Forex rebates on every trade - win or lose!

I will now be mainly sulking for a couple of days - it's an mg thing - so don't expect me to post - 'cos I don't do posts when I'm officially sulking.

Some people have trading rules - I have sulking rules - OK !!

I'm still not convinced it's a short though my resolve is waning a little I must admit. I have a triple bottom on my 10 min p&f chart which won't break down unless Cable hit 9740 and stays there.

I'm looking for a bounce from here but like I say, I'm not as convinced as I was a little while ago.

Can you please post your sulking rules so we know what to look out for, meggers?
Sorry about your stop thingie :(

I know that most people here like to trade cable and it does produce good signals for short term trades, but during times that the dollar is strengthening such as now, cable isn't always the best short because of the negative carry. Currencies such as the Euro and Yen can be better shorts imo because of the carry.

Just an observation.

edit: Include the Swissie in that list.

He'll post them in a couple of days, Choccy. On account of how he doesn't post when he's sulking.

:o)

Hmm a bit of pre-figure friskiness?
Nice :)

scalped a few points,left one position open

Started off this morning with 2 profitable longs, tried a third that looked a bit weak, so closed for -10 and reversed. Flat now for +108 overall (based on my normal stake size). Will probably wait until the next set of figs before considering another position. Incidentally 19740 has proven to be pretty strong support so far today.

pth

doesnt want to go thru 733 at the moment

Would have gone long this morning with a stop at 740 but t'internet was down all day at work so have saved my money. May watch and wait for a bit.

Long Cable, short Yen overnight; nothing much happened, but closed the Cable long this morning for +15, Yen short still open. Wondering what effect our retail sales will have at 0930. Assuming they will be down.

That answered that question then. Shorted from 767 prior to the spike to 780 and subsequently stuck a sell order in at 765, unfortunately the sell order didn't trigger until 35! Bit of a shame :(

pth

Errr, what just happened to the Yen?
Not that I'm complaining :) Short closed

Calendar updated, techie bit done by our Hil, easy bit done by some bloke.

Ooooooooerrrrr. We seem to have some new FX Powercharts.

Hi Hilary - where do you see cable going please. My friend has been long of it from 1.98 and is convinced it will rally on the basis of higher interest rates ...despite two spikes he is finding out about forex the hard way! Any other advice I can pass on to him?

The answer to my question re the Yen; from Friday:

Yen Rises on Pressure for Action by Japan

The revaluation announcement by China has led to overall strength in the Yen crosses. With currencies expected to be on the discussion table at the latest G8 meeting, the finger pointing may now shift from China to Japan. The three step move by China will give foreign ministers little to criticize. Japan on the other hand has done nothing despite the significant weakness of their currency. The pressure is on now for the Japanese to take initiatives to strengthen their currency as well. The most logical way to do this would be through an interest rate hike. Unfortunately this puts the central bank in a very tough situation since economic growth has been weak. Last night, we had disappointments in both the tertiary industry index and in leading economic indicators. Despite the weakness of the Yen, aside from selected corporate profitability, the rest of the country has not really benefited. The key data releases next week are trade and inflation.

sm, again from Friday:

British Pound: Sharp Fall in Retail Sales Leads to Sharp Fall in Rate Hike Expectations



The British pound staged an incredibly impressive intraday recovery. Having sold off to a fresh one month low after the disappointing retail sales report, the pound rebounded to end the day unchanged as the US dollar began slipping after the Chinese announcement. This should not underestimate the fact that UK consumer spending was very weak in the month of April however. Originally expected to rise by 0.6 percent, retail sales fell for the first time in 3 months by 0.1 percent. There was an upward revision to the March data, but not enough to offset the decline that drove the annualized pace of spending from 5.0 percent down to 4.2 percent. This number does serious damage to the expectations for future rate hikes and goes a long way to explaining why the Bank of England may have chosen not notch up their degree of hawkishness after the last rate decision. With inflation and spending slowing, the central bank is in no rush to tighten monetary policy. Some traders may be waiting for this bias to be confirmed in next weeks release of the BoE minutes before taking the GBP/USD much lower. Aside from the minutes, the UK will also be releasing the CBI industrial trends survey, housing and lending data.

SM,

I think it will fall over the next 2 or 3 months before recovering again for another assault at $2, but I don't know what time frame your friend is looking at or how long he or she has been long.

Oh only a few days from 1.98. Thanks for the info.