Forex rebates on every trade - win or lose!

Mel: Sorry to hear of your problems, but I'm delighted the Legs Up had the desired effect, although I suspect that Hil is going to start charging performance royalties on that pic.

Cable back banging away at 1.9750, although we've been up at 9764.

Is this another pull back or pants moment?

Sadly, the only other photos I seem to have showing my legs are from a nudist beach in the South of France last summer. Ian would probably ban me if I posted them ................

I'm hoping it will be a Hot Pants moment for a long leg, MM.

Long @ 1.9755.....

SC: I hope your stop doesn't look too tight . . .

Hil: You could try posting it for your 15 minutes of fame . . .

Long here to on that break..

and dont remove until I have it as my screensaver !

Stop is moving up nicely :-)

Evening. Recently opened a SB account and am currently playing with cable (1/p). Can you give me an idea of the distance of stop to use - both long and short. I'm thinking best to use supports and resistance levels (or close to them).

Thanks.
Mike

Ooh Mike, that's really hard to call, depends on what your profit target is, how long you plan to stay in the trade for etc. I've been playing with 65 or 75 point stops, sometimes a bit tight though. Have even used 20 point stop but I really don't recommend that. A lot of folks will have a stop of 100 points or more.

Having said all that, support and resistance are your best guide by far - although you need to allow for noise.

Do bear in mind I'm just the apprentice here - I'll happily pass the crown on although I'm not sure I'm quite ready!

Thanks SC. I guess another question I have is regarding charts. When day trading CFD's I'm using 1, 5 and 30 Minute charts. 30 for the overall shorth term trend, 5 for enrty point and 1 min for fine tuning of entry point. Is Forex different ? I'm happy to keep a Forex trade for days, rather than minutes or hours - I think.

I have 1 min, 15 min, 1 hour & daily charts up. Others with far more experience than me will be different.

michelc hi...

I use 1 2 4 hour mainly...
although today the 8 hour...shows the next hurdle on cable at 1.9850...

I look at the 15 min for fine tuning...but mostly dont refer to this...as it just whipsaws you in and out..

15min great if you like being stopped out imo!

Good luck...

Tip: Its going get to $2...but dont expect a straight line...
and to make money her requires patience ...give it time...
you cant really "scalp" cable..
the moneys in "the move" not the trade frequency !

hope that helps

Leading indicators today.

out at 51 and 58...might miss some action later...

Powercharts lagging as usual in fast market times

I've noticed that Foale - really frustrating :-(

Oh, and I got out with 16 points yesterday and missed all today's action. Watching and waiting for another opportunity.

;)

Afternoon folks - my first trade since returning after illness netted 100 pips this morning and now have a small short running.

Going long on the EUR/JPY, target above 160+