Forex rebates on every trade - win or lose!

Cable hits the trend line at just above 2.06 but I can't see any good reason to go long.

staying out and waiting for 2.0585 but I probably won't take that either.

Small short Yen around 110.00
Small long...Cable around 2.0600

ok simple question for the all knowing Forex gurus...

The Uk seems less and less likely to be hosting the "3 cuts a charm" anytime soon..

US rates increasingly likely to be cut...

Why is Cable not heading back to 2.10 a bit sharpish...

Cos it's Friday :o)

same question for eurusd here.


eur moving up against yen and swiss
gbp moving up against yen

yet neither cable or eurusd are moving up.


most puzzled here - do they have month end rigging on FX the same way they do on stocks ?

More and more I favour yen pair trades.
Dollar's lost any interest for me at the moment.

I can see why....

although Cable might finally break ...2.0600....

to at least 2.0590 lol

ho ho ho.

so where was the support at 2.06 on cable ?
where was the support at 2.0580 I read so much about ?

as usual this numpty ex stock day-trader tried to fight the trend and took a long as it was falling way too early. Out now for +1 but it was a bit too scary for me.


Difficult week here - up about 20 pips but spent alot more time in the last 3 days watching and learning rather than actively trying to trade. Trouble is the harder I think about this the worse I seem to do. lol.

even worse altough I honestly believe I've come up with a decent trading plan I have found I am not very good at executing it. I go in either too early (which means my stop is in danger and i'm still fighting the trend) or I go in too late (for fear of missing the trend and find out later that too much of the move has already taken place).
Getting rid of habits (both good and bad) acculumated over the last 6 years trading stocks is proving hard work.

I'll see you all next week - have a good weekend everyone

CC, I have exactly the same problem. I hate to miss out on the bottom or top so I usually go in too early then sweat about my stop rather than waiting for a bit of settling and signs of a new position developing. If I wait I end up chasing positions - Getting better at it but it's very hard trying to wait :-)

re choc above,
maybe US reversals today?
maybe USD/YEN more upside than other yen crosses???

I see that break of 2.0600 as quite significant...
and might try to short rallies with 2.06 as my back
with stop a little over that..

well thats for next week

according to dailyfx Friday's move on usd apparently due to year end squaring for many company year ends.
words such as "unexpected rally", "little apparent regard to price" and "ignore the economic data".

"If Americans suddenly start saving, the dollar could recover really fast as the current account deficit shrinks. In fact it is already shrinking fast. The spadework is there for the dollar to recover"-Jonathon Compton-Beblam Asset Management

Lots of talk about gbp rates cuts this week...so of course....cable off to the moon..

more evidence of dont trade what you think...

well cable just done my head in.

Was long from 42. closed half at 86 on the spike up to the 61.8 fib retracement.

then put a stop in for the rest at 55 at bounce low which got taken out and now it's exploded.

Is there something I should have seen to keep me in this. macd on 5 minute heading to cross the zero line perhaps ?

any advice greatly appreciated - i'm not too bad at the entries but my exits are a real problem.

well cables behaviour been very odd this am....
big swings....

god knows...

well i also got some eurusd left from 25 with stop at 31. it looks like the macd may cross the zero line on 5 minute soon but the 1 hour is nowhere near as helpful.

dunno - got a free run on it now but nervous as I would have expected the run on cable to have pulled it up more than this already.

I shall sit here patiently now and hope the pips come to me later.

With the exception of the dollar, Cap'n, the euro is down against the other majors.
Hope you're keeping your eye on the calendar ;)

Just had a look at the cable chart, Cap'n.
I take it you were stopped out for the sake of a couple of pips?
Essentially, it dropped down to MA support on the 1min chart.
You locked in profit with your stop - no risk there ;)
But really you ought to have placed your stop below this morning's low i.e. 2.0522.