Forex rebates on every trade - win or lose!

No problem in hosting, Hil, I've got big disks ;-)

Hilary - don't worry, it was just a 'nice to have' .

I finally got my trading account approved and funded with EFX Group at the beginning of last week. EFX Group appears to be the Forex arm of MB Trading. Both companies have good reports on forexbastards.

I'll get the problems out of the way first.

I have had an issue with connectivity around the hours of 16:00 through 19:00.

The platform has a private chat mode for support issues. I was initially told to reinstall the software but this did not improve things.

I eventually emailed their tech support. I was impressed that a few hours later I received a phone call. I have never experienced this with the likes of ETrade or Finspreads. Indeed, with ETrade I nearly always got the impression that I was being a pain in the arse.

They reckon that they have had internet backbone problems the past few days and have received many calls regarding similar problems.

Having watched the quotes and Level2 during the large news day on Thursday, when everything ran fine, then I have no reason to doubt this explanation.

I hope that these problems can be overcome in the near future.

The platform itself is rather weird and takes some getting used to. There are around 20 or more different order types you can experiment with. There is a 90 minute webinar available that covers most of them.

Now, EFXGroup charge a commission of $5 per $100,000 traded. So that adds just over 1 pip to the Euro spread or nearly 2 pips to GBP for a round trip.

However, during normal market hours the spread on the majors are often at 1 pip or less. In particular the Euro$ is often at zero.

Spreads on pairs such as USDCAD and USDCHF are often at 1 pip.

They run their own ECN. From what I gather they are running a major campaign to get more banks to sign up. Unless you are trading over 200 to 300 lots at a time I wouldn't see current liquidity as a problem.

Also, as they have an ECN you can place orders directly onto the book and hence trade within the spread.

Comparing the prices offered with the 'last trade price' shown via ProRealTime the majority of the time EFX is mirroring the market far closer than IGMarkets. IGMarkets I find great, apart from the fact that they (along with many other platforms) anticipate a move. I have not seen this with EFX.

So, apart from this late afternoon connectivity issue, I am well impressed.

Complete this sentance.

"Today Cable will break out of it recent range of 1.9765 to 1.9845
and will head ...... "


The first correct answer received will

....help me make a profit. lol

"up or down."

:-)

Consensusview.com says "Neutral" on Cable this morning. How may I help you with any further forecasts?

But seriously, Karen Jones at Commerzbank reckons it's under pressure to execute a deeper retracement lower . . . under pressure to head back to the $1.9660/50 zone . . .

Well I'm buying the dips this morning, but I'm not expecting too much from it and those stops will be tight going into the inflation data at 9:30.

1.9750 the level to hold if any chance of it heading back to $2 anytime soon
otherwise we could go down as far as 1.9500 medium term

Got a buy order in for 19740 to catch the falling knife. Had a reasonable few points on yesterday's drop.

looking to buy at this level if i get my signal, strong fib level here on the daily chart

I'm looking at 9690 area if it breaks 9760 and 9750

Which I think it will.

I agree, Harlosh. I see no reason whatsoever to buy it right now.

short on usd/cad which has dropped nicely from last night. just had a look at the gbp/cad!

GBP/CAD -- I assume that's the Thompson/Reuters effect . . .

mm just saw usd going in opposite directions to what i was watching.closed some of my usd/cad.couple positions on cable-tight stoplosses go and have ashower and see what happens!

That feels better! divergence forming on the 4 hrly chart!

Not convinced by the break below 50 so taken profit ahead of US figures and will look long around 9800

Last hours price action probably a good short entry in retrospect...

Unfortunately, got to go to a barbeque. we've got a big 50th party this wkend and the band, equipment and a few old friends arrived late last night.

Stops in place, catch you tomorrow

Just closed a long +53. That'll do for now, see what tomorrow brings :-)