Forex rebates on every trade - win or lose!

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?

FF,

The 5-minute chart has given me 5 cable trades so far today since 7am starting with a short and I've just reversed the position each time the indicator has turned. It doesn't always give that many trades (yesterday was just 3 between 7am and 6:15pm) and, in any event, 5 trades in nearly 7 hours is hardly prolific and it certainly isn't scalping.

I like to be able to get a trade sufficiently into profit so as to walk away and let the slower timeframes run their course. Given the fact that it's been ranging for the last 6 weeks and now is meeting resistance at 2.02 that simply isn't practical at the moment.

In a Euro Jappy long at the moment, will have to walk away with an OCO in place as I'm going to be busy now. Was going to long cable after that last drop, looks like I might have picked the wrong one !!

Really interesting. You called that last short term declline virtaully spot on. Though bit of a bounce now.

Do you ever set price targets or get out for other reasons, or is it always get out and reverse on a reverse signal?

Does, that mean that by definition if you are entering and reversing on the same signal that you are always in the market?

Sorry for all the questions but I'd like to undersatnd more about the very short term trading on Forex as it's something I looked at before but discounted. I came to the conclusion that it was a little bit too 'spikey' at times but obviously I was wrong and it can be done.

FF,

The idea is to be always in the market, but it doesn't always work like that.

I actually find trading very boring. I know it gives some people an adrenalin rush, but for me it's simply the best way I know of making money whilst keeping my clothes on. As a result, my attention drifts and I miss entries sometimes. Then I just go to the shops or for a swim or a workout and return when I feel like it. I generally start each day bright and early with the best intentions and go from there according to how long I can last out.

As for price targets, I'm extremely conscious of support and resistance levels and lines, but I don't say "right, I'm going to this at such and such a level". If the market reacts at a certain level, I'll just give it a bit of time to decide and then go with the flow. For instance, yesterday it didn't like 1.9990 because that was the top of the previous channel which had turned to support. I waited to see if it could get through it, which it couldn't, so I then reversed once it started to go back up.

Hope that helps.

Thanks for that Hils,

Your story is very similar to mine as I find trading really boring too. In my case, I look to enter only 1, possibly 2 trades a day looking to catch the main trend of the day. I prefer to sit and monitor the trade while it is open but often I get bored and pop out, leaving limit orders.

I'd like to learn how to trade a bit more frequent through the day with Forex, hence the questions, as at least it would give me a little bit more to do!!

You mention that you reversed once it started to go back up yesterday - does that mean there are times a discretionary element to your trading?

PS. Really does look like cable wants to go up at the moment. Or is that only wishful thinking on my behalf!?

I don't do discretion, FF.

:o)

This is a screenshot of the M5 chart that I was looking at yesterday with the stoch of MACD indicator that I mentioned previously. You can also see the light blue line which is the top of the aforementioned channel that it broke out from a few days ago.

I've circled in red the 1 simple reason that I went long when I did.

I feel sure Hils gets a 'high' when she runs up the pips, whatever she might say! She has a great top down approach to trading Forex, (although only shows us her legs!) using the 5 min for entries (I think) and lining up all the trade confirmations before taking the plunge. She also likes high risk stuff as well as she regularly goes Skiing! Follow Hils plan FF and you will get hooked!

Hils is also fantastically helpful and hence makes this msg board one of the best there is for Forex.

Incidentally, this is the 5-minute EUR/JPY chart that Seymour will have been looking at when he went long a bit earlier. I've circled in red the reason (I hope) that he went long.

Thanks JT,

I'm certainly going to do some research on what works best on the lower time frames after Hils comments. Like I say I'd previously discounted it, but obvioulsy a bit prematurely.

I'll stick with my current style for live trading for now but start researching the 5 minute time frame as well. Certainly gives me something to do during the boring periods!.

Great day for me today. Blown through the earlier highs that I was projecting it would do, though it has been a grind. Not selling yet though as I think it has a lot further to go particularly if it finishes today above where it is now.

Dead right Hils, and closed it out at 159.00.