Forex rebates on every trade - win or lose!

Sounds interesting CC - you have my email address - would you send me a copy please. Thanks.

Click me for above link

Morning all, not a good day yesterday got stopped 4 times.

long Cable 2.0385

Foale
Long from 20340

EDIT - sorry I was watching it closely so didn't give an explanation. I have a tentative support line on the 60 minute at 20340 which, if it doesn't hold (and I'm not at all confident) I will be going short to the next long term support down around 20250. It's one of those cross your fingers trades - could go either way.

Looks as if I've probably got that wrong - stop in at 20300

EDIT - Stopped out so looking at a possible long around the 20250 level - and might see if a short is on - if it bounces back up to around 20330.

Always dead easy to be a smart arse after the event and I'm especially good at hindsight, but I can't for the life of me see why you guys went long? Personally, I'm looking at 2.02 before even considering a long position.

However, wtf do I know? (Except I'm good at hindsight)

PTH
You're quite right, fo course, I've just reversed a short from 300 at 245 (so net gain of just 15 pips) - as I explained above, the reason for my long was a support level that collapsed leading to the short and now it's another long term (Daily) support. Again, if that goes then there's a lot further for it to fall - in fact, I wouldn't be looking at 200 I'd be again short back down to around 20050 to the next long term support.

If 20250 proves to be wrong I'll be shorting.

criticism of others trades fine as long as you post your own :-)


Also its not terribly encouraging to get others to post their trades...if they see negative comments as soon as someones trade goes wrong... Posting at the time your reservations would be more useful... or that you have opened a short being so confident it would fall....

Extract from todays RBS FX Strategy Email - GBP/USD was about 203.45 when I received it :

"Short GBP USD may well provide the best pro-USD trade from an interday perspective, with yesterday's EUR GBP sell-off (and subsequent cable lag) suggesting that price is due a catch-up move today. Thus, we see potential for price to soften towards the 2.0190 early December reaction low (also marks the minimum 23.6% retracement of the November 2005 - November 2007 advance)."

I've doubled up on the grounds that - so far - it's holding. Stops in at 200 and order to open short for if it fails and falls - 'cos it's got a long way to go.

SAS trading for those in the least bit tempted - "Who Dares Wins - But Shrugs Shoulders When It Loses" :)

Foale,

I was far from been critical and I think if you read my post again there was a considerable amount of self-mockery!! I was merely curious as to what had prompted a long position, always willing to learn.

I do post my own trades (now and again) but usually when I do I find they make me look a tw*t. I can live with that though.

FWIW I am currently short Euro/Yen from 16360, which I should have closed about 10 mins ago, but was distracted by the phone :(

I am sticking to my plan here. Only demo trading now but I have managed to not even feel like trying to catch a falling knife on cable and eurusd.
I am going to wait and wait and wait until it settles down and let someone else establish the trend and then I shall commit my paper funds.

my open paper trades are short gbpjpy 229.36 from the 11th, short eurjpy 164.63 from the 11th, short usdjpy 112.32 from yesterday and short eurchf 1.6701. I am not in a hurry on any of these trades and have wide stops.
Only regret is not banking some of the gbpjpy on it's trip down to 224.75 after the rate decision.

Interestingly gbpjpy did not fall yesterday as much as I thought it would in reaction to uk equities and once again this morning did not get dragged down much by uk equities or in sympathy with cable. I do not know what to make of this.

I'm still staring at charts and indicators here trying to find that piece of magic. I'm starting to feel like i'm getting somewhere. Simple things only ever trade with the trend, identify if it's a trending or choppy market - they are easy to say but somehow it's taken a while for me to take them on board. 5 years of bad habits on stocks take some getting rid of.

There's a slew of US data out at 13:30 and a more cautious trader would be getting out around about now. I'm sticking my neck out and am prepared to get it chopped off. Have to go out around 13:45 so I'll see what the Yanks have got to say before deciding whether to risk it for a biscuit and leave them open or (if I took any notice of those more wiser and disciplined than I) take/lose whatever is on the plate at that stage.

Fwiw I also felt that cable was a long when I first looked in this morning, even after it had made that early high just shy of 2.0450 I felt it could carry on up.

By 8am though the trend had definitely been set as a downer. 5- and 15-minute ma\'s were crossing down and the MACD was heading down through the zero line.

In the bigger picture, today isn't looking very good for cables bulls. We could be witnessing the start of a pullback here which could take 6 months or a year or even longer to evolve. The key has got to be where the retest of the $2.11 high ends up in a month or two's time.

Hmmmmmmmm
Sensible thing to do would be to close out here and take a few pips. Nobody ever described me as sensible, in fact I'd take it as a personal insult if they did :)

So, plonker that I am, I'm leaving my positions open with stops moved up to just below the recent low. Wish me luck - 'cos that's what it'll be if I get away with it. The 45/50 has been breached and so I should be looking for shorts into strength but hey, nothing ventured Rodders.

I've got a short to open at the stop level so maybe I can retrieve some pips if it bombs.

Well, I hung onto my eur/jpy short gamely and in fact added at 86, jsut closed for +30 but can't but help feel there was more mileage in it. Good luck mg :)

Just gone long Cable (catching falling knives springs to mind) based on low of the day and a daily chart fib retracement level, which provided support earlier today. Tight stop.

Had a good week, but could have made 3 or 4 times what I did - if only I'd ....... (insert your choice of suitable phrase here).

Going to finish now with a smile on my face.

edit, will try to make those extra points next week........