Forex rebates on every trade - win or lose!

Harlosh - you're not wrong. I ended up with 3 long positions on the USD/JPY - looked to be going my way but got out for zilch - currently flat. Probably not used to it yet - and probably chose the wrong day to be playing with it.

I'll persevere though - so long as I remember not to try and go against the trend :)

mg - I took a look at it (USD/JPY) after hilary mentioned it again. Today at least it appears to be following the DOW futures - maybe just coincidence ?

Hotei - agreed - almost point by point. Interesting.

Hard luck mg -

got a couple of charts up of it myself now but will watch for a day or two to get a feel.

Errrrrrrr. I think I said that the USD/JPY was the bestest trending trade.

The most commonly used trending indicators are ma's. A quick look at the 1-hour chart with a couple of ma's on it (we all know which two) show that those ma's are falling still and the price action has mainly been below the ma's.

It might turn up over the next day or so, but then again it might not. If it does turn up, I'm sure there'll be plenty of time to go long.

Me? I'm still short.

Smart arse :)

I have my own version of trending - I've still got my flares, and platforms. Some people think I'm trendy - but they're on E wing and tend to fancy anything in trousers 8-O

I know, I know - I just wanted to avago - you know me - bull in a chinese shop !!

mg (hilary's apprentice)

hils - why does this particular pair seem to track the dow so closely ?

Oh, and a hint on which two ma's would be most helpful ;-)

Hotei,

I'm not so sure that the USD does track the Dow.

There are times when it's vogue to think in general economic terms. If US companies are returning record results and everything in the garden is rosy, then you'll want to be long USD. At other times it's fashionable to think about inflation and its effect on interest rates. Then the Dow will go one way and the USD will go exactly the other.

Ultimately, if you're trading the greenback why the hell are you worrying about what other markets are doing? Something about trading what you see?????????

Meggers,

I've got some flares and platforms so all might not be lost. I'm off to the WAGS Boutique tomorrow so I'll let you know if you've still got a chance.

hils - the $/Yen pair tracked the movement in the dow futures today. I simply wondered if there was an explanation for this. Never mind.

Any elaboration on those most appropriate hourly moving averages most appreciated?
I assume that is applied to all crosses rather than just $/Yen?

60/25* hodgins - it's plastered all over our charts ;)
Harlosh uses summat else on his 4 hourly, and I can see why he ran into a spot of bother with cable today.

*: That's a Hils FMS special :)

Hils - how d'you do the tidgy TM thingie after FMS?

There are a lots of WAGS on E Wing but I don't think it means the same. I'm not going to go anywhere near them.

I see it had a bit of a go at getting up to 11900 in the early hours/JPY opening - and subsequently fell back. I think I'll keep an eye on it today/tomorrow.

Thanks C

Forex - Yen makes sustained gains against dollar, euro
AFX


LONDON (AFX) - The Japanese yen made broad gains against major currencies, marking its strongest levels against the dollar in eight weeks.

The dollar fell below resistance at 118.0 level yen, while the euro fell below 156.0 yen, raising speculation that an unwinding in carry trades -- when investors borrow in countries with low interest rates to invest in higher-yielding economies -- may have started.

'The Japanese yen gains bring the carry trade back in to question,' said Russell Bloom at Thomson IFR Markets.

However, he cited some investment sources who claimed that only some short-term positions in the yen are being liquidated rather than the long-term carry trades.

Also, Japanese government officials were also quoted as saying that the yen strengthening is not a true unwinding of the carry trades, and that a real liquidation of such trades would have a much larger effect on the yen.

Meanwhile, the euro-dollar remained in a range after euro zone inflation this morning came in at a benign 1.8 pct for February but was offset by a continued rise in the manufacturing PMI.

Investors will look to US data this afternoon for more direction in the dollar.

The manufacturing ISM is expected to rise to 50 in February from 49.3 the previous month, with a fall in the indicator likely to hurt the dollar as it would suggest a continued contraction in the manufacturing sector.

Elsewhere, the pound was firmer against the dollar and euro after a raft of robust economic data this morning.

The manufacturing PMI jumped to 55.4 in February, its highest level since July 2004 and well above expectations for a reading of 53.0, and included a record high output prices component. Data on the retail sector by the Confederation of British Industry also showed retailers expecting to raise prices, while mortgage approvals remained robust and money supply growth high.

'This morning's UK data suggested that activity in the economy remains firm while pipeline price pressures are intensifying, supporting the case for another interest rate hike -- which we think could come as soon as next week,' said Vicky Redwood at Capital Economics.



Imo if the $ doesn't find support around 117 now, it's going to get ugly.

Still sticking to cable here...
Feel its looking for a reason to come off swiftly

hopefully with accelerate if gets below 1.9470 area.
Certainly another test of 1.9500 on the cards

Seeing as folk are looking at Yen crosses, here's a chart
of the Yen Index.

Not posting much at the moment, as a bit of health trouble.
at Chez Melnibone. Mrs Mel's a bit under the weather and I'm
playing Nursey again. Also, she's just found out that her Mum
may have inoperable cancer in her head.

Never rains but it pours, does it. :-(

Oh dear Mel. What can I say? Really really sorry to hear that news. I hope things work out for Mrs Mel. Life must be very difficult for you all just now. Keep us posted please.

And thanks for taking the time to post that chart.

H.

I'm so sorry to hear that Mels. Totally rotten.
Blimey and I came home fed up just now, having spent hours with the police at my mother's house, which has been burgled. I blame myself, because I find it so hard to go there. Anyway, I brought the photo albums home.

Well, still no $ bearskins here yet - long yen (kicked in at 117) and short cable, as ever.
Oh and long the old loonie since Monday :)

Cable has been so exciting of late.
I am now looking at the daily charts...
Still expecting a test of support at 1.9530-40 (soon)

then 1.9480 which if broken opens up 1.9250-75 area
(not holding my breath on that one though)

Mel
Sorry to hear about you family's problems. As you say, these things always seem to come together. Best wishes to you and your family.

choc - excellent entry on the USD/JPY - but the graph says NOT YET - hils will be admonishing you - naughty girl !!