Forex rebates on every trade - win or lose!

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+

Good to have you back in action Harlosh.

well done, harlosh, nice to see you back.

What we need now are more of Mel's musings and a pf thingie or two from Harlosh :)

Don't often hear Fenella Fielding these days, but after Sunday's Broadcasting House I mailed the editor to ask him for a transcript of the King's letter to the Pretender :)

Err ... you have to read it in a Fenella Fielding voice ;)


"Dear Gordon,

How have you been ?

All's well with me, and I'm loving life with the bank. I work with nice people and I've got my own desk. I'm working in the heart of it all, and things are really heating up. In fact, it's getting quite hot in here.


It's been a while since I wrote you a proper letter and so much has changed, In fact I really don't know where to begin. Look, there's even a little smudgie where the ink got on my finger. You'd think it would stay in the nib, but no ! Naughty nib.

Anyway, Gordon the thing is I've got something that I need to get off my chest.

I want to tell you about my figure. It's getting bigger. It's quite a lot bigger than twelve months ago, and even the year before. It's certainly bigger than three years ago, and in fact, it might be the biggest it's been in ten years.

I've had a good long look at my retail price index. For a long time I felt that disinflationary pressures were allowing me to keep interest rates low. I was letting spending grow without the rising prices that curtailed previous periods of growth. I think that the benefit from cheap imports from China is beginning to diminish as higher energy prices kick in.

Let's meet to discuss this soon. I want you not to worry. I must dash to get the post.

I loved the tie you wore on your trip to India. It was so blue. Blue blue blue. I hope you got to talk about other things than Big Brother. Did you get very tired on the plane? Those seats are so small for a well built man.


Keep it up.
Mervyn."

Nice to see you back with a bang, Harlosh.
I'll bang some stuff up when my head stops spinning, Chocco.
Feeling a bit rough again, today, so just been surfing around,
trying to keep in the picture.

Might have some good news on the Miss Mel investment bank job.
Not sure what to make of it. Never heard of this happening before
unless it's something peculiar to The City.

If you remember she's already had a one to one interview that seemed
to go ok.
Well, she went in front of a panel of folk last week and got a right old
grilling. Reckon she's never been through anything like it. Wrung her right
out.
Didn't hear anything and thought she'd maybe blown it. Anyway, they contacted
her today and told her she has to go and see the CEO when they can set up the
slot.

Wassat all about, then? If you went for a position with GM, BP or BA, you wouldn't
expect to get interviewed by Rick Waggoner, Lord Browne, or Willy Walsh, would
you?

Is this normal in the square mile? Or something to do with all those pinstripes and
red braces?

I've tried to settle her down, and told her that if they didn't think she had
potential then they wouldn't waste the CEO's time.
Hope I'm right. Maybe my coaching hasn't been in vain.

Fingers crossed. Will bang some more stuff up on the boards when I can
think straight again. Bloody immune systems. Why can't I have a normal
one.

World Singles Bowls Champion addresses the Birmingham Chamber of Commerce Annual Banquet

Fingers crossed, Mels ;)

MPC minutes tomorrow.
Empire builders' and big woolly socks for a wee while longer then :)
It's snowing fat snow out there :S

Lovely Chocs (post 7199)!

Was short from 836 down to 814, now flat, will wait and see for tomorrow now, a little bit gutted I didn't make more today but hey, the profits are starting to trickle in. 137 points to go to reach January's target - not that I mind too much at this stage!

Would you believe I drew the support line before the price hit it?