Forex rebates on every trade - win or lose!

Off again this morning.

Beebs,

Hate to say I told you so, but I did say to sell it yesterday.

My short is currently about 300 pips (edit: sorry 250 ...... I can't count) in the money and I added with a further limit sell at 18325 which got filled yesterday evening. Looking to add further still, but not just yet.

:o))))))))

Update Time: Hong Kong 08:30 London 00:30 New York 19:30



FX Analyst - Pro Commentary - March 25th

GBPUSD

Price: 1.8250
Day View
Resistance: 1.8260 1.8275 1.8295 1.8330

Support: 1.8220 1.8195 1.8165 1.8145



Bias: Lower

Bullish: Failure to see above the 1.8540 high and a break below 1.8450 suggests the upward correction is complete. A bullish stance is not therefore preferred today. We see resistance at 1.8260 and 1.8295 and suspect this area should hold any attempt higher. Thus only a move above 1.8295 and 1.8330 would cause a deeper pullback to yesterday's decline that could then reach 1.8370 & 1.8405 which should hold if seen.



Bearish: Loss of 1.8450 and then 1.8405 provoked a strong reaction lower. While resistance at 1.8265-95 holds we see this continuing with the most likely target being in the 1.8035-85 area where the downtrend channel high currently lies. Support is given at 1.8195 and this needs to break to generate follow-through. Once break of 1.8195 is seen we should then expect to see extension of losses through to 1.8145 and probably further down to 1.8085 at least.





Week View
Resistance: 1.8330 1.8405 1.8540 1.8670

Support: 1.8195 1.8085 1.8035 1.7940



Losses have been seen below the 4-hour Pivot Cloud which appears to have reverses the corrective pullback. Schaff Trend Cycle has finally declined but is close to zero with FXS-RSI confirming the bearish divergence and has declined into oversold territory. We have yet to see whether this is a pullback within a larger correction higher or the resumption of the downtrend. Clearly the prior downtrend channel is the stalling area for any downside pressure.



Bullish: Loss of 1.8450 and particularly 1.8405 has smothered the corrective move higher. The only was we can see any further move higher is on a break of the 1.8405 pivot resistance. If seen it would suggest a retest of the old 1.8538 high. Alternatively, watch the prior channel resistance which should now act as support and a test of this line in the 1.8035-80 area should provide a buying opportunity for a correction at least.



Bearish: Reversal from 1.8538 looks bearish and we do see a break of 1.8195 causing a move lower towards the 1.8035-80 area where the prior downtrend channel high rests. However, this channel line provide a barrier and while we would prefer to have a stronger bearish stance we need to see price break back into the channel again to achieve a stronger bearish impetus. Only if seen would we then look for continued direct losses down to 1.7820 at least.



Month View
(Updated 22nd February)

Resistance: 1.8875 1.9025 1.9140 1.9305

Support: 1.8520 1.8205 1.8020 1.7820



We were rather disappointed by the break back above 1.8577 but now consider the 1.9140 high seen last week as a probable key peak and look for losses to develop over the coming months. These should break below 1.8520 and 1.8205 en route the 1.7820 corrective low at least.

with so many posts..hard to read them all
can anyone recc a good broker to trade Forex with..

what is the commonly used one on here?

hi david;
i'm using cmc - 4 point spread on cable, and unlike
trading stocks with them, always had instant fills,
and never had a re-quote - there's never time for those !
also find cmc good on the indices.

don't you deal with etrade - i used their forex platform
on the trial package, seem to remember it worked well.

thanks beeblebrox
see you at the Bristol meeting


etrade...charge 9.95 + pips for FX... so not going there

Interesting load of articles on FX in the Traders mag today

34 FX brokers compared

Funny, had my only ever requote on Cable on CMC this morning. It was moving rather fast at the time, though and the quote was only 1 point different.

Feeling glad that I got up early this morning and got a short on Cable at 7am at 1.8236. First decent move I've caught in a long time.

Doug

long 179.99 small & tight stop,
expecting the knicker elastic to work

added a bit more 180.20,
that usually kills the bounce !

Still short but close half my position at 1.8000. Got a stop on the rest at 1.8055.

Nice thing is that I'm long on gold which seems to have stopped moving with Cable. Looking at the Euro/USD as well it seems this is more of a weak pound than a strengthening dollar. The EUR/GBP cross has moved up almost 100 points today.

doug

The annoying thing is I am about to open a NASDAQ trading account which I need to fund in dollars so this pullback is going to hurt a bit.

yup dc, noticed the big divergence /e,
charts not exactly in harmony today,
makes it trickier than usual

nice trading btw

Still short from yesterday and staying short.

:o)

ok smarty pants
;~)

For some reason I had a mental aberration and thought that the GDP was yesterday. It is in fact today along with employment.

If GDP is revised downwards it should spike the Cable upwards. Look for some movement around 1:25 as a pointer as to whether the figures have been leaked. I'll also be tightening my stops around that time although I won't have them too tight as the broader price action is still with the bears.

tks hils
thought we may have bounced to 180 50-70 ish,
but a little lacklustre at mo,
have moved stops up to lock a little bit in
10 mins to go - fasten thse seat belts guys and gals

You're probably seeing a little bit of bear closing atm ahead of the figures which is serving to push it those few points higher.

looks like figs will be good then !

Jobless claims rise to 339,000 in latest week; final 4Q GDP unchanged at 4.1% annual growth.

Damp squib. Normal service may now be resumed. Zzzzzzzzzzzzzz.

:o)

Beebs,

Covered my shorts for now. 400 & 300 pips in 24 hours is too good not to take off the table. I'll be back to short it again once it's put a high in place.