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By Penguin1958 · Posted
The UK customer agreement for share dealing contains the text: "When we consider it reasonably necessary, or when requested by you, we may also convert balances and/or money standing to your credit in a non-Base Currency into your Base Currency;" One obvious condition for "we may consider it reasonably necessary" is where there is insufficent balance in the Base Currency to pay charges denominated in the Base Currency and so it is necessary to convert a portion of the non-Base Currency balance to a Base Currency balance. However "we may consider it reasonably necessary" is totally open to IG interpretation so could you please explain what other reasons you might have for unilaterally converrting my non-Base Currency balance to a Base Currency balance. As a frequent trader I use manual conversion to avoid paying Fx charges on every transaction and accept the comission charges for dealing under this regime in return. I do not however wish to wake up one morning to find my USD cash balance has been arbitrarily converted to a GDP cash balance withut explanation. Thank you. -
Asian stocks hit 27-month highs on Thursday as soft US data increased odds of a September rate cut, boosting bonds and commodities while weakening the dollar. Markets await UK election results, with Labour expected to win decisively. The MSCI Asia-Pacific index rose 0.9% to its highest since April 2022. Japan's Nikkei and Topix, along with Taiwan's main index, reached or neared record highs. The ISM services activity measure fell to its lowest since mid-2020, with weak employment data preceding Friday's payrolls report. Economic indicators suggest cooling, aligning with Federal Reserve goals. Markets now price a 74% chance of a September rate cut. The dollar weakened broadly, benefiting the euro and Australian dollar and the yen remained low against multiple currencies. Commodities gained from the weaker dollar, with gold prices rallying significantly. -
By tradinglounge · Posted
DAX (Germany) Elliott Wave Technical Analysis - Daily Chart Trend Analysis Function: Trend Mode: Impulsive Structure: Orange wave 5 Position: Navy blue wave 3 Direction Next Higher Degrees: Orange wave 5 (started) Current Wave Analysis Details: Orange wave 4 of navy blue wave 3 appears completed. Now, orange wave 5 of navy blue wave 3 is in play. Wave Cancel Invalid Level: 16997.96 Analysis Overview The DAX (Germany) Elliott Wave Analysis on the daily chart provides an in-depth technical view of the market trend. This analysis identifies a clear trend direction, categorized as impulsive, indicating strong, directional movements with minimal corrections. Wave Structure The current wave under analysis is orange wave 5, a part of the larger wave sequence within navy blue wave 3. This suggests it is a sub-wave within a broader impulsive movement. Next Higher Degree Direction The analysis indicates that orange wave 5 has started, signifying that the larger wave pattern is in the final stages of its current sequence and is moving towards the completion of this impulsive phase. Wave Details Completion: Orange wave 4 of navy blue wave 3 seems completed. Current Activity: Orange wave 5 of navy blue wave 3 is now active, indicating an ongoing upward movement in this final sub-wave. Critical Levels Wave Cancel Invalid Level: 16997.96 This level is critical as it invalidates the current wave structure if surpassed, necessitating re-evaluation and potential re-labeling of the wave counts. Summary The DAX (Germany) is currently in an impulsive trend mode on the daily chart, specifically within orange wave 5 of navy blue wave 3. With orange wave 4 completed, orange wave 5 of 3 is now active. The wave cancel invalid level at 16997.96 is a crucial threshold for maintaining the validity of this wave analysis. This analysis underscores the ongoing impulsive phase and the potential for a corrective phase once the current wave completes. DAX (Germany) Elliott Wave Technical Analysis - Weekly Chart Trend Analysis Function: Trend Mode: Impulsive Structure: Orange wave 5 Position: Navy blue wave 3 Direction Next Lower Degrees: Navy blue wave 4 Current Wave Analysis Details: Orange wave 4 of navy blue wave 3 appears completed. Now, orange wave 5 of navy blue wave 3 is in play. Wave Cancel Invalid Level: 16997.96 Analysis Overview The DAX (Germany) Elliott Wave Analysis on the weekly chart examines the market trend, identifying it as a persistent directional movement. The trend is impulsive, signifying strong, directional momentum with minimal corrective phases. Wave Structure The current wave under analysis is orange wave 5, a part of the broader wave pattern within navy blue wave 3, indicating it is part of a larger impulsive wave sequence. Next Lower Degree Direction The analysis points to navy blue wave 4 as the next wave direction, suggesting that after orange wave 5 concludes, the market will transition into navy blue wave 4, typically involving a corrective phase. Wave Details Completion: Orange wave 4 of navy blue wave 3 seems completed. Current Activity: Orange wave 5 of navy blue wave 3 is now active, indicating an ongoing upward movement in this final sub-wave. Critical Levels Wave Cancel Invalid Level: 16997.96 This level is crucial as it invalidates the current wave structure if surpassed, requiring re-evaluation and potential re-labeling of the wave counts. Summary The DAX (Germany) is in an impulsive trend mode on the weekly chart, currently in orange wave 5 of navy blue wave 3. With orange wave 4 completed, orange wave 5 of 3 is now active. The wave cancel invalid level at 16997.96 is a critical threshold for maintaining the validity of this wave analysis. This analysis underscores the ongoing impulsive phase and the potential for a corrective phase once the current wave completes. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!
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