Forex rebates on every trade - win or lose!

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.

FF I too use the 5 min for all entries except when I am trading news and then it's a lower timeframe. Just set out your Trading Rules and stick to them, noting changes as things work or otherwise. Best to start early like Hils just before 0700 for the the Fft open and then you are set for London. Depends on your goals, I like to have a fixed target of pips a day and then go do something else. However sometimes you get sucked into riding a trade, and then I peel off the risk and move the SL to cover the trade. Up to you of course and everyone is different that's what makes this so interesting.

Thanks for the comments JT,

Your dead right about the points you make. I have a Trading Plan, up early and have the discipline to follow it all through and it works for me.

Just have to spend some time on the short-term timeframes and come up with something that works there.

Incidently, where do you get a Stochastic indicator that can be plotted over a MACD for MT4. I've search around and can't find one.

Thanks Hils :-)

Good returns on the stoch of MACD philosophy today it seems. Would the users of it regard it as just as worthwhile on bit longer timeframes???

Analysis spot on with cable wanting to go a lot higher, unfortunately execution c!*p.

Closed out my cable long yesterday evening, was happy with my profits and was expecting to be able to re-enter this morning on a pullback. Looks like I may have missed the boat today, so will spend some time today researching trading on 5 min charts.

It isn't a holy grail. It's simply a different way of depicting the MACD which I happen to think makes it easy to read. In particular, it makes it very easy to identify the highs and lows.

If your standard MACD works well in a particular timeframe, then this will work equally as well because it's basically saying the same thing.

As for it working on longer timeframes, what I would say is that markets turn first from the fastest timeframes. If all of your timeframes have been falling and your M1 starts to make higher highs and higher lows, then this will soon spill over into your M5. If your M5 then starts to make higher highs and lows, it will spill over into the M30, and so on. It might take a day or so, but eventually the positive effect of the faster timeframes will turn your H4 up as well. By the time that your H4 turns, there has often been a 100 pip or more move away from the low.

If, however, you can get in from a low level when the M5 starts to make its higher highs and lows, then you've obviously got the potential for a big winner.

If, on the other hand, you came to the market this morning and looked at the H4 cable chart (which is clearly now going up since the MACD turned again yesterday morning) you would certainly have a problem trying to trade from the H4 chart. At its current level of 2.0350, your stop would need to be under 1.9990 which represents the last H4 low from a couple of days ago. This would make it impractical to trade from anything other than the fastest timeframes.

Hi Freemanfox,

Earlier you mentioned options. I'm beginning to study options with a view to trading them on the US markets so I'd be interested in hearing what you have to say on the subject.

Chris

Morning all,

Not much activity on here recently. Over 100 post on the Traders thread yesterday. In Forex, sterling had it's biggest 1 day decline since 1992 and not much reaction from anyone.

To start things off today, I'm long this morning on cable, USD/JPY and GBP/JPY. Any others willing to say what there up to.

Chrispoote - I'll answer re. the options question a bit later when I've a bit more time.

I refrained from commenting on it yesterday, but the leg down was, I felt, pretty significant.

This is the 4 hour chart.



It broke the rising support line of the 4 hour uptrend (blue line).

It moved below the upper bounding line of the previous channel (light blue line) which had offered support 1 week ago.

It made a lower low than the last low of 11th March.

When the market moves back up over the next few days, I think it will be important to watch where it tops off. A lower high than the 2.0396 high from Friday could be an excellent window for Sue42's long term short.

Interestingly, we've also seen a Ruthie's Magic ArrerTM on the dailies.

Hi Guys and Gals,

I think Hils recent call on the 4hr chart and trendline break was top class, hence mention in dispatches! So I captured that one using 15/5 min charts. Long Eur/Jpy and GBp/Jpy and GBp/CHF...I mention that for Foxy.

Currencies very interesting at moment with lots of volatility. looking closely at non $ crosses until interest rate statement and mkt reaction unfolds later today before I make new commitments.

Hi johngtudor,

It doesn't really bother me personally, one way or another what trades people are making because in the end I have my own Trading Plan and stick to it. The main point I was making earlier was that yesterday was one of the most significant days for ages in FX and the thread had no posts. Compare that with over 100 posts on the traders thread.

Out of G/J for 170 pips. All other trades to break even. Looks as though cable didn't like the news just released. Still long though.

Cable shrugged off news and now motoring higher. Having another great day trading. All 3 open positions in profit and stops to b/e. I added another long on EUR/JPY shortly after I initially posted this morning.

Your doing well Foxy. I was glued to my screen yesterday watching Cable chalk up the pips. Looks like more to follow but we will have to see what transpires.

Agree your point about absence of chat on thread yesterday but never mind, we were all set up making money!

The lack of posts on this thread has long been an issue, FF.

Personally, I'm not too worried about reading of other peoples trades, but it would be nice to have a bit more constructive input on the thread about where the market might be going. I firmly believe in quality over quantity and I've enjoyed reading your posts, so please keep them up.

As for the Trader's Thread having 100 posts, by the time you've filtered out the "Good Mornings" and other general chit chat there's not a lot left. Kyoto's input is probably the best imo, and I also respect CC's honesty.

It's the Fed tonight. Has anyone got any views of how much they'll cut? I really haven't got a Scooby and I certainly can't guess how much is already in the price.

Thanks Jt.

Yes having a great day today but I've had phenomenal run recently. Over the last 2 weeks (7 trading days for me) I've made in the region of 1,000 pips. Obviously the volatility as help boost that total above the average for me but I don't think it's any coincidence either that it also covers the period I have started posting on the thread. I think it is forcing me to think more about every position I am entering so that I can justify it not only to myself but others if needbe, if that makes sense.

Also the fact that I am fully focusing on Forex now whereas before I was doing it in a more ad-hoc fashion with other things keeping my attention as well. Not getting complacent though; take each day as it comes.

It's good to see a 'newcomer' posting - hello FreemanFox :)

From what I read yesterday with regard to the Fed funds futures market, investors have priced in the chance of a 100 bp drop in the short term rate, with the April futures contract showing a 22% chance of a 125 bp cut.

I've been mulling over the implications of the dollar becoming a funding currency for carry trades since its yield advantage has been blown out of the water.

So - no, Hil, I haven't really the foggiest either ;)