Forex rebates on every trade - win or lose!

Hils
You're not condescending - just tell it how it is - according to Hils - which is more than fine by me. We all do what we do and I for one am very grateful for your contributions to this thread.

I am responsible for the way I trade - which is Kamikaze like - sometimes it works out really well, other times disastrously. I'm a bugger for trying to buck the trend and it usually catches me out - that's probably why I can sometimes get away with it on cable - but not on the Jappy - which, as you have said many times, is more trend predictable than most. The way I have been trading goes to show the results.

I really enjoy this thread and, believe me, it's as instructional as any $$$$ system they push elsewhere. That's thanks to the contributors - notably Hils and Chocs but also many others.

Long may we discuss/have heated arguments/state our stupid/great positions - helps with the rich tapestry and all that !!!!

meggers (often mistaken with a "U")

I'll add my six penny worth, although I hasten to add that I had a small down day today, whipsawed on the blooming Euro$. Too eager to place a trade, patience is a virtue !

If you trade the JPY crosses then you have to understand the carry trade.

If you are long, and there are plenty out there who have 1000+ pip winning trades on these crosses, why would you want to close the trade when you are getting in the region of 500% to 600% per annum interest on invested capital.

Some no doubt are simply raking in the interest payments and have their wide stops in place.

Others, usually the big players, are using the profits generated by the carry as leverage in other markets, not least of all the stock market.

The yen crosses will therefore come under pressure when these players have to cover positions or meet margin calls in other markets.

After the gains last night in Far Eastern markets and the reluctance for the European and US markets to decline then it is no wonder that the JPY crosses remain healthy. Not withstanding any fundamental news which may cause the Yen to appreciate then I would watch the global stock markets for likely direction on the JPY crosses.

Hmmmn. I find myself short cable. Not quite sure why yet, tight stop :-O

Still believe we could break up over 65 area to 1.9910 - Cable

Oops.

Still short usd/yen.

Hils, I opened this position because of the divergence on the 4hr chart with the spike and what 2 other time frames and their indicators were saying. Dont expect it to be a big drop but may go back to test support. Will watch the mid 50 area with interest.

Find the 4hr chart with divergence can often be a turning point in a trend and if I get signals will jump on board. Currently watching eur/yen, eur/usd and usd/cad. Doesn't seem to happen with gbp/usd very much.

Time for a cuppa and listen to the cricket!

goforit

Hang on a minute, Hilary criticised us 'guys' for picking tops and bottoms, shorting the Yen (by picking a top) and then opens a short position anyway!

Hmmm odd.

pth

gfi

Do you mean "Hils, I opened this position ..."

cos I'm sure Hils ain't short Jappy :-)

SC/PTH
Hils might not be short the YEN but I am - since yesterday and added @ 68 and 50 earlier. Sitting on 'em for a bit - unless the in-screw-tables turn and run back to 1.24.

If I'm reading Hil's strategy correctly the 60 minute is looking like it could go below zero on the MACD and she would then become interested in a short. Apart from her comments about ".... who would buy the YEN at this level ...." I don't think she's suggested she's short.

BUT, I'm sure she'll let us know which way she's laying - ooooooeeeer missus.

I am short USD/JPY today as it happens, Seymour, since just before noon based on the 10-minute chart which looks like it might follow through into the 1-hour chart.

You weren't to know that though.

:o)

Just gave her a nudge 'cos she was fast asleep next 2 me 8O

Fwiw, I suspect that the Dollar Index has got a little bit more to fall (sub-82.5, currently 82.59) before it rebounds a bit later this week for another crack at 83.25.

I've tightened my stops on that USD/JPY short as it's started to look a bit iffy now.

sorry for the confusion, forgot my punctuation, have amended. Bounce up now? Look to add in the 50s if I get my signals

Cable getting towards the top for now? None of the indicators looking like it yet but chart wise there a down slopey thing and we've met it, so ....

what happens next? :-)

Could also go to 9950 as well. Nice clear resistance there as well.
4 hr chart.

Also interesting to see where the Jappy goes from here. I have support on the downward channel at around 12330ish according to my 8hr charts - then 12300ish - which I think is considerably stronger as it is both a psychological barrier and the bottom of an upward sloping channel.

Still short.

Cable...caution ahead of MPC Minutes at 9:30

Yukiko Ikebe, a 59-year-old housewife in Tokyo, in April was indicted for evading about 139 million yen in income taxes while earning 407 million yen trading foreign-exchange, according to the Tokyo District Public Prosecutors Office.

"She must have earned more money than us,'' joked Yuji Saito, head of the foreign-exchange sales department at Societe Generale SA in Tokyo, said to my colleagues, let's find her and hire her.

Pity she doesn't do a live webinar !!

qwento, is she married?

disappointed with usd/yen, was hoping for a better drop than that, maybe later on.

monitoring usd/cad, challenging daily trendline from april!

currently long usd/chf and feel I should be short cable but i'm not yet

GFI, I'm also watching cable for a short, not happy to take a position yet. Will have a look at the others you mention tonight.