Forex rebates on every trade - win or lose!

Hi Meggers

Pretty much with you on this one. Following a good start to last week to the USD/JPY last week I made a couple of poor reversal decisions, both of which cost a lot of pips, although less than the previous profit.

Moral of story - have courage of convictions and stick with the original plan.

My target is somewhat lower than yours though - 11500.

Hvae been waiting for an entry level, which looks like it will soon be here. The two hr MACD has crossed down and once it breaks below my support line at 11735, I'll be shorting again.

Switched back over to Cable yesterday evening and arrived home from golf just in time to catch the FOMC and +50 pips, although as always made harder work of the whole thing by trading in and out, rather than just leaving the first trade open.

pt instructor
Welcome home old chap - been playing with USD/JPY since Sir Edmund pointed me in the direction. Had some crap trades early on but getting the swing of it now. Decided I'd spend a couple of months playing with this to add to cable game.

Not been posting quite as much but still watching - and noticed your re-entry to the fray - looks like good stuff so far - keep it up chap - as the actrss kept on telling the Bishop.

Meg Ryan's Loverat

Thanks meggers, it certainly aint easy though. Just as I waas posting, it dropped through my line (just) so back in on the shorting trail once more (USD/JPY). Where it goes, nobody knows, but it had better be down :)

And then it went back up :( Patience, patience.

Had a quick short on Cable for +6. Must admit I have difficulty in leaving a trade open when I am sat at the screen and seem to prefer nipping in and out for quick trades and try to build a decent stack of pips that way. Everytime I leave a trade and go out, it seems I miss my target by a few pips and am either back to square one or stopped out. I guess we all discover our trading styles in the fullness of time.

And then it went back up :( Patience, patience.

Had a quick short on Cable for +6. Must admit I have difficulty in leaving a trade open when I am sat at the screen and seem to prefer nipping in and out for quick trades and try to build a decent stack of pips that way. Everytime I leave a trade and go out, it seems I miss my target by a few pips and am either back to square one or stopped out. I guess we all discover our trading styles in the fullness of time.

pt instructor
Could I recommend Zen And The Art Of Forex Trading - won't mean you'll improve your trading but at least you will be doing it on a different astral plane 8-X

Mystic Meg

Dear Mystic Meg

Think I'm already on a different astral plane, problem is the charts are upside down and inside out, makes FX trading very difficult!!

Luke Skywalker

Blimey, how was that for bad timing, got me re-entry all wrong :( must be that upslopey / downslopey astral thingie

OK Luke
Repeat after me

AAAAAAAAAAAAoooooooooooooooooooooooMMMMMMMMMMMMM

ChakaKhan, ChakaKhan

Then stand on your head for 5 minutes - whilst whistling Dixie.

That should do it

MM

[or you could subscribe to my website - for a nominal annual fee. There I offer one to one support - for the laydees - and barge pole support - for the chappies.

www.mega's_mysteries_of_the_forex_f@@k_up.com

PEACE & LUV

WASHINGTON (AP) - The number of laid-off workers filing claims for unemployment benefits fell last week for the third consecutive time, signaling that the labor market may be stabilizing after a worrisome jump in layoffs earlier in the year.

The Labor Department reported Thursday that the number of applications for jobless benefits totaled 316,000 last week, a decline of 4,000 from the previous week.

The third straight drop in claims pushed them down to the lowest level in six weeks and provided evidence that the labor market is not seriously weakening even though the overall economy is slowing.

From the Independent:

Ex-Governor George says Bank deliberately fuelled consumer boom

By Jane Padgham
Published: 21 March 2007

The Bank of England deliberately stoked the consumer boom that has led to record house prices and personal debt in order to avert a recession, the former Bank Governor Eddie George admitted yesterday.

Lord George said he and his colleagues on the Monetary Policy Committee "did not have much of a choice" as they battled to prevent the UK being dragged into a worldwide economic slump by slashing interest rates. And he said his legacy to the current MPC was to "sort out" the problems he had caused.

Lord George, who headed the Bank for a decade from 1993, revealed to MPs on the Treasury Select Committee that he knew the approach was not sustainable. "In the environment of global economic weakness at the beginning of this decade... external demand was declining and related to that, business investment was declining," he said. "We only had two alternative ways of sustaining demand and keeping the economy moving forward - one was public spending and the other was consumption.

"We knew that we were having to stimulate consumer spending. We knew we had pushed it up to levels which couldn't possibly be sustained into the medium and long term. But for the time being, if we had not done that, the UK economy would have gone into recession just as the United States did."

He said he was "very conscious" that stimulating consumer demand could give rise to problems in the future. "My legacy to the MPC, if you like, has been 'sort that out'," he said. Under Lord George's governorship, rates were slashed from 6 per cent in 2001 to 3.5 per cent in 2003, pushing house price inflation above 25 per cent and high street spending growth to its highest since the late-Eighties boom.

In a wide-ranging discussion on the first 10 years of the MPC, Lord George also rejected suggestions that the MPC should target specific concerns such as soaring house prices, arguing that it was vital to take the broader picture of the economy.

Meanwhile, Kate Barker, a current MPC member, said in a speech last night that interest rate changes might become more frequent as the committee tackles volatile energy prices, rising inflation expectations and increasing pricing power. "This is a different kind of uncertainty from worries about demand which have been more usual during my time on the MPC, and I suggest that this may prompt a change in observed behaviour towards more frequent interest rate changes," she told the CBI North East dinner.

and for all you Cable followers, if you had followed my advice about selling $ at about 1.94 just a week or so back, you would now be sitting on a very handsome profit ...... which i would be (am!) inclined to allow to run

Well done cynic - I've been a bit diverted by work and the USD/JPY - neither giving me much of a reward. Never mind, my shedful of MDW has finally come good this morning :))))

I think you'll probably find that some of the longer term strategists on this thread will have been long cable from a fair way south of 1.94, cynic. And those same people will be watching today's price action quite closely for possible first signs of a reversal.

MM,

This is the last weekend that I'll be able to do the PDF trick with the calendar till the week after Easter. If there's still a problem, you'll have to put Plan B into action. Do you have a Plan B?

:o)

mg

Pleased to see MDW coming good for you at last, those two sheds must be bulging :) Unfortunately I was stopped out at 7.5p after holding forever.

Made a complete cock-up yesterday with the $/YEN, shorted as I thought it was falling through the channel and was surprised to see it go back up. Only after studying my chart did I realise the support line was drawn slightly incorrectly and the price didn't even touch it.

Looking a bit healthier today though.

BTW

My rising support line is at 11500 now, if it drops through there it's out of this channel (I think)

You should've gone to Specsavers, Luke.

:o)

Ran over the bloody things wiv me golf trolley :(

Luke
Glad I'm nowhere near you when you're on the water - could make a nasty hole in my dinghy.

mg

I'm not allowed to steer, can't see where i'm going :) And anyway, all you weekend sailors should be banned until you've passed a driving test.

Regards

Luke