Forex rebates on every trade - win or lose!

the one I have is called _signal bars v3 daily.mq4.
I believe there is now an updated v7 but i don't know what the difference is.
I got mine from here post 1:
http://www.forex-tsd.com/suggestions-trading-systems/8728-follow-bouncing-pip.html

You will need to alter the settings in inputs to get rid of the extra details and move it to the left hand corner which i prefer and of course to alter the macd, ema and stoch settings to whatever suits you.


Exit strategy - I got to tell you that it seems like i'm going to make every mistake in the book at least once Hilary.
Despite all that banging away demo trading the cross of the zero line to introduce some discipline it went completely astray with real money on the exit. About 5 hours after i'd closed the trade I realised what i had done. I'd been trying to second guess where the market was going rather than taking what the market was prepared to give me based on my one indicator. Once i realised I was really cross with myself.
It seems crazy to be sitting here admitting that I did something different with my real money rather than my demo money but that is what i did. Stupid stupid thing to do but it just shows how psychology pays such a big part. I'm not going to make that mistake again though - no way.

With all my thinking I acheived +22. If I had just traded off the indicator I'd have made about +31. It would have been alot more relaxing and I'd have been able to spend my time looking at other things.


Next week i'm going to be totally in control and I succeed at that, then hopefully i'll be ready to move on to the next stage. Which no doubt i'll screw up first time as well ;-))))

My version of Metatrader (Alpari) doesn't do Sunday evenings. What about anyone else?

Depends on what you want Seymour. Alpari does do Sunday evenings but the Sunday candle gets included in the Monday candle whereas Northern Finance shows Sunday as a seperate candle.

Try drawing some trendlines and then watch were the support comes out in real time and i've discovered that some parties use a Sunday candle for drawing the trend lines and some don't.

I really really don't know what to make of the whole issue.

That's great, many thanks CC. I intend to "doctor" it in the hope that I will be able to get rid of a couple of other indicator windows and make my desktop easier to read.

Incidentally, ODL open just after 8pm on Sundays.

I like their newsflow too.

Hils

Thanks for your advice - I waited! Which as it happens seems quite a good move.

I always close everything too soon so I am just biding my time.

That was exciting......

Anyway a very profitable day, now to do some work.

Sue,

I'm not sure from your post whether you closed your cable short or not. Well done if you did manage to at a much lower price. Despite it wobbling over the last few days and making a new low, I'd still say from my dailies that it's heading up to give a fresh short entry from a higher level over the coming days and weeks.

The 4 hour chart paints a similar picture with definite signs of life.

There's something definitely odd about the way in which Metatrader handles its lines.

The red and blue trend lines in the 2 charts above are set up so that they appear in all timeframes.

On the daily chart they cross on 30th December, yet on the 4 hour chart they cross on 7th January and on the 1 hour chart they cross on 9th January. Strange!

Sunday candles Hilary but I can't quite put my finger on it either.

Oh and problems with the H4 candles due to Sunday too depending on your provider.

Fork 'andles?

EUR/JPY - to trade with bullish bias, supported by carry trades amid improved risk appetite. EUR/JPY daily chart positive-biased as bullish key-reversal day pattern completed yesterday, stochastics turned bullish at oversold, although MACD remains bearish. Immediate resistance at 157.83 (Thursday's high), then at 158.47 (Jan. 16 high); support at 154.20 (hourly chart), then at 152.09 (yesterday's low).

Looks to me like it's making lower lows and lower highs on the M1, Chocopops, and the M15 dottie line suggests it's got further to fall.

Unless that's a higher low at 10:17 of course.

:o)

Still not sure whether long term support was broken Monday/Tuesday, Hil.

I think the writing was on the wall with the failures in October, November and December to retest the July high, Chocopops.

I'm an avid follower of Ruthie's Magic ArrersTM and I've noticed how it's been rallying on the weekly charts as the signal line exits the histogram just using the standard MACD settings. I think the big test is going to come probably sometime this spring when the next imaginary up arrer is likely to appear. If it bounces up then, you will be able to say that the carry is still alive and you'll see global equity markets enjoy a summer push up.

If the arrer loses its magic at that point, I think you'll be able to kiss goodbye to the footsie and the Dow for a few years to come. I suspect that it will fail to gain support with the up arrer given the fact that markets always tend to go a bit wobbly as US elections start to loom on the horizon.

Possibly heading for a retest now.

Anyway ...

NEW YORK (Dow Jones)--The global market panic driving Tuesday's Federal Reserve rate cut is rooted in the still controversial idea that the U.S. economy has slipped into a recession.

Many market participants now take it as an article of faith the U.S. economy is, or will soon be, in a contractionary phase of economic activity. Some even argue that as long as it "feels" like a recession, it is one. But that sentiment obscures the reality that thus far there is no definitive view among economists about how weak the economy is, or might become.

That's not to say that even for those who lie on the relatively optimistic side of the spectrum, anxiety isn't riding high. The Fed, which cut interest rates by an unprecedented margin Tuesday, has consistently downplayed and underestimated economic and market conditions over recent months. But even so, it justified its action by saying "appreciable downside risks to growth remain." Clearly, policy makers have grown more anxious.

And rightly so. Since September, the Fed has cut its key overnight target rate by nearly two percentage points and engineered novel mechanisms aimed at getting liquidity into financial markets. In turn, the institution's good works have been washed away by weakening economic data, most notably on the employment and manufacturing fronts, and by a seemingly endless stream of bad news from financial markets. The weight appears to be on the side of those who see the worst for the economy.

"The Fed came out and said we are going into recession" given Tuesday's action, said Eric Green, economist with Countrywide Securities. "We are in the middle of a pretty serious meltdown in the economy," and that's why the Fed acted so aggressively, he said.

Views held by forecasters are unusually diverse. Over recent weeks several major investment banks, including Goldman Sachs and Merrill Lynch, have officially endorsed the view the U.S. economy is contracting. The latter bank's frequently bearish chief economist, David Rosenberg, said the four factors watched by official business cycle dating body the National Bureau of Economic Research are each on the way down. Employment, manufacturing and retail sales, along with industrial production and income, all appear to be coming off cycle high points - Rosenberg sees this as a clear sign of a recession.

The Merrill Lynch economist's assessment of the economic landscape is downbeat, to be sure. On just about every front, he sees bad things, from further sharp declines in housing prices and their related negative impact on consumer spending, to more declines in financial markets.

What's worse, "the healing phase involved in expunging all the excesses left over from a multi-year leveraged boom in asset values takes time," Rosenberg told clients. He reckons the current year will scrape by with an average growth rate of 0.8% - the year will likely see three contractionary quarters - with 2009 limping by at a 1% pace.


Is It Really That Bad?

John Silvia, chief economist with Wachovia Securities, doesn't think things are as bad as Rosenberg does. He notes that "up until September our key indicators did not suggest a recession, but since then these same indicators show a clear shift in the economic winds and therefore a bias toward caution for decision-makers." He sees 50-50 odds of a recession, but believes that if policy makers move aggressively, a downturn need not take place.

Meanwhile, Miller Tabak strategist Tony Crescenzi sees reasons to be hopeful for the outlook. He cites the stance of monetary policy as well as the prospect of fiscal stimulus as reasons to believe any contraction, should it occur, will be short-lived. He added to the list of positives low inventories which must eventually be rebuilt, along with rising exports, healthy corporate cash positions and the possibility of a wave of new mortgage refinancings now that rates are moving lower.

Joel Naroff, who helms forecasting firm Naroff Economic Advisors, said that by his reckoning, the economic data now in hand "doesn't tell us we are in a recession yet." While he's cautious about the outlook, he argued Tuesday's rate cut was forced as much by market expectations as anything else. He warned that it is entirely possible that the upcoming January jobs report may be stronger than many think, which could make the size of Tuesday's action seem over the top.

While Tuesday's action clearly shows Fed officials are at least mindful of worst-case outcomes, even there one finds diversity. Soon-to-retire St. Louis Fed President William Poole used his final vote as a Federal Open Market Committee to in effect say the apocalypse is not now. Poole has been an unreliable guide on monetary policy for some time now, but at the same time, he has represented the views of many when he has argued that as bad as things are for markets, the real economy has not unambiguously lost its bearings.


(Michael S. Derby, a special writer at Dow Jones Newswires, covers the Federal Reserve and the U.S. economy.)

I still haven't closed my short cos I have been working

Still pondering.

Interesting week here.

Monday had some difficult trades with FX. Got stopped out a number of times.
However, I took a trade on FTSE really for no other reason than it was down about 300 points at the time and it had approached a round number.
Maybe i got lucky but got 60 points out of it.

Then I added trendlines, chucked a macd and some fibs on it and I've now i've got 6 winning trades in a row on it. Mainly i am leaving it until about 11:30 to let it set up some trendlines to work off and then waiting for it to go where I think it should go and then going in on turn of the retrace - i.e if I think it's going to go up I wait until it does go up, then wait until the pullback is completed and then go in when it starts moving up after the pullback.
Since the first trade everything has been thouroughly planned and executed and I feel like instead of trying to find a trade that really isn't there I am waiting and waiting until i am sure.

Now why should this work on ftse but not forex for me? I don't know cos it's more or less the same thing. FX i'm waiting until the timeframes match up in one direction and then go in when the moving averages start going in the right direction on the lower timeframe. It's no different to what i'm doing on futures but the results are quite different. (on a small sample of data admittedly)

I wonder whether the difference is just that i've spent 6 years watching the ftse chart whilst trading stocks and i've just got more history in my head about what a good setup looks like on a chart on ftse.

I'm now splitting my time between futures and fx. I'm quite optimistic as the discipline I've learnt on fx seems to have put me in the right state of mind psychologically to trade.
Either the trade is good and i will make money or it isn't and the stop will take care of it. I know my risk before i take the trade and can concentrate on maximising it's potential.