Forex rebates on every trade - win or lose!

Hmmmmmmmm
Sensible thing to do would be to close out here and take a few pips. Nobody ever described me as sensible, in fact I'd take it as a personal insult if they did :)

So, plonker that I am, I'm leaving my positions open with stops moved up to just below the recent low. Wish me luck - 'cos that's what it'll be if I get away with it. The 45/50 has been breached and so I should be looking for shorts into strength but hey, nothing ventured Rodders.

I've got a short to open at the stop level so maybe I can retrieve some pips if it bombs.

Well, I hung onto my eur/jpy short gamely and in fact added at 86, jsut closed for +30 but can't but help feel there was more mileage in it. Good luck mg :)

Just gone long Cable (catching falling knives springs to mind) based on low of the day and a daily chart fib retracement level, which provided support earlier today. Tight stop.

Had a good week, but could have made 3 or 4 times what I did - if only I'd ....... (insert your choice of suitable phrase here).

Going to finish now with a smile on my face.

edit, will try to make those extra points next week........

Well, I should give myself quite a good slapping; having been distracted this morning by the phone and missed a good opportunity to close a profitable trade, the same bloody thing has happened this afternoon. My Fib support didn't do very well, however this indicator is never totally accurate, so added to my long at 196 and subsequnetly missed fluffed the chance to close somewhere in the 235-240 region. Stops at 181, I feel I may have missed the boat :(

Well, that didn't work !!
Just got back in to see my 2 longs stopped out and a feeble few points on the short one. I might as well leave that one open for a bit to see where it ends up - net loss for the day is now -40 +55 -30 -30 = -45 with a few pips in compensation - oops, no that's a loser as well as I type. I've got a stop in at 20250 so maximum loss will be -77 :(((

There's always next week.

Have a good weekend everyone. And a Merry Christmas and New Year 'cos I'll probably return to just lurking next week.

Just popped in to say that I've now closed that short so I'm clean over the weekend. That gave me 40 so the net loss (after an up and down day) was -5. Not bad under the circumstances - and it's given me some interesting ideas.

Happy Holidays

Well, I was right about missing the boat, had the opportunity to close both out for + pips but hung on stubbornly waiting for a better exit and eventually stopped out for -45 and -15, stupid and quite frustrating.

Have a nice weekend all.

I had one big winner on Monday then smaller ones and a couple of small losses, overall +185 or so on the week. A lot better than I have been doing :-)

From my post yesterday.

Extract from todays RBS FX Strategy Email - GBP/USD was about 203.45 when I received it :

"Short GBP USD may well provide the best pro-USD trade from an interday perspective, with yesterday's EUR GBP sell-off (and subsequent cable lag) suggesting that price is due a catch-up move today. Thus, we see potential for price to soften towards the 2.0190 early December reaction low (also marks the minimum 23.6% retracement of the November 2005 - November 2007 advance)."



Anyone want me to post these comments daily , have been receiving them (for work purposes) for a couple of years and the track record has been pretty impressive.

Very much a down week for me, Friday was good but did not make up for the rest of the week.

Dill that would be good.

EUR USD - The outlook is negative; with last weeks close beneath the 1.4535 neckline provoking relatively sharp losses towards the intermediate 1.4355 objective. Resistance 1.4450/75 (max. 1.4535) should now cap any corrective intraday rallies, with an extension of the downtrend through 1.4355 targeting the 1.4165/1.3975 retracement zone (50/61.8% of the August November 2007 rally).

Currently 1.4375

Thanks Dil, anything on cable?

I'm a bit confused by my cable charts atm.

I've drawn a line on the daily charts from the lows of March 2006 passing up through the low of 17th August 2007.

That rising support line on Friday seemed to be around 2.0250 and it appeared to have been broken suggesting bearishness in the months ahead.

That line, however, regenerates itself on all of the other timeframes of my charts and on timeframes of 30-minutes and less it appears to currently be at 2.0110, well over 1 cent lower than on my other charts.

Whereas on Friday I thought that the uptrend support had been broken, I'm not really sure if that's the case this morning. I don't understand how the charts can say two different things.

Hiliconfuscious
FWIW I also had 20250 as a key support and believe it has now been breached. I also have 20110 from another chart using the Dailies. I suppose we are about to see if that one gets breached as well - 'cos it's playing out a test at the moment.

I posted the other day that I thought there was support below 20250 at around 20050 but I now think that 20110 is the correct level to test 'cos I have it as the bottom of the mid-point down channel from early November. The bottom of the full down channel - top 9/11/07 and bottom 16/11/07 I have at around 19800.

All a bit tricky but if it goes then I'll mainly be looking to short down to 19800.

Hilary, I'm not sure I entirely understand your post but are you saying that when you draw the trendline on the daily and then switch to timeframes of the 30m and less the trendline appears to be in the wrong place ?

Daily FX does this all the time. The problem seemed to start about 2 weeks ago but may have been longer. I just became aware I couldn't trust it.

aplogies if i've misunderstood. I moved onto Metatrader since I became aware of the problem. But I think you have Sharescope ?

That's exactly what I'm saying, CC. It's on MetaTrader that it does it. I chopped in my Sharescope a few years ago when they introduced setsmm and I all but stopped trading stocks.

It might have something to do with them taking their daily close at midnight whereas others take their close at 10pm. As a result they have 6 daily candlesticks each week instead of 5.

If I connect the march lows of 2006 to the august 2007 then it goes through 2.0250 as you suggest

If I connect the march lows of 2007 to aug 2007 then I get 2.0125 ish which is what is supplying support at the moment I guess

Incidentally, my hourlies for EUR/JPY suggest that 162.34 might be the low of the downleg since last Wednesday evening.

The 20145 has triggered and I've moved my stop up to entry.