to the drawing board.

1.9050 small ad too short...


50 basis points...even if called for which it isn't
B of E would never have the balls...

That wasn't in the script. Scrapped my shorts and reversed to long again. Will play it close though as the top might be near. We'll see.

Well I went out after closing my short and glad I did.

Looks to be plenty of mileage in the long - I've got the 60 minute MACD turning up and the 4 hour laughing its socks off at me :(

Snap, meggers. My 4-hour MACD came within a gnat's dooberry of a MA crossover and parted company at the last. All the time, my stochs have carried on going up.

It must be maestro's zionist dark forces at work on the Knights Templar.

:o)

Been getting interested in Forex since helping my daughter out recently.
She's interested in getting into Investment Banking. She's passed her initial informal
interview and is now boning up for the main one with the head honcho.

Anyway, I've been teaching her about how Forex/ Gold/ Oil/ Bonds/ Stockmarkets
all interact in Cycles. Below is what I e-mailed her last night, when we were discussing the
US deficit and it's need to weaken the $ against it's exporting
competitors. It's my view on Cable and is showing how the $ has been weakening against Sterling,
in cycles, and how Sterling is now having another go at busting
through 1.9000, to attack 2.0000, with the trendline pushing further up and limiting
downside retracements.

Any comments by you Forex experts on here?

Mel, what an assett you would be to the thread. Hope you going to stick with us. As for $2, Hilary has been of that opinion for a while and it seems very difficult to think otherwise at the moment.

Good to have you here. :-)

OOps. Stop at 9050 hit and more points down the drain but I'm not bankrupt yet...

MM, the Tuesday fishing matches have been suspended because the numbers dropped - the hot weather affected the fish badly, lots died, and the rest haven't recovered. So at the moment I'm going somewhere else (where the fish are smaller so did not suffer as much) on Wednesdays.

In the meantime it looks like one needs a stop on Cable 150 points away to be even reasonably safe at the moment.