Forex rebates on every trade - win or lose!

Cheers Hil. Kept off cable this morning because it was all over the place. Managed to get a bit of the ride down from midday, but missed most of the move :-|

Cable doesn't get much easier than today, Seymour. There have been fantastic signals from the HHG Oscillator on both the 5- and 15-minute charts for 3 winning trades since 7am.

Even if you didn't pick the best entry, they'd have done you well. I think you probably just need to take a big gulp, say wtf and press the mouse button. Then just hold your nerve, 'cause faint heart never won fair maiden.

You can do it!!!

Cheers Hil - my problem is some days I am so busy it's difficult to get to my screen. Didn't trade Monday, two yesterday and one today, all winners so winning but my maidens are smallish :-)

Will keep going.

There's a lot of market chatter around that fiber will print a key weekly reversal signal if it can close below 1.5670 at the end of the week.

"This would be a very bearish sign technically and would bring an immediate target of 1.5360 into play."

Thanks Hils, Weekly closing levels always interesting.

By the way do you have a book entitled: "Hils great sayings"..it could be a great seller with the right marketing!

Elliot wavers would have liked the ending diagonal triangle when the euro was around 1.60 so glad to see the confirmation from above

I'm studying Elliot Waves and pattern recognition at the moment. Look great when analysing past charts but in real-time seems a great deal of subjectivity is involved in places.

Does anyone use EW when trading Forex?

You're right imo in what you say, Foxey, great in hindsight but useless in real time.

I prefer my Up and Down StrategyTM. Buy it 'cause it's going up and sell it 'cause it's going down. And if it turns just after you've entered the market, cut your loss and reverse it quick.

Sterling is having another good day as stops are triggered on the break below 0.7850, just after Bavaria confirms the large fall in German inflation. Support is now seen at 0.7825 and then the key 0.7804 level which is the seven month channel base. Cable meanwhile looks to 1.9975, but may struggle as chatter concentrates on a 1.5600 Eur/usd option expiry this afternoon. It now looks like the Cable buying is rellated to a UK clearer buying on the hour, every hour (for now) for their dividend payment.

Do you run a course on your "Up and Down Strategy"? :-) Sure you could charge a fortune!

Perhaps won't come into play but I seem to have down slopey resistance and also a Fib level on Cable at 20004.

15:21 GMT, Apr 28 2008 | Posted by Mark Mitchell from London
Cable goes the way of Eur/usd


Cable again enjoying some buying on the hour mark which suggests that there was further sterling purchases by the UK clearer. Resistance now comes in at 1.9975 and 2.0025. Tomorrow should give us a bit more event risk than today as the MPC's King and Blanchflower testify before the Treasury select committee. Obviously superdove Blanchflower will tell us we're all going to hell in a handcart, so King may feel he should be a bit more hawkish than normal just to balance things out a little.

Hils,

Wonderful.........when will you be publishing phrase book!

Disregard my last comments, those levels are from an IG chart - yuk!

Errrrrrrrr. I keep reading articles about tonight's FOMC announcement, but all of the calendars point to it being tomorrow night.

Someone's clearly wrong.

This doesn't seem to be on the calendar, but it's important nonetheless.

Mervyn King set to face scrutiny


Mervyn King's reappointment will be discussed



When Mervyn King appears before the Treasury Select Committee later, it will be the first public opportunity to discuss the 50bn-plus loan scheme for British banks which he unveiled on 21 April.

The members of the committee are keen to grill him on the details of the scheme, which is the Bank of England's most ambitious effort to date to ease the credit crunch.

In particular, they are likely to want to be reassured about the risks for the taxpayer of allowing banks to exchange their mortgage-based assets for safe government bonds for up to three years.

Reappointment?

Mr King has said that the scheme should reassure the markets that no bank will be allowed to fail simply as a result of a shortage of liquid cash.

But Libor - the inter-bank lending rate at which banks lend to each other - so far remain stubbornly high.

MPs may want to probe the governor on how he interprets the market reaction to the scheme, and what would be his own measure of the plan's success.

Though the committee will take it as an opportunity to discuss general financial and economic conditions, the formal subject of the hearing is Mr King's reappointment for a second five-year term as governor at the Bank.

Before last summer, another term was considered to be Mr King's for the asking.


Critics said the Bank of England should have acted sooner to calm markets



But with the onset of the credit crunch, he came under increasing criticism for his response, which came to a head in the handling of Northern Rock.

His critics said the crisis could have been avoided if the Bank of England had acted sooner to ease the strains in the London money markets.

Mr King's drubbing by the media through the autumn of 2007 put his second term as governor in doubt.

The government heightened the speculation by refusing to comment on his reappointment until it was announced at the end of January.

Popular choice


But his standing in the markets has risen in recent months, especially since the launch of the new loan facility.

Defenders of Mr King's handling of the crisis point out that money market strains - at least until recently - have been equally evident in the US and the eurozone, despite the greater perceived activism of the US and European central banks.

They also note that the Bank of England has quietly injected as much additional liquidity into the markets as these other central banks, if not more, since the crisis began.

Mr King is a distinguished academic economist, who was a professor at the London School of Economics before becoming the Bank of England's chief economist in 1991.

He was deputy governor of the Bank from 1998 until 2003 when he succeeded Eddie George as governor.

He was a popular choice for governor in the media, having built a rapport with economic journalists while presenting the contents of the Bank's Quarterly Inflation Report at well-attended press conferences.

He has led these press conferences since the report was launched in 1993, and as a dedicated Aston Villa fan, will often pepper his remarks with elaborate football analogies.

Moral hazard

However, even before last summer senior city figures had complained about the governor's failure to forge closer links with the London financial community, a failure which may have cost him crucial support in the dog days of August.

The economy has cooled in recent months



Many said Mr King's focus on "moral hazard" during that early period - the risk that special support for banks now would reward banks who had made reckless decisions in the past - was a reflection of his overly 'academic' approach to the financial markets.

But outside the City, he won some support for trying to make sure that banks have an incentive to be more cautious in the future.

As financial conditions have worsened, the Bank's emphasis on moral hazard has receded somewhat.

But the fact that the new liquidity scheme is designed to avoid transferring any risk from banks to the taxpayer is a reminder that the governor is still extremely resistant to offering the banks anything that resembles a free lunch.

Eur/Yen has more or less fallen through trendline support established March 19 this morning, although remains to be seen if the support is just 'pierced' (intra day reversal?) or firmly breached.

Good morning everybody. Just writing a report and could use a bit of help, please. Is there a free EUR/GBP interactive chart I could access and do a bit of support, resistance and trendlines on? Essentially I am hoping to see if there is a trend emerging for the next 1-3 months. Which would you see as being stronger and why, basically.

Thanks

King is pleased with the tighter lending standards in the mortgage market saying it would be a serious mistake to get mortgage market back to where it was a year ago. This obviously begs the question as to why the Bank of England failed to do anything about it at the time. On wages he says that he was surprised at how little they have responded to higher CPI, cannot be sure it will continue. Talking about inflation he sees inflation hitting 3 percent over the next 12 months and that the period when CPI will be around 3 percent is likely to be greater than previously thought. He also repeated his concern over the rise in inflation expectations. More to come.

P,

Look under "Interactive Calendar" in the thread header. There's a tab for charts in the DailyFX bit. Click on that and take your pick.

Alternatively, go to either ODL Securities or Alpari or InterbankFX websites and download a free copy of Metatrader 4.