Forex rebates on every trade - win or lose!

Only popping in for a mo\' - have to go out soon. Managed 10 points either way on cable using the virtual 1 minute arrers earlier. Now looking at possible resistance @ or around the 20970 mark - interesting \'cos my head tells me that they\'ve got so close to 21000 that it\'s inevitable it\'s gonna power on up through there.

Seeing as I can\'t watch it I\'m not going to place a trade - but still got those shorts to open at my magic numbers 21112 and 21212.

Long cable here from early doors, expecting 2.01 soon....

From Trade The News :

In Currencies, the USD seems to be entering a new phase of \'benign neglect\", the policy under President Jimmy Carter in the mid 1970s. The USD is not discriminating among pairs or regions in which it is making fresh multi-year lows�from Europe to Asia to emerging markets, it is difficult to find a bullish USD market. The US twin deficits of the Current Account and the Trade Balance appear to be the fundamental catalyst for the weak USD tone. The most recent TIC flows were negative for the USD the first time since 1998 and this will have repercussions for the dollar if this outflow of funds is a new theme and underlying trend. If US really faces a funding problem, the long end of the yield curve could come under pressure and would need to rise in order to attract buyers.

The October G7 meeting in Washington seemed to produce the usual commentary regarding currencies, but the current environment of low volatility could vanish if the USD loses some key technical chart points, particularly in the EUR/USD pair. The Euro above 1.45 could be the proverbial \'line in the sand\' for the USD and may provoke coordinated G7 action to counter the looming technical forces that could accelerate the USD\'s decline. Even this quarter�s corporate earnings for US multi-nationals suggested that the weak USD did not greatly aid corporate results as higher commodity costs impacted the operating margins. Thus the central bankers seem to be facing a quandary between printing money to offset subprime impacts and feeding the inflationary flames. A weaker USD at this point may prove more of a thorn and could adversely impact US asset prices.

The USD is approaching a critical juncture, particularly against the Euro. The atmosphere above 1.4700 EUR/USD opens the door for 2.20 technically, particularly on a monthly close basis. The downward spiral of weaker USD, weaker asset prices and higher inflation is problematic for the industrialized world�the G7 may in fact have lost its ability to influence major currencies. For a historical comparison, analysts may look back at 1998, when the USD/JPY pair seemed poised to test 200 level on techicals, but G7 acted in June 1998 to offset such technical damage. The same situation could be now unfolding in the Euro; with EUR/USD above 1.50, G7 members may be poised to intervene again.

**Note the initial prior coordinated G7 interventions usually occur during the NY morning around 7amET (12 GMT) interbank opening. The element of surprise is a central bank\'s best friend. Failed intervention greatly increases the FX volatility.

Chocopops,

I've been tweaking and came across this. I think I'll go back to bed now.

:o)

The 90% problem: Over 90% of traders focus over 90% of their efforts into tweaking indicators, of which over 90% use some form of a moving average, and over 90% use the close price as their only input data. Not only that, but over 90% of traders dont really understand how the indicators they are tweaking work. Should it be any wonder that over 90% of traders fail?

You're a lucky duck, Hils ;)
I've just had to swallow a load of poxicillin - and now I'm psyching myself up for a tweak with the dentist :S

But I just lerve the thin red line :o)

I've got multiple thin red lines now, I luv 'em so much. Not forgetting the Arrers of course.

Hils, Choccie:-)

Couldn\'t agree more Hils re understanding how the indicators actually work, in fact I was telling someone exactly the same thing last night! ;)

Hmm. Having been 100 pips up at one point I have been stopped out for 40 on the spike down just after 12 - but I couldn't get near my PC when we were 100 up. Never mind, still a good profit.

Edit - hear hear on the indicators thing - I only use indicators I understand - so success is guaranteed apparently :-S

Just popping back in briefly - glad I didn't take any notice of that supposed resistance @ 970 but still wondering about the magic numbers (they have no justification in TA - I just like 'em).

chocotoothache
I've made my thin red line a thick one - a bit like a lipstick line - just to remind me of it's source. Might change it to purple later :)

Hils
Can't remember if I thanked you for that email - if not - a big squelchy one from me.

Do they do them in black cherry, meggers? Come to think of it, mine's a bit thickish too.

Not sure about black cherry - I'll have to see if I can mix the colour pallette.

EDIT - just for you - now black cherry lipstick line - at the 81 level for 3 minute

Good morning from California, FXers.

I'm passionate about the thin red line, but the chain link Cadet Blue one is pretty damn sexy too.

care to expand?

Morning All,

After spending a few days backtesting my spirograph (which did my head in )
I have decided It wasnt for me.

So after hearing lots of good things about Ruths pointy bits, I thought I would have a good look at them !!!

Ian

It's just an indicator that I've been spending 90% of my time tweaking, Go. I've called them the Delboy and Rodney lines. The Delboy (that's the Cadet Blue one) line is only for She Who Dares. Not surprisingly, Chocopops likes it.

Hope you gave golf a miss yesterday. That was some move.

:o)

h, certainly did give golf a miss, said i thought things were a bit toppy. Had a signal(new system i been working on) to go short on eur/usd, managed to get in above 700.
is there any additional info on the scalping, not an area done much to before on fx. indicator i like that seems to be rarely mentioned is williams%R, seems to be quite predictive.

monitoring usd/jpy for a short at 113.00/20 area, should be a fair amount of resistance here

Well now that everyone is totally hacked off with trading on the Stockmarket and moved over to FX I thought I would have a look myself. Someone said recently that the trends are more obvious and for my style of trading that is what I require. I have had a great spell on the FTSE over the last few months but that is looking more suspect now and I need to look for other ways to make profitable trades rather than blind guesses that the markets will move in my favour. Sticking the pin on the board and hoping just doesn't work.
I think I'll have to follow up all of the "Useful Sites" mentioned at the top of the site for guidance as a starting point. However, having followed the rise of the and Euro against the (mighty??) $ for the last few months I am interested on what you experts consider will be the turning point. I read somewhere that the /$ could get as high as 2.20 but that presupposes no governmental influence and I doubt we shall see that level. All depends what our tame Chancellor Mr Darling is allowed to do by G Brown Esq.
TT

Wish I knew how to paint my nails without getting the stuff all over me.
It would help pass the time right now blowing them dry.

Hello TT ;)