Forex rebates on every trade - win or lose!

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.

Hi, Harlosh. Been reading through some posts here and notice that a fair few of
the old Indice's traders seem to be quite happy here, using Forex for their Swing
Trading, so I guess there must be something attractive over here.

Ref $2, don't know why some folk seem to be so in awe of it. It's just another
figure. I remember when I was in America, in the early 70's, that I was getting
nearer $2.40000 to the . :-))

I guess it's what folk get used to. :-)

I see there's a lot of useful info at the top of this thread. Seems very well set up.
Almost a one stop shop for Forex trading. Folk on here seem to know what they're
talking about as well.

Most folk here seem to trade Cable. Is that because you want to trade the Dollar,
(being the World's reserve currency), and use the cross because you understand
the effect of economic data better on your base currency, or is there some other
more simple reason, such as better trending or something?

We have Hilary to thank for the header Mel - a lot of work went into it I suspect.

I don't think there is any one reason why we all trade Cable. The volatility may be the answer. I know one or two trade a couple of the others but as most trade Cable that dominates the thread.

Now I know your a smashing chartist Mel so any input on another pair would be welcome. May be something a little less frantic? :-))

I am an index trader and not that old !!

Trade Ftse Dax Dow.... trying to learn Forex....

Lol, Foale. :-)

Below is the Gold Chart that I've got together as part of my nightly PDF e-mail
to my daughter. It may be of interest to the CABLE traders on here, as
confirmation/ non-confirmation evidence of any medium term position you are
looking to take.
As usual, no guarantees............ just a view.

Well well, back in from work.

At the back of my mind I wondered if it was going to go higher. A victim today of poor entries and trying to make sure I had a position rather than letting the position come to me. Still only doing 1 per point so not a lot of damage done, but really annoying.

Trading diary is full for today :-((

edit

And I've managed to work out why my trades are so poor. I'm male.

From the BBC:

The Bank of England governor Mervyn King has insisted that next week's widely-expected rise in UK interest rates is not a "done deal".

Most economists expect the bank's Monetary Policy Committee (MPC) to raise the cost of borrowing by 0.25 points to 5% to peg back inflation.

However Mr King, the MPC chairman, told the House of Lords Economic Affairs Committee this was not a certainty.

"The simple truth is we wait until the meeting itself," he said.

"There are no done deals in monetary policy."

At the October MPC meeting, two out of the nine members voted in favour of a hike from the current rate level of 4.75%

Uncertainties

The bank has set an inflation target of 2%. In September it was running at 2.4%, down from 2.5% in November.

Mr King said there were "plenty of uncertainties" over inflation including the possibility of an economic slowdown in the US as well as UK consumers reducing their spending.

The slackening of oil prices - the increase in which was considered a factor behind rising inflation - did not show where medium-term inflation was heading, he added.

Talking about the labour market's impact on rising prices, he added that the influx of migrant workers meant that firms had "been able to expand production without having to put up wages as fast as they might have done".

Morning All

No positions today but cable inching higher this morning.

More dodgy US figs later will no doubt push it higher.

My shorter term charts, 1hr and 4hr are all in overbought territory yet the daily is suggesting there's plenty more to go. I'll keep a lid on things till they're all giving me the same signals.

Smashing to see you on here, Mels :) Lucky you're not connected via the Swinton exchange! We are, as I discovered yesterday :S

In again long since this morning, no time to watch so it's just a punt. Stop's 10 pips below my entry at 1.9050, and it may be too close.
Probably barking, but imo all we need is a convincing break of 1.91 for another 400 pips with any luck :)

Choccie: Glad you're connected again. I wondered where you'd gone.

Mel: You're showing your age. 1=$2.40 stemmed from when the exchange rates were fixed. That would be the rate in about 1968-71. Rates were allowed to float from 1973, as I recall (which was also oil crisis year).

Metals - Gold prices rise to new 7-week highs on dollar weakness

Lol MM. :-) Many a good tune played on an old fiddle. ;-)

It was 1970, and I was a callow yoof of 20 years. :-)
When I went to American bars, I was so baby faced that they
used to make me show my passport to prove I was old enough to drink. :-(

I wouldn't mind, but after drinking draught real ale in the UK, drinking
that American cr*p was like drinking virgin's pee. You couldn't get tipsy
on it if you tried.

Edit. If memory serves me correctly, it was summer, so I had just turned 21,
not 20.

Looks like my Gold/ Cable correlation charts seem to be working out, atm.
Suppose folk will be looking for pullbacks now, to hopefully get in a bit
of a trend.

Lot of data over the next 2 weeks that should give some volatility, imho.

Choccy, that's a nice entry - was on my way to work so missed that. Have just gone long at 1.9079, tightish stop but hoping for those 400 points you mention. Greed is good:-)

Well I'm looking at bearish divergence on the 1-hour MACD, Seymour, so I've shorted it. The good news is that at least one of us will be right. Looks like everyone's waiting for the ISM before the decent move.

:o)

That 4-hour chart still hasn't turned yet though so I'm not overly confident yet.

Welcome to the thread, Melnibone.

Haven't got room for a 4 hour chart on my laptop as well Hils!! As you say, one of us will be right :-)

Melnibone, a belated welcome from me as well.

Thanks Hils and Seymour.

Does Forex often act the same as Stocks, ie after breaking a significant
level, it retraces to check it out as support prior to continuing the breakout?