Forex rebates on every trade - win or lose!

Hi everybody, hope you've all wintered well and are trading positively. Got back to(not so sunny) spain just over a week ago. Had an amazing time as a saisonaire, recommend it to anyone regardless of age, sex or creed, just need to be in reasonable condition to handle the long hours and pick a good resort! Had problems with my internet in france and havent looked at a computer screen for 3 mts.(apart from booking airline tickets).

Feel a bit of a virgin sat in front of my screens, having a good first day sofar(except hitting the buy button instead of sell one to take some pips of the table), currently long eur/jpy and short usd/cad( not so sure about this one, stops at breakeven. euros looking sexy atm

Moving anywhere nice hils or just got fed up with the......

Welcome back, Gofe. You sure picked a great winter for the snow.

We're not moving anywhere flash ........ just a little gaff on the estate up the road. It's a bit like Brookside Close really.

My old man's always wanted a room with one of these.



:o)

strange, missing post! I replied to Hils post with the chart saying thanks but its missing !

strange, missing post! I replied to Hils post with the chart saying thanks but its missing !

Morning All,

No positions at moment. Really pleased with the Tradestaion platform. Tons of great features and in the process of programming some automatic strategies.

You can place trendlines on a chart and get alerts when they are hit or even enter orders for you. Been trying out in simulation, placing manual trendlines that I want to trade off and let it place the orders for you and its working a treat. Shame the profits aren't for real ! Though when I am confident with the platform I'll start doing it for real.

Hi Foxy,


May I suggest you keep your real order entries on TS to single figures to start with as you adjust to slippage. Although they are getting better. They are coming to London shortly for in-depth training. If you are not already aware / interested let me have your email address and I will send you details. Good trading. JT

Hi Johngtudor,

Thanks for the warning with Tradestaion. Shouldn't effect me too much as I tend to go for the bigger swings so a few pips slippage here or there wouldn't be an issue.

I'll pm you later with my email address as the training sounds interesting. Thanks

JT, just sent you a pm thru moneyam.

Hi Foxy,


Thanks your last. Unfortunately the trading gods went against me and just after posting that msg to you yesterday they killed my ISP connection. I spent many mins talking to someone in India, it was ghastly! At the end of the day it was something done to the network and not my kit, but could I persuade India man that was the case...no way, and it made me very angry! Going to purchase another ISP connection now as backup. Anyways, sorry I missed the pm, please try again. Cheers, JT

I really do think this little snippet is possibly the start of something big. Actually, I think it will end up being massive. It's something that I've been thinking for some time and is going to affect oil and metals big time over the coming months and years.

Next years news today! You heard it here first. :o)

China tells US to back off pressure on Yuan


Reuters reports that China's envoy to the US says the Yuan has already risen quite a bit and that the US needs to reduce pressure and give it more to to deal with exchange rates. The envoy says the exchange rate is not the source of the US-Chinese trade imbalance.

If the Chinese think they are under pressure now, just wait until the fall political campaigns. The Bush administration has taken a firm but civil stance with the Chinese, led by Secretary Paulson who has particular expertise in the region. Paulson has kept Congress, who's natural instincts are to erect trade barriers, from flying off the handle so far. At some point, they may not be able to restrain the beast.

Hil: The exchange rate isn't the source: it's the indicator.

I don't think that the dominance of China in manufacturing has fully penetrated the American (or, indeed, British) consciousness. I have a mound of anecdotal evidence to support this. Manufacturing industry in the UK has been slaughtered. It's the same in the U.S. It's almost impossible to buy stuff that doesn't say 'Made in China' on it. Even Apple's iPhone carries the legend 'Designed in California, assembled in China'. Within a few years, Airbus will assemble in China.

Trade barriers are, of course, just a palliative: the symptoms of the disease will be temporarily numbed, but the underlying disease -- uncompetitiveness -- will rage on.

Even in these times, there is hope for the UK -- or London, in particular. It is still the world's financial capital -- now, if we could just have a Government that isn't so stupid as to attempt to destroy that as well, with their envy politicking.

Both EUR JPY & Fiber at interesting points now - the former hitting resistance at 163.00 and the latter struggling with 1.5485.

Interesting chart SC,

I think E/U is going to retrace higher before it moves into a medium to longer term downtrend. Either way, I'm standing aside from it at the moment. See what the news brings later today.

As for E/J, I think it is all set up for a significant move down and have been monitoring when to get in for a medium term trade for a while. I'm short from 162.72 with a view of build up a decent position in it as it continues to move down. (Hopefully! )

Hi FF, I've found the last two days really hard, whipsawed all over the shop. Didn't help by making a stupid "broke the rules" trade on Tuesday which gave me a small loss! Thanks for your thoughts on E/J. I'm probably not going to make any trades today, then have a look over the w/e.

Over last week, I've not been making too many day/intra-day trades as I'm focusing on trying to program some Automated Strategies in Tradestation.

It's easy to program the strategies - making them profitable is another matter! The quest goes on ....

Hope your stop's at b/e or better FF! Looks like we're rangebound for today. Made my day's modest target, not so good for the week though.

Incidentally for anyone doing intraday plays E/J has been nice to trade from 10pm to midnight most nights this week.

After the 100 pip move in my favour I then moved the stop to b/e.

Hopefully won't get hit but like I say, I think in the medium to long term E/J is heading down so if I do get stopped out I'll look to reposition at a better level.

NEW YORK (Dow Jones)--A rising dollar fell hard Friday after a sudden jump in global oil prices and a report that showed U.S. consumer sentiment at its lowest level in decades.

Data out early in the North American session Friday was positive for the dollar. U.S. home construction turned up unexpectedly in April, an apparent sign of optimism for the sickly housing sector.

But then a University of Michigan/Reuters report indicated U.S. consumer confidence fell to its lowest level in 28 years in May. Adding to the gloom, global crude oil prices pushed toward record highs when Goldman Sachs cranked up its forecast for oil prices in the second half of 2008.

That was all the signals investors needed to sell the dollar before going home for the weekend.

The euro jumped as high as $1.5602 against the dollar, the first time it notched above $1.5600 since May 1, while the greenback fell more than a full yen against Japan's currency. The dollar recouped some of its losses late in the afternoon, but not much.

Currency analysts said they even had their doubts about the idea that the data showing a rise in U.S. home construction should be viewed as positive for the economy and the dollar.

"That it went up was not a good thing," considering there is already a bloated inventory of unsold homes, said Andrew Busch, global foreign exchange strategist at BMO Capital Markets in Chicago. "You want to see home sales go up. So, (the home construction data was) actually a negative."

Friday afternoon in New York, the euro was at $1.5586 from $1.5458 late Thursday, while the dollar was at Y104.20 from Y104.66. The euro was at Y162.40 from Y161.79, according to EBS. The U.K. pound was at $1.9552 from $1.9482 late Thursday, and the dollar was at CHF1.0475 from CHF1.0561.

The dollar's slide amid higher oil prices reminded investors that a tight, inverse relationship still exists between the dollar and prices for crude, despite some deviations from this general rule in recent weeks.

"Who said the dollar-oil relationship has faded?" asked Ashraf Laidi, chief foreign exchange strategist at CMC Markets in New York. "Just because currency markets' focus was centered at last month's Federal Open Market Committee statement and the imaginary signs of a pause in interest rates does not mean that they've abandoned the increasingly important dynamic of oil."

Despite the dollar's gyrations, its week-long ranges against the euro and the yen were breached only slightly on Friday. Analysts said next week could be marked by more range-bound trading.

There is little important U.S. economic data due out next week. Instead, investors will keep an eye out for speeches by Federal Reserve officials, with the hopes of finding clues about where interest rates are heading.

Also out next week, on Wednesday, are the minutes from the Fed's latest FOMC meeting, when the policy-setting committee cut its benchmark interest rate by 25 basis points to 2.0%.

In other currencies, the Canadian dollar moved slightly above parity with the U.S. currency on higher prices for oil, an important export product in Canada.

Late Friday, the greenback was at C$0.9996 from C$1.0010 late Thursday.

The dollar's weakness Friday also allowed the U.K. pound to make a bit of a comeback after it fell to a nearly four-month low against the dollar Thursday.

Analysts said next week could be marked by more range-bound trading. groan :-(

Calendar above for tomorrow hasn't fully updated.

Mon
May 19 GMT
00:00 AM NZD New Zealand's Performance of Services Index (APR)

GMT
01:30 AM AUD Preliminary BoP Imports s.a. (MoM) (APR) 1.0%

JPY Bank Of Japan Rate Decision 0.50% 0.50%

GMT
04:00 AM JPY Bank Of Japan Monetary Policy Meeting

GMT
04:00 AM JPY BoJ Monetary Policy Meeting

GMT
05:30 AM JPY Tokyo Department Store Sales (YoY) (APR) -0.7%

GMT
05:30 AM JPY Nationwide Department Sales (YoY) (APR) -1.2%

GMT
06:30 AM EUR Bank of France Business Sentiment (APR) 105.0

GMT
09:00 AM EUR Euro-Zone Construction Output s.a. (MoM) (MAR) 1.2%

GMT
09:00 AM EUR Euro-Zone Construction Output w.d.a. (YoY) (MAR) 4.3%

GMT
14:00 PM USD Leading Indicators (APR) -0.1% 0.1%

GMT
22:45 PM NZD Visitor Arrivals (APR) -0.3%

GMT
23:50 PM JPY Tertiary Industry Index (MoM) (MAR) 0.5% -1.7%