Forex rebates on every trade - win or lose!

I would like to say something about yesterdays rate rise.....yes RISE... yes the Bank of England cut something called the base rate yesterday...big deal.... In the real world...where people borrow and lend many rates are higher than before...

The Halifax yesterday was offering 6.75% for a fixed 3 month term deposit....I wondered after the rate cut what that would now be...well one day later its 6.85%...and I am sure will be 7.00% by Xmas....

If banks are paying higher rates to try to keep savers money.....does not bode well for borrowers . The focus tends to be on the level of house prices... "houses fall 1% etc"...but it seems the ramifications of this non lending and credit squeeze might affect the average person in a much more tangible way in 2008

The obvious thing that is likely to happen is that borrowers will try to borrow on libor + rates which have to fall in line with the base rate....while savers are better ignoring libor based rates and aiming for those short dated term rates being offered at the moment....

Essentially there are now temporarily 2 markets....for the canny saver and borrower...
This is not something that can last imo....as obviously you cannot pay more to savers and then charge less borrowers at the same time...not without squeezing banks margins... The reality is that many borrowers too are paying more as fixed rate deals end, or you have a buy to let mortgage, or you are a sub prime borrower, or.... you get the idea...

Cable...

USD/CAD thumped on reasonable Canadian employment change. Precursor of other later???

Anyone using Metatrader for charting? I'm finding it struggling to keep up to date today which is pants for my entry / exit signals>

tempted to long Cable again here... 2.0330...

as it just looks like we have had a test down to 2.0290
lets see if we got over 2.0350

Morning all, I went long on cable on Friday @ 2.0321, technical reasons...

Well those little line thingies started looking like they were pointing up. I think I maybe right but then I might be wrong so on the basis that you've got to be in it to win it I'm in, and may be up to my armpits if it goes wrong...

I am flat now and waiting to see how the wind blows

Its a bit windy here, so now long.

Well done SC

Good start for Monday

Stop at entry now. About time I got one right :-)

Limitation, Protection, Optimisation, Seymour. Well done.

A chopper for 6 from Geneva to Meribel Altiport is 1300 each way, Seymour. We've got some work to do yet if we're going to get you and Mrs Clearly on it for your Silver Wedding Anniversary next year.

:o)

Went long myself on Cable last night :) Only a small position, but it's nice to get one right now and again, trailing stop in place.

Working on it Hils, got other expenses ongoing now, need a new car, then we'll see if we can't afford our own private jet as well as the chopper :-)

Stop moved to 2.0351 to lock 30 in, means we've 80 point stop from this moment's price.

Seymour,

May I make a suggestion please, as it's clear that you've moved from the protection phase to the optimisation phase and I'm not sure that simply picking a random number x pips below the price is the best solution?

Cable is clearly going up now on every chart from M1 to H4 and it's possible that the low post MPC might also represent a turning point on the dailies.

Why not start by thinking about how long you're going to be happy to run with this trade. If you'd like to bank your profits at some stage today or this evening and get a good nights sleep, then you need to be looking at the M5 or M15 charts. If you're happy to sleep on it and see if it will follow through tomorrow or the rest of the week, then you need to be looking at H1 or H4.

Once you've decided upon a chart which best suits your intended timeframe, why not pick a moving average which is giving it support and use that as your trailing stop?

For instance, the SMA45 is currently at 2.0416 on the M5 and at 2.0356 on the M15. If you're looking further out, then your stop should perhaps be left at entry for now until the MA's catch up.

Just a thought.

Interesting I would have moved stop to 2.0400 now...perhpas thats why I dont get the bigger moves...

Going to be switching to forex futures on the globex exchange as from wed instead of the cash,, been told the charts are a little less spikey, been looking at the forex futures daily"s and do seem less spikey,anyone any experience or advice? still just plodding away at moment ,mainly watching and observing forex for now, being sensible and learning to walk before i can run,not as easy as i first thought, it didnt help the first day i actually traded was one of the best trending days in ages and an unusually big move,i soon came back down to earth with a relaity check after gettting very excited:-)