Forex rebates on every trade - win or lose!

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?

Out of interest looking at Melnibone's chart, what do people here use to draw lines and add text to their piccies?

I've actually got Adobe CS2, but I don't know how to use it and it's a massive program which is far too heavyweight for my minor needs. I just need something that does the basics. What about MS Paint which comes bundled with XP?

I'm not inclined to go long yet either but then neither am I short though I would favour the short side for the same reasons as Hilary. I would like to see some unwinding done before I am tempted long.

Melnibone,

Re post 6597, indeed it does. Straight lines for support and resistance seem to work very well for FX, probably because of the high liquidity.

I find MS Paint just fine Hilary, when using charts from the net.
When I take data from my own charts in excel, you can use the excel
Draw and Textbox facilities to put stuff on the chart.

Thanks, M, I'll try Paint. I used to have something by Microsoft that was bundled in with FrontPage 98 on an old computer that was very simple but I seem to have lost the CD.

Well done, Seymour. A quick reverse to long there before any real harm done.

:-)