Forex rebates on every trade - win or lose!

Gausie.......nice trading, if you can keep that up you've cracked it.

Sound like you are i the same boat as i was 3yrs ago, closed my business and just
working part time now to relieve the stress of trading.

Its taken me nearly 5yrs, all told, to crack this trading lark but fairly confident now.
As my main trading is Mini Dow(YM) and E- mini S&P (ES) the currencies fit
nicely into morning trading and hopefully help to build the pot.

Are you going to set up business outside UK? will understand if you don't want to answer that on here.

Back to the BPH6, nice pennant on the hourly to keep an eye on.

It's good to see a lot more interest in this thread these last few days. Some of this might be of use to some.

[05:42 GMT Feb 22nd] Smattering of nearby option expirations in a number of
pairs. See See 2369 for details. (hi)





[05:41 GMT Feb 22nd] [EUR/JPY] stops noted from as high as 139.30-35, large
below 139.25, 139.00. (hi)





[05:40 GMT Feb 22nd] [USD/JPY] stops tripped on break below 116.70-80 support.
Very large selling by an U.S. investment bank early at 117.10-20, provided
fodder for subsequent move down to 116.42. Talk light 116.50 option barriers
taken out. More at 116.00. Plenty of option strikes between 116.00-50, gamma
buys supportive. (hi)





[05:37 GMT Feb 22nd] [EUR/JPY], [CHF/JPY] and [GBP/JPY] (to a smaller extent)
sold by a variety of funds including models, momentum and hedge. Some paring
short JPY positions, shorter-term funds riding wave down. (hi)





[05:35 GMT Feb 22nd] Talk of central bank [EUR/USD] bids-offers both sides of
1.1900. Bids look to have won out for now. More offers up around 1.1970-75.
Standing bids below towards 1.1850. (hi)





[05:33 GMT Feb 22nd] [AUD/JPY] sees some JPY short-covering early, down from
86.50/55 to 86.00. Stops hit on break below 86.40, 61.8% Fibo retracement of
84.55-89.40. Model and momentum fund sales reported. (hi)





[05:31 GMT Feb 22nd] Standing [AUD/USD] offers above between 0.7425-40, bids way
down at 0.7340-50. (hi)





[05:29 GMT Feb 22nd] Talk of large [NZD/JPY] stops below 77.00. Cross dips to
0.7705 but local bargain hunters and demand from an U.S. securities house
results in bounce. (hi)





[05:27 GMT Feb 22nd] [NZD/USD] supported by generally weak USD, short covering,
up from 0.6609 to 0.6636. Offers seen thick 0.6650-70. (hi)

08:40 EUR/USD: Little Faith In EUR Despite Durable Talk] London, Feb 24. There
is little faith in the EUR in the market this morning despite the talk of a
worse than expected US Durable Goods release later today. Longs have been seen
cutting trades and this has helped push [EUR/USD] back to a fresh intraday low
at 1.1891. The current consensus release for the US data is for a drop of 1% but
speculation already doing the rounds suggests that players are preparing for a
much worse reading, -2.5% the worst number to pass this desk.
On the options front, there are still barriers on the downside in play at
1.1840, 1.1825 and 1.1800 should the Dollar manage to elicit further support
intraday.
In other news, a UK Clearer has this morning upped their forecast for the top in
Fed Funds from 4.75% to 5.5%, depending on data, following the comments
yesterday from the Fed"s Fisher. They suggest new FOMC Chairman, Ben Bernanke,
will open his reign with a hike and they expect to see a further two hikes of
25bp before the summit is reached, they point to June and August as the most
likely dates.

[08:47 USD/JPY: Moves Higher After Good Japanese Demand] London, February 24.
USD/JPY posted a modest rally from the 116.55/60 area to recapture 117.00 amid
aggressive Japanese name demand out of Tokyo. Japanese accounts were good buyers
of USD/JPY and EUR/JPY catching the market a little short. USD/JPY failed to
assert itself on the 116.43 Asian low printed early on in the Tokyo session and
the market favoured short covering.
Bias remains on the downside, with speculation rife over a Chinese revaluation,
along with expectations of an imminent shift in Japanese monetary policy. Some
say that a change could happen as soon as the March 8-9 policy meeting. This had
a large influence on the future market overnight, with EUROYEN DEC06 trading in
over 74,000 contracts. This is the highest volumes for some years and was
coupled with short to mid-term JGB interest.
Offers in USD/JPY are noted 117.00/10 from CTAs and proprietary names, while
offshore funds and macro accounts continue to place orders back into the
117.30/40. The 117.40 level also corresponds with the Ichimoku cloud top. Bids
are noted at 116.40/50 from real money names and importers, while quasi-official
demand is tipped at 116.30 ahead of the 116.00/20 option zone. A number of
strikes are noted ahead of large exotic positions at 116.00.

Hilary,

Be interested to see what you think about trading Cable by using the point and figure chart below. It is a .0025 box size and a 1 box reversal chart. In other words a column of X's (UP) would change to 0's (DOWN) every time the price reversed by 25 points. One could go long or short at each reversal or just trade with the trend, whatever suits.

I know the proof of the pudding is in the eating but on the face of it can you see any obvious pitfalls?

Regards

Sorry about the size but I want you to be able to see it :-))

Harlosh,

I've got to say that I really do not understand P & F. That said, my strategy is possibly similar in that I try to identify reversals on the 1 hour chart in the hope that the ensuing move will then span over several days.

I currently see cable as trending gently upwards which I guess is borne out by the X's on your chart. Unfortunately though, it's struggling for any va va voom recently and it's been far more lucrative to stay on your toes and trade it faster.

The Yen is where all the action is atm as I said the other day. There is a fundamental reason for this which is to do with the carry effect.

Have you tried a P & F of some Yen crosses?

Thanks Hilary, not yet but I will.

I'm not convinced on the intervention story ......... more likely to be Yen bull profit taking imo which I thought was present on Friday at around the 117 level then.

[09:18 USD/JPY: Quasi-Official Rumours Support Into 116.00] London, February 27.
Rumours of quasi-official bidding into 116.00 is doing the rounds across London
dealing desks after USD/JPY found support on the dip lower some moments ago.
Japanese bidding has been seen into the lows but some of this is seen as profit-
taking after spot held the 115.70 fibo level overnight. Technical support and
Japanese name demand from 116.00 down to 115.70 should ensure that liquidity
remains healthy around these levels.
Gamma related interest should restrict price action amid good size 116.00
strikes rolling off and offers are anticipated from 116.25/30 up to 116.45 from
CTAs and speculative players. Selling into strength is favoured, with another
test on the downside as the session progresses.

Blimey, today's turned into a blinder :)

Are you referring to Cable Choc?

Yup - just had a gallon of coffee :)
3 longs from yesterday and another this morning, average 1.7382 - all closed out for now.

Well done.

Dipped my toe for the first time just now with a short on cable from 64

Have 5 contracts on with BetonMarkets than cable does not touch either 1.775 1.720 or 1.722 all due to close tonight and tomorrow :-)))

Mega...

I hope my short falls only to 723 then Mega.

Good luck guys :)

choccie,its a no brainer really,its bang in the middle of either limits so as long as it does not tank or rise rapidly it will be a nice little earner so they say :-)

My short is looking shaky

Fwiw I can't see it going much lower than 1.7370 for a while yet.
And I'll stick to longs for now.

Covered cable -16

The greenback is weak across the board today because of fallout from the Dubai Ports/P & O deal.