Forex rebates on every trade - win or lose!

I see that we've had just a pullback on both the hourly and H4 timeframes which pullbacked to nearly the 38.2 fib retracement of the last major move. Daily trend is up so I think this move has potential to go as high as 2.05 (next week) though I'll see how it reacts around the 2.02 first. Guess that's what makes a market - differing views!! I think the next hour is crucial though so I will be monitoring closely.

Well done FF. I didn't expect to see it back at 2.02 today. Not that I'm complaining.

I am a bit thick but with the pivot point (or any other) download for Metatrader how do I actually get it onto the chart and then can I have it on the chart or not as desired.
Also can I get it onto Water House and/or ODL version rather than Alpari?
Any help appreciated

hodgins,

You will be able to use it with any version of MT4. First and foremost, you will need to save the downloaded MQL4 file to the proper folder which will be something like

C:\Program Files\ODL MetaTrader 4\experts\indicators

Then shut and re-open your version of MT4. If you then go Insert>Indicators>Custom (or just use the icon), you should be able to add it and change various properties. You can remove it at a later date by right clicking on the chart and then clicking indicators list to see the indicator that you wish to delete.

Thanks Hilary.

Just back from Gym to see half my position closed out for a 100 pip profit. Got to the 2.02 level a bit quicker than I thought, though I was expecting it to take yesterday's highs out but not quite made it. At least yet -maybe later, though it's in a strong intra day pullpack now. Rest of position to breakeven and I will look to renter half a position at around 2.0150ish if it gets there.

Closed other half manually at 2.0135 for 30 pips. See how it reacts to the US news that was pretty much as expected before deciding which way to play.

FF,

Out of curiosity I Googled your moniker and found an Aussie website for a wealth creation life coaching wotsit. The head honcho seems to have eaten quite a few pies.

:o)

Hi Hilary,

Amazing. Not seen that face for a while!!

My moniker does actually derive from that Aussie organisation. I used to live in Australia and attended several of their advanced week long investment seminars around 1998-2000. I always have a soft spot for them as they really inspired me and spurred me on to generate some real wealth creation strategies that worked for me, particular Property Investment, Share trading and Option Trading, hence the moniker. It always reminds me of some of the key principles they taught.

I got really good at Option trading and loved the high leverage but with minmal risk if you did it the right way, so you could get high returns in such a short space of time. When our family returned to the UK in 2001 for a variety of reasons I never got back into the Option Trading side but recently I've started doing it again in the US Markets.

I was thinking of starting an Option Trading thread to see if there was much interest in it from anyone, though I must admit I am becoming increasing fond of the Forex market over the last year or so as well. Still learning all the time, though like any market, good technical analysis skills coupled with strong money management are the keys to success. I do find though that the Forex market can get spikey at times so you have to be careful with placement of stop losses more so than some other markets and give any position a lot of room to 'breathe' at times.

That's really interesting, thanks FF.

I noticed that Peter Spann has published a book or two about self motivation. I enjoy reading books like that so as to see things from different perspectives. Can you recommend them?

Oh BTW Hilary,

Looks like we were both right in our predictions to some extent this morning. 2.02 was exceeded making me a 100 pip profit, but that level looks firmly rejected now so my theory of 2.05 next week is looking a bit premature. It will no doubt go easily below 2.00 now. Just shows you, people can have opposing views of the market and both can make money depending on the time frame.

I try to always trade what I see though. I'm not in any position at the moment. I'll wait a while, possibly until at least tomorrow before I re-evalute. Are you short now?

From 2.0185 with the turn of the 5 minute MACD. I was a bit twitchy about it to begin with as the 30 minute and 1 hour were both still going up at the time, but it's OK now. I hope to be able to hold it for a few days from here.

Hils,

2.0185 is looking a great entry now. Looks like I may have missed out on this leg down.

I have a couple of Peter Spann's books that are more focused on the Property side of things. They were good books but not great. Mainly got them for sentimental value. Can't comment on his other books that I notice he has since written. To be honest I think he does seminars better than books, but then different people learn in different ways.

I too love reading Personal Development/Motivational books. In fact, I don't buy too many Trading Books nowadays as over the years I've read about everything there is to know about trading, though I am never closed to learning something else. My MP3 is full of motivation audio books from scores of authors as over the last couple of years I have realised to be successful at anything, particularly trading, which requires a lot of self discipline, the true goal is to master yourself.

The best by far Personal Development coach I have come across is the world renowned Tony Robbins. If you ever get chance, go to his initial 3 day seminar he does once or twice a year in London. He has written a few books that are great as well, though his first can be heavy going. I highly recommend them.

I've covered that short for now as it's getting support at the top of the light blue channel (1.990ish) that it's spent the past 6 weeks ranging within.

I'll recommend the property books to my friend's husband, FF. He's heavily into motivational books and has spent the last 6 months (as well as about 2m of his hard earned) in buying various properties for investment return in assorted "hot spots" around the world. He's just bought a shoe box in Hong Kong and is now looking at the latest "up and coming place" for a quick buck somewhere in South America.

They came over for dinner a couple of weeks back and we just sat back gobsmacked in amazement as we listened to his plans.

I shut him up when I said that I thought sterling could easily go to $2.40 over the next 2 or 3 years which would wipe out his profits before he'd even made them.

:o)

Euro 4 hour channel bottom and one hour support just below that might see downward continuations

Wow Hils, your friend's hubby must have more money then sense. 2m in 6 month's - hope he knows what he's doing! I prefer a lot less riskier ways to invest in property rather than hoping to hit the next hot spot.

Perfect timing on covering your short BTW.

Just returned to find my limit order on cable at 2.0117 just missed out on getting executed for a nice profit earlier. Shame. Though it looks as though it could return up to today's highs at least.

Is anyone else long cable? Looks as though 2.02ish level proving a very important area as it has tried to break decisively through that level 4 times but failed up to now. Very soon it is make or break time. Personally still keeping long open with tight stop as I think it's going to fly this afternoon. (Probably means it's going to tank in the other direction after that!)

In a bit of a dilema with my cable long. My analysis says long, and normally I would have no reservations about keeping it.

However, Chancellor is speaking in the Budget right now, this makes me a bit wary that some news may move it dramatically. Anybody any views or experience on Budget speeches and their impact on Forex, particularly cable?

I think you've got to keep an open mind on cable atm, FF. I'm playing the 5-minute chart on it which says long right now, but if it turns I'll happily short it.

As it happens, it might be turning down with the latest failure at 2.02 as I type. We'll see.

edit: 13:14. I've switched to short.

Thanks Hils.

On most timeframes it's saying long right now though it is getting very congested and I can see it is at the point of decision and could easily plummet down. Still, got to stick with what I see so keeping long open, at least for a little bit longer.

Whatever's happening in the budget doesn't seem to be making any difference one way or another.

I don't know how you do it trading off 5-min charts. Impressive. I like very short-term day trading/scalping but I just can't seem to ever get it to work with Forex.

Do you usually trade in the very short term or do you mix it with longer time frames as well?