Forex rebates on every trade - win or lose!

Hello Hilary,

Its my first post on the board so Ill like to introduce myself. Im most definitely interested in this thread; Ive been lurking for years but decided to get the most out of the MoneyAM community I need to start getting a bit more active on the boards. Ive been trading other instruments pretty successfully for years now but over last year or so started to have a look at Forex, only sporadically but I want to start focusing a bit more on it.

Id like to ask some questions about the last chart you posted if I may.

Firstly, you estimate that cable will go as high 2.0170 but what are you basing that analysis on as it. There doesnt seem to be any projected trendlines or support/resistance at that particular area. Is it just that you are projecting where it will possibly run out of steam based upon the MACD and Ruthies Arrers?

Secondly, what is the purple indicator line in the middle panel? Is seems to be some sort of trend indicator but on searching through earlier posts I cant find a reference to its name.

Any help appreciated. Its a great read this thread so everyone keep up the contributions. Im sure many people like me always look in for a read (though it is very quiet at times!). Ive decided that in future I will start contributing when I can and hopefully others will when the time is right for them.

Hello and welcome to the thread, Freeman.

In answer to your questions, the 2.0170 region is where cable fell through the blue rising support line of the uptrend from Jan 2006. When I looked again, that blue line is actually just shy of 2.02 (I guessed at 2.0170 without looking properly). Former support levels often turn into resistance levels on the rebound once they have been broken and vice versa.

The falling red line, incidentally, simply represents the 4 hour highs and will need to be redrawn once the next daily high is in place.

The purple indicator is a stochastic of a MACD. It does denote the trend and indicates also when you're at overbought and oversold levels. Used simply, you go long when it's rising or flatlining at 100, and short when it's falling or flatlining at zero. Otherwise it's simply a different depiction of a MACD histogram. I find it particularly useful for identifying highs and lows. It works better with some timeframes than others. It works very well with cable H4.

I'm lurking princess

I'm here too, fresh from the mysterious depths of the Winnersh Triangle . . .

You took your time, DelBoy. Did you get lost?

:o)

Do you use MT4, Jeffie?

Hils, thanks for the explanation re. the 2.02 level. Should of realised where it had come from once you explained.

I'll have a play around with a stochastic on a MACD. Don't think I've applied an indicator to another indicator in my trading before!

Welcome FreemanFox, nice to have a new name around. I was getting quite lonely on Monday :-)

Took out a long on cable at lunchtime at 2.0017, just closed for 53 pips, that brings my weekly total to 110 pips, so target met and it's only Thursday - and I only traded Monday and Thursday :-)

Of course I could have gone long Cable on Tuesday and run it, so would be about 500 pips to the better, but hey ho, I'm walking, not running.

Hey Hilary, I'm watching and lurking too. I'm looking into forex rather than playing right now, though, so don't expect too many pearls of wisdom from me ;) Weel done for keeping up the thread.
Chris

Thanks SC for the welcome.

I too went long on cable at 2.0012. Closed half for 69 pips and moved stop to break even for other half. Think I'll try and let it ride for a while and trail the stop as it moves up hopefully. I'm rubbish at setting targets, not found anything that really works yet for me.

Looks like I should have left it running. Well done FF.

A lot of red arrows started to appear as it moved up to 2.02 after the farmers wotsit, but I don't think the battle is over yet. The slower timeframes all seem to suggest it's got higher to go.

Preferring it above 2.02 to start the week? after starting the week to the upside.
Line in the sand might even be something as simple as which side of the daly 200ma and weekly 50ma it wants to stay on or change to?

hi hilary

I am a very delayed "here to". Have not looked in for weeks as I am being distracted by golf and my wife's new computer. Just as well really because I was going to sell cable

Bob

Well cable's looking like it's ready to push up again once we convincingly break $2.02. I'm long with a really tight stop.

Hi Guys and Gals,

Does anyone on this thread have any recommendations for Forex Pivot point numbers based on GMT?

Try this link, John.

I've seen another site somewhere that tells you what the pivot points are each day for different pairs/crosses. Sorry, don't know where I've seen it, but I'll post it up for you if come across it.

Otherwise, if you use MT4, I'm pretty sure that I've seen somewhere a pivot point custom indicator that (I would guess) will probably draw the lines onto your chart.

Stopped out of that long for -25 in the end, also a loss on a Euro Jappy so not one of my better days :-(. Going shopping with Mrs Clearly tomorrow so having a day off trading.

some pivots here

and here
scroll down a bit for tech table,
a couple of good sites for forex,
and research tech here
prepared by Nicole Elliott

Thanks, appreciated.