Forex rebates on every trade - win or lose!

Originally my plan was to short at 200. But im holiding off at the moment. Its hovering 195 - 210. Im not sure if im confusing my times but I was sure data was coming out at 9.30..

Just a question.. What types of TA do the people on this board use?

I.E Trend for market direction and Support/Resistance for market timing?

Or Moving Average for direction and bollingerbands for entry?

'finger in the air' for direction

and 'hope for the best' for timing...

Works for me ...NOT at they say



Sorry could not resist :-)

shorted euro at morning highs...2255
Have noticed there can be price extremes very early on
to enter both longs and shorts
then later fear and greed get arbitraged away

Hi, I've just started to look at Forex after those articles in Trader magazine. I'm still at the "know practiaclly nothing" stage, so if I say anything stupid please don't get angry, just gently point out my silly errors.

OK to start with:
The Yen look strong this morning, might be worth a punt on further movement ... ? But which market to use EUR/GBP/$ ?

Oh but while I was typing that it looks like it's reversed, hmmm.

Kajman,

I stick mainly to GPBUSD as I have been watching that one the most so have a better feel for. It tends to move in line with the Euro/$.

The Yen looks tempting, but the Bank of Japan has been intervening a lot to hold the price steady which makes it more difficult to work with. It looks like they've stopped intervening for the moment, hence the significant moves over the past couple of days, but they've been making sounds about more intervention.

The main thing to be aware of is that these are very volatile instruments and you have to be prepared to place fairly wide stops in order to capture the moves without being knocked out. Keep your positions very small to start with. I've been trading /$ for some time now and still generally only place 1/point bets in order to be able to accomodate the stops I need.

Doug

Doug, thanks for that.

I think my style of trading in these type of markets is to look for very short term trades and use tight stops. It's good discipline for me to learn to be stopped out without the emotions affecting future trades.

I'm really looking for fast moving markets and I try to catch a ride while it lasts. I agree that's not really a scientific TA. :-)

For example I just took +30 on the Eur/Yen which was good, but last night lost 20 on the Eur/Dollar because I didn't have my stops tight enough.

Agree about using small stakes though, at least at the start. I can always add when I catch a good ride in the right direction.

welcome to the nut house kajman,
sure you dont want to stick to divi plays ?

just get the valium ready...............

oh, and seat belts must be worn at all times

good luck.

Cheers Beeble,
nah - I'm bored with dividends, looking for some excitement :-)

which seems to be in Japan at the moment, I hope Harryhindsight wont mind me quoting just a small comment from this morning:

"Once the BoJ stood aside at the 105.20/00 level the selling pressure took over until technical support came in around 103.90 to halt the slide in the near term. Bounces back up towards 105.00/20 are likely to be met with firm sell orders and the expectations are that this slide continues down towards 101.25 and eventually 100."

kajman hi..I do euro $ atm
just to be different..

look for prce extremes early in the am...7am!
FX spends a lot of time doing small moves and retracing..
then suddenly a big move explodes from nowhere...

its a good marget to grab a few points all the time with tight stops..
but dont turn your back on it

Most fx traders have strong bladders or no positions!
Good luck

Stops essential
this market takes no prisoners

Kajman,

Another important point is that the currencies are very highly correlated so I'd recommend not trading more than one at a time, since that effectively just increases the size of your position on the same risks.

Doug

Hi David, thanks for the tips. Regarding the bladder problem - my desk is directly over the bathroom so maybe drilling a hole in the floor and adding some pipe work would be useful :-)

foale - one word of advice: catheterise!

3:53 pm 31/03/2004
*FX TRADER: RUMOR GREENSPAN IS ILL DROVE EURO-DOLLAR UP

all the action on FX today
yet no one is posting

Hilary must be off

LONDON (AFX) - The dollar fell near to its low for the week against the euro
on the back of vague rumours that US Federal Reserve Board Chairman Alan
Greenspan had fallen seriously ill.
The euro reached a high of 1.2301 usd before settling just under 1.23 usd
from levels around 1.2220 usd at 1.00 pm BST.
"The dollar has fallen on the rumour," said Neil MacKinnon, chief economist
at ECU Group.
The US Federal Reserve declined comment, with spokesman Andrew Williams
saying only that "the Fed does not comment on market rumours."

Factory Orders where bellow expectations as well..

Well the dollar weakness in the past hour or so has given Gold the nudge it needed to get up above $425. Now trading at an 11-week high.

Doveish comments about the Euro. Mean possible Rate Cut tomorrow. All speculation and rumours though. Rate change tomorrow would signal a big drop against the dollar.

Going Long EUR/USD - Its breached my 66% retracment signaling a change in trend. Could be a force signal but my gut says up..

USD/CHF. Rumour is once it breaks 1.2680 (1.2673 @ 18:54:11) it will rally hard.
not stopping till 1.2760+

The head and shoulder formation on GBP/USD seems to have faded away. Looks more like a triangle pattern now. Currently hung up against the downtrend line originating at the minor peak on March 1st. If we can breach 1.8475 it might be a breakout.

Of course there's still the resistance at 1.8500 to overcome, as well.