£/$ exchange rate - one for the spread betters
09 December 2003, 11:15 PM
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Seriously tempted to short the £/$ - it is currently at a 12 month high of around 1.7470.
Not dabbled in currency before, as not following it, but been watching it for a few weeks now....
Does currency have the same technical points as a normal indice can have? ie, would 1.75 be some kind of technical point where selling could kick in? I'm wary of this, as I don't think currency performs in the same manner as stocks & indices....ie, currency follows other trends, so would not have technical buy/sell points?
Sold it anyway, £1/pt at 1.7470 to go down. Stop set at 1.7511 as still not too confident so only a £41 gamble if it decides to move through 1.75 tmmrw and keep on rising
[Edited by imlach - 12/9/2003 11:18:08 PM]
Not dabbled in currency before, as not following it, but been watching it for a few weeks now....
Does currency have the same technical points as a normal indice can have? ie, would 1.75 be some kind of technical point where selling could kick in? I'm wary of this, as I don't think currency performs in the same manner as stocks & indices....ie, currency follows other trends, so would not have technical buy/sell points?
Sold it anyway, £1/pt at 1.7470 to go down. Stop set at 1.7511 as still not too confident so only a £41 gamble if it decides to move through 1.75 tmmrw and keep on rising
[Edited by imlach - 12/9/2003 11:18:08 PM]
10 December 2003, 07:39 AM
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Yep, it's extremely technical, as it's hugely commoditised, ie there is almost total transparency. It's dipped this morning a little on the back of the Fed, but the charts show 1.77 as being achievable in the very near future. Would be surprised to see much more than that barring external factors though.
10 December 2003, 08:13 AM
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Yes...down to 1.7400 right now - so £60 profit right now, but might just move the stop down a bit. Just an experiment really - don't usually do £1/pt spreads.
1.77 eh? Sheesh.....who's going to the USA on hols soon then? Take advantage while you can!
1.77 eh? Sheesh.....who's going to the USA on hols soon then? Take advantage while you can!
10 December 2003, 09:35 AM
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Weakness of the dollar, more than strength of the pound. The tarriff business with China has accelerated its slide, but now that's out of the way, further upside might well be limited. Famous last words of course, but it feels like we're near the top of the range here.
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10 December 2003, 05:45 PM
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Followed the stop down to around 17360 and as it went back up, the stop kicked in so made about £81 - just as well as it went back up to 17470!!
May look at it again later tonight if it goes back high again.....down a bit right now.
May look at it again later tonight if it goes back high again.....down a bit right now.
10 December 2003, 06:18 PM
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is it right that with a spread bet you are basically betting against people who have the reverse of your bet, or is that something else? when you are winning on a bet, does the money come from IG Index or from people who are making a loss on the same commodity?
<still trying to figure out how it works
>
<still trying to figure out how it works
>
10 December 2003, 06:28 PM
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Not sure how it is all done - but you don't need to know
I think when you buy/sell futures through them, the spreadbet company ALSO buy/sell futures on the REAL market, and they make the money on their spread - ie, difference between buy & sell. That way they cover themselves and make a small margin themselves....
[Edited by imlach - 12/10/2003 6:28:41 PM]
I think when you buy/sell futures through them, the spreadbet company ALSO buy/sell futures on the REAL market, and they make the money on their spread - ie, difference between buy & sell. That way they cover themselves and make a small margin themselves....
[Edited by imlach - 12/10/2003 6:28:41 PM]
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