Forex rebates on every trade - win or lose!

"Investors scrambled to liquidate risky positions across the board last night in a renewed flight to safety, setting off a biggest one-day fall in gold for a quarter of a century"

...


so, why does a flight to safety result in a fall in gold - I would have expected the opposite ?

I think it's the fact that a lot of margined positions (including being long on gold) had to be closed out - typical journos - don't understand their subject!!

Morning. Hotei - presumably they have to sell gold to cover positions or meet higher margin requirements.

Morning all,

I'm long GBP/JPY and USD/CHF. Out most of today so I'll just leave my stops and limits in place and see where I end up later.

Hils,

If you don't mind me asking, on the M1 cable chart you posted yesterday what are the pink and blue arrows? There seems to be 2 sorts - bold thick ones and thin ones. Are they all manually added by you or drawn by an indicator automatically?

They're generated automatically when 2 ma's crossover, FF. The hollow ones are a pair of very fast ma's, the solid thin ones represent medium speed ma's and the thick solid ones represent a slower speed, more significant crossover.

I've set it up so that a text box pops up on my screen and it makes a "Ding, dong, Avon calling" sound when the slower ones crossover.

Mine pops an Ann Summers invitation through the door.

Jackie Gold gives me my invitation in person when I see her in Tescos, Chocopops.

:o)

Thanks Hils.

That's handy. Avoids the clutter of having too many MA's on the screen.

I hope you gave her Ruthie's number, Hil - imagine the 2 of them in a room together :o)

Hotei - banks are lending gold to generate cash - summat to do with risk aversion strategy.

I'll pass it on, Chocopops.

:o)

Returned to find both my positions in GBP/JPY and USD/CHF closed for a 100 pips each. Great end to the week for me.

Just done a cheeky short on cable. Feel as though it is going to sell off stongly going into the long weekend. We shall see.

Started this week with a EUR JPY long this morning which got closed at breakeven. Will try again tomorrow ;-)

Choccie:-) in the name of market research :-)

I've got a downward channel on cable formed from the 4-hour lows of 11th and 20th March and the high of 14th March.

The upper bounding line of that channel is currently at 2.0107.

Hils,

Weekly R1 at 2.0129, mid at 2.0030, which makes current price action interesting as long candle wick retreated from upper resistance. I scalped up from 1.9792 which was just above a support level I drew on my chart. Lets see what rest of day action we get. I see weekly Pivot at 1.9931

Why it's fun to be a currency trader when Merv's at the helm.

I'm short cable from 2.0064 on strong retrace back through the 50% fib level of the last major move starting from the 14 March high to the 20 March low.

Not really trading much over next couple of weeks as kids school holidays. I'll see how the cable short looks later today with a view of trying to leave it in place for quite a few days or more.

Also looking to short EUR/USD depending on how reacts today but I might miss it as will not be around to monitor things very closely.