Forex rebates on every trade - win or lose!

Today's been the worst day for whipsaws in ages. I've ringed them all in pink.

The only thing that's trended has been UKX at the bottom right. Everything else has traded within a range half of normal.

( TF ) 07/04 16:38
OUTLOOK Coming week to make for grim reading in the UK


- LONDON (Thomson Financial) - The coming week, though not particularly busy, is predicted to make for grim reading, showing that the UK economy is indeed faltering.

The gloomy state of affairs will underline just why the Bank of England remains unable to hike interest rates even as inflationary pressures continue to build. The central bank is almost universally predicted to keep its base rate unchanged at 5.00 percent for the third month running when its verdict is revealed on Thursday noon. While arch dove David Blanchflower is seen gunning for a rate cut, none of the other 8 rate setters are likely to be convinced, what with oil prices scaling new heights close to $150.


MONDAY, JULY 7

-Starting the week, UK industrial output is predicted to have dropped 0.1 percent in May from April, and by 0.7 percent year-on-year, partly due to the warm weather which would have weighed on the utilities sector.

In April, there were gains of 0.2 percent for both the monthly and annual comparisons.

The manufacturing sector meanwhile is expected to show no change on the month but a 0.1 percent drop from May last year, in line with weak surveys of the sector from the Confederation of British Industry and the Chartered Institute of Purchasing and Supply. The figures are likely to be far worse if not for the effect of a weaker pound.

In April, there were gains of 0.1 percent for both the monthly and annual comparisons.


WEDNESDAY JULY 9

-Wednesday is seen bringing some good news with the UK's trade position predicted to improve a touch. The May trade gap is seen narrowing to 7.4 billion pounds from 7.6 billion the previous month. Taking away the EU, the shortfall is seen narrowing to 4.0 billion from 4.2 billion.


ALSO DURING THE WEEK

-Also during the week, the outlook for the property market is expected to get murkier. Following on the heels of steep falls in Nationwide's survey of the sector, HBOS unit Halifax's equivalent is predicted to show more of the same. A 1.0 percent month-on-month fall is seen in June, taking the annual rate to a 6.0 percent decline. May recorded falls of 2.4 percent and 3.8 percent respectively.

Is cable going to break down from 1.97. Whats your magic numbers saying Hils

a small short at 1.9690

80/20 down sl 1.9728, Jeffie.

sl at 1.9730

cheers

sl 1.9722 now Jeffie.

Hils
I have the ODL package but as I cant get it at work not really played with it. I thought it only did FX but you say it does ftse and uk shares.

Ive just ordered one of those mobile broadband usb sticks from vodafone. So I can take my laptop to work and look at some real time data that I cant get on work pC

Just trying to log on to ODL but ID/PWD ok but says invalid account bottom right and Waiting for update in graph window.

Jeff, have a look in Mailbox messages to check all your details are correct.

Nothing there SC

I am still logging in to the demo version, do I need the live version

No, demo still has live prices & it's what we all use. Suggest you uninstall and download again from the email link you were sent.

When did you last use it, Jeffie? The demo will expire if it's not used for a month or two.

Hils
Not used for more than a month so probably expired.

Stopped out on cable short only for it to turn right on my stop. This always happens to on forex and why I stopped trading it for a while.

Ce la vie Roders

Jeff,

If you want to say what chart setup you're using for cable (timeframe and indicators), I'll try to help.

When I pasted up that chart for you last night, it occured to me that you might not be able to see it if Photobucket was blocked at your work. There are a couple of things in the chart which suggest that your trade was a bit dodgy. Firstly, the move was already 60 pips in (the entry signal came at around 1.9750) when you entered. Secondly, the range for the day was already pretty close to the average daily range, suggesting that the potential for further gains on the short side might be limited.

Notwithstanding, you were right imo to short it as it certainly wasn't a long at the time. The stoploss (stepped magenta line above the price) moved down to 1.9693 before being triggered last night. There had also been a signal to exit the short trade (for a small profit) prior to the stop being hit. Your loss on the trade should therefore have only been minimal.

Hils
Maybe I was looking for a trade to try to get back into looking at FX again. I set my stop at 1.973 and didnt change it. I guess I should wait until I have some better tools at my disposal before trying again. As I said, limited access to anything at work but hope to habve my laptop with me soon.

Thanks for the comments

Jeff,

Do yourself a favour and get re-registered and set back up for MT4. Aside from it being free, it's just so much better than any web based charts that increasingly rely upon Java. There are indicators galore (far more powerful and sophisticated than the web based indicators) that can be downloaded for MT4 to do absolutely anything.

Once you've re-installed it, let me know and I'll try to steer you in the right direction.

Will do, thanks Hils

Hils,

I note your recent chart posting to Jeff....and was particularly impressed with the rhs legends and other stuff..arrows etc. Is that the result of all your recent hard work coding? If so, well done and is it generally available as I would like to add it to my MT4 package. Thanks in advance. JT

John,

I've basically taken indicators that are freely available, thought how I could use them better to suit my style, and then re-coded them (it sounds flash, but it's more cut'n'paste than ace coding) to suit.

The trend indicator is the culmination of many weeks and months researching and hard graft. My current project is to get an EA coded professionally based around what you can see on that chart. If I can get it to work, it is my intention to get it to automatically trade multiple instruments for me so that I can say goodbye and walk away. It's my estimation that I'm a month or two away from that, so I'm understandably quite excited.