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6a Forex


Futuros de divisas 6a @ & gt; Encontrar futuros de divisas 6a Forex Trading en línea sitio web Forex Trading futuros de divisas sitio web 6a


Futuros de divisas 6a @ & gt; Encontrar futuros de divisas 6a Forex Trading en línea sitio web Forex Trading futuros de divisas sitio web 6a


Futuros de divisas 6a @ & gt; Encontrar futuros de divisas 6a Forex Trading en línea sitio web Forex Trading futuros de divisas sitio web 6a


Futuros de divisas 6a @ & gt; Encontrar futuros de divisas 6a Forex Trading en línea sitio web Forex Trading futuros de divisas sitio web 6a


Futuros de divisas 6a @ & gt; Encuentra futuros de divisas 6a Web de Forex en línea


Futuros de divisas 6a @ & gt; Encontrar futuros de divisas 6a Forex Trading en línea sitio web Forex Trading futuros de divisas sitio web 6a


Futuros de divisas 6a @ & gt; Encontrar futuros de divisas 6a Forex Trading en línea sitio web Forex Trading futuros de moneda sitio web 6a futuros de divisas 6a @ & gt; Encontrar futuros de divisas 6a Forex Trading en línea sitio web Forex Trading futuros de divisas sitio web 6a


Futuros de divisas


Forex robots de comercio son más populares que nunca y con el poder de los programas de software de prueba de datos de vuelta nunca ha sido más fácil y hay muchos sistemas para elegir, pero ¿cómo encontrar uno bueno - permite averiguar. Mientras que hay muchos robots de forex para elegir, 99% de ellos son basura y no le hará ningún dinero. ¿Por qué? Debido a que simplemente nunca han sido negociados y normalmente vienen con la cláusula de exención de responsabilidad más abajo - la mayoría de los comerciantes de divisas no lo leen, si lo hace, verá por qué la gran mayoría no en el comercio en tiempo real - aquí está: \ CFTC REGLA 4.41 - Los resultados de rendimiento hipotéticos o simulados tienen ciertas limitaciones A diferencia de un registro de desempeño real, los resultados simulados no representan el comercio real. También, ya que las operaciones no se han ejecutado, los resultados pueden haber sub-o-más compensado por el impacto, si es que , De ciertos factores de mercado, tales como la falta de liquidez. Los programas de comercio simulado en general también están sujetos al hecho de que están diseñados con el beneficio de la retrospectiva. No se hace ninguna representación de que cualquier cuenta o será probable obtener beneficios o pérdidas Similares a los mostrados \ ". Así que el vendedor de un robot de comercio de divisas puede presentar cualquier pista r.


Sistema de scalping # 6-a (Trend Trades)


Enviado por Usuario el 12 de mayo de 2009 - 14:39.


La popular estrategia de EMA Bands / Guppy EMA, que todos conocen, tiene una feliz continuación.


Permítanme presentar "Trend Trades" de Walter, quien ha hecho un gran trabajo con promedios móviles y ha creado un sistema que utiliza el promedio variable variable (VMA) en su núcleo.


Usted será capaz de aprender los principios y reglas de comercio de los archivos. Pdf adjunto a continuación.


Digamos que con un práctico indicador VMA tendrás más visión al decir a los mercados de tendencias de los mercados móviles de lado y saltar en un comercio que está desarrollando un impulso saludable.


Todo lo que tienes que hacer es descomprimir una plantilla y luego ponerla en la carpeta MT4 llamada "Plantillas".


Al abrir una plataforma de negociación, vaya a: Gráficos de menús -> Plantilla -> Cargar plantilla. -> FantailVMA3.tpl


Si no ve su archivo de plantilla allí puede haber 2 problemas:


A) no ha reiniciado una plataforma después de copiar archivos; B) ha copiado el archivo. tpl en la carpeta / Expertos / Plantillas en lugar de la carpeta principal / Plantillas.


Bueno, todo lo demás debería funcionar como un encanto. ¡Nos vemos en el lado ganador!


Alex Wakemann, Equipo de Forex Strategies http://forex-strategies-revealed. com/


Acción de precio de energía


Un día completo curso de comercio en 4 DVDs que contiene múltiples estrategias de acción de precios muy precisos para el comercio de futuros, divisas, divisas y acciones. Ocho semanas de entrenamiento, un libro de color de 45 páginas y el Manual de Secretos de Floor Trader también están incluidos.


E-Mini S & amp; P 500


ES Futures


El E-Mini S & amp; P es el mercado de elección para muchos comerciantes. Después de seguir el E-Mini por más de 10 años, yo (Juan Pablo) puedo decir verdad que las configuraciones comerciales de la acción del precio son la única manera de garantizar consistencia. En este video, tomo un comercio en vivo, Largo utilizando 10 contratos por 1,5 puntos de beneficio (6 ticks) usando una de las estrategias descritas en el curso de DVD de acción de precio de energía. Termino con $ 750 en sólo unos minutos. Este fue un ejemplo clásico de cómo la acción de precios lideró el camino hacia el objetivo de ganancias. Usando estrategias de acción de precio de energía, todo se conoce de antemano & ndash; Reglas exactas para paradas de entrada y beneficios. En el Libro de Entrenamiento incluido, verá un montón de ejemplos para ayudar a identificar configuraciones largas y cortas.


Moneda euro


6E Futuros o EUR / USD Forex


La divisa del euro es uno de los mercados negociados lo más extensamente posible en el mundo. Esto proporciona grandes configuraciones de liquidez, volumen y precio. La divisa del euro ofrece grandes oportunidades cada día, como se muestra en este vdeo donde el método de precio de acción de energía identificó una configuración rentable para el lado largo. Utilizando el método PPAT, la dirección de precios se conoce antes de tomar cada comercio, lo que permite un comercio simple y objetivo. Puesto que la versión de la divisa de este mercado refleja de cerca su equivalente de los futuros, usted puede intercambiar forex apenas como fácil. Mira el video para ver cómo funcionó el comercio con un beneficio, parada y dirección de largo conocido todo antes de tiempo. Recuerde, ocho semanas de entrenamiento están incluidos!


Moneda del dólar australiano


6A Futuros o AUD / USD Forex


El dólar australiano es un gran mercado al comercio debido a su movimiento liso y estabilidad general. Usando las estrategias de negociación de precio de energía, cada meta de beneficio y parada se basa en lo que el mercado dado puede sustanciar. Las estrategias exitosas de acción de precios se expanden hacia arriba y hacia abajo; Uno no se ajusta a todos. La acción del precio en combinación con el ATR (Average True Range) trabaja para confirmar dónde y cómo colocar cada operación. Recuerde que los indicadores con parámetros establecidos no pueden adaptarse y siempre están a la zaga de las condiciones en tiempo real. Power Price Action le proporciona numerosas estrategias de entrada y gestión, así como la forma de determinar las tendencias, elegir los mejores momentos del día para el comercio y mucho más.


Copyright y copia; 2011 DTTW LLC. Todos los derechos reservados.


CFTC REGLA 4.41 - LOS RESULTADOS DE RENDIMIENTO HIPOTÉTICOS O SIMULADOS TIENEN CIERTAS LIMITACIONES. DESCONOCIDO UN REGISTRO DE RENDIMIENTO REAL, LOS RESULTADOS SIMULADOS NO REPRESENTAN COMERCIO REAL. TAMBIÉN, DADO QUE LOS COMERCIOS NO HAN SIDO EJECUTADOS, LOS RESULTADOS PUEDEN TENERSE COMPARTIDOS POR EL IMPACTO, EN CASO DE, DE CIERTOS FACTORES DE MERCADO, COMO LA FALTA DE LIQUIDEZ. LOS PROGRAMAS DE COMERCIO SIMULADOS EN GENERAL ESTÁN SUJETOS AL FACTOR DE QUE SEAN DISEÑADOS CON EL BENEFICIO DE HINDSIGHT. NO SE HACE NINGUNA REPRESENTACIÓN QUE CUALQUIER CUENTA TENDRÁ O ES POSIBLE PARA LOGRAR GANANCIAS O PÉRDIDAS SIMILARES A LOS MOSTRADOS.


LAS REGLAMENTACIONES DEL GOBIERNO REQUIEREN LA DIVULGACIÓN DEL HECHO QUE, MIENTRAS ESTOS MÉTODOS PUEDEN TRABAJAR EN LOS PASADOS, LOS RESULTADOS PASADOS NO SON NECESARIAMENTE INDICATIVOS DE RESULTADOS FUTUROS. MIENTRAS SE HAY UN POTENCIAL DE BENEFICIOS, TAMBIEN HAY UN RIESGO DE PÉRDIDA. UNA PÉRDIDA INCURRIDA EN CONEXIÓN CON LOS CONTRATOS DE CONTRATACIÓN COMERCIAL PUEDE SER SIGNIFICATIVO. POR LO TANTO, DEBE CONSIDERAR CUIDADOSAMENTE SI ESA COMERCIA ES ADECUADA PARA USTED A LA LUZ DE SU ESTADO FINANCIERO, DADO QUE TODO EL NEGOCIO ESPECULATIVO ES INHERENTE RIESGADO Y DEBE SOLAMENTE SER EMPEZADO POR INDIVIDUALES CON CAPITAL DE RIESGO ADECUADO.


CUALQUIER ADVERTENCIA O SEÑAL GENERADA POR DÍA COMERCIAL PARA GANAR O ACCIÓN DE PRECIO DE POTENCIA SE PROPORCIONA PARA USOS EDUCATIVOS SOLAMENTE. CUALQUIER COMERCIO COLOCADO SOBRE LA CONFIANZA EN LOS SISTEMAS POWERPRICEACTION. COM Y DAYTRADETOWIN. COM SE TOMAN A SU PROPIO RIESGO PARA SU PROPIA CUENTA. EL RENDIMIENTO ANTERIOR NO GARANTIZA LOS RESULTADOS FUTUROS. MIENTRAS TIENE UN GRAN POTENCIAL PARA LOS FUTUROS DE COMPRA DE COMPRAS DE RECOMPENSA, HAY TAMBIEN RIESGO SUBSTANCIAL DE PÉRDIDA EN TODOS LOS NEGOCIOS. DEBE DECIDIR SU PROPIA CONVENIENCIA PARA COMERCIO O NO. LOS RESULTADOS DE LOS FUTUROS NUNCA PUEDEN SER GARANTIZADOS. ESTO NO ES UNA OFERTA PARA COMPRAR O VENDER FUTUROS O INTERESES COMERCIALES.


Consejos sobre Trading 6e y 6a para newbie


Consejos sobre Trading 6e y 6a para newbie


Consejos sobre Trading 6e y 6a para newbie


Vivo en Sydney Australia y durante casi dos meses he estado negociando de papel con datos vivos en la plataforma del comerciante del ninja que mira los comercios del cuero cabelludo usando un sistema de entrada específico llamado comerciante del cuero cabelludo de Boomerang.


Es, afirma su creador diseñado específicamente para el ES. Sin embargo se puede utilizar en otros índices / eminis. No sólo utiliza este sistema, sino que también recomienda mirar el & quot; Sesgo de cinta Tales como el Trin y Tran, s & amp; p y pocos otros indicadores en la campana de apertura y durante todo el día para indicar un día alcista o bajista en el ES


Vivir en Aus presenta un problema para mí para el comercio de la ES incluso en el Globex como el precio no ve mucho volitiliity a corto plazo adecuado para scalping cuando el mercado de EE. UU. se cierra (imo) en el momento en que se abre a las 11.30pm Aus tiempo


Howver que leí donde un comerciante está utilizando el sistema con éxito en eminis como el 6E. Así que me he estado acostumbrando a usar Ninja Trader y este sistema principalmente en el euro y dólares australianos con sólo el éxito limitado y el fracaso


Tengo algunas preguntas por el momento. 1. qué factores influyen en las monedas como el aus y Euro $$ sobre una base intradía que soy capaz de investigar fácilmente cada mañana, y durante el día, como Trins o Trans (o lo que sea) estoy buscando sugerencias específicas aquí que Me sugeriría que podemos estar teniendo un día alcista o bajista de la moneda? 2. Ver estas dos currrencias (6A y 6E) en un gráfico de 4 rangos durante los últimos dos meses me sugiere que la moneda de una moneda tiene tendencias (a corto plazo) en la misma dirección que la otra, ¿por qué es esto y cómo puede ¿Utilizo este u otros indicadores a mi ventaja? 3. la gente en este y otros foros hablan de cortocircuito que negocia en el primer par y el último par de horas del mercado pues puede haber más & quot; Ruido & quot; (Leer: menos tendencia) en el medio de la sesión de negociación. Pero con el intercambio electrónico de Globex prácticamente abierto 24 horas al día, esto puede ser una declaración bastante confusa como la " Día de negociación normal & quot; Para el aus $$ es diferente al Euro que es diferente al Yen, etc


Así que si quiero sentarme en casa en Sydney Australia (GMT + 10 hrs) y el comercio del euro o cualquier otra moneda para ese asunto. En qué punto en el reloj de 24 horas los datos intradía que indica un tiempo alcista o bajista por delante ya no son válidos.


Es decir: cuando se negocia el ES, se sugiere examinar el sesgo de cinta antes de que el mercado de inventario estadounidense se abra para el día. Para obtener una posible indicación de la dirección de los próximos días ¿cómo puedo aplicar esto a otras indicies como la 6A y 6E y en qué momento del día ya no son válidos 4. Creo (corregirme si está equivocado) que las monedas tienden Para gravitar alrededor de su precio de apertura. Puede tender hacia arriba o hacia abajo en el transcurso del día, pero en un día neutral se cerrará probablemente bastante cerca de la apertura. Por lo tanto, puede ser una buena idea (creo) tener una línea horizontal que al abrir del día, que sigue siendo un punto de referencia durante todo el día para recordarle si usted puede estar mirando una moneda que está cerca del extremo de su Comercio y es probable que regrese hacia el equilibrio? Es decir, el precio abierto Así que ¿cuál es la hora de referencia para los 6A y 6E? Nuestra bolsa local abre a las 10am. Sin embargo el 6A parece ser activo de aproximadamente 8AM) hora local). Entonces, ¿a qué hora empiezo específicamente a buscar los factores de influencia apropiados para el próximo día? ¿Cuáles son las horas apropiadas para el 6E? ¿O todo gira en torno a lo que Wall Street hace durante su "OPEN & quot; Horas 5. Uso una barra de rango de 4tick y estoy teniendo algunos problemas para ser detenido fuera de comercios de otra manera correctamente bisaed. Es decir: voy a ir corto sólo ser detenido en una pequeña inversión que luego continúa en lo que otro sería un comercio ganador. Creo que ATRs se utilizan comúnmente para calcular una parada que permita espacio para que su comercio respire. ¿Se puede establecer esto en un & quot; Gráfico de barras de rango & quot; O ¿es una "gama" Negar este concepto? Si se puede usar, ¿qué es un " Rango & quot; Para poner mi parada? Si no puedo utilizar posiblemente decir un 5min u otro marco de tiempo para calcular el ATR antes de establecer las paradas en mis oficios. 6. ¿Qué es un gráfico de ticks?


Creo que esto es suficiente para mi puesto Gracias por su ayuda Greg


Creo que deberías ser capaz de usarlo en 6E bastante bien.


La "cinta" Él recomienda es sólo para los índices bursátiles de Estados Unidos. No funcionará para ningún otro instrumento. Es por eso que cambia el ES. Funcionan muy bien para el ES, YM y NQ. No los utilice para las monedas sin embargo.


Creo que si quieres el mejor momento para el comercio 6E o 6A, debe intentar para el abierto de Londres o el abierto de Nueva York. El Londres abierto parece ser el mejor. La sesión de Estados Unidos puede ser lenta a veces y la sesión de la tarde de Estados Unidos a menudo es mejor pasar viendo la pintura seca.


Me gustaría pensar en utilizar una barra de 6 rangos en 6E, pero el sistema de boomerang está diseñado para trabajar en una barra de 4 rangos por lo que debe dejar en eso si utiliza ese sistema. Me abstendría de añadir otros indicadores a ese sistema, ya que está diseñado para ser un sistema independiente. Para muchos otros indicadores simplemente complicarán las cosas y te harán vacilar mientras analizas un indicador más.


El ATR para 6E es normalmente alrededor de 6. Si utiliza una barra de 4 rangos y obtiene sus entradas correctas, una parada de 6 tick podría funcionar. Sin embargo, si recuerdo bien, el sistema de boomerang dice que se utiliza una parada de 2 puntos en el ES, que funciona a 8 ticks en 6E. Si va a seguir el sistema, entonces debe usar la parada de 8 ticks. De lo contrario, es sólo una mierda disparar. Detener la colocación es muy subjetivo, dependiendo del tipo de sistema que se negocie. Pruebe el 8 marque uno por ahora, me suena como que trabajará para usted por lo menos para ver si el sistema del boomerang trabaja realmente.


En cuanto a qué otras cosas para ver en las monedas, preste atención a la tabla diaria de apoyo a largo plazo y la resistencia. Pero en general, el boomerang no debe necesitar un montón de otras cosas.


Eché un vistazo al sistema y me gustó la premisa de ello, pero no lo compré.


Háganos saber cómo va. Iniciar un diario y publicar algunos gráficos de su progreso. Estoy seguro de que toda la comunidad futures. io (anteriormente BMT) querría ver cómo lo hace con esto.


La simplicidad es la sofisticación final, Leonardo da Vinci


La mayoría de la gente eligió la infelicidad sobre la incertidumbre, Tim Ferris


No estaba pensando en usar la cinta en particular que se refiere a la NQ ES, etc, fue sólo un ejemplo para sugerir a otros que estoy buscando algunos indicadores que podría utilizar, lo que puede indicar de qué manera podría esperar la moneda a Tendencia durante el día. En lugar de negociar inadvertidamente con la tendencia


El componente "diario" Chart Supongo que esto se basa en la hora local de Europa / Londres?


Yo en realidad el comercio en PST y utilizar un gráfico diario en ese marco de tiempo. Estoy de acuerdo en que tendría sentido utilizar el Londres abierto / cerrar si usted planea en el comercio durante esas horas.


Estoy pensando en volver a la ES debido a la diferencia de tiempo entre Londres y PST. Todavía no he decidido.


Y no, no sé de una cinta para 6E que se aproxima a la cinta para los índices de acciones de EE. UU.


La simplicidad es la sofisticación final, Leonardo da Vinci


La mayoría de la gente eligió la infelicidad sobre la incertidumbre, Tim Ferris


3. la gente en este y otros foros hablan de cortocircuito que negocia en el primer par y el último par de horas del mercado pues puede haber más & quot; Ruido & quot; (Leer: menos tendencia) en el medio de la sesión de negociación. Pero con el intercambio electrónico de Globex prácticamente abierto 24 horas al día, esto puede ser una declaración bastante confusa como la " Día de negociación normal & quot; Para el aus $$ es diferente al Euro que es diferente al Yen, etc


Sí, el Globex es un 24hmarket. Pero verá la mayoría del volumen durante las horas de S & amp; P pit. Un factor de 5 a 1 o 6 a 1 no es inusual, debido a los participantes Big Money (aka papel) que negocian el contrato de efectivo (grande) y cobertura / inversión en los eminis. Ese tipo de volumen puede conducir el mercado en una cierta dirección muy rápidamente.


Yo negocio 6E, ES, DAX en GMT + 1, básicamente lo contrario de su ventana de tiempo, y empiezo cuando Eurex se abre (8 am GMT + 1). Entonces vea el volumen que viene en Londres abierto que puede dar lugar a otro movimiento, después de lo cual se seca generalmente hasta que los enlaces de los EEUU se abran.


Por lo tanto, un buen indicador de cuando los mercados de 24 horas son realmente activos es mirar el volumen durante un ciclo de 24 horas.


Dicho esto, personalmente me gusta el comercio de la ES fuera de EE. UU. pit horas, ya que es más predecible y sé que los participantes pueden permitirse el margen durante la noche, es decir, principalmente pro están involucrados.


Al crear un nuevo hilo, anote el subforo en el que se encuentra. He aquí una breve lista de sugerencias:


- Tema: Cualquier cosa que ver con un indicador Elite -> Subforum: The Elite Circle - Tema: Buscando un indicador existente, o cómo usar un indicador -> Subforum: Indicador de Elite -> Subforum: (la plataforma) - Programación - Tema: Desea un indicador creado / modificado -> Respuesta a "Desea indicador creado gratis" en Elite Circle - Tema: Proveedores (salas comerciales, indicadores comerciales) / Reseña del producto - Tema: Discusión de Forex o comercio de divisas -> Subforum: Forex y comercio de divisas - Tema: Diarios de su negociación -> Subforum: Diarios de comercio o Diarios Elite Trading - Topic: Discusión de un método comercial -> Subforum: Traders Hideout - Tema: Automated Trading -> Subforum: Elite Automated Trading


Por último, cualquier Miembro Elite puede crear más o menos cualquiera de estos temas en The Elite Circle a su propia discreción (su apoyo es apreciado).


Esta es sólo una breve lista general y no cubre todo. Si no está seguro de dónde crear su nuevo hilo, sólo tiene que crearlo en Traders Hideout y un moderador lo moverá si es necesario.


- Big Mike Trading


Debido a limitaciones de tiempo, por favor no me PM si su pregunta puede ser resuelta o contestada en el foro.


¿Necesitas ayuda? 1) Dejar de cambiar las cosas. No hay nuevos indicadores, gráficos o métodos. Sea consistente con lo que está delante de usted primero. 2) Iniciar un diario y publicar a diario con los oficios que hizo para mostrar sus fortalezas y debilidades. 3) Establezca metas para usted alcanzar diariamente. Hágales sobre cómo usted negocia, no cuánto dinero usted hace. 4) Acepte la responsabilidad de sus acciones. Deja de buscar en otra parte para explicar el mal desempeño. 5) ¿Por dónde empezar como comerciante? Mire este seminario y lea este hilo para cientos de preguntas y respuestas. 6) ¿Ayuda usando el foro? Mire este video para aprender consejos generales sobre el uso del sitio.


Si quieres apoyar a nuestra comunidad, hazte miembro de Elite.


5 de octubre de 2011 05:22


Diarios Elite Trading


17 de septiembre de 2011 20:15


17 de mayo de 2011 20:00


Octubre 1, 2010 03:36 PM


El Círculo Elite


4 de agosto de 2010, 18:33


Todas las horas son GMT -3. La hora actual es: 11:08 AM.


Página generada en 2016-03-18 en 0.15 segundos con 20 consultas en Phoenix a través de su IP 78.109.24.111


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Futuros de divisas nse @ & gt; & gt; Los mejores futuros de divisas nse Forex Trading en línea Forex Trading System futuros de divisas nse


Futuros de divisas nse @ & gt; & gt; Los mejores futuros de divisas nse Forex Trading en línea Forex Trading System futuros de divisas nse


Futuros de divisas nse @ & gt; & gt; Los mejores futuros de divisas nse Forex Trading en línea Forex Trading System futuros de divisas nse


Futuros de divisas nse @ & gt; & gt; Los mejores futuros de divisas nse Forex Trading en línea Forex Trading System futuros de divisas nse


Futuros de divisas nse @ & gt; & gt; Los mejores futuros de divisas


Futuros de divisas nse @ & gt; & gt; Los mejores futuros de divisas nse Forex Trading en línea Forex Trading System futuros de divisas nse


Futuros de divisas nse @ & gt; & gt; Los mejores futuros de divisas nse En línea Forex Trading Nosotros Forex Trading System futuros de divisas nse futuros de divisas nse @ & gt; & gt; Los mejores futuros de divisas nse Forex Trading en línea Forex Trading System futuros de divisas nse


Futuros de la moneda


Cuando usted aumenta su conocimiento y experiencia en el comercio de divisas, obviamente también aumentará sus oportunidades para maximizar los beneficios y minimizar las pérdidas en la actividad. Usted sabrá la oportunidad exacta cuando vender y cuándo comprar las monedas que se negocian para lograr este propósito, una habilidad que sólo los expertos comerciantes de divisas han dominado a un arte. Bien, por supuesto, convertirse en un comerciante de forex maestro toma tiempo, esfuerzo y dinero. El mercado de la divisa es un sistema complejo, competitivo y sofisticado que exige la atención completa de los participantes que desean las ganancias máximas y las pérdidas mínimas. En otras palabras, el comercio de divisas forex no es adecuado como un hobby, un pasatiempo o un medio recreativo. Para que no pienses, sin embargo, que el comercio de divisas es sólo para los genios de la matemáticas y los gurús de inversión, piense de nuevo. Todos debemos comenzar en alguna parte y con la divisa, comienza con la educación seguida por la práctica con cuentas simuladas y vivas. Vamos a discutir estos aspectos. En primer lugar, educarse puede significar dos caminos, a saber, formal e informal. Educación formal significa matricularse en las clases universitarias que se ocupan de las finanzas con énfasis en el mercado de divisas y sus industrias relacionadas. En línea.


Categoría: US Dollar Index


Publicado el 7 de enero de 2016 por Anna


Para las monedas de productos básicos y las materias primas en general, con la excepción del oro, ha sido un inicio tórrido del año, con el dólar canadiense bajo severa presión con la fuerte caída de los precios del petróleo, y el dólar australiano igualmente bajo el Cosh de la debilidad de los datos económicos nacionales y los problemas en China. Habiendo cubierto ya & # 8230; Leer más & raquo;


Publicado el 15 de diciembre de 2015 por Anna


Como saben los lectores regulares, cada año escribo un análisis de fin de año, con una mirada a lo que el año nuevo es probable que nos traiga, desde una perspectiva de comercio e inversión. Esto es amablemente tomado por investing. com donde usted será capaz de leer mis últimos pensamientos sobre lo que está por delante como & # 8230; Leer más & raquo;


Publicado el 8 de diciembre de 2015 por Anna


Antes de la próxima reunión del FOMC de la semana que viene, el gráfico mensual del Índice de USD ciertamente cobrará cada vez mayor importancia, sobre todo teniendo en cuenta los giros de la semana pasada con el euro, dando como resultado que la madre y el padre euro dólar. La ventaja del índice en consideración en este post es que se necesita & # 8230; Leer más & raquo;


Publicado el 30 de noviembre de 2015 por Anna


Aquí en el Reino Unido tenemos una tradición muy bien establecida por la cual una vez que cualquier ciudadano alcanza la edad venerable de 100, reciben un telegrama personal de nuestra Reina para marcar este logro signficant histórico. Para el índice del dólar de los EEUU, siento que esto debe ser marcado de la misma manera, pues también hizo 100 & # 8230; Leer más & raquo;


Publicado el 22 de noviembre de 2015 por Anna


En el momento en que llegamos a nuestro webinar forex para el inicio de la sesión de Nueva York, estaba claro que el sentimiento fuertemente negativo hacia el eur / gbp había comenzado a disminuir, aunque se trataba más bien del mercado que apuntaba a la libra esterlina, en particular Frente al dólar estadounidense. Y aquí también en el 5 min & # 8230; Leer más & raquo;


Publicado el 18 de noviembre de 2015 por Anna


El ímpetu alcista sigue manteniéndose firmemente en juego para el dólar estadounidense en el gráfico semanal a más largo plazo, tras el retroceso menor de la semana pasada, que vio la prueba del índice del dólar la nueva plataforma de apoyo ahora en su lugar en el área de 12,155 La línea punteada rosa). Esta fue la resistencia & # 8230; Leer más & raquo;


Publicado el 9 de noviembre de 2015 por Anna


La pregunta que todo el mundo está preguntando ahora sobre la moneda única es & # 8216; lo bajo que puede ir & # 8217; Y para una respuesta no necesitamos mirar más allá de los gráficos diarios y semanales del índice del Euro. Si empezamos con el gráfico diario, la fase de congestión a largo plazo que vio el comercio de índice en & # 8230; Leer más & raquo;


Publicado el 9 de noviembre de 2015 por Anna


En uno de mis posts la semana pasada donde consideré el gráfico de más largo plazo para el índice del dólar de los EEUU, me referí a la carta como una imagen que pintó mil palabras El análisis anticipó un movimiento más fuerte más alto, dado la formación del patrón creciente del gráfico del triángulo En el gráfico semanal. Este es uno & # 8230; Leer más & raquo;


Publicado el 2 de noviembre de 2015 por Anna


Se ha dicho muchas veces antes, y de hecho en muchos campos diferentes de esfuerzo que un cuadro pinta mil palabras, este sentimiento describe perfectamente el gráfico semanal para el índice del dólar de los EEUU, retratando como él ¿La indecisión y la falta de claridad que ha sido el sello distintivo de la FED en los últimos doce años? Leer más & raquo;


Publicado el 26 de octubre de 2015 por Anna


Al comienzo de otra semana de negociación, es hora de dar un giro alrededor de las cuatro divisas del Aussie, la libra esterlina, el euro y el dólar canadiense, cuando el FOMC vuelve a reunirse, sin duda a tintinear Y bailar en una cabeza de perno, en medio de un sentimiento cada vez mayor de la discordia y del desacuerdo & # 8230; Leer más & raquo;


Publicado el 20 de octubre de 2015 por Anna


A medida que el mes de octubre llega a su fin, y con los ghouls y fantasmas de Halloween preparándose para asustar y alarmar en igual medida, es el truco o treaters en la mesa de conferencias FOMC la próxima semana, que debería estar asustándonos más, como su La falta de claridad y la indecisión impresionante siguen a sonajero & # 8230; Leer más & raquo;


Publicado el 23 de septiembre de 2015 por Anna


A raíz de la decisión de la semana pasada por la FED de no elevar las tasas de interés, lo que parece haber perplejado a una serie de agentes del mercado, ahora es probablemente un buen momento para revisar el índice de USD, y en particular el gráfico mensual donde alcista El impulso para el USD sigue dominando. De muchas maneras, el servicio mensual de & # 8230; Leer más & raquo;


Publicado el 23 de julio de 2015 por Anna


Ahora que los mercados se acercan al alto verano, cuando como comerciantes e inversionistas podemos esperar una ralentización general y drenar la liquidez, es quizás apropiado antes del FOMC de la próxima semana considerar el índice del dólar estadounidense en un marco de tiempo semanal. El gráfico que estamos usando para este análisis no es el habitual & # 8230; Leer más & raquo;


Publicado el 1 de julio de 2015 por Anna


Como el silbato de medio tiempo sopla en otro año comercial, es hora de echar un vistazo a cuatro de los principales futuros de divisas, como Grecia finalmente incumple y nos pone a todos fuera de nuestra miseria! Y si comenzamos con el 6A el dólar australiano, este par continúa revolcándose en un mar de congestión & # 8230; Leer más & raquo;


Publicado el 23 de junio de 2015 por Anna


A medida que la tragedia griega continúa arrastrándose, es quizá un momento oportuno para hacer un recorrido por los cuatro principales futuros de la 6A, la 6B, la 6C y la 6E para el contrato de septiembre, y para cada uno es la Movimiento en el dólar de los EEUU que está tomando el centro de la etapa esto & # 8230; Leer más & raquo;


Publicado el 2 de junio de 2015 por Anna


Ha sido otro día fascinante en los mercados de divisas con algunos grandes movimientos sobre los principales índices del índice del dólar estadounidense, el índice de yen y el índice del euro. Si comenzamos con el índice del dólar de los EEUU la movida aguda más baja ha visto el índice caer de cierre de ayer de 12.034 al comercio actual en & # 8230; Leer más & raquo;


Publicado el 1 de junio de 2015 por Anna


La tendencia bajista para el cobre continuó una vez más el viernes, con el cierre de las materias primas con una amplia difusión hacia abajo de la vela y terminar la semana a 2,72 dólares por libra y la inyección de nuevo impulso a la baja a la baja. Este aumento en el sentimiento bajista también se reflejó en los volúmenes asociados, con una caída del mercado reflejada con & # 8230; Leer más & raquo;


Publicado el 30 de mayo de 2015 por Anna


A pesar de que el PIB entró con un 0,7% negativo e invirtiendo la cifra de crecimiento del 0,2% del último trimestre, esto fue marginalmente mejor de lo esperado, ya que el pronóstico Ha caído hasta -0,8%. Este fue uno de esos & # 8230; Leer más & raquo;


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VIX sigue moviéndose cada vez más bajo! 24 de noviembre de 2015


Después de los giros salvajes de finales de agosto, el VIX ha continuado moviéndose de nuevo hacia la plataforma principal de apoyo en el área 12 y abajo, que hasta la fecha se ha mantenido firme y ha impedido que los principales mercados de valores estadounidenses exploten y amplíen la larga tendencia alcista. Una vez más, en los últimos días, [& hellip;]


Anna Coulling


¿Dónde próximo para los mercados de EE. UU. después de FED flop? 24 de noviembre de 2015


El equivalente de Janet al fracaso de Fosbury dejó a los mercados estadounidenses nerviosos por delante de la liberación no programada y fue abrumado por eso. Así que, a continuación, para los principales índices, y esperamos que la FED no vuelva a caer en diciembre y finalmente salga de la valla.


Anna Coulling


Libra británica bajo presión en la sesión forex de Estados Unidos 22 de noviembre de 2015


En el segundo de nuestros seminarios de viernes de la divisa al comienzo de la sesión de los EEUU, era la libra británica que vino bajo presión creciente, pues el sentimiento alcista del dólar de los EEUU tomó el asimiento. Puede encontrar más información sobre nuestra metodología de análisis de precios por volumen en mis libros de Amazon, así como sobre cómo empezar como [& hellip;]


Anna Coulling


Euro osos lideran el camino en la sesión forex de Londres 22 de noviembre 2015


La sesión de divisas en vivo para Londres el viernes estuvo dominada por la debilidad del euro en todo el complejo de monedas, impulsada por los comentarios del presidente del BCE, Draghi. Usted puede descubrir más sobre mi metodología de análisis de precios de volumen en mis libros en Amazon, así como la forma de empezar como un comerciante de divisas. Simplemente haga clic en [& hellip;]


Únase a Anna mientras habla a través de los mercados antes de la FED y con tres bancos centrales en foco en 3 horas, está preparando una sesión de negociación interesante para los mercados.


Sintonice a Anna Coulling y Eddie Horn en TopStepTrader, ya que Anna analiza la semana de divisas por delante después de las elecciones en Grecia con el euro rebotando en el resultado! Dado que el dólar estadounidense también se ha invertido modestamente en el día, las grandes empresas han hecho algunas ganancias menores, pero con mayor fortaleza del dólar probablemente,


En el programa de mitad de semana de TopStepTrader Squawk Radio, Anna y anfitrión del programa Eddie Horn discutir las oportunidades de los comerciantes de divisas para el resto de la semana, y mirar hacia el futuro a algunas de las noticias clave a la vuelta de la esquina. David también ofrece algunas opiniones sobre los mercados de materias primas tanto para el petróleo como para el oro.


Póngase al día con la última noticia forex esta semana como Anna se une a la anfitriona Eddie Horn para su punto dos veces por semana en la radio Squawk de TopStepTrader.


El GBP / CAD ha estado en una tendencia alcista alcista desde hace algún tiempo, pero en las últimas semanas, el par ha comenzado a quedarse sin vapor, corriendo en algunos niveles de resistencia clave. La debilidad inicial fue señalada con un volumen muy alto, seguido de varias velas de estrella fugaz, antes de que el par inicialmente comenzara [& hellip;]


Una semana interesante como siempre para los comerciantes eurodólares, con el par flip flopping entre la congestión de precios y movimientos extremadamente volátiles. Nada más que el miércoles, después de la última reunión de Ben, los cambios en los miembros del comité y la continua cuestión de disminuir. Mientras que Janet se instala en la silla, el foco del mercado ahora está en las monedas exóticas actualmente [y hellip;]


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Futuros, acciones, y el comercio de divisas al contado tienen grandes recompensas potenciales, pero también un gran riesgo potencial. Usted debe ser consciente de los riesgos y estar dispuesto a aceptarlos con el fin de invertir en los mercados de futuros, acciones, materias primas y divisas. No negocie con dinero que no puede permitirse perder. Este sitio web no es una solicitud ni una oferta para comprar / vender futuros, acciones, materias primas o divisas. No se ha hecho ninguna representación de que cualquier cuenta tenga o sea probable obtener ganancias o pérdidas similares a las discutidas en este sitio web. Los resultados anteriores de los indicadores o la metodología no son necesariamente indicativos de resultados futuros.


CFTC REGLA 4.41 - LOS RESULTADOS DE RENDIMIENTO HIPOTÉTICOS O SIMULADOS TIENEN CIERTAS LIMITACIONES. DESCONOCIDO UN REGISTRO DE RENDIMIENTO REAL, LOS RESULTADOS SIMULADOS NO REPRESENTAN COMERCIO REAL. TAMBIÉN, DADO QUE LOS COMERCIOS NO HAN SIDO EJECUTADOS, LOS RESULTADOS PUEDEN TENERSE COMPARTIDOS POR EL IMPACTO, EN CASO DE, DE CIERTOS FACTORES DE MERCADO, COMO LA FALTA DE LIQUIDEZ. NO SE HACE NINGUNA REPRESENTACIÓN QUE CUALQUIER CUENTA TENDRÁ O ES POSIBLE PARA LOGRAR GANANCIAS O PÉRDIDAS SIMILARES A LOS MOSTRADOS.


&dupdo; 2016 Anna Coulling. Por favor, lea nuestra Política de privacidad.


Los mayores de la divisa redondean para arriba como gorge de los iniciados en la cena del lunes & # 8217; s!


Como el silbato de medio tiempo sopla en otro año comercial, es hora de echar un vistazo a cuatro de los principales futuros de divisas, como Grecia finalmente incumple y nos pone a todos fuera de nuestra miseria! Y si empezamos con el 6A del dólar australiano, este par continúa revolcándose en un mar de tráfico de congestión entre la resistencia profunda en la región 0.7750, definida con la línea roja punteada, y el soporte abajo en el área 0.7550, que continúa Para proporcionar una plataforma que impida cualquier movimiento adicional más bajo. Just like many other markets, volumes remain average and Monday’s move higher with a wide spread candle was associated with only modest volume, a clear signal of a lack of participation in this move, with falling volume again yesterday. The currency strength indicator to the left of the chart confirms the current price action with the Aussie dollar, the blue line meandering mid stream.


Moving to the British Pound and Cable, here too it is the general lack of volume which is a key feature, with the rally of mid June now appearing to have reached an exhaustion point, running into resistance at the 1.5900 region. Since then the pair has retraced to consolidate in a tight range between 1.5780 to the upside and 1.5680 to the downside and any move through the current platform of support is likely to see a deeper move back to test the 1.5470 level in due course. The currency strength indicator to the left of the chart confirms the picture, with the British pound (the yellow line) now heavily overbought on this timeframe and likely to reverse the longer term bullish trend in due course.


For the 6C, yesterday was perhaps the most interesting of the four pairs with the CAD/USD closing with a wide spread down candle on high volume, and closing well below the platform of support in the 0.8050 which has finally been breached. The current weakness was initially signalled on the 18th June with a shooting star candle and duly confirmed with a pivot high, before starting the move low from the 0.8230 region, with yesterday’s price action accelerating the momentum. In early trading the pair has moved below the 0.8000 region to trade at 0.7990 at time of writing, with the next levels at 0.7970 and 0.7940 now in sight. Any move through the lower of these will then open the way to a test of the deeper platform of support in the 0.7860 region. However, with the US dollar rising (the red line ) on the currency strength indicator, and the purple line falling ( the Canadian dollar) both have some way to go before reaching their respective overbought and oversold regions.


Finally to the euro, and the 6E and putting Monday’s extreme price action aside, the pair continues to remain bearish having run into resistance in the 1.1450 region before reversing lower to test the 1.1150 region ahead of the weekend. What is perhaps most interesting about Monday’s wide spread up candle, is the associated volume which is modest to say the least. For such an extreme move we should expect to see an ultra high volume bar given the effort required to move the market to this extent. All this confirms, and this is a classic example, is the manipulation by the market makers who saw this as an opportunity that was just too good to miss. Were they participating in the move – NO clearly not. It was a trap move intended to take full advantage of the news from Greece, with volume once again revealing the truth behind this fake move. Rest assured we will see more such examples over the next few days and weeks. Such opportunities are heaven sent for the insiders but are also classic examples of how volume price analysis reveals the truth behind the price action. Trading without an understanding of volume in these markets is pure madness, and plays into the hands of the insiders and market makers, and like the shoals of herring faced by a shark, more and more traders will be gobbled up in the ensuing carnage.


By Anna Coulling


Charts are from NinjaTrader and the trading indicators from Quantum Trading .


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VIX continues to move ever lower! November 24, 2015


Following the wild gyrations of late August, the VIX has continued to move back towards the major platform of support in the 12 area and below, which to date has held firm and prevented major US stock markets breaking out and extending the long bullish trend further. Once again over the last few days we […]


Anna Coulling


Where next for the US markets after FED flop? November 24, 2015


Janet's equivalent of the Fosbury flop left US markets nervous ahead of the unscheduled release and positively underwhelmed after it! So where next for the major indices, and let's hope the FED don't flop again in December and finally get off the fence.


Anna Coulling


British pound under pressure in the US forex session November 22, 2015


In the second of our forex Friday webinars at the start of the US session, it was the British pound which came under increasing pressure, as US dollar bullish sentiment took hold. You can discover more about our volume price analysis methodology in my books on Amazon as well as how to get started as […]


Anna Coulling


Euro bears lead the way in London forex session November 22, 2015


The live forex trading session for London on Friday was dominated by Euro weakness across the single currency complex, driven by comments from ECB President Draghi. You can discover more about my volume price analysis methodology in my books on Amazon as well as how to get started as a forex trader. Just click on […]


Join Anna as she talks through the markets ahead of the FED and with three central banks in focus within 3 hours, it's setting up for an interesting trading session for the markets.


Tune in to Anna Coulling and Eddie Horn at TopStepTrader, as Anna looks at the forex week ahead following the elections in Greece with the euro bouncing back on the result! With the US dollar also reversing modestly on the day, the majors have made some minor gains, but with further US dollar strength likely, […]


In the midweek show from TopStepTrader Squawk Radio, Anna and host of the show Eddie Horn discuss the opportunities for forex traders for the remainder of the week, and look ahead to some of the key news items round the corner. David also offers some views on commodity markets for both oil and gold.


Catch up with the latest forex news this week as Anna joins host Eddie Horn for her twice weekly spot on TopStepTrader's Squawk radio.


The GBP/CAD has been on an extend bullish trend for some time now, but in the last few weeks, the pair have started to run out of steam, running into some key resistance levels. The initial weakness was signalled with some ultra high volume, followed by several shooting star candles, before the pair initially started […]


An interesting week as always for eurodollar traders, with the pair flip flopping between price congestion and extremely volatile moves. None more so than on Wednesday, following Ben's last meeting, changes in committee members, and the ongoing question of tapering. As Janet settles into the chair, market focus is now on the exotic currencies currently […]


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Futures, stocks, and spot currency trading have large potential rewards, but also large potential risk. Usted debe ser consciente de los riesgos y estar dispuesto a aceptarlos con el fin de invertir en los mercados de futuros, acciones, materias primas y divisas. Don't trade with money you can't afford to lose. Este sitio web no es una solicitud ni una oferta para comprar / vender futuros, acciones, materias primas o divisas. No se ha hecho ninguna representación de que cualquier cuenta tenga o sea probable obtener ganancias o pérdidas similares a las discutidas en este sitio web. Los resultados anteriores de los indicadores o la metodología no son necesariamente indicativos de resultados futuros.


CFTC REGLA 4.41 - LOS RESULTADOS DE RENDIMIENTO HIPOTÉTICOS O SIMULADOS TIENEN CIERTAS LIMITACIONES. DESCONOCIDO UN REGISTRO DE RENDIMIENTO REAL, LOS RESULTADOS SIMULADOS NO REPRESENTAN COMERCIO REAL. TAMBIÉN, DADO QUE LOS COMERCIOS NO HAN SIDO EJECUTADOS, LOS RESULTADOS PUEDEN TENERSE COMPARTIDOS POR EL IMPACTO, EN CASO DE, DE CIERTOS FACTORES DE MERCADO, COMO LA FALTA DE LIQUIDEZ. NO SE HACE NINGUNA REPRESENTACIÓN QUE CUALQUIER CUENTA TENDRÁ O ES POSIBLE PARA LOGRAR GANANCIAS O PÉRDIDAS SIMILARES A LOS MOSTRADOS.


&dupdo; 2016 Anna Coulling. Please read our Privacy Policy .


La volatilidad del mercado, el volumen y la disponibilidad del sistema pueden retrasar el acceso a la cuenta y las ejecuciones comerciales.


El desempeño pasado de una seguridad o estrategia no es garantía de resultados futuros o de éxito en la inversión.


La negociación de acciones, opciones, futuros y divisas implica especulación, y el riesgo de pérdida puede ser sustancial. Los clientes deben considerar todos los factores de riesgo relevantes, incluyendo su propia situación financiera personal, antes de la negociación. La negociación de divisas en margen conlleva un alto nivel de riesgo, así como sus propios factores de riesgo.


Las opciones no son adecuadas para todos los inversores, ya que los riesgos especiales inherentes al comercio de opciones pueden exponer a los inversores a pérdidas potencialmente rápidas y sustanciales. Prior to trading options, you should carefully read Characteristics and Risks of Standardized Options .


Spreads, Straddles y otras estrategias de opción de múltiples piernas pueden implicar costos de transacción sustanciales, incluyendo múltiples comisiones, lo cual puede impactar cualquier retorno potencial.


El comercio de opciones de futuros y futuros es especulativo y no es adecuado para todos los inversores. Por favor, lea la información sobre riesgos para futuros y opciones antes de negociar productos futuros.


Forex trading involves leverage, carries a high level of risk and is not suitable for all investors. Por favor, lea la divulgación de riesgo de Forex antes de los productos de comercio de divisas.


Futures and forex accounts are not protected by the Securities Investor Protection Corporation (SIPC).


Futures, futures options, and forex trading services provided by TD Ameritrade Futures & Forex LLC. Privilegios comerciales sujetos a revisión y aprobación. No todos los clientes calificarán. Las cuentas Forex no están disponibles para residentes de Ohio o Arizona.


Access to real-time market data is conditioned on acceptance of the exchange agreements. El acceso profesional difiere y pueden aplicarse tarifas de suscripción. For details, see our Professional Rates & Fees .


Documentación de apoyo para cualquier reclamación, comparación, estadísticas u otros datos técnicos serán suministrados a petición. TD Ameritrade no hace recomendaciones ni determina la idoneidad de ninguna seguridad, estrategia o curso de acción para usted a través del uso de nuestras herramientas de negociación. Cualquier decisión de inversión que usted haga en su cuenta auto-dirigida es únicamente su responsabilidad.


TD Ameritrade es una marca de propiedad conjunta de TD Ameritrade IP Company, Inc. y The Toronto-Dominion Bank. &dupdo; 2015 TD Ameritrade IP Company, Inc. All rights reserved. Se utiliza con permiso.


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Admiral Markets - Forex Broker information, rating, reviews


Traders Rating: 3


Reviews News Rating Admiral Markets licenses and regulations: MiFID, FSA Trading software: MetaTrader 4/5, MultiManager, WebTerminal Headquartered: Ahtri 6a, Tallinn, Estonia, 10151


Admiral Markets is a Forex broker founded in 2001 and headquartered in Tallinn, Estonia. The broker provides a wide range of investing and trading facilities, among which there are online currency trading, binary options, futures, energies, stocks and commodities. Admiral Markets is a recognized supplier of the most up-to-date and accurate trading information on the international financial markets. Besides, the company provides the trading software and techniques enabling investors of all experience backgrounds to trade right from their working places or mobile devices anywhere and anytime in the world.


For the time being the company has representative offices located in more than thirty countries worldwide. The client support team is multilingual and offers its’ help and advisory services to the broker’s customers 24 hours a day/7 days a week. The company offers the Admiral Club members a flexible gifts plan allowing to exchange points received while trading on a real account for precious presents.


The trading conditions offered by the broker a highly comfortable and profitable. Mini accounts with Admiral Markets start from $1, standard accounts – from $1000. The leverage is 500:1 and pip spread on major currency pairs range from 0.1 to 1.1 pips. The company’s services are regulated by such financial institutions as EFSA, ASiC and MiFID which makes it possible to create a favorable and safe investment environment. Besides, the broker’s team focuses its’ attention to the safety of the customers’ fondos.


Besides trading services Admiral Markets provides its’ customers with trading education, including courses, online webinars and various educational practices elaborated both for experienced trades and novices in online currency markets. The Admiral Markets educational team’ aim is helping their clients to transfer large amount of information into knowledge applicable for successful trading.


All the above mentioned: relevant education, comfortable trading terms, helpful customer support team, powerful trading tools necessary for taking the right decisions, let the company’s clients to trade profitably and safely.


Admiral Markets Trading information


Have been trading with them for about a year so far. Quite satisfied with the services and conditions. The broker's help center is very helpful, I've received from them lots of materials about trading strategies and like that. Distant education at Admiral's is a good thing for a novice on the market.


I tried to trade with them at the beginning of this year. The consultant from the company persuaded me to open a real account for 5000 usd. At first everything was excellent, I traded small lots and received some profit. But when I started trading larger lots, there was seveal slippages and I lost all the deposit. I do not blame the broker but the coincidence is mysterious.


Hola chicos! Does anyone knows where 3tg broker servers are placed?


I have a VIP account in Admiral Markets. I am quite happy that to discover this broker and very pleased that the broker handle my depo safe and well. Admiral is MiFID regulated that is why they are not one of the untrustworthy brokers from Cyprus


This one remain my first choice for second year already. I think there is no better Broker than Admiral Markets in Hungary. I wish you luck as I once again banked my profit today


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Admiral Markets Forex News


March 16, 2016 Nenad Kerkez elected premium speaker at FXStreet FXStreet has announced that Admiral Markets senior analyst and lecturer Nenad Kerkez will join their premium webinars service this month. Admiral Markets takes great pleasure in working towards increasing trader awareness and general education. February 9, 2016 Help is just a click away with our remote support Now we can help you solve any technical issues and show you how to use MetaTrader 4 (basic and Supreme editions) - directly on your computer, from anywhere. February 8, 2016 PayPal is here We have great news. From 1 Feb 2016, you will have the ability to deposit funds into your live trading account using PayPal. Now you can choose how you want to deposit to your trading account - the classic way via bank account, or within minutes via credit card or Paypal.


Learn How to Trade Forex Get FXCM New to Forex Trading Guide when you sign-up for a FREE $50k practice account. La guía le explicará lo que es el mercado de divisas y por qué el comercio, así como las numerosas ventajas que ofrece y cómo se distingue de los mercados tradicionales. La guía también le ayudará a aprender los pasos simples y las habilidades que necesita para hacer su primer comercio y convertirse en un comerciante de divisas. Get started and sign up today! *Risks regarding foreign exchange trading


January 12, 2016 Admiral Markets hosts annual new year events across the Baltics 2015 was another great year for our Baltic customers, so we were pleased to celebrate this success with annual festivities in Estonia, Lithuania and Latvia. January 5, 2016 WebTrader puts MT4 in your browser Did you know that you can now safely trade Forex and CFDs from any browser or computer? Eso es correcto. MT4 WebTrader works on any operating system (Mac, Windows, Linux) and does not require downloading.


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Recently Active Members


The market is broken: Technician


A vicious sell-off swept across Wall Street on Monday sending all major U. S. indices dangerously close to bear market territory. The Dow. S&P 500 and Nasdaq each dropped more than 2 percent as many large cap technology stocks saw heavy losses. The indexes are now down 13, 14 and 18 percent from their respective highs.


Amid all the carnage, 84 percent of stocks in the S&P 500 have fallen into a correction or worse — loosely defined as a decline of 10 percent form a recent high. And with many of these stocks continuing to fall, one technician warns it could soon get much worse.


"Momentum is a powerful thing, but a break in trend is very hard to stop once it's started," Carter Worth told CNBC's "Options Action " on Friday.


Most troubling to Worth is that many stocks have broken through their so-called uptrends — a key pattern that technicians use to signal a turning point in a stock's direction.


Worth pointed to the chart of Disney. Apple. Under Armour. the Dow Transports. Salesforce. com and Skyworks as examples of stocks that have recently broken through their uptrends and have since failed to recover.


"Trends are hard to stop and they are hard to reverse once they break," said Worth.


Now that it's been nearly nine months since the S&P 500 has made a new high, and less than 10 percent of the index is in within reach of making a new high, the Cornerstone Macro technician expects losses to accelerate.


"Make the bet that something's not right."


Forex Brokers Reviews


Everest Markets reviews Everest Markets Discussion + SUBMIT YOUR REVIEW Website: www. everestmarkets. com Founded: 2011 Company: Everest Markets (NZ) Ltd (registered #3929301) Headquarter: 20-22 Munroe Street, Napier, 4110, New Zealand Note: Everest Markets (NZ) Limited company is registered as a Financial Services Provider FSPR Regulation Number: FSP237466. CONTACT NOW » OPEN DEMO ACCOUNT » OPEN LIVE ACCOUNT …


TFIFX reviews TFIFX Discussion + SUBMIT YOUR REVIEW Website: ww. tfifx. com Founded: 2006 Company: TFI Markets Ltd. Headquarter: 178 Athalassas Avenue, Irene Tower, 2025 Nicosia, Cyprus Regulation: CySEC (#117/10) CONTACT NOW » OPEN DEMO ACCOUNT » OPEN LIVE ACCOUNT »


The broker is out of business. Iceberg Brokers reviews Iceberg Brokers Discussion + SUBMIT YOUR REVIEW Website: www. icebergbrokers. com Founded: 2012 Company: Iceberg Brokers Ltd. Headquarter: Level 2, 90 Symonds Street, Auckland, 1140. New Zealand Regulation: not regulated. OPEN DEMO ACCOUNT » OPEN LIVE ACCOUNT »


Alpari (NZ) reviews Alpari (NZ) Discussion + SUBMIT YOUR REVIEW Website: alpari-forex. com Founded: 2008 Company: Alpari NZ Limited (Registration # 2193139) Headquarter: Level 5, 235 Broadway, Newmarket, Auckland, 1149, New Zealand Note: Alpari NZ Limited is registered in FSPR (NZ) with registration #28048. CONTACT NOW » OPEN DEMO ACCOUNT » OPEN LIVE ACCOUNT »


IFSFX reviews IFSFX Discussion + SUBMIT YOUR REVIEW Website: www. ifsfx. com Founded: 2011 Company: Ideal Financial Services Ltd. Headquarter: London, United Kingdom Regulation: ministry of commerce industries (Panama) (#2324934-1-793567) CONTACT NOW » OPEN DEMO ACCOUNT » OPEN LIVE ACCOUNT »


MFC Investment reviews MFC Investment Discussion + SUBMIT YOUR REVIEW Website: mfc-investment. de Founded: 2012 Company: MFC Investment UG (haftungsbeschränkt) Headquarter: Bgm.-Bodmeier-Str. 48, 83539 Pfaffing, Munich Regulation: BaFin CONTACT NOW » OPEN DEMO ACCOUNT » OPEN LIVE ACCOUNT »


Pepperstone reviews Pepperstone Discussion + SUBMIT YOUR REVIEW Website: pepperstone. com Founded: 2010 Company: Pepperstone Financial Pty Ltd Headquarter: Level 3, 27 – 31 King Street, Melbourne VIC, 3000 Australia Regulation: ASIC Note: Pepperstone Financial Pty Ltd is a Corporate Authorised Representative No.389931 of CDM Pacific Pty Ltd AFSL No.223682. CONTACT NOW » OPEN DEMO …


My Trade Markets reviews My Trade Markets Discussion + SUBMIT YOUR REVIEW Website: mytrademarkets. com Founded: 2010 Company: My Trade Markets Ltd. Headquarter: Ahtri 6a 10151 Tallinn, Estonia CONTACT NOW » OPEN DEMO ACCOUNT » OPEN LIVE ACCOUNT »


Liquid Markets reviews Liquid Markets Discussion + SUBMIT YOUR REVIEW Website: www. lqdmarkets. com Founded: 2006 Company: LQD Markets Ltd. Headquarter: Samos Center 1st Floor, 67 Spyrou Kyprianou Street, 4043 Yermasoyia, Limassol, Cyprus Regulation: CySEC (#103/09) • FCA (#516667) • CONSOB (#2756) • BAFIN (#123252) Note: Liquid Markets formally is TadawulFX CONTACT NOW » OPEN DEMO ACCOUNT » OPEN LIVE ACCOUNT »


Weltrade Discussion + SUBMIT YOUR REVIEW Website: www. weltrade. com Founded: 2006 under the name of SystemForex. Company: Systemgates Ltd. Headquarter: Olchovskaya str.15 Moscow, 119019 Russia


InvestTechFX Discussion Website: www. investtechfx. com Founded: 2004 Regulation: not regulated


Admiral Markets Forex Broker. Admiral Markets Reviews. Admiral Markets Rating


Ahtri 6a, Tallinn, Estonia, 10151, Tel. +372 6 309 303 UK Tel. +44 (0) 20 3239 7789


Admiral Markets is the leading provider of online trading services for the Forex market as well as up-and-coming online trading markets such as stocks, commodities, futures, and options. We are able to offer real time information on the entire financial market while also providing the software that enables you to trade right from your computer or phone, anywhere in the world. With offices in over 30 countries world wide, we truly are a broker for the world. The Admiral Club is our way of giving back to our clients. You can sign up to the Admiral Club via your Traders' Room and afterwards, each lot you trade on a live account will give you points which can be redeemed for prizes. Each country/region has its own specific prizes so you will be able to find something catered to you!


Over the years, we have earned a stellar reputation as a reliable international company. Our clients, international traders, are absolutely assured excellent attention and responsiveness from us during our long-term and mutually beneficial cooperation. Ever since the company’s inception, our activities and relationships with international customers have been guided by the following principles: Our Mission: To provide great opportunities for active investments in the global financial markets, create the most favorably comfortable conditions for our clients, move only forward in all spheres of our activities, and be a leader in the highly competitive market of internet-trading services in Eastern and Western Europe. Our Vision: We reach our goals by wrecking barriers between a financial market and a trader, brokering without disturbing the client, maintaining financial responsibility, encouraging free competition, and encouraging communication. Our multifarious nature and exceptional service quality aim not just to meet, but surpass client expectations. Our Motto: Trading for everyone.


4 September 2012


Participation in the rating


14 January 2016 Admiral Markets WebTrader puts MT4 in your browser Did you know that you can now safely trade Forex and CFDs from any browser or computer? Eso es correcto. MT4 WebTrader works on any operating system (Mac, Windows, Linux) and does not require downloading.


3 December 2015 Admiral Markets World of Trading 2015 enjoys record success Germany largest and most popular trading event, World of Trading, attracted around 8000 visitors this year. For the second year running in the events 11-year history, Admiral Markets silver-sponsored the expo and also celebrated its fourth year participating in what many German financial traders consider an annual highlight.


7 October 2015 Admiral Markets New Trading Instruments and Market Access Now Available We are pleased to announce the introduction of contracts-for-difference (CFD) on US and German treasury bonds to our Admiral. Markets account holders.


29 September 2015 Admiral Markets New Trading Instruments and Market Access Now Available We are pleased to announce the introduction of contracts-for-difference (CFD) on US and German treasury bonds to our Admiral. Markets account holders.


18 September 2015 Admiral Markets Admiral Markets voted Best MT4 Broker in the UK Forex Awards 2015 Admiral Markets faced some stiff competition in the most prestigious category but thanks to the unique MetaTrader 4 Supreme package was able to clinch the award.


9 July 2012 Jim Admiral Markets I have participated in one of their bonus programs Trade More Get More and their lot requirements are very good plus you get the bonus money straight to your account and you can trade with the money. I would definitely recommend them.


16 May 2012 venketessh Admiral Markets iam from Tamil nadu, Admiral Markets having Branch in mumbai i visited office in india mumbai branch. good service. more educated staff. even i have account in XTB they will eat your money easily. now working with Admiral Markets. good broker with Highest leverage and lowest PIPS. Hats off to Admiral Markets..


14 February 2012 Rajneesh Admiral Markets I have traded with X-Trade Brokers India for almost a year. These guys are offering good spreads, really nice platform & yes a vast deal of financial instruments! XTB India also offers amazing customer support & are always helpful whenever I need urgent help. made some nice profits! Overall very satisfied with XTB. these people are thorough professionals, with the withdrawal & deposit transactions pretty swift. I wish them good luck. Also, they are linked with Mclaren F1 Team, gives out some really cool freebies


14 February 2012 Andew Admiral Markets I have to disagree as well! As, John has mentioned above - there are other publicly acknowledged brokers with Russian nationals in their board. However, I think that the fact that they publicly indicate (on webpage) the origin of their team - illustrates the level of transparency in the organization. About the re-quotes - it is such a vague accusation and can be heard about any broker, i wont believe it unless i see metatrader screenshots proving constant re-quotes(not just in the moments of extremely volatile market),at least. Finally, they offer ECN account - there i haven’t faced any troubles so far. Trade with them about a year


13 February 2012 John Admiral Markets I would have to disagree with the comments below. Maybe this broker is from Russia, just like Alpari or FxPro. I have been trading with them for 2 years and I am very satisfied. A very good broker with a nice Loyalty system - Admiral Club. I would recommend this broker.


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Philip Nel started a thread at ForexFactory forum discussing the 4-hour MACD Forex Trading Strategy. Es un tema de foro impresionante. Comenzó en 2007 y todavía está activo ahora. (It has 1338 pages and growing.)


This trading strategy focuses on finding patterns (for e. g. double top and head and shoulders) on the MACD indicator. Trading patterns off the indicator instead of price reminds me of the Woodies CCI.


Esta estrategia comercial utiliza cinco medias móviles como puntos de soporte y resistencia. Set them up:


365 exponential moving average (EMA)


200 simple moving average (SMA)


89 SMA


21 EMA


8 EMA


We are not forgetting the namesake of this trading strategy. The settings for MACD are:


5 for fast EMA


13 for slow EMA


1 for the signal line


Add horizontal lines at +0.0015, +0.003, +0.0045, -0.0015, -0.003, and -0.0045


RULES FOR 4-HOUR MACD FOREX TRADING STRATEGY


This MACD forex trading strategy has many possible setups. Philip Nel recomendó configuraciones de continuación de tendencias para principiantes. Interpreté la estrategia y elaboré las siguientes reglas comerciales para las continuaciones comerciales. Estas reglas secundaron la necesidad de buscar patrones de gráficos.


LONG TRADE


Price is above 89 EMA


MACD is above zero


MACD falls


Buy once MACD rises (if MACD is still above zero)


SHORT TRADE


Price is below 89 EMA


MACD is below zero


MACD rises


Sell once MACD falls (if MACD is still below zero)


4-HOUR MACD FOREX TRADING EXAMPLES


WINNING TRADE – SHORT TRADE


This is a 4-hour chart of the 6A futures (AUD/USD) with the five moving averages in different colors. El color de fondo del indicador MACD muestra si el MACD está aumentando o disminuyendo. Me dejó las líneas horizontales como no estamos usando para nuestra crítica.


Este gráfico muestra una continuación de la tendencia después de dos días de consolidación.


El precio está por debajo de 89 EMA y los cinco promedios móviles se están extendiendo muy bien. Estos son signos de una clara tendencia.


Poco después de la fuerte barra de empuje, el MACD comenzó a subir. Antes de que el MACD subiera por encima de cero, disminuyó y nos dio una señal corta. Este comercio corto trajo la tendencia más allá del extremo anterior.


Mire la acción del precio durante la retirada del MACD. El precio se encontraba en un estrecho margen de negociación con barras estrechas y varias rupturas falsas. En este caso, el MACD agregó valor al destapar el impulso alcista para mantenernos fuera del mercado hasta que el momento se volvió bajista.


LOSING TRADE – SHORT TRADE


This pullback was deeper than the earlier pullbacks. Como la tendencia a la baja ha sido efectiva durante un largo período, este complejo retroceso se esperaba, y tal vez incluso necesario para que la tendencia continúe.


El indicador MACD aumentó a medida que el precio se mantuvo por debajo de 89 EMA.


Los promedios móviles rechazaron el precio. La acción del precio apoyó la señal MACD corta. Sin embargo, el comercio no resultó bien.


Dado una parada más amplia y un objetivo conservador, podríamos tener un comercio ganador. Sin embargo, la barra alcista (tres barras después de la entrada) debería haber detenido a la mayoría de los comerciantes.


REVIEW – 4-HOUR MACD FOREX TRADING STRATEGY


This trading strategy is a momentum trading strategy like the 5-minute MOMO trade and Elder’s Impulse System. MACD es el denominador común de estas estrategias comerciales.


Sin embargo, la configuración del indicador MACD en esta estrategia comercial elimina su línea de señal. Esencialmente, el MACD se ha convertido en un oscilador de precios.


Además, los cinco promedios móviles son demasiado para mí. Si bien ofrecen un marco de apoyo y resistencia, que desorden las cartas.


Sin embargo, esta estrategia es eficaz en la recogida retracement trading setups. Da un punto de partida decente para el comercio de impulso en los plazos más altos. (4-hour and above)


The 4-hour time-frame is unique to forex markets as it splits a 24-hour session into 6 bars. Para tener más diversión con esta estrategia, pruébela en el gráfico diario.


En nuestra revisión, nos concentramos en las tendencias de las tendencias comerciales. Evite las señales MACD cerca o más allá del último extremo de la tendencia. Esto se debe a que esta estrategia hace uso del principio de impulso precio anterior. Si el precio ya ha ido más allá de la última tendencia extrema, entonces el precio ya ha alcanzado el impulso. El punto dulce de nuestra sincronización comercial ha desaparecido.


Recuerde que esta estrategia comercial presenta muchas más oportunidades que las operaciones de continuación que observamos. El hilo del foro de mil páginas tiene todo lo que necesita para aprender sobre esta estrategia comercial.


In particular, look out for Philip Nel’s trade management advice. Escala en una posición si la parada-pérdida está demasiado lejos para reducir su riesgo general. It’s an interesting idea to explore.


Musk rumor sparks options ‘explosion’


Talk about tech titan Elon Musk seems to have sparked a flurry of activity in the options market.


On Thursday, shares of SolarCity surged 15 percent on a rumor that Musk may take the company private. The stock continued to rise on Friday, jumping 6 percent after opening bell. The speculation also prompted a spike in call options bought, indicating an increase in bullish bets.


"Call volume exploded today on that rumor," Dan Nathan of RiskReversal. com said Thursday on CNBC's "Fast Money ."


In the biggest trade of the day, one trader bought 3,600 of the April 25-strike calls for $2.10 per share. Since each contract includes 100 shares, this is a $756,000 bet that SolarCity's stock will rise above $27.10 by April expiration. A move to $27.10 would be a 14 percent gain from where the solar stock traded on Friday.


The price of buying options on SolarCity has surged along with the stock, Nathan noted.


"People are either playing for much lower lows or a squeeze higher," he said, given the high short interest in the stock. Even if Musk takes the company private, "it's going to be a money-losing thing for awhile."


According to FactSet, 39 percent of SolarCity shares are held short, as percentage of float. But on Thursday, Guy Adami warned that shorting SolarCity's stock could be a dangerous game.


"I don't think you can be short this stock," Adami said on "Fast Money." "Another headline like that comes out, it's up another 10-15 percent. This is the classic, 'I'm taking my ball and going home.' "


Musk did not respond to request for comment at the time of publication. In an email to CNBC, a SolarCity spokesperson said the company does not comment on rumors.


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The Forex Regime and EMU Expansion


Referencias


Bacchetta, P. and E. van Wincoop (2000) “Does Exchange-Rate Stability Increase Trade and Welfare?” American Economic Review 90:1093–1109.


Calvo, G. A. and C. M. Reinhart (2000) “Fear of Floating.” NBER Working Paper 7993.


Canzoneri, M. B. R. E. Cumby, and B. T. Diba (2001) “Fiscal Discipline and Exchange Rate Systems.” The Economic Journal 111:667–690.


Davidson, R. and J. G. MacKinnon (1993) Estimation and Inference in Econometrics . New York: Oxford University Press.


Edwards, S. (1996) “The Determinants of the Choice Between Fixed and Flexible Exchange-Rate Regimes.” NBER Working Paper 5756.


Edwards, S. (1998) “Exchange Rate Anchors and Inflation: A Political Economy Approach.” In S. Eijffinger and H. Huizinga (eds.), Positive Political Economy: Theory and Evidence . Cambridge, UK: Cambridge University Press, pp. 187–212.


Engle, R. F. and C. W.J. Granger (1987) “Co-Integration and Error Correction: Representation, Estimation and Testing.” Econometrica 55:251–276.


Frankel, J. A. (1999) “No Single Currency Regime is Right for all Countries at all Times.” Essays in International Finance 215.


Ghosh, A. R. a. m. Gulde, and H. C. Wolf (2002) “Exchange Rate Regimes: Classification and Consequences.” In A. Ghosh, A. Gulde, and H. Wolf (eds.), Exchange Rate Regimes, Choices and Consequences . MIT Press.


Ghosh, A. R. a. m. Gulde, J. D. Ostry, and H. C. Wolf (1997) “Does the Nominal Exchange Rate Regime Matter?” NBER Working Paper 5874.


Hodrick, R. J. (1989) “Risk, Uncertainty, and Exchange Rates.” Journal of Monetary Economics 23:433–459.


Lucas, Jr. R. E. (1976) “Econometric Policy Evaluation: A Critique.” Carnegie-Rochester Conference Series on Public Policy 1:59–46.


Reinhart, C. M. and K. S. Rogoff (2002) “The Modern History of Exchange Rate Arrangements: A Reinterpretation.” National Bureau of Economic Research . Working Paper 8963:104.


Stock, J. H. and M. W. Watson (1993) “A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems.” Econometrica 61:783–820.


von Hagen, J. and J. Zhou (2002) “De Facto and Official Exchange Rate Regimes in Transition Economies.” ZEI Working Paper B02-13:28.


Forex Video Zone


Forex Currency Trading System


December 20, 2015 at 13:55 by K. Prabhu


You need to understand Forex markets in order to make money trading currencies, and you need a trading system efficient and in tune with your trading style. Many traders find that they do better with swing trading than with making moment to moment trades. In swing trading the trader examines both fundamental and technical aspects of Forex market. This trader takes advantage of short term swings in the market. And there are traders who follow fundamentals and compare the prices that fundamentals should dictate with current pricing. This is a contrarian approach. A trader may hold to a currency for months before executing a trade as he waits for the market to come to him. A short term trading system takes advantage of normal ups and downs of market as it seeks its equilibrium. Scalping is a common approach to making money from bumps in the road of currency pricing. This is high speed and high stress and go for it if it fits your style and make sure you set your stops. Swing trading requires a combination of fundamental analysis and market analysis. Thre are information like Non Farm payroll report, Federal Reserve Board meeting minutes that contain information for currency. When the report is released the market reacts. A common approach is trading currency options. With buying options the traders guarantees himself the right to buy or sell currency and limits risk. He need not purchase the currency rather simply sell his options contract for a profit and move on to analyze the next trade.


Similar Videos:


austiclees 2015-06-18 19:46:37 UTC #1


You may find that most foreign exchange brokers don't allow for the currency pairs to be added to the DOM natively in Ninja Trader. Luckily, there's a work around.


To add FX pairs to the DOM, do the following:


Open a new market analyzer in NT7


File > New > Market Analyzer


Right-click on the market analyzer and add the forex pairs you want to trade.


Or you can add your entire default instrument list to make it faster.


Click the [L] Link button on the top-right of the market analyzer and select a color, i. e. Blue.


Open a new DOM in NT7


Click the [L] Link button on the top-right of the DOM and select the same color you chose on the market analyzer, i. e. Blue.


Highlight the pair you want to appear in the DOM and it instantly switches.


You can just highlight a new pair on the market analyzer when you want the DOM to switch to a new instrument, or you can change the instrument in the DOM like you normally would now that they are all added and linked in the market analyzer.


Linked. png 1123x606 224 KB


john1600 2015-06-18 20:32:50 UTC #2


This is very helpful and will allow me to use the DOM when trading forex pairs. Looking for clarification on diagnostic bar link regarding forex. http://apexinvesting. net/diagnostic-bar-size-and-settings/


Spoke with live support about clarifying the (6a, j,e, b,c) notation on the forex list?


Forex: (may also try 6 on fx markets in slower markets etc..)


G/J 24 ( 6 For Tight Scalps or slower markets) (Stops are usually 6 ticks instead of 5)


This was their answer: "Those are the futures contracts 6A is aussie, 6J is Yen, 6e is Euro etc they are not pairs they are the futures symbols for the respective country's currency"


Doe this mean that when trading forex futures we need to use a different instrument(s) other than the standard forex pairs that we all have been using to trade nadex?


darrell 2015-09-11 19:23:43 UTC #3


If trading spot forex use spot forex symbols If trading nadex use spot forex symbols If trading futures use futures forex symbols


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Aussie dollar continues lower


Posted September 7, 2015 by quantum


As spot forex traders we sometimes forget the futures market can often help with market sentiment towards a currency and the daily chart for 6A, which is the contract for the Aussie dollar is particularly revealing.


For the 6A, it has been a return to business as usual over the last couple of weeks, since the breakaway from the VPOC at 0.7320 once again confirming the heavily bearish sentiment for the AUD.


The initial break was on the 24th August where the wide spread down candle also triggered the volatility indicator, and as expected the price action moved back within the spread of the candle; a cynical move designed to trigger stops.


Since then the candle has duly been confirmed with a rapid move through the low volume node on the VPOC indicator at 0.6980 with the pair now trading lower once again at 0.6934 in the London session.


With the weight of transacted volume now sitting overhead in the 0.7320 price area and around the volume point of control, this is adding additional pressure to the move lower. Pressure to the downside is also gaining momentum following Friday’s price action on high volume and further reinforced by Thursday’s pivot high.


The currency strength indicator to the left of the chart is also confirming this bearish picture for the pair, with the AUD moving firmly lower back towards the oversold region on the indicator, and the US dollar rising strongly and back towards the overbought region.


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Exception Details: System. Web. HttpException: A potentially dangerous Request. Path value was detected from the client (?).


Se generó una excepción no controlada durante la ejecución de la solicitud web actual. Information regarding the origin and location of the exception can be identified using the exception stack trace below.


What Is Night Trading?


We all know what day trading is. According to Wikipedia, day trading is "the practice of buying and selling financial instruments within the same trading day such that all positions are usually closed before the market close for the trading day." Well, that makes sense. If you are trading stocks on the New York Stock Exchange, the Market opens at 9:30am EST and closes at 4:00pm EST. So any positions that are both opened and closed within that time are considered a day trade.


But what about night trading? How does that work? The truth is--it works best for the Futures Market. Most Futures contracts trade nearly around the clock. So a trading day takes on an entirely new meaning.


Say you want to trade the S&P500 emini. This is one of the largest financial instruments in the world, with upwards of 3-4 million contracts traded daily. But the times that the emini are traded are not 9:30 to 4. The emini actually opens at 4:30pm EST and continues to trade around the clock until 4:15 pm EST the next day Monday through Thursday (it is closed down 4:15 p. m. EST Friday - 6:00 p. m. EST Sunday). So that gives a whole new definition to the word "day trader". There are other Futures Markets as well with nearly round the clock trading, so it is possible to trade at night, no matter where in the world you live.


For example, say that you want to trade the Euro / Dollar pair in the Futures Market, the 6a is the contract name. That trades from 6:00pm EST to 5:15pm EST Sunday through Friday. So no matter where you live, you can trade this instrument. If you live in the USA, and are an early riser, you can start trading at 5:00am EST. By 7:00am EST when you are ready to go to work, you’re already done trading. Or maybe you would like to trade after work, say 7:00pm EST. Since the 6a trades round the clock, you will be able to trade it at that time too. There is plenty of action trading this instrument no matter what time you choose to trade.


It used to be that night trading was not a very active. The exchanges, such as the New York Stock Exchange (NYSE) and the NASDAQ, offered what they called extended hours trading for stocks. But there were so many limitations with stock night trading that no one took it seriously. One of the main problems was lack of liquidity, namely no one trading. Liquidity is all about how fast you can convert your stock into cash. There must be active buyers and sellers in order for you to enter and exit trades quickly. In the world of stocks, from 9:30am to 4:00pm this is a no brainer. There are plenty of buyers and sellers for most of the best traded stocks. But at 4:00pm, those buyers and sellers go home, so extended hours trading for stocks is not very liquid. You might get caught in a trade for hours.


Another problem with extended hours trading of stocks is the spread, the difference between the bid (what you can buy stock for) and the ask (what you can sell it for). During the day, when buyers and sellers abound, the spread is generally very small, 1-3 cents. But off hours, that spread can be much larger. And with no liquidity to boot, you might pay a lot more for the same stock you could purchase during the day for less. So the world of night trading stocks never garnered much attention.


Enter the world of futures trading, with the Chicago Mercantile Exchange (CME), the New York Mercantile Exchange (NYMEX), and Intercontinental Exchange (ICE). With futures contracts trading around the clock, now night trading takes on a whole new meaning. You will find all the liquidity you want and the spread is no different than during the day. You can trade equities, commodities, crude oil prices, spot gold, and every get involved with currency trading.


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Exception Details: System. Web. HttpException: A potentially dangerous Request. Path value was detected from the client (?).


Se generó una excepción no controlada durante la ejecución de la solicitud web actual. Information regarding the origin and location of the exception can be identified using the exception stack trace below.


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I am very Impress with your system. You know it best if you can post trade set up before the move. it will help us. Also we can chat on yahoo messenger or msn my Id saudiforex@yahoo. com


Assalamu'alaikum, Bro. i'm using the default set up. same like in the zip file.. for M15 i'm just change iHighLow period to 96. the others use 120 (H1 to D1)


NB: I save ur ym id


Comentario


Here is my another trade. I am still keeping it open and will see whether it can move to 209.57.


Stoploss is at 207.74


Position is closed for 20pips gain. as price seems to go downward. Better green pips than red pips


Last edited by arhemsi ; 12-02-2008, 01:44. Reason: Position closed


Comentario


12 February 2008, Morning Shoot


I'm just apen my laptop and here is my OP Sell base on M15 (SL 208.87 && TP 207.70)


Comentario


Hi KG Tokyo maybe pushes up? Stoch is oversold and price above pivot+ AC bars change color


Comentario


Close Sell Positions


I'm just apen my laptop and here is my OP Sell base on M15 (SL 208.87 && TP 207.70)


Sí. I close my Sell Positions for +15 pips only Because we don't have a clear trend at H1, H4 and D1 base on this system So. we wait another shoot


Last edited by kang_gun ; 12-02-2008, 02:41.


The High Dividend Stock Investor's Collapsing Dollar Survival Guide, Part 6A


Market Update: Warning! Do not feed the bears.


1. MARKET STATUS – SPECIAL REPORT


Before ever considering investing in stocks, we must always first look at the overall market, since almost all stocks follow the major indices.


Given the recent bounce, declarations that “the bottom is in” are echoing from Washington and Wall Street.


Because avoiding bad investments is even more important than finding good ones, I present arguments that further downside is more likely.


In order to allow enough room for a full discussion, I’ve broken Part 6 into two parts. Part 6A focuses exclusively on the market, Part 6B on shipping stocks.


I draw heavily from Dr. Nouriel Roubini, perhaps the most prominent seer of the current crash and its still unfolding ramifications for the past number of years.


Debate over whether the markets have bottomed focus around the following issues.


A. The Rate of Economic Decline


The optimists say that the world wide rate of economic decline is slowing, suggesting bottoming in late 09. The pessimists, lead by Roubini, argue that in fact most indicators remain strongly negative in Europe and Japan, near negative in the U. S. and China, and even these upticks in the U. S and China were temporary.


1. THE U. S.


The Empire State and Philly Fed index of manufacturing are still plummeting, initial claims for unemployment benefits are rising and suggest accelerating job losses; the sales increase in January is an aberrational rebound fueled by bargain hunters from a depressed December.


Despite a slight recent improvement in the ISM index, the latest data that have come out - industrial production and Empire State economic conditions index - have been as depressing as any and suggest that the March ISM may show another sharp dip:


Industrial production was down 1.4% in February after a revised -1.9% in January.


Capacity utilization down to 70.9%, the lowest level ever recorded. And the Empire State report on economic condition fell to -38.2, the lowest level ever recorded (data from 2001 on), from -34.7 in February.


Thus, the belief that some economic indicators are showing a bottoming out of the rate of contraction is just not justified by the data.


U. S. domestic consumption, a major part of its GNP, needs to fall further as households increase savings to compensate for their loss in net worth from massive declines in housing prices (25% and another 20% likely) and stock prices (50% so far, more likely). Continuing rising unemployment will compound the decline in consumer demand.


2. CHINA


In China, credit growth was not used for investing in future growth but rather for investing in higher returning deposits . Chinese imports, mostly of raw and intermediate materials used for exports, are down 40%, falling faster than exports. Thus while Chinese exports have up to now fallen less than the rest of Asia, these free falling import figures suggest exports will soon power dive as well.


Elsewhere in Asia, Japan, Taiwan, and Korea’s exports are down 40%-50%. Per Roubini (in his March 16 article at www. rgemonitor. com ): Dr. Roubini writes:


The scale and speed of synchronized global economic contraction is really unprecedented (at least since the Great Depression) with a free fall of GDP, income, consumption, industrial production, employment, exports, imports, residential investment and, more ominously, capex spending around the world. And now many emerging market economies – as argued here for a while - are on the verge of a fully fledged financial crisis starting with Emerging Europe.


B. The Effectiveness of Government Stimulus Programs


The optimists argue that policy stimulus, both monetary but especially fiscal, in the US, China and the rest of the world is starting to kick in and will contribute to the recovery in late 09. Dr. Roubini and others counter with the following.


1. THE U. S.


In the U. S. monetary easing is ineffective (“like pushing a string”) when there is too much productive capacity for the available demand. Cash strapped and nervous households and businesses don’t spend just because borrowing is cheaper.


Fiscal stimulus (i. e. government spending) will have limited effect. In the U. S. only about 25% of the $800 billion will be deployed in '09, the rest in the coming years. Half of that $200 billion is in the form of tax cuts that are more likely to be saved by anxious household. For example, only 30% of the 2008 tax cuts were spent, the rest saved. Dr. Roubini concludes in the above mentioned article,


Thus, given the collapse of five out of six components of aggregate demand in the U. S. (consumption, residential investment, capex spending of the corporate sector, business inventories and exports) the stimulus from government spending will be puny this year.


2. CHINA


The picture in China isn’t any more encouraging. China’s much heralded $480 billion spending will not be effective in the long run. China’s economy is extremely dependent on trade as opposed to domestic consumption. With exports plummeting, thousands of firms closing and millions of jobs lost, domestic consumption will not compensate for declining exports. While government infrastructure spending will be helpful in the long term, any near term spending on more export production capacity while there is already excess capacity may just lead to increasing loan defaults. Moreover, because most of this spending will be capital rather than labor intensive, unemployment and thus domestic consumption will remain a problem.


Thus without recovery of demand from the West, China will not recover.


C. The U. S. Financial System


The optimists claim and financial stocks are oversold, many major institutions say they’ll be profitable in '09, don’t need help, the financial system is solvent. The pessimists, I paraphrase much of Roubini here, paint a starkly different picture.


First, these ‘profits’ are only with the Fed and Treasury heavily subsidizing the financial sector. The Fed Funds - at 0%, with massive quantitative easing, with credit easing allowing banks to dump toxic assets on the Fed balance sheet and with a new government program that allowed banks to borrow at riskless rates almost $200 billion dollars at medium term maturities


Second, the latest version of the TALF now allows even hedge funds to borrow – up to a trillion dollars - at government rates – and leverage their investments 20 times to purchases new ABS issued by banks and reap a nice spread over LIBOR with very limited risk. With policy and borrowing rates equal to zero or close to zero for banks and broker dealers their intermediation margins are obviously positive as lending rates are much higher. But this is a direct huge subsidy of the financial institutions that is being paid by savers that are now earning 0% or close to 0% on $10 trillion of bank deposits.


Third, even with this massive subsidy, the government has allowed the banks vastly understate their write downs and bad debts. How? Via government regulators allowing over-valuation of bad assets, parking illiquid assets in level 3 “unrealistic” valuations, easing of capital requirements, using AIG to bail out its counterparties to the tune of $160 billion, and eventually, suspension of mark to market accounting.


So no surprise that Citibank (NYSE:C ), Bank of America (NYSE:BAC ) and JP Morgan (NYSE:JPM ) can argue that they will be making this year a profit “before provisions for write downs”. There’s the rub: while operational margins can be positive if you borrow at 0% and lend at much higher rates, the actual P&L and balance sheet of banks and broker dealers depends also on write downs. These write downs, delinquencies and write-offs are growing and spreading as the recession worsens.


In sum, without the above forms of assistance, most of the banks would already be gone, and as is are de facto wards of the government. The government is already the biggest shareholder of Citibank, and many others survive purely on government life support.


Dare we say it? Nationalization has at least partially arrived already.


D. The U. S. Stock Market


The optimists say that stock markets have already fallen in the US and globally by over 50% and are now way oversold. Earnings have fallen a lot but will recover soon as economic activity will soon stabilize. And since stock markets are forward looking and bottom out 6 to 9 months before the end of the recession we must be now at the bottom if the economy will recover at latest by year end. The pessimists counter as follows.


Earnings per share (EPS) for the S&P 500 are widely expected to be between $40-60 per share. Then, the question is what the P/E will be on such earnings. In past severe recessions, it could fall to 10-12. Thus in a best case scenario of $60 EPS and P/E of 12 puts the S&P at 720 as a ceiling . and a worst case scenario of $40 EPS and P/E of 10 at 400 – as much as another 50% drop . though even Roubini seems to see this as unlikely, with 500 the more likely floor. With the S&P currently around 760, there’s at best some additional downside, possibly much more.


Roubini has also noted that the generalization that the stock market looks ahead six to nine months is merely that, a generalization. The last recession bottomed in late 2008, GDP growth was solid in 2002, yet the U. S. stock market kept declining until the beginning of 2003. Thus in the last recession the market actually lagged the recovery by 18 months. Thus even if the economy bottoms in 2009-10, the markets could stay down into 2011-12.


E. Ramifications for High Dividend Stock Investors


In sum, we’re still in a near term trading range, with the overall trend continuing down. Continue to invest only with funds allocated for longer term investment that you don’t need for the next six to eighteen months at least. What you buy now may well go lower. Buy only at strong support levels recommended below.


1. Consider a Partial Hedge with Selected Ultrashort ETFs


See Part 4 and 5 for details. For now, however, consider taking partial positions in the following.


UltraShort S & P 500 Proshares (NYSEARCA:SDS ) – Buy under $75, Strong Buy under $65


UltraShort Financials ProShares (NYSEARCA:SKF ) -- Buy Under $141; Strong Buy below $125


UltraShort QQQ ProShares (NYSEARCA:QID ) – Buy Under $55, Strong Buy under $50


UltraShort Real Estate ProShares (NYSEARCA:SRS ) – Buy Under $58, Strong Buy under $48


UltraShort Russell2000 ProShares (NYSEARCA:TWM ) – Buy Under $75, Strong Buy under $65


Over the past weeks as the market broke to new lows, a number of readers said my buy levels were too conservative i. e. at such low prices they were unlikely to be hit. The brief rally over the past week has brought many of these already quite close. Again, these move at twice the rate of the index they short, so when the market is volatile, these can get positively hyperactive.


2. Continue to Take Partial Positions at Our Recommended Strong Support Levels


Beyond the Ultrashort ETFs if you can earn reliable dividends from 8-12 percent or more while you wait for recovery, ongoing investment makes sense.


3. Use Sell Stops?


While our emphasis is buy and hold as long as the distribution is safe and fundamentals hold steady, some may want to hedge their bets, especially if they may need the cash within the next year or so. Those in that position should consider using sell stops around 15% below the Strong Buy price as partial principle protection, though you risk getting knocked out of your positions, only to see them come back soon and possibly rise higher while you miss the dividend. It’s a judgment call, though not a bad one for at least some of your holdings given the current pessimism (which of course can change, fast).


Again, our focus is on getting high yields from healthy businesses whose price will recover while we earn outsized returns. Ultrashorts are a bet on near term market direction, and we don’t try to time the market too much, since very few are successful at it.


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SquareofNine. com Frequently Asked Questions


How much is a subscription to Square of Nine. com?


The Square of Nine. com Price Calculator is $49.95 per month .


Where can I download the. CSV Square of Nine Template for eSignal?


The. CSV Square of Nine Template for eSignal can be downloaded here . Microsoft Excel is required to use this feature.


How do I use the SquareofNine. com Price Calculator?


Start with a chart you want to trade.


Find a significant high or low point on the chart.


Enter that number into “Pivot Value” campo.


Select the radio button for whether this point on the chart is a High or a Low.


Enter the current price of the symbol you have chosen.


Set the “Minimum Price” field for the type of symbol you are trading.


Take the new numbers from the “Rotation Tables” and put them on your chart.


Or Watch the SquareofNine. com Video Tutorial


Every asset class has its own "minimum tick increment". The S&P E-mini futures trade in .25 increments, stocks trade in increments of .01 and so on. The “Minimum Price” field rounds the support and resistance levels to their closest minimum tick. This takes the guess work out of trying to find the closest level for your specific market. We currently round to the .00001. 0001. 001. 01. 10. 25 and 1 increments. We recommend that you use the table below to find the "Minimum Tick" for your specific market.


Asset Class / Symbol


What do the colored cells of the SquareofNine Price Calculator represent?


The highlighted cells show how many times or rotations the market has gone around the Gann Wheel to land at the price where the market is currently trading. For example, if Rotation 5 is highlighted, the market has made five rotations from the center of the wheel to where the price action is currently trading.


What do the cells in bold represent?


Certain angles on the Gann Wheel should be considered more significant than others. These angles have been formatted as bold numbers to illustrate their increased “weight”. Many of our users often thicken the horizontal lines for these levels to indicate that they should be more closely watched.


What high or low points should I enter into the spreadsheet?


It is recommended that you use major high and low points from a daily or weekly chart. High points will calculate support levels downward, low points will calculate resistance levels upward. Traditionally, it is commonly accepted that the more significant the high or low point, the better the support or resistance lines will behave as the price trades into those areas.


What is the SquareofNine Price Calculator based on?


The SquareofNine. com Price Calculator is based on the work of W. D Gann. The Square of Nine market theory has many uses however we focus on one exclusive part which we feel is the most practical.


What kind of traders use the SquareofNine. com Price Calculator?


Our service is primarily designed for daytraders and swing traders however even long term investors find our service helpful when trying to isolate key trading levels for stocks, futures and Forex.


Now that I have the levels from the SquareofNine. com Price Calculator, what next?


Once the levels have been generated by the SquareofNine. com Price Calculator, you need to draw them on your chart. Most charting platforms have a horizontal line function that allows users to do this quickly.


Does the SquareofNine. com Price Calculator work for all markets?


The SquareofNine. com Price Calculator is designed to work for stocks, futures and Forex however, there are some exceptions. The SquareofNine. com Price Calculator does not work for 10-Year Note futures, 30-Year Bond Futures and the grain contracts such as ZC, ZW and ZS.


Do you offer any free trials?


Not at this time.


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Our billing cycle is on a monthly basis and is charged based on the day that you signed up for the service. For example, if you started your service on March 12th, you will be billed on the 12th of every month thereafter.


How do I cancel my subscription to SquareofNine. com


Many companies hide their cancellation policy to make the cancellation process frustrating. While we don’t want to see you cancel your subscription to SquareofNine. com, we feel this information should be clearly stated and easily accessed. To cancel your SquareofNine. com subscription, contact us at least three days before your next billing date by emailing cancellation@squareofnine. com.


MarketReplay. NET


Market Replay feature in NinjaTrader is the most powerful and almost unique feature comparing to other trading platforms. This feature makes it possible to playback a market activity of multiple instruments for some period in the past (playback speed can be from real time up to 500x). With Market Replay feature, you can:


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In order to use Market Replay feature in NinjaTrader, you must first prepare market replay DATA. You’ll need a reliable solution that works perfectly and saves you a huge amount of time. MarketReplay. NET provides traders with complete and valid market replay data from their cloud-based servers. The market replay data is available for fast and enhanced downloads for up to one year back time period. Most popular futures and forex instruments as well as major stocks are supported.


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Madras High Court


In The High Court Of Judicature At. vs Union Of India on 29 April, 2013


R. BANUMATHI, J Whether Appellant/Inspector General of Police is the employee of the Central Government in the level of Joint Secretary covered by Section 6A of Delhi Special Police Establishment Act, 1946 mandating prior approval of the Central Government; whether investigation is vitiated for non-compliance of Section 6A and whether the 5th Respondent is to be interdicted from investigating the offences alleged to have been committed by the appellant in connection with the case registered in FIR in RC. No.13(E)/2011-CBI/EOW/Chennai are the questions arising for consideration in this writ appeal.


2. Background facts:-


The appellant is an All India Service Officer of IPS Cadre and was allocated to Tamil Nadu Cadre. In course of time, he got various promotions and at the relevant time he was holding the post of Inspector General of Police in West Zone, which covers Coimbatore and Tirupur where the criminal case was registered against one Paazee Forex Company known as Paazee Forex Trading India Private Limited stating that they collected deposits from public and not returned the said amount to the depositors.


3. On 24.09.2009, Central Crime Branch (for short CCB ), Tirupur suomoto registered Crime No.26 of 2009 under Sections 3 and 4 of Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and under Section 420 I. P.C. against the Directors of the Paazee Forex Trading India Private Limited, (i) K. Mohanraj, son of Kathiravan; (ii) K. Kathiravan and (iii) Kamalavalli Arumugam with the allegation that all the three accused cheated general public to the tune of hundreds of crores by collecting deposits in the name of doing forex trade without Reserve Bank of India's licence. In Crl. O.P. No.20857 of 2009 (08.10.2009), the High Court has granted anticipatory bail to all three accused with a direction to the Superintendent of Police, Tirupur to take effective measures for ensuring repayments to the depositors by the accused. By the order of the Director General of Police, Tamil Nadu, dated 23.2.2010, Crime No.26 of 2009 on the file of CCB, Tirupur was transferred to Economic Offences Wing II, Coimbatore and re-numbered as Cr. No.3/2010 E. O.W. II.


4. On 08.12.2009, Kamalavalli Arumugam (3rd accused in Crime No.26 of 2009) went missing and woman missing case under Crime No.3068 of 2009 was registered by Tirupur North Police Station on 09.12.2009. The said Kamalavalli Arumugam surfaced on 11.12.2009 and on 14.02.2010, she gave representation to the then Deputy Superintendent of Police, Tirupur alleging that she was kidnapped on 08.12.2009 and an amount of Rs.3 crore was extorted from her Company by three Police Officers viz. Rajendran, Dy. Superintendent of Police, Tirupur; V. Mohanraj, Inspector, CCB, Tirupur; E. Shanmugaiah, formerly Inspector, CCB, Tirupur and a private individual viz. Annachi @ John Prabakar. Accordingly on 15.02.2010, the Sections of Woman Missing case was altered to Sections 323. 365. 384 and 354 I. P.C. By the order of the Director General of Police, Tamil Nadu and the case in Crime No.3068 of 2010 on the file Tirupur North Police Station was transferred to CB-CID, Vellore. After considerable investigation, on 15.09.2010, CB-CID, Vellore altered the case to Sections 384. 506(i) and 507 I. P.C. Section 4 of Tamil Nadu Prohibition of Harassment of Women (Amendment) Act, 2002 and Section 7 and 13(2) read with Section 13(1)(d) of P. C. Act against the above said three Police Officers and the private individual Annachi @ John Prabakar. The appellant was directed to attend an enquiry in connection with the case in Tiruppur North Police Station Crime Branch - Crime No.3068 of 2009 on 06.4.2011 and the appellant was interrogated.


5. The depositors, who formed an Association, filed petitions under Section 482 of Crl. P.C. in Crl. O.P. Nos.2691 and 5356 of 2011 seeking for transfer of the investigation from State Police to CBI expressing apprehension that State Police is protecting Directors of the Company and delaying the payments of money payable to depositors. Pointing out that sofar no persons have been arrested inspite of cancellation of anticipatory bail and that the matter would have international ramifications, the Court ordered transfer of investigation from State Police to C. B.I for investigation with the observation as under:


"6. While doing so, we would also transfer the investigation of the case pending in Crime No.3068 of 2009 on the file of Deputy Superintendent of Police, CBCID, Vellore to the CBI/3rd Respondent. This Court would do since such is a case, which though in origin was of a woman missing has turned out to be one where Police Officials are said to have wrongly obtained upto Rs.3,00,00,000/- under assurance to the Directors of the Paazee Company that they need not repay to any of the remaining depositors. Besides considering the probability that if the prosecution version be true, the moneys involved could be that of the depositors, we also would think that interrogation of the accused Police Officials could throw light on what has been gathered by them on the wrong doings of M/s. Paazee Forex Trading India Pvt Ltd, and its Directors/Officials."


Accordingly, the cases in Crime No.3 of 2010 (originally Cr. No.26 of 2009) and Cr. No.3068 of 2009 pending on the file of Deputy Superintendent of Police, CB-CID were ordered to be transferred to CBI. Those transferred cases are re-registered as R. C.12/E/2011 and RC.13/E/2011 by CBI, EOW, Chennai on 15.6.2011.


6. During investigation, it was found that Appellant while working as Inspector General of Police, West Zone, Coimbatore during 2008-2009 under whose jurisdiction CCB, Tirupur also comes, abused his official position and extorted money to the extent of Rs.2.85 crores from the Directors of M/s. Paazee Group of Companies viz. accused in Crime No.26 of 2009. Accordingly Appellant was arraigned as 6th accused through a Memo filed before the Special Judge for CBI cases, Coimbatore on 28.02.2012. On 12.3.2012, searches were conducted in the residence of Appellant in Chennai and incriminating documents are said to have been seized. Appellant was summoned to appear before the Investigating Officer on 13.3.2012. Since the Appellant did not appear, another summon was sent to the appellant and on 14.3.2012, appellant Pramod Kumar (A-6) appeared before the Investigating Officer and he was interrogated.


7. Bail application filed by Appellant in Crl. O.P. No.7071 of 2012 was dismissed by the High Court on 20.04.2012. Appellant was arrested on 02.05.2012 in Crime No.3068 of 2009 for the offences punishable under Sections 384. 506(i) and 507 I. P.C. and Section 4 of Tamil Nadu Prohibition of Harassment of Women (Amendment) Act, 2002 and Section 7 and 13(2) read with Section 13(1)(d) of P. C. Act, 1988. Subsequently, Appellant was released on bail in Crl. O.P. No.12056 of 2012 dated 28.06.2012. It is stated that the investigation is in final stage against the accused person including the Appellant. It is stated that after thorough investigation, CBI collected ample oral and documentary evidence to prove the complicity of the appellant, who is alleged to have abused his official position as Inspector General of Police of Coimbatore zone in dealing with the accused in Crime No.26 of 2009, which was investigated by CCB, Tiruppur. The appellant is alleged to have entered into criminal conspiracy with other accused including his subordinate police officers and private individuals and is alleged to have extorted huge money from the accused Directors of Paazee Forex Trading India Private Limited.


8. W. P.No.21801 of 2012 Appellant filed this Writ Petition to forbear the Respondents 3 and 5 from proceeding further with regard to investigation in R. C.No.13(E)/2011-CBI/EOW/Chennai on the file of 5th Respondent. In the Writ Petition, Appellant mainly raised the issue that since he is a member of IPS Cadre, even though serving in Tamil Nadu, he is in the category of Officer of the level of Joint Secretary and hence as per Section 6A of Delhi Special Police Establishment Act, 1946 (DSPE Act ), it is mandatory to get prior permission to initiate any investigation against the Appellant. In clear abuse of such position, without obtaining prior permission and sanction and suppressing the fact that the appellant is an Officer entitled to immunity as contemplated under Section 6A of DSPE Act, the CBI has proceeded further with the investigation. Case of appellant is that even though certain powers of imposition of minor punishments are delegated to the State Government for the day to day operational/functional requirements, the official word is vested only with the Central Government. According to appellant, "working in connection with affairs of a State", is not synonymous with "being an employee of that State". Section 6A of DSPE Act uses the phrase "the employees of Central Government of the level of Joint Secretary and above" and clearly the same would cover all employees of the Central Government of a Joint Secretary level and above irrespective of the Government in connection with whose affairs they may be working at a given time. The contention of appellant is that notwithstanding the transfer of investigation to CBI by the Order of the Court, without obtaining permission from the Central Government, investigation launched against the appellant is in violation of the statutory mandate of Section 6A of DSPE Act and therefore is invalid and non-est and therefore, prayed that the entire investigation made by the CBI against the Appellant should be set aside insofar as the appellant is concerned.


9. Counter - Respondents 3 and 5 resisted the Writ Petition contending that even though appellant is an IPS Cadre Officer, he is serving in Tamil Nadu Police Department and that the power of transfer and administrative control are vested with the State Government and therefore, Section 6A of DSPE Act is not applicable. As per Rules 2,3, 5 and 6 of Indian Police Service (Cadre) Rules, 1954, IPS Officers are Cadre Officers, they are recruited by Central Government and then allotted to State to serve in their respective State Cadres and the appellant, having been allotted to the State of Tamil Nadu, can never be called as an employee of the Central Government, because he is employee in the affairs of State of Tamil Nadu. As far as the appellant, he is posted in the affairs of the State of Tamil Nadu and he cannot be an employee of a Central Government and therefore Section 6A of DSPE Act is not applicable. Further case of respondents is, exercising inherent powers under Section 482 Crl. P.C, while deciding Crl. O.P. Nos.2691 and 5356 of 2011, the investigation was entrusted to CBI and only on the strength of orders of the Court dated 19.4.2011, CBI took up investigation in the said cases, which are not under its purview in normal course. According to respondents 3 and 5, once the cases are transferred to CBI by the High Court, 3rd respondent CBI does not require any permission under Section 6A of DSPE Act. Moreover, the appellant, being a State Government employee, Section 6A of DSPE Act is not applicable.


10. Findings of Writ Court - Learned single Judge dismissed the Writ Petition holding that the High Court in exercise of powers under Section 482 Crl. P.C. passed an order transferring investigation from State Police to CBI and when the transfer of investigation was ordered by the High Court, CBI can investigate the case even without getting prior permission from the Central Government. Observing that Respondents 3 and 5 are conducting the investigation only as per the order of the Court which cannot be challenged by the Appellant, the learned Judge dismissed the Writ Petition. Being aggrieved by the dismissal of his Writ Petition, appellant has preferred this intra Court appeal.


11. Contentions:- Mr. Vijay Narayan, learned Senior Counsel for appellant contended that Appellant is an officer of Indian Police Service (IPS) belonging to All India Service, appointed by the President of India on the recommendations made by the Union Public Service Commission and that Indian Police Service Recruitment Rules clearly show that the appointing authority is Central Government. According to appellant, as per All India Services (Discipline and Appeal) Rules, 1969, only the Central Government can impose penalty of dismissal or removal or compulsory retirement under Rule 7(2) and the power to appoint and power to terminate rests with the Central Government which would show that appellant is a Central Government employee. According to appellant, "All India Services" is subject matter of Laws of Union and Parliament and Parliament has exclusive power to make laws with respect to appointment, conduct and discipline. Learned Senior Counsel further submitted that as an Officer of Indian Police Service, while serving in the State of Tamil Nadu, appellant is drawing salary in the pay scale equal to the Joint Secretary of Government of India falling in the category of Officers of the level of Joint Secretary and is covered by Section 6A of DSPE Act. It was submitted that as per Section 6A of DSPE Act, prior permission of Central Government should be taken before conducting enquiry or any investigation against the employees of Central Government of the level of Joint Secretary and above and Section 6A is a mandatory provision and CBI cannot start investigation violating the mandatory provision.


12. Learned Senior Counsel further submitted that merely because Court has passed the order, the mandatory requirement of obtaining permission of Central Government under Section 6A cannot be dispensed with. Placing reliance upon (2010) 3 SCC 571 (State of West Bengal v. Committee for Protection of Democratic Rights), learned Senior Counsel submitted that powers to transfer investigation to another agency could be exercised by Constitutional Court under Article 226 of Constitution of India and such power cannot be stretched to be exercised under inherent power under Section 482 Crl. P.C. Learned Senior Counsel submitted that in any event, merely because of transfer by the order of the Court, the mandatory provisions of Section 6A of DSPE Act is not wiped out. It was submitted that the learned single Judge was not right in dismissing the Writ Petition saying that once the High Court transferred the case to the file of CBI, appellant cannot contend that CBI has no jurisdiction to investigate and the said findings will be running counter to the well settled principles and prays for allowing of the Writ Appeal.


13. Taking us through various events and the detailed counter, Mr. Chandrasekaran, learned Special Public Prosecutor for CBI submitted that appellant is an Officer of Indian Police Service of All India Service allotted to Tamil Nadu Cadre and as per the definition provided under Rule 2(c) of All India Services (Discipline and Appeal) Rules, 1969, Appellant is only an employee of State of Tamil Nadu. Drawing our attention to the Rules of All India Services (Discipline and Appeal) Rules, 1969 and other Rules, learned Special Public Prosecutor for CBI submitted that when the appellant is an employee of State of Tamil Nadu, appellant can never be called as an employee of Central Government. Learned Special Public Prosecutor for CBI submitted that provisions of Section 6A of DSPE Act are applicable only to the employees of Central Government of the level of Joint Secretary and above and the appellant, being employed in the affairs of the State of Tamil Nadu is not an employee of Central Government. Learned Special Public Prosecutor further contended that on the orders of the Court in Crl. O.P. Nos.2691 and 5356 of 2011 dated 19.4.2011, High Court entrusted the investigation in Crime No.26 of 2009 on the file of EOW-II, Coimbatore and Crime No.3068 of 2009 on the file CB-CID, Vellore and pursuant to the orders of the Court CBI took up investigation in the said cases which are not under its purview in normal course and once cases are entrusted to CBI, CBI does not require any permission under Section 6A of DSPE Act. Learned Special Public Prosecutor for CBI submitted that order of the Court transferring the investigation to CBI remains unchallenged.


14. We have carefully considered the rival contentions and the order of learned single Judge and also perused the materials on record. The following points arise for consideration in this appeal:-


(1) Whether appellant is the employee of Central Government in the level of Joint Secretary requiring prior permission under Section 6A of DSPE Act, 1946?


(2) Whether appellant is right in contending that investigation against the appellant is vitiated in view of violation of mandatory provisions of Section 6A of DSPE Act, 1946?


(3) Whether exercise of power of transfer of investigation from State Investigating Agency to Central Bureau of Investigation could be exercised only by Constitutional Court under Article 226 of Constitution of India and not under Section 482 of Crl. P.C.


(4) Whether appellant is right in contending that mandatory provisions of Section 6A of DSPE Act, 1946 cannot be overlooked by the High Court while exercising jurisdiction under Section 482 Crl. P.C.


15. Point Nos.1 and 2:- On 24.09.2009, a case in Crime No.26 of 2009 was registered by CCB, Tirupur under Sections 3 and 4 of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and under Section 420 IPC against K. Mohanraj, K. Kathiravan, and Kamalavalli, Directors of M/s. Paazee Forex Trading India Private Limited for cheating the depositors by collecting huge amounts from them on the promise of high returns and defaulted in making repayments. By the Order of Director General of Police, the said case was transferred to EOW-II, Coimbatore and re-registered as Crime No.3 of 2010.


16. Kamalavalli, one of the Directors of Paazee Group of Companies went missing on 8.12.2009 and on 8.12.2009, a woman missing case in Crime No.3068 of 2009 was registered by Tirupur North Police Station. Kamalavalli surfaced on 11.12.2009 and on 14.02.2010 she lodged a complaint to Deputy Superintendent of Police, Tirupur that she was kidnapped by some unknown persons and ransom money of Rs.3 Crores was extorted by the police officers from Paazee Group of Companies. On 18.3.2010, Director General of Police, Tamil Nadu transferred Crime No.3068 of 2009 of Tirupur North Police Station to CB CID, Vellore. After considerable investigation, on 15.09.2010, CB CID, Vellore altered the Sections of the case in Crime No.3068 of 2009 to Sections 384 and 506 Part I of IPC and Section 4 of Tamil Nadu Prohibition of Harassment of Women (Amendment) Act, 2002 and Section 7 and 13(2) read with 13(1)(d) of Prevention of Corruption Act. 1988 against the police officers (1) Rajendran, Deputy Superintendent of Police, (2) V. Mohanraj, Inspector of Police, CCB, Tirupur, (3) E. Shanmugaiah, formerly Inspector, CCB, Tirupur and a private individual namely Annachi @ John Prabakar and others.


17. By common order dated 19.4.2011 in Crl. O.P. Nos.2691 and 5356 of 2011, the Crime No.3068 of 2009 on the file of Deputy Superintendent of Police, CBCID, Vellore and Crime No.26 of 2009 (3 of 2010 on the file of EOW-II, Coimbatore, Tamil Nadu) were transferred to CBI for investigation while observing that the extortion amount of Rs.3 crores reportedly paid to the police officers is necessarily the money belonging to depositors. Crime No.26 of 2009 (Cr. No.3 of 2010 on the file of Deputy Superintendent of Police, Economic Offences Wing-II, Coimbatore of Tamil Nadu) was re-registered as case No. RC.12/E/2011 of CBI, EOW, Chennai. The Crime No.3068/2009 on the file of Dy. Superintendent of Police, CB-CID, Vellore was re-registered as case No. RC.13/E/2011/CBI/ EOW/Chennai.


18. The appellant functioned as Inspector General of Police, West Zone, Coimbatore between 2008 and 2010. Tirupur comes under the jurisdiction of the appellant i. e. West Zone, in which main case in Crime No.26 of 2009 was investigated by CCB, Tirupur, which was under the administrative control of the appellant during the relevant period. According to CBI, the investigation conducted sofar revealed the involvement of the appellant while he was functioning as Inspector General of Police, West Zone, Coimbatore, having jurisdiction over Tirupur police, where main case of cheating the depositors was under active investigation. It is stated that the investigation pointed out that the appellant abused his official position as Inspector General of Police during the relevant period and is alleged to have demanded illegal gratification of Rs.10 Crores through his subordinate police officers viz. V. Mohanraj (A-2) and E. Shanmugaiah (A-3), the then Inspectors of Police, CCB, Tirupur from the Directors of M/s. Paazee group of companies on the promise that the Company need not make repayment to the depositors and that the Company can also delay such repayments to the depositors. The appellant is alleged to have abused his official position as Inspector General of Police, West Zone and accepted Rs.2.85 Crores as bribe on various dates between December, 2009 and February, 2010 from the Directors of M/s. Paazee Group of Companies through various persons including the subordinate police officers. Searches were conducted at the residential premises of the appellant and it is stated that the documents, which have the potential of incriminating the appellant, have been seized and the investigation is almost nearing completion.


19. As pointed out earlier, by the Order of the High Court dated 19.4.2011 in Crl. O.P. Nos.2691 and 5356 of 2011, cases were transferred to CBI. It is pertinent to note that even before the cases were transferred to CBI and the case in Crime No.3068 of 2009 was investigated by CBCID, by the Memorandum of the Office of the Director General of Police, Chennai in C. No.042643/Crime II(2)/2010 dated 23.03.2011, the appellant was directed to attend the enquiry in connection with the investigation in Tirupur North Police Station Crime No.3068 of 2009. Issuance of the said memorandum would show that it is not as if the investigation against the appellant "commenced only after the case was transferred to CBI". Even before the case was transferred to CBI, the needle of suspicion pointed towards the appellant and that the appellant was called upon to appear for enquiry.


20. Contending that the appellant is an employee of the Central Government to whom Section 6A of the DSPE Act is applicable and that permission from the Central Government ought to have been obtained for commencing/carrying out the investigation against the appellant, the learned Senior Counsel for appellant made the following submissions:-


(i) An Officer of Indian Police Service (I. P.S) belonging to All India Service appointed by the President of India on the recommendations made by the Union Public Service Commission and removable from service only by the Central Government as he is the employee of the Central Government. An I. P.S. Officer serving in the State drawing the salary in a Pay Scale equal to the Joint Secretary to the Government of India falls in the category of Officers of the level of Joint Secretary and above as envisaged in Section 6A of DSPE Act.


(ii) As per Entry No.70 of List I, "All India Service" is the subject matter of laws of Union and Parliament has exclusive power to make laws with respect to this matter. All India Services Act 1951 gives power to the Central Government to make rules for the regulation of the recruitment and conditions of service of persons appointed to All India Service.


(iii) In exercise of this power, Central Government has made Indian Police Service Recruitment Rules and as per the said Rules, the appointing authority is the Central Government. So also, All India Services (Discipline and Appeal) Rules would make it clear that only the Central Government can impose penalty of dismissal or removal or compulsory retirement under Rule 7(2).


(iv) Merely because the appellant happened to be serving in a particular State will not take away his status as employee of the Central Government. The phrase used in Section 6A of DSPE Act "the employees of the Central Government of the level of Joint Secretary and above" would clearly show that it would cover all employees of the Central Government of Joint Secretary level and above, irrespective of the Government in connection with those affairs they may be working at a given time.


(v) Since the appellant is an employee of the Central Government in the level of Joint Secretary and above as envisaged in Section 6A of DSPE Act, unless there is a prior approval from the Central Government, no complaint alleging offences under Prevention of Corruption Act could be enquired or investigated upon.


21. To contend that the appellant is an employee of the Central Government, the learned Senior Counsel placed reliance upon the unreported decision of RAKESH MITTAL VS. CBI (S. L.P.(Crl.) No.8074 of 2008) and submitted that whether the I. P.S. Officer is an employee of the Central Government or State Government is directly in issue before the Supreme Court and the appellant is similarly placed as that of the Officer in Rakesh Mittal's case.


22. Refuting the contentions, Mr. N.Chandrasekaran, learned Special Public Prosecutor appearing for CBI submitted that as per Rule 2, 3, 5 and 6 of Indian Police Service (Cadre) Rules, I. P.S. Officers are Cadre Officers, they are recruited by Central Government and then allotted to State to serve in their respective State Cadres and the appellant was allotted to State of Tamil Nadu. He is only an employee of the State Government of Tamil Nadu and he can never be called as an employee of the Central Government. The learned Special Public Prosecutor for CBI further submitted that the provisions of Section 6A of DSPE Act are applicable only to the employees of the Central Government of the level of Joint Secretary and such officers appointed by the Central Government in Corporations, Government Companies, Societies or Local Bodies owned or controlled by Central Government. Taking us through various Rules, the learned Special Public Prosecutor submitted that while the appellant is functioning and discharging his duties in the State of Tamil Nadu and drawing his salary from the consolidated fund of State of Tamil Nadu, the appellant cannot claim to be the Central Government employee and Section 6A of DSPE Act should not be stretched to dilute the intention of the legislature and cannot be interpreted to cover All India Service Officers discharging their duties under the direct control and supervision of the State Government.


23. Main objection of the appellant is that he is the Central Government employee in the level of Joint Secretary and in view of clear provisions of Section 6A of DSPE Act, no enquiry or investigation into any offence could have been conducted without previous approval of the Central Government. Firstly, let us consider the provisions of Section 6A of DSPE Act and then examine whether appellant is an employee of Central Government in the level of Joint Secretary and above and whether the provisions of Section 6A of DSPE Act is applicable to the appellant, necessitating prior approval of the Central Government for conducting investigation against the appellant.


24. Section 6A of Delhi Special Police Establishment Act, 1946:-


Section 6A was introduced into the DSPE Act with effect from 11.9.2003 by virtue of Section 26(c) of the Central Vigilance Commission Act, 2003. The pre-cursor to Section 6A was the Single Directive which was a consolidated set of instructions issued to the CBI by the various Ministries/Departments. It was first issued in 1969 and thereafter amended on many occasions. The Single Directive contained certain instructions to the CBI regarding modalities of initiating an enquiry or registering a case against certain categories of civil servants.


25. The Single Directive was quashed by the Supreme Court in the case of Vineet Narain vs. Union of India. (1988) 1 SCC 226 on the ground that the Single Directive was a mere executive order which cropped a classification when the law did not permit such a classification with regard to prior approval for investigation in respect of Officers of a particular rank and above. Subsequent to Vineet Narain's case, (1988) 1 SCC 226, Section 6A has been inserted in the DSPE Act with effect from 11.09.2003.


26. Section 6A of DSPE Act reads as under:-


6A. Approval of Central Government to conduct inquiry or investigation.


(1) The Delhi Special Police Establishment shall not conduct any enquiry or investigation into any offence alleged to have been committed under the Prevention of Corruption Act ,1988 (49 of 1988) except with the previous approval of the Central Government where such allegation relates to


(a) the employees of the Central Government of the Level of Joint Secretary and above; y


(b) such officers as are appointed by the Central Government in corporations established by or under any Central Act. Government Companies, Societies and local Authorities owned or controlled by that Government.


(2) Notwithstanding anything contained in sub-section (1), no such approval shall be necessary for cases involving arrest of a person on the spot on the charge of accepting or attempting to accept any gratification other than legal remuneration referred to in clause (c) of the Explanation to Section 7 of the Prevention of Corruption Act, 1988 (49 of 1988.)


27. By reading of Section 6. it is clear, in cases covered by Section 6A(1). prior approval of the Central Government is a pre-condition which has to be satisfied before any inquiry or investigation alleged to have been committed under the Prevention of Corruption Act by the employee of the Central Government of the level of Joint Secretary and above.


28. The validity of Section 6A of DSPE Act has been challenged in SUBRAMANIAN SWAMY VS. DIRECTOR, CBI, (2005 CriLJ 1413), and the matter has now been referred to a larger Bench of the Supreme Court on the following questions:


6. In short, the moot question is whether arbitrariness and unreasonableness or manifest arbitrariness and unreasonableness, being facets of Article 14 of the Constitution are available or not as grounds to invalidate a legislation. Both counsel have placed reliance on observations made in decisions rendered by a Bench of three learned Judges.


7. Further contention of learned Solicitor General is that the conclusion drawn in Vineet Narain case is erroneous that the Constitution Bench decision in K. Veeraswami vs. Union of India is not an authority for the proposition that in the case of high officials, requirement of prior permission/sanction from a higher officer or Head of the Department is permissible, the submission is that conclusion reached in para 34 of Vineet Narain decision runs contrary to observations and findings contained in para 28 of Veeraswami case.


8. Having regard to the aforesaid, we are of the view that the matters deserve to be heard by a larger Bench, subject to the orders of Hon'ble the Chief Justice of India."


Though the validity of Section 6A of the DSPE Act is under challenge and the issue is pending before a Larger Bench of the Supreme Court, Section 6A is in operation.


29. Whether appellant is the employee of the Central Government or the State Government:-


'Public Order' and 'Police' figure as entries 1 and 2 respectively in the State List in the Seventh Schedule of the Constitution. Each State has, therefore, exclusive power to legislate in regard to its police system and also has full administrative control over the police in the State. The Central Government can exercise similar power in regard to 'Public Order' and 'Police' in the Union Territories only. The primacy of the State Government over the police is reiterated in (2006) 8 SCC 1 [Prakash Singh and others Vs. Union of India and others].


30. As per Rules 2, 3, 5 and 6 of Indian Police Service (Cadre) Rules, 1954, IPS Officers are cadre officers, they are recruited by Central Government and then allotted to State to serve in their respective State Cadres. Page No.1 of the typed set of papers in Volume No. I is the appointment order of the appellant dated 21.11.1989. In Paragraph 2 of the appointment order dated 21.11.1989 issued to the appellant, it is stated that the conditions of service in the Indian Police Service are laid down in the Rules, framed from time to time under the All India Services Act. 1951 and the appellant will be governed by All India Service Rules and other rules framed from time to time under All India Services Act. 1951. In the appointment order, the appellant was informed that under the rules of the service, the appellant will be allocated to one of the State/Joint State Indian Police Service Cadres and mostly be required to serve either under the State Government concerned or the Central Government. The relevant portion of the appointment order of the appellant dated 21.11.1989 reads as under:


"(ii) ALLOCATION Under the Rules of the Service you will be allocated to one of the State/Joint State Indian Police Service Cadres and will mostly be required to serve either under the State Government concerned or the Central Government.


The name of the cadre to which you shall be allotted will be communicated to your later. The Government of India, however, retain the right to require you to serve anywhere in India or abroad whether under the Central Government any State Government or a Public enterprise or a local body substantially owned or controlled by the Central or a State Government.


31. Let us now refer to various Rules which govern service conditions of the appellant.


32. As per Rule 2(a) of Indian Police Service (Cadre) Rules, 1954 'Cadre Officer' means "a member of the Indian Police Service". Rule 3 of Indian Police Service (Cadre) Rules, 1954 deals with Constitution of Police Service Cadre, which reads as under:-


"3. Constitution of Cadres.- 3(1) There shall be constituted for each State or group of States an Indian Police Service Cadre.


3(2) The Cadre so constituted for a State or a group of States are hereinafter referred to as a 'State Cadre' and a 'Joint Cadre' respectively."


33. As per Rule 7 of Indian Police Service (Cadre) Rules, 1954, all appointments to cadre posts shall be made:-


(a) in the case of a State Cadre, by the State Government;


(b) in the case of Joint Cadre, by the State Government concerned.


34. Rule 6 of Indian Police Service (Cadre) Rules, 1954 deals with "Deputation of Cadre Officers", which reads as under:-


"6. Deputation of cadre officers. - 6(1) A cadre officer may, with the concurrence of the State Government or the State Governments concerned and the Central Government, be deputed for service under the Central Government or another State Government or under a company, association or body of individuals, whether incorporated or not which is wholly or substantially owned or controlled by the Central Government or by another State Government.


Provided that in case of any disagreement, the matter shall be decided by the Central Government and the State Government or State Governments concerned shall give effect to the decision of the Central Government. "


A cadre officer may also be deputed for service viz. company, association or body of individuals, whether incorporated or not, which is wholly or substantially owned or controlled by a State Government, Municipal Corporation or a Local Body by the State Government on whose cadre he is borne.


35. As per Indian Police Service (Cadre) Rules, seniority of the Officer of Indian Police Service borne on State Cadre is as per the Cadre in the State. The members of Indian Police Service while borne and serving in their State cadres are transferred and promoted by the respective State Government. The promotion, posting and pay and allowances are under the control of the State Cadre to which the officer is borne to. In addition to that, as per All India Service (Discipline and Appeal) Rules, 1969, State Government is authorised to initiate disciplinary proceedings and impose penalties (save penalty of removal, dismissal or compulsory retirement, which can only be done by the appointing authority.) Thus an IPS Officer borne on the State cadre, is an Officer of that State Government.


36. Learned Special Public Prosecutor appearing for CBI had also produced Establishment List of Indian Police Service of Tamil Nadu Cadre which is the compilation of civil list of Officers of the Indian Police Service borne on Tamil Nadu Cadre and of Superintendents of Police (non-cadre) as on 01.01.2013. Name of appellant is mentioned in Serial No.42 of Establishment List of Indian Police Service of Tamil Nadu Cadre.


37. Article 312 of Constitution of India provides for creation of All India Service. Union Public Service Commission recruits All India Service Officers and the selected All India Service Officers are allotted to the State as per All India Service (Cadre) Rules. All India Service is common service to both Union and the State. Central Government i. e. President of India is the appointing and removing authority of All India Service Officers. All India Service Officers enjoy special status. That is they are employees of Central Government, while serving at the Centre and employees of the State Government, while serving in the State. Article 312 of the Constitution of India provides that Parliament may by law regulate the recruitment and conditions of service of persons appointed to the All India Service common to the Union and the States and the Parliament enacted All India Services Act. 1951.


38. As pointed out earlier, appointment of appellant is governed by All India Service Rules framed from time to time under All India Services Act. Section 3 of All India Services Act, 1951 gives power to the Central Government to frame rules for regulation of recruitment and the conditions of service after consultation with the Government of the States concerned and lay down that all rules so framed shall be laid before Parliament and shall be subject to such modifications as Parliament may make. In exercise of the said power, the Central Government after consultation with State Governments framed various rules, viz. (1) All India Services (Discipline and Appeal) Rules,1969 (2) All India Service (Confidential Roll) Rules, 1970 (3) Indian Police Service (Cadre) Rules, 1954 (4) The All India Service (Conduct) Rules 1968 (5) All India Service (Leave) Rules 1955 (6) All India Service (Medical Attendance) Rules 1954 (7) All India Service (Provident Fund) Rules 1955 (8) All India Service (Condition of Service-Residual Matters) Rules, 1960 (9) All India Service (Performance Appraisal Report) Rules 2007 (10) All India Service (Group Insurance) Rules 1981 and likewise.


39. In the All India Service (Conduct) Rules, 1968, Rule 2(a) defines "Government' as under:-


(i) in the case of a member of the Service serving in connection with the affairs of the Union, the Central Government; o


(ii) in the case of a member of the Service serving under a Foreign Government or outside India (whether on duty or on leave), the Central Government; o


(iii) in the case of a member of the Service serving in connection with the affairs of a State, the Government of that State. Explanation-. A member of the Service whose services are placed at the disposal of a company, corporation or other organisation or a local authority by the Central Government or the Government or the Government of a State shall for the purpose of these rules, be deemed to be a member of the Service serving in connection with the affairs of the Union or in connection with the affairs of that State, as the case may be, notwithstanding that his salary is drawn from the sources other than the Consolidated Fund of India or the Consolidated Fund of that State."


40. Rule 2(1)(g) of All India Services (Provident Fund) Rules, 1955 and Rule 2(g) of All India Service (Leave) Rules, 1955 also reiterate the same definition of "Government" as that of All India Services (Conduct) Rules, 1955.


41. As per Rule 2(c) of All India Services (Discipline and Appeal) Rules, 1969, "Government" means -


"in the case of a member of the Service serving in connection with the affairs of a State, or who is deputed for service in any company, association or body of individuals whether incorporated or not, which is wholly or substantially owned or controlled by the Government of a State, or in a local authority set up by an Act of the Legislature of a State, the Government of that State;


(ii) in any other case, the Central Government"


42. Rule 2(d) of All India Services (Medical Attendance) Rules, 1954 defines "Government" as under:-


"2(d) "Government" means in the case of a member of the Service serving in connection with the affairs of the Union, the Central Government, and in the case of a member of the Service serving in connection with the affairs of a State, the Government of that State:


Provided that a member of the Service serving in connection with the affairs of a State falls ill in some other State the Government of that other State shall be deemed to be the Government for the purpose of clause (a)"


43. As per Rule 2(c) of All India Services (Confidential Rolls) Rules, 1970, "Government" means -


"(i) in the case of a member of the Service serving in connection with the affairs of the Union or of a Union Territory, or serving under a company, association or body of individuals, whether incorporated or not, which is wholly or substantially owned or controlled by the Central Government, or serving under a local body set up by an Act of Parliament, or serving under an international organization, an autonomous body not controlled by the Central Government or a State Government, or a private body the Central Government.


(ii) in the case of a member of the Service serving in connection with the affairs of a State, or serving under a company, association or body of individuals whether incorporated or not, which is wholly or substantially owned or controlled by the Government of a State, or serving under a local body set up by an Act of the Legislature of a State, the Government of that State."


44. All India Services (Performance Appraisal Report) Rules, 2007 deals with performance appraisal report. As per Rule 2(n), "State Government" is defined as under:-


"2(n) "State Government" means the Government of the State on whose cadre the member of the Service is borne and in relation to a member of the Service borne on a Joint Cadre, the Joint Cadre Authority."


45. By perusal of Rule 8 of All India Services (Performance Appraisal Report) Rules, 2007, it is seen that performance appraisal report is communicated to the Central Government from the State Government. Rule 8 reads as under:-


"8. Communication of the performance appraisal report to the Central Government and the State Government. - A certified true copy of the performance appraisal report shall be sent to the Central Government or the State Government or both to the Central Government and the State Government, according as the member of the Service is serving in connection with the affairs of the State, on whose cadre he is borne, or the Union, or a State to which he has been deputed under sub-rule (1) of rule 6 of the respective All India Services Cadre Rules:


Provided that if the performance appraisal report is written in a language other than Hindi or English, it shall be accompanied by an authentic certified translation in Hindi or English."


46. As per Rule 2(a) of the All India Services (Conduct) Rules, 1968, Government means -


(i) in the case of a member of the Service serving in connection with the affairs of the Union, the Central Government; o


(ii) in the case of a member of the Service serving under a Foreign Government or outside India (whether on duty or on leave), the Central Government; o


(iii) in the case of a member of the Service serving in connection with the affairs of a State, the Government of that State.


47. Reading of various Rules as referred above would clearly show that Appellant is a member of All India Service serving in connection with the affairs of the State of Tamil Nadu and the State Government shall be the appropriate Government in respect of such employee for all practicable purposes.


48. All India Service Officers are only recruited by Union Public Service Commission, a constitutional body for being borne on several States of the Union. No All India Service Officer is recruited to serve the Central Government, except on deputation to Central Government. Central Government makes rules with regard to All India Service Officers only to have uniformity in service conditions for such Officers. The members of Indian Police Service (I. P.S), an All India Service "while borne on serving in their State Cadres" are transferred and promoted by their respective State Government. As per the Scheme of All India Service Officers, the promotion/posting, pay and allowances are under the control of the State Cadre to which the Officer is borne to. The members of All India Service are promoted by the Parent Cadre States as per seniority list of the Cadre Officers. The All India Service Officer is subject to disciplinary control of the State Government "for any act of misconduct as per Rule 7 of All India Services (Discipline and Appeal) Rules. As per Rule 7 of All India Services (Discipline and Appeal) Rules, 1969, the State Government is authorised to institute disciplinary proceedings and impose penalties (save major penalty of removal, dismissal or compulsory retirement). The Central Government cannot initiate disciplinary action suo motu against All India Service Officer serving in connection with the affairs of the State, if the member of All India Service for his commissions and omissions while he was serving in connection with the affairs of the State.


49. As per Rule 31 of All India Services (Discipline and Appeal) Rules,1969 where a doubt has arisen as to the interpretation of any of the provisions of the Rules, the matter shall be referred to the Central Government for its decision. 1st Respondent Union of India has filed its counter clarifying the issue raised by the appellant. After referring to Rule 2(c) of All India Services (Discipline and Appeal) Rules, 1969, in its Counter, the Union of India has stated as under:-


"7. in view of above Rule position, it is implied that Members of All India Services enjoy a special status; they are employees of the Central Government while serving at the Centre and employees of the State Government while serving in the State. A member of All India Service while serving in connection with the affairs of the State Government is an employee of the State Government. The Petitioner is serving in connection with the affairs of the State Government, Section 6A of the DSPE Act, 1946 is not applicable to him."


Reiterating the same, State Government also filed its counter referring to the letter of the Union of India in Letter No.16013/66/2012-IPS. II dated 7.2.2013 clarifying the position that member of All India Service Officers while serving in connection with the affairs of the State Government is an employee of the State Government and hence protection under Section 6A of DSPE Act, 1946 is not applicable to him.


50. Disciplinary control over All India Service Officers is mainly by the State Government concerned. While minor punishments can be awarded to All India Service Officer by the State Government, major punishments like dismissal or removal from service can be awarded only by the Central Government, since the Central Government i. e. President of India is the appointing and removing authority. Merely because the imposition of penalties such as dismissal/ removal or compulsory retirement need the approval of President of India, the appellant cannot be held as an employee of the Central Government while serving in connection with the affairs of State of Tamil Nadu.


51. Contention of the appellant that he is an employee of the Central Government while borne on State Cadre and when serving under State Government is untenable. While the appellant is serving in connection with the affairs of the State and functioning and discharging his duties in the State of Tamil Nadu, he cannot claim to be the employee of the Central Government. In fact, the appellant was suspended by the Government of Tamil Nadu vide G. O.Ms. No.341 dated 10.5.2012 issued by the Principal Secretary to Government of Tamil Nadu in terms of sub-rule (2) of Rule 3 of All India Services (Discipline and Appeal) Rules, 1969. While borne on a State Cadre and while serving under the State Government, appellant is only an employee of the State Government and the appellant cannot invoke Section 6A of the DSPE Act. Since the appellant borne on a State Cadre is not an employee of the Central Government and obtaining of prior approval of the Central Government as contemplated under Section 6A does not arise. CBI is not bound to take prior approval from the Central Government as the appellant is only an employee of the State Government of Tamil Nadu.


52. Contending that Indian Police Service Officers are the employees of Central Government, reliance was placed upon the decision of Rakesh Mittal's case (SLP (Crl) No.8074 of 2008). In the said case, Rakesh Mittal belongs to the I. P.S. Cadre of Uttarakhand State. On a complaint by the State Government, CBI registered the F. I.R. against Rakesh Mittal, an IPS officer, then posted as Additional Director General of Police in the State of Uttarakhand, under Sections 120B. 420. 467 and 477 IPC read with Section 13(1)(d) of Prevention of Corruption Act. CBI proceeded to file chargesheet against Rakesh Mittal after obtaining sanction from the State Government. However, CBI had not got permission from the Central Government under Section 6A of DSPE Act. The trail Court held that Rakesh Mittal, an IPS officer was a Central Government employee and Section 6A of DSPE Act was applicable in his case and the trial Court directed CBI to re-investigate the matter.


53. As against the said order of the trial Court, CBI filed Revision (Criminal Revision No.197 of 2007) before the High Court of Uttaranchal. Observing that IPS officer is not an employee of the Central Government and that Section 6A of DSPE Act was not applicable to Rakesh Mittal, the Uttaranchal High Court held as under:-


"A plain reading of Section 6A clearly suggests that there is a specific bar about conducting any inquiry or investigation with respect to any offence under the Prevention of Corruption Act. 1988 (1988 Act for short) except with the previous approval of the Central Government with respect to the employees of the Central Government of the level of Joint Secretary and above. In other words, Section 6A very clearly stipulates that if any inquiry or investigation under 1988 Act is intended to be started against an employee of the Central Government of the level of Joint Secretary and above, the previous approval of the Central Government is mandatory.


The respondent at the relevant time was posted as Additional Director General of Police in the State of Uttarakhand. He belongs to the IPS cadre of Uttarakhand State. Even though his appointment was made by the President of India at the relevant time after his selection by the Union Public Service Commission, the issue which arises for consideration is whether at the relevant time he was an employee of the Central Government or he was the employee of the State Government. As far as this Court is concerned, the issue poses no problem because by the mere fact of his having been posted as Additional Director General of Police, Uttarakhand at the relevant time and he having been allocated to the State cadre of Uttarakhand, he could not be deemed, considered or treated as an employee of the Central Government. The respondent was an employee of the Government of Uttarakhand. He was working in the capacity of Additional Director General of Police, Uttarakhand at the relevant time. Therefore, the respondent at the relevant time was working in the State of Uttarakhand in connection with the affairs of the State of Uttarakhand and not in connection with the affairs of the Central Government. The learned Court below was clearly in error in holding that Section 6A of Delhi Special Police Establishment Act, 1946 was applicable or attracted in this case and, therefore, demanding that previous approval of the Central Government should have been brought on record for continuation of the case."


54. Against the order of Uttaranchal High Court, Rakesh Mittal preferred Special Leave Petition before the Hon'ble Supreme Court in S. L.P. (Crl) No.8074 of 2008 in which the Hon'ble Supreme Court has granted stay of further proceedings in connection with the CBI Case No.3 of 2006 pending on the file of Special Judge (Anti Corruption), Dehradun, Uttarakhand. Much reliance is placed upon interim stay granted by the Hon'ble Supreme Court Rakesh Mittal's case to contend that an I. P.S. Officer of State Cadre is an employee of the Central Government. It is pertinent to note that the Hon'ble Supreme Court had granted only "stay of further proceedings in connection with CBI Case No.3 of 2006" and not finally determined the matter. Case against Rakesh Mittal is distinguishable on facts. That apart, case against Rakesh Mittal, the then Additional Director General of Police, Uttarakhand was registered by CBI based on the complaint of the Government of Uttarakhand; whereas the present case is being investigated by the CBI as per the orders of the Court.


55. Learned Senior Counsel for appellant has also placed reliance upon R. R.Kishore Vs. C. B.I, (142 (2007) DLT 702) to contend that prior approval of Central Government is to be sought for investigation in respect of a case registered against an Officer of rank of Joint Secretary. In R. R.Kishore case, the petitioner thereon was the Chief District Medical Officer (CDMO), Government of National Capital Territory (NCT) of Delhi and was of the rank of Joint Secretary. Defacto complainant - Handa, a Radiologist was running a diagonostic centre and there was an allegation that he was conducting pre-natal test to determine the foetus which would ultimately result in female foeticide. The petitioner therein had demanded certain money from the said Handa to put his case right and FIR was registered at 2.00 P. M on 16.12.2004. A trap was laid on the evening of 16.12.2004 and the petitioner thereon was caught receiving the bribe amount. Discharge Petition filed by the petitioner/accused came to be dismissed, which was challenged before the Delhi High Court. After narrating the background with regard to Section 6A of DSPE Act, the learned single Judge of Delhi High Court found that since the petitioner/accused thereon was of the rank of Joint Secretary, prior approval of Central Government ought to have been obtained and in view of violation of mandatory requirement of Section 6A of DSPE Act, the learned Judge held that the investigation carried out in contravention of mandatory statutory requirement of Section 6A is illegal and ordered re-investigation in the context of provisions of Section 6A of the said Act.


56. The present case is clearly distinguishable on facts from R. R.Kishore case. Firstly, the appellant is not an employee of the Central Government and never worked in the rank of Joint Secretary and above in Central Government. Secondly, the investigation in R. R.Kishore case was pursuant to a complaint lodged by defacto complainant and the trap laid. In the present case, the investigation by CBI was pursuant to the order of the Court transferring the investigation to CBI.


57. Empanelment of the appellant for holding the posts of Inspector General at the Centre, whether amounts to his status at the level of Joint Secretary at the Centre:-


The contention of the appellant is that he is in the Joint Secretary level with effect from 13.7.2010 as he was empanelled by the Appointments Committee of the Cabinet (ACC) for holding the post of Inspector General/ equivalent level post at the Centre vide Proceedings No. I-21023/14/2010-IPS-IV Government of India, Ministry of Home Affairs, New Delhi dated 13.07.2010.


58. Learned Senior Counsel appearing for the appellant strongly relied on two proceedings to contend that the appellant is only a Central Government employee and therefore his status is at par with the Joint Secretary level. The first proceedings relied on by the learned Senior Counsel is that of Ministry of Home Affairs, Government of India in No. I-21023/14/2010-IPS-IV dated 13.7.2010. In the said proceedings, it is stated that the Appointments Committee of the Cabinet (ACC) has approved empanelment of the 108 Indian Police Service Officers belonging to various batches from 1979 to 1989 for holding the posts of Inspector General/equivalent level post at the Centre. The appellant is shown at Sl. No.88 in the said proceedings. A perusal of the said proceedings would only show that the appellant has been empanalled for holding the posts of Inspector General/equivalent level post "at the Centre" and such empanelment was approved by the Appointments Committee of the Cabinet. Thus, the fact remains that the appellant was only empanelled for holding the post at the Centre and not appointed to the said post. It is mere an empanelment approved by the Appointments Committee of the Cabinet. It is neither claimed by the appellant nor his case that in pursuant to such empanelment, he was posted as Inspector General or appointed in a post with equivalent level at the Centre. It is only a list of qualifying or eligible officers belonging to Indian Police Service for being considered to the post of Inspector General or any equivalent level post at the Centre. Certainly, such empanelment itself would not confer any right on the persons, whose names are found in the list, to claim an appointment to the posts of Inspector General/ equivalent level post at the Centre as a matter of right.


59. Likewise, the other proceedings relied on by the learned Senior Counsel is an Office memorandum issued by the Ministry of Home Affairs, Government of India, in No. 1-21017/06/2010 - IPS. III dated 19.1.2011. In the said Office Memorandum, again a panel of IPS Officers was forwarded to the National Highways Authority of India for considering their suitability for appointment to the post of Executive Director (JS level) in that organisation on deputation basis.


60. In the said panel, the appellant's name figures in Sl. No.3. This again is only an empanelment for considering for appointment to the post of Executive Director (Joint Secretary level) in the National Highways Authority of India. Such empanelment, as already stated supra, will not confer any right of appointment nor it could be taken to mean that mere finding a place in the empanelment would automatically be construed as attaining such status of the post for which such empanelment was prepared. Therefore, under both the proceedings, the appellant cannot rely and contend that he has attained the level of Joint Secretary as contemplated under Section 6A of the said Act.


61. The Hon'ble Supreme Court has considered the scope of empanelment in very many decisions. In a decision reported in AIR 2010 SC 932 (Rakhi Ray and Others Vs. High Court of Delhi and Others). the Hon'ble Apex Court at paragraph 26 of its judgment has held as follows:-


"A person whose name appears in the select list does not acquire any indefeasible right of appointment. Empanelment at the best is a condition of eligibility for purpose of appointment and by itself does not amount to selection or create a vested right to be appointed."


62. Likewise in another decision reported in 2010 (6) SCALE 126 (State of Orissa and Another Vs. Rajkishore Nanda and Others), the Hon'ble Apex Court held at paragraph 13 as follows:-


"13. A person whose name appears in the select list does not acquire any indefeasible right of appointment. Empanelment at the best is a condition of eligibility for purpose of appointment and by itself does not amount to selection or create a vested right to be appointed. The vacancies have to be filled up as per the statutory rules and in conformity with the constitutional mandate."


63. In yet another decision reported in State of Bihar Vs. Secretariat Asstt. Successful Examinees Union (1994 (1) SCC 126), the Hon'ble Apex Court has observed that a person who is selected and empanelled does not, on account of empanelment alone, acquire any indefeasible right of appointment. Empanelment is at the best, a condition of eligibility for purposes of appointment and that by itself does not amount to selection or creation of a vested right for appointment unless relevant service rule says to the contrary.


64. Considering all these decisions and the law laid down by the Apex Court on this issue, it is crystal clear that mere empanelment does not confer any right on the person, who is empanelled for appointment to the said post. It is only when such a person is appointed to the said post, he gets the status of such post and not by merely including his name in the eligibility list for being considered to the said post. Right to be considered to a post is not a right conferred on such post. Mere right of consideration itself would not mean that the status of such post or position is vested on such person. The appellant working as Inspector General of Police in West Zone, Coimbatore from 10.9.2008 to 19.02.2010. Thereafter he served as Assistant Commissioner of Police, Chennai and then as Inspector General of Police (Armed Forces), Chennai. He was suspended on 02.5.2012. In the stay petition in M. P.No.1 of 2013, it was stated that during the time of search and seizure, appellant was working as Inspector General of Police (Armed Forces), Chennai. Admittedly, appellant never worked as Inspector General of Police at the Centre at the Joint Secretary level. When that being the position, the appellant, admittedly, having not been appointed to the said post at the Centre, in pursuant to the empanelment made either in the proceedings dated 13.7.2010 or in the proceedings dated 19.1.2011, cannot claim that he has already attained the status of Joint Secretary level at the Centre. Therefore, we are of the firm view that the appellant has not attained the Joint Secretary level status at the Centre at any point of time and mere empanelment of his name either to the post of Inspector General / equivalent level post or to the post of Executive Director (JS level) will not automatically confer him the status of JS level unless and until he gets appointed to the said post in pursuant to the empanelment.


65. Whether prior approval under Section 6A of DSPE Act is mandatory or directory:-


Let us analyse the issue in different angle and assume that the appellant is the employee of the Central Government. If that be so, according to the appellant, Section 6A of the DSPE Act would come to his rescue as admittedly, no previous approval of the Central Government was obtained for conducting the investigation by the CBI against the appellant. In order to appreciate such contention, we should necessarily look into the said provision of law and find out as to whether seeking of such approval is mandatory or directory. We have already extracted Section 6A of the said Act supra.


66. No doubt, the language employed in the said provision though prima facie gives an impression that seeking of such previous approval is mandatory when an investigation is sought to be proceeded against the employees of the Central Government of the level of Joint Secretary and above, in effect, in our considered view, it is not so. We would not have ventured to consider the nature of the said provision to find out as to whether it is mandatory or directory but for sub - clause (2) of Section 6-A wherein it is stated that no such approval is necessary for cases involving arrest of a person on the spot on the charge of accepting or attempting to accept any gratification other than legal remuneration. Thus, even in respect of an investigation against an employee of the Central Government of the level of Joint Secretary and above. if the case falls under sub-clause (2) of Section 6A. no such approval is necessary. Therefore, the approval contemplated under Section 6A projected as though to be necessary only under sub-clause (1) and not so under sub-clause (2). An over all reading of entire Section 6A would only show the legislative intent that the approval contemplated therein can at the best be only directory and not mandatory. As against the same person, there cannot be two yard sticks. one under sub-clause (1) and another under sub-clause (2), if the intent of the legislation is mandatory under all circumstances for seeking approval of the Central Government.


67. More over, non-compliance of such requirement is also not visited with any consequences or penalty under the said provision. Therefore, we are of the view that the said requirement of obtaining prior approval can at the best be only directory and not mandatory.


68. We draw support for the above view from the latest decision of the Hon'ble Apex Court reported in State Rep. By Inspector of Police, Chennai Vs. N. S.Gnaneswaran ( 2013 (3) SCC 594). The said case was also from our High Court. The FIR filed after CBI investigation was sought to be quashed under Section 482 Cr. P.C. on the ground that the mandatory requirement under Section 154(2) of Cr. P.C. was not followed. Under the said procedure the copy of such information recorded shall be supplied forth with free of cost to the informant. This Court accepted the said contention and consequently quashed the FIR. When matter was taken on appeal before the Apex Court, the issue considered was as to whether giving the copy of the FIR to informant is mandatory and if not what is the prejudice caused to the respondent/ accused. After elaborately discussing various case laws on this issue, the Apex Court found that the provisions of Section 154(2) are merely directory and not mandatory. It is observed at paragraphs 15 to 22 as follows:-


15. While determining whether a provision is mandatory or directory, in addition to the language used therein, the Court has to examine the context in which the provision is used and the purpose it seeks to achieve. It may also be necessary to find out the intent of the legislature for enacting it and the serious and general inconveniences or injustice to persons relating thereto from its application. The law which creates public duties is directory but if it confers private rights it is mandatory.


16. A Constitution Bench of this Court, in State of U. P. and Ors. v. Babu Ram Upadhya AIR 1961 SC 751, considered the issue and held as under:-


"29. For ascertaining the real intention of the Legislature, the Court may consider, inter alia, the nature and the design of the statute, and the consequences which would follow from construing it the one way or the other, the impact of other provisions whereby the necessity of complying with the provisions in question is avoided, the circumstance, namely, that the statute provides for a contingency of the non-compliance with the provisions, the fact that the non-compliance with the provisions is or is not visited by some penalty, the serious or trivial consequences that flow therefrom, and, above all, whether the object of the legislation will be defeated or furthered." (Emphasis added) (See also: Dattatraya Moreshwar v. State of Bombay and Ors. AIR 1952 SC 181; Raza Buland Sugar Co. Ltd. Rampur v. Municipal Board, Rampur. AIR 1965 SC 895; and State of Mysore v. V. K. Kangan. AIR 1975 SC 2190.


17. In Sharif-Ud-Din v. Abdul Gani Lone AIR 1980 SC 303, this Court, while considering the provisions of Sub-section (3) of Section 89 of the J&K Representation of People Act, 1957, held that the difference between a mandatory and directory rule is that the former requires strict observance while in the case of latter, substantial compliance of the rule may be enough and where the statute provides that failure to make observance of a particular rule would lead to a specific consequence, the provision has to be construed as mandatory.


18. In Rubber House v. Excellsior Needle Industries Pvt. Ltd. AIR 1989 SC 1160, this Court considered the provisions of the Haryana (Control of Rent and Eviction) Rules, 1976, which provided for mentioning the amount of arrears of rent in the application was held to be directory though the word "shall" has been used in the statutory provision for the reason that non-compliance of the rule, i. e. non-mentioning of the quantum of arrears of rent did involve no invalidating consequence and also did not visit any penalty.


19. In B. S. Khurana and Ors. v. Municipal Corporation of Delhi and Ors. (2000) 7 SCC 679, this Court considered the provisions of the Delhi Municipal Corporation Act, 1957, particularly those dealing with transfer of immovable property owned by the Municipal Corporation, and held to be mandatory for the reason that the effect of non-observance of the statutory prescription would vitiate the transfer.


If by holding them to be mandatory, serious general inconvenience is caused to innocent persons or general public, without very much furthering the object of the Act, the same would be construed as directory.


21. In Ramchandra Keshav Adke v. Govind Joti Chavare and Ors. AIR 1975 SC 915, this Court held that where "the imperative language, the beneficent purpose and importance of the provisions for efficacious implementation of the general scheme of the Act, all unerringly lead to the conclusion that they were intended to be mandatory, neglect of any of those statutory requisites would be fatal."


22. The law on this issue can be summarised that in order to declare a provision mandatory, the test to be applied is as to whether non-compliance of the provision could render entire proceedings invalid or not. Whether the provision is mandatory or directory, depends upon the intent of Legislature and not upon the language for which the intent is clothed. But the circumstance that Legislature has used the language of compulsive force is always of great relevance. If we apply this test to the provisions of Section 154 Cr. P.C. we reach the inescapable conclusion that the provisions of Section 154 (2) are merely directory and not mandatory as it prescribes only a duty to give the copy of the FIR." (Emphasis supplied)


69. Thus, by applying the above said principle of law laid down by the Apex Court, we could also safely come to the conclusion that non-observance of Section 6A will not vitiate the proceedings as we have already pointed out that the legislative intent is very clear from inserting sub-clause (2) in the case of arrest of a person on the spot on the charge of accepting or attempting to accept any gratification. It is also seen that there is no provision to indicate what would be the consequences if Section 6A is not complied with. Above all, as pointed out by the Apex Court, the object of the legislation as seen from the DSPE Act is to investigate the case of bribery and corruption by Central Government employees. Such object cannot be defeated merely by a non-observance of a procedure contemplated under Section 6A.


70. It is also to be noted that the word "approval" is contemplated under Section 6-A and not the word "permission". Certainly permission and approval acts on different circumstances. Approval of an action done is different from permitting such an action to take place. Therefore, we are of the view that approval contemplated under Section 6A can at the best be only directory and not mandatory. Consequently non-compliance of the same would not vitiate the proceedings, even assuming that the appellant is a central Government employee at Joint Secretary level.


71. Points No.3 and 4:-


Re-contention. Transfer of investigation to CBI under the order of the Court cannot be done, except under Article 226 of Constitution of India:-


Before answering this issue we would like to make it clear that the appellant is not entitled to raise this issue in this writ appeal or before the learned single Judge when admittedly the order passed by this Court in transferring the investigation to CBI was not at all challenged either by the appellant or by any other accused. Thus the said order has become final, conclusive and is binding on all the parties concerned. The correctness or otherwise of the said order cannot be questioned by the appellant in these proceedings. It is relevant to note that the order of transferring the investigation to CBI was passed by this Court in Crl. O.P. Nos. 2691 and 5356 of 2011 on 19.4.2011. However, even before such an order was made, the appellant was subjected to the enquiry by the State Police in connection with the Cr. No. 3068 of 2009 by calling upon him to attend an enquiry through the proceedings of the Director General of Police (Law and Order) dated 23.3.2011. Thus, the investigation / enquiry has already commenced against the appellant also by the State Police and only such investigation was subsequently transferred to CBI through the Court order made on 19.4.2011. Therefore, it is not open to the appellant to contend that he is not a party concerned in those proceedings and the order passed by the learned Judge in transferring the case to CBI will not bind him. However, the learned counsel for the appellant advanced arguments on this issue elaborately and therefore, we are constrained to express our opinion on this issue.


72. Learned Senior Counsel for appellant contended that the learned single Judge dismissed the Writ Petition mainly on the ground that by the order of the Court case was transferred to CBI and therefore, appellant cannot complain of transfer of investigation. Learned Senior Counsel contended that in the Constitution Bench decision of the Supreme Court in (2010) 3 SCC 571 [State of West Bengal v. Committee for Protection of Democratic Rights], it was categorically held that transfer of investigation from the State police to CBI overlooking the provisions of Section 6A of DSPE Act cannot be done except under Article 226 of Constitution of India. According to appellant, the very transfer of case itself under Section 482 of Crl. P.C. was not in accordance with the decision of the Constitution Bench. Learned Senior Counsel further submitted that when the case was transferred from the State police to CBI by the order of the Court dated 19.4.2011, the appellant was not at all an accused in either of two cases in Crime No.26 of 2009 of CCB, Tirupur (Crime No.3 of 2010 of EOW-II, Coimbatore) and Crime No.3068 of 2009 of Tirupur North Police Station registered by the State police and even as per the counter of CBI, appellant was arrayed as accused on 28.2.2012 through a Memo filed before the Special Judge for CBI Cases. Contention of appellant is that once CBI collected materials against the appellant, CBI had statutory obligation to take prior approval of the Government of India to conduct any enquiry or investigation and by the order of the Court to transfer cases to CBI exercising power under Section 482 Crl. P.C. compliance of mandatory provision cannot be dispensed with.


73. There is no force in the contention that at the time when the cases were transferred by the High Court from the State police to CBI on 19.4.2011, the appellant was not an accused in either of two cases - Crime No.26 of 2009 of CCB, Tirupur (Crime No.3 of 2010 of EOW-II, Coimbatore) and Crime No.3068 of 2009 of Tirupur North Police Station. As pointed outer earlier, on 09.12.2009, a woman missing case was registered in Crime No.3068 of 2009 of Tirupur North Police Station. Subsequently, when Kamalavalli surfaced on 11.12.2009, on her representation to the Deputy Superintendent of Police, Tirupur Town, on 15.12.2009, sections of woman missing case was altered to Sections 323. 365. 384 and 354 I. P.C. against the Police officers viz. (i) Rajendiran, Dy. Superintendent of Police, Tirupur, (ii) V. Mohanraj, Inspector, CCB, Tirupur, (iii) E. Shanmugaiah, formerly Inspector, CCB, Tirupur and a private individual viz. Annachi @ John Prabakar. When the CB-CID was investigating the case, by the Proceedings of the Additional Director General of Police (Law and Order) in C. No.042643/CrimeII(2)/2010 dated 23.3.2011, appellant was directed to attend an enquiry in connection with the case in Tirupur North Police Station in Crime No.3068 of 2009 at CB-CID Head Quarters Office, Guindy, Chennai. The fact that appellant was directed to appear for enquiry shows that needle of suspicion pointed towards the appellant. After collecting materials, appellant was arrayed as accused through a Memo filed before the Special Judge for CBI cases on 28.2.2012. Therefore, it cannot be said that appellant was no way involved in connection with the case in Tirupur North Police Station, when the case was transferred to CBI by the order of the Court dated 19.4.2011.


74. Learned Senior Counsel for appellant submitted that when the case was transferred to CBI, mandatory provision of compliance of Section 6A of DSPE Act cannot be dispensed with. Contention of appellant is that power under Section 482 of Crl. P.C. is the statutory power of the High Court to prevent abuse of process of Court and during inspection while CBI got clue about the appellant, CBI should have obtained permission from the Central Government under Section 6A of DSPE Act to proceed against the appellant. Further contention of appellant is that power to order transfer of investigation to CBI cannot be ordered except under Article 226 of Constitution of India and the inherent power under Section 482 Crl. P.C. cannot be equated to the power of Constitutional Court under Article 226.


75. The learned Senior Counsel placed reliance upon the decision of Supreme Court in (2010) 3 SCC 571 [STATE OF WEST BENGAL AND OTHERS V. COMMITTEE FOR PROTECTION OF DEMOCRATIC RIGHTS, WEST BENGAL AND OTHERS ] to contend that power under Article 226 of Constitution of India cannot be equated to the power under Section 482 Crl. P.C. In the above said decision, the issue as to whether the High Court, in exercise of its jurisdiction under Article 226 of the Constitution of India, can direct the Central Bureau of Investigation, established under Delhi Special Police Establishment Act. 1946 to investigate a cognizable offence, which is alleged to have taken place within the territorial jurisdiction of a State, without consent of the State Government came up for consideration before the Hon'ble Supreme Court.


76. Observing that power of the High Court under Article 226 of the Constitution cannot be taken away, curtailed or diluted by Section 6 of DSPE Act and in view of the constitutional scheme and the jurisdiction conferred on this Court under Article 32 and on the High Courts under Article 226 of the Constitution the power of judicial review being an integral part of the basic structure of the Constitution, no Act of Parliament can exclude or curtail the powers of the Constitutional Courts with regard to the enforcement of fundamental rights, in (2010) 3 SCC 571, the Hon'ble Supreme Court held as under:-


68. Thus, having examined the rival contentions in the context of the constitutional scheme, we conclude as follows:


(i) The fundamental rights, enshrined in Part III of the Constitution, are inherent and cannot be extinguished by any constitutional or statutory provision. Any law that abrogates or abridges such rights would be violative of the basic structure doctrine. The actual effect and impact of the law on the rights guaranteed under Part III has to be taken into account in determining whether or not it destroys the basic structure.


(ii) Article 21 of the Constitution in its broad perspective seeks to protect the persons of their lives and personal liberties except according to the procedure established by law. The said article in its broad application not only takes within its fold enforcement of the rights of an accused but also the rights of the victim. The State has a duty to enforce the human rights of a citizen providing for fair and impartial investigation against any person accused of commission of a cognizable offence, which may include its own officers. In certain situations even a witness to the crime may seek for and shall be granted protection by the State.


(iii) In view of the constitutional scheme and the jurisdiction conferred on this Court under Article 32 and on the High Courts under Article 226 of the Constitution the power of judicial review being an integral part of the basic structure of the Constitution, no Act of Parliament can exclude or curtail the powers of the constitutional courts with regard to the enforcement of fundamental rights. As a matter of fact, such a power is essential to give practicable content to the objectives of the Constitution embodied in Part III and other parts of the Constitution. Moreover, in a federal constitution, the distribution of legislative powers between Parliament and the State Legislature involves limitation on legislative powers and, therefore, this requires an authority other than Parliament to ascertain whether such limitations are transgressed. Judicial review acts as the final arbiter not only to give effect to the distribution of legislative powers between Parliament and the State Legislatures, it is also necessary to show any transgression by each entity. Therefore, to borrow the words of Lord Steyn, judicial review is justified by combination of the principles of separation of powers, rule of law, the principle of constitutionality and the reach of judicial review .


(iv) If the federal structure is violated by any legislative action, the Constitution takes care to protect the federal structure by ensuring that the Courts act as guardians and interpreters of the Constitution and provide remedy under Articles 32 and 226, whenever there is an attempted violation. In the circumstances, any direction by the Supreme Court or the High Court in exercise of power under Article 32 or 226 to uphold the Constitution and maintain the rule of law cannot be termed as violating the federal structure.


(v) Restriction on Parliament by the Constitution and restriction on the executive by Parliament under an enactment, do not amount to restriction on the power of the Judiciary under Articles 32 and 226 of the Constitution.


(vi) If in terms of Entry 2 of List II of the Seventh Schedule on the one hand and Entry 2-A and Entry 80 of List I on the other, an investigation by another agency is permissible subject to grant of consent by the State concerned, there is no reason as to why, in an exceptional situation, the Court would be precluded from exercising the same power which the Union could exercise in terms of the provisions of the statute. In our opinion, exercise of such power by the constitutional courts would not violate the doctrine of separation of powers. In fact, if in such a situation the Court fails to grant relief, it would be failing in its constitutional duty.


(vii) When the Special Police Act itself provides that subject to the consent by the State, CBI can take up investigation in relation to the crime which was otherwise within the jurisdiction of the State police, the Court can also exercise its constitutional power of judicial review and direct CBI to take up the investigation within the jurisdiction of the State. The power of the High Court under Article 226 of the Constitution cannot be taken away, curtailed or diluted by Section 6 of the Special Police Act. Irrespective of there being any statutory provision acting as a restriction on the powers of the Courts, the restriction imposed by Section 6 of the Special Police Act on the powers of the Union, cannot be read as restriction on the powers of the constitutional courts. Therefore, exercise of power of judicial review by the High Court, in our opinion, would not amount to infringement of either the doctrine of separation of power or the federal structure.


69. In the final analysis, our answer to the question referred is that a direction by the High Court, in exercise of its jurisdiction under Article 226 of the Constitution, to CBI to investigate a cognizable offence alleged to have been committed within the territory of a State without the consent of that State will neither impinge upon the federal structure of the Constitution nor violate the doctrine of separation of power and shall be valid in law. Being the protectors of civil liberties of the citizens, this Court and the High Courts have not only the power and jurisdiction but also an obligation to protect the fundamental rights, guaranteed by Part III in general and under Article 21 of the Constitution in particular, zealously and vigilantly.


70. Before parting with the case, we deem it necessary to emphasise that despite wide powers conferred by Articles 32 and 226 of the Constitution, while passing any order, the Courts must bear in mind certain self-imposed limitations on the exercise of these constitutional powers. The very plenitude of the power under the said articles requires great caution in its exercise. Insofar as the question of issuing a direction to CBI to conduct investigation in a case is concerned, although no inflexible guidelines can be laid down to decide whether or not such power should be exercised but time and again it has been reiterated that such an order is not to be passed as a matter of routine or merely because a party has levelled some allegations against the local police. This extraordinary power must be exercised sparingly, cautiously and in exceptional situations where it becomes necessary to provide credibility and instil confidence in investigations or where the incident may have national and international ramifications or where such an order may be necessary for doing complete justice and enforcing the fundamental rights. Otherwise CBI would be flooded with a large number of cases and with limited resources, may find it difficult to properly investigate even serious cases and in the process lose its credibility and purpose with unsatisfactory investigations.


77. The Hon'ble Supreme Court has clearly laid down that in exercise of its jurisdiction under Article 226 of Constitution of India, the High Court can issue a direction to CBI to investigate a cognizable offence alleged to have been committed within the territory of a State without the sanction of that State. Whether order directing investigation by the CBI should be passed only by the Constitutional Court under Article 226 of Constitution of India and whether such direction cannot be issued exercising inherent power of the High Court under Section 482 Crl. P.C. is the point falling for consideration:-


78. Section 482 Crl. P.C. is the inherent power of the High Court to do real and substantial justice for the administration of which alone it exists or to prevent abuse of the process of the Court. Inherent power under Section 482 Crl. P.C. envisages three circumstances, viz.


(i)to give effect to an order under the Code ;


(ii)to prevent abuse of the process of Court, and


(iii)to otherwise secure the ends of justice.


It is neither possible nor desirable to lay down any inflexible rule which would govern the exercise of inherent jurisdiction. Courts, therefore, have inherent powers apart from any express provisions of law which are necessary for proper discharge of functions and duties imposed upon them by law.


"Exercise of power under Section 482 of the Code in a case of this nature is the exception and not the rule. The section does not confer any new powers on the High Court. It only saves the inherent power which the Court possessed before the enactment of the Code. It envisages three circumstances under which the inherent jurisdiction may be exercised, namely, (i) to give effect to an order under the Code. (ii) to prevent abuse of the process of court, and (iii) to otherwise secure the ends of justice. It is neither possible nor desirable to lay down any inflexible rule which would govern the exercise of inherent jurisdiction. No legislative enactment dealing with procedure can provide for all cases that may possibly arise. Courts, therefore, have inherent powers apart from express provisions of law which are necessary for proper discharge of functions and duties imposed upon them by law. This is the doctrine which finds expression in the Section which merely recognizes and preserves inherent powers of the High Courts. All courts, whether civil or criminal possess, in the absence of any expression provision, as inherent in their constitution, all such powers as are necessary to do the right and to undo a wrong in course of administration of justice. While exercising powers under the Section, the Court does not function as a court of appeal or revision. Inherent jurisdiction under the Section though wide has to be exercised sparingly, carefully and with caution and only when such exercise is justified by the tests specifically laid down in the Section itself. It is to be exercised ex debito justitiae to do real and substantial justice for the administration of which alone courts exist. Authority of the court exists for advancement of justice and if any attempt is made to abuse of process of the court to allow any action which would result in injustice and prevent promotion of justice. In exercise of the powers court would be justified to quash any proceeding if it finds that initiation/continuance of it amounts to abuse of the process of court or quashing of these proceedings would otherwise serve the ends of justice. When no offence is disclosed by the complainant, the court may examine the question of fact. When a complaint is sought to be quashed, it is permissible to look into the materials to assess what the complainant has alleged and whether any offence is made out even if the allegations are accepted in toto."


81. Considering the scope of Section 482 Crl. P.C. and observing that there is no statutory limitations for exercising power under Section 482 Crl. P.C. in (2012) 10 SCC 303 [Gian Singh v. State of Punjab and another], the Hon 'ble Supreme Court held as under:-


"53. As has been repeatedly stated that Section 482 confers no new powers on the High Court; it merely safeguards existing inherent powers possessed by the High Court necessary to prevent abuse of the process of any court or to secure the ends of justice. It is equally well settled that the power is not to be resorted to if there is specific provision in the Code for the redress of the grievance of an aggrieved party. It should be exercised very sparingly and it should not be exercised as against the express bar of law engrafted in any other provision of the Code.


54. In different situations, the inherent power may be exercised in different ways to achieve its ultimate objective. Formation of opinion by the High Court before it exercises inherent power under Section 482 on either of the twin objections, (i) to prevent abuse of the process of any court, or (ii) to secure the ends of justice, is a sine qua non."


82. Observing that nomenclature of the petition is not decisive and that the High Court can exercise its power suo motu either under Article 226 of Constitution of India or under Section 482 Crl. P.C. or under both, in (2008) 3 SCC 542 [Divine Retreat Centre v. State of Kerala and others], the Hon 'ble Supreme Court held as under:-


"55. It was contended that nomenclature of the petition is not decisive. The High Court can exercise power suo motu either under Article 226 or under Section 482 CrPC or under both. It was submitted that if for any reason the petition entertained by the High Court is held not maintainable under Section 482 of the Code, the same can always be treated as the one filed under Article 226 of the Constitution of India. Reliance was placed upon the observations made by this Court in Pepsi Foods Ltd. v. Special Judicial Magistrate (1998) 5 SCC 749. This Court took the view that if the court finds that the appellant could not invoke its jurisdiction under Article 226. the court can certainly treat the petition as one under Article 227 or Section 482 of the Code. The observations were made in the context of correcting grave errors that might be committed by the subordinate courts. The decision does not lay down any law that the High Courts in exercise of its power under Section 482 of the Code or Article 227 may be resorted to constitute any special investigating agency to investigate into allegations made for the first time in an anonymous petition.


56. In our view, the whole of public law remedies available under Article 226 of the Constitution of India and the constituent power to issue writs in the nature of mandamus, certiorari, prohibition and quo warranto are neither echoed nor transplanted into Section 482. May be both the powers to issue writs and pass appropriate orders under Section 482 of the Code are conferred upon the High Court but they undoubtedly operate in different fields."


83. About 52,000 gullible depositors have been duped by M/s. Paazee Forex Trading India Private Limited and the amount cheated was to the tune of hundreds of crores and so many depositors have been cheated and the Investigating Agency had an obligation to secure the interest of the depositors and see that the amount was refunded to the depositors. When allegations were made against the State Police that proper investigation was not made and that the Police officers were alleged to have obtained money from the Directors of M/s. Pazee Forex Trading India Private Limited and that there was no proper investigation by the State Police, in order to render substantial justice, Court exercised its inherent power under Section 482 Crl. P.C. directing transfer of investigation to CBI. The direction was to protect the interests of depositors and to secure ends of justice.


84. Exercise of power by the High Court would depend on the facts and circumstances of each case. As held by the Hon'ble Supreme Court in Gian Singh case, in the very nature of its constitution, it is the judicial obligation of the High Court to undo a wrong in course of administration of justice or to prevent continuation of unnecessary judicial process. The power possessed by the High Court under Section 482 Crl. P.C. is of wide amplitude, but required to be exercised with great caution and circumspection. Having regard to the magnitude of the offence and in order to protect the interest of the depositors, exercising inherent powers under Section 482 Crl. P.C. Court ordered transfer of investigation to CBI. Therefore, we are of the view that the nomenclature of the Petition was not material.


85. As pointed out earlier, exercise of power under Section 482 Crl. P.C. would depend upon the facts and circumstances of the case. When large number of depositors have lost the money and allegations were levelled against the State police that they have received money from the Directors of M/s. Paazee Forex Trading India Private Limited to shield them, there was judicial obligation on the part of the Court to undo a wrong in the course of administration of justice to do real and substantial justice.


86. Re. contention Court cannot issue directions in contravention of the statutory provision:-


Learned Senior Counsel for appellant contended that if CBI felt any incriminating materials emerged during investigation against the appellant, CBI ought to have obtained permission of the Central Government to proceed against the appellant. Contending that no person should suffer by reason of any mistake by the order of the Court and the order of the Court shall not prejudice any one, learned Senior Counsel for appellant placed reliance upon (1988) 2 SCC 602 [A. R.Antulay v. R. S.Nayak and another ].


87. In the said case, the main question involved is, whether the directions given in R. S.NAYAK VS. A. R.ANTULAY, (1984) 2 SCC 183 were legally proper; whether the action and the trial proceedings pursuant to those directions are legal and valid and can those directions be recalled or set aside or annulled in the manner sought for by the appellant. In the above said decision, the Hon'ble Supreme Court held as under:-


41. In the aforesaid view of the matter and the principle reiterated, it is manifest that the appellant has not been ordered to be tried by a procedure mandated by law, but by a procedure which was violative of Article 21 of the Constitution. That is violative of Articles 14 and 19 of the Constitution also, as is evident from the observations of the Seven Judges Bench judgment in Anwar Ali Sarkar case where this Court found that even for a criminal who was alleged to have committed an offence, a special trial would be per se illegal because it will deprive the accused of his substantial and valuable privileges of defence which, others similarly charged, were able to claim. As Justice Vivian Bose observed in the said decision at page 366 of the report, it matters not whether it was done in good faith, whether it was done for the convenience of Government, whether the process could be scientifically classified and labelled, or whether it was an experiment for speedier trial made for the good of society at large. Justice Bose emphasised that it matters not how lofty and laudable the motives were. The question which must be examined is, can fair minded, reasonable, unbiased and resolute men regard that with equanimity and call it reasonable, just and fair, regard it as equal treatment and protection in the defence of liberties which is expected of a sovereign democratic republic in the conditions which are obtained in India today. Judged by that view the singling out of the appellant in this case for a speedier trial by the High Court for an offence of which the High Court had no jurisdiction to try under the Act of 1952 was, in our opinion, unwarranted, unprecedented and the directions given by this Court for the said purpose, were not warranted. If that is the position, when that fact is brought to our notice we must remedy the situation. In rectifying the error, no procedural inhibitions should debar this Court because no person should suffer by reason of any mistake of the court. The court, as is manifest, gave its directions on 16-2-1984. Here no rule of res judicata would apply to prevent this Court from entertaining the grievance and giving appropriate directions. In this connection, reference may be made to the decision of the Gujarat High Court in Soni Vrajlal Jethalal v. Soni Jadavji Govindji (AIR 1972 Guj 148) where D. A. Desai, J. speaking for the Gujarat High Court observed that no act of the court or irregularity can come in the way of justice being done and one of the highest and the first duty of all courts is to take care that the act of the court does no injury to the suitors.


55. Shri Jethmalani urged that the directions given on 16-2-1984, were not per incuriam. We are unable to accept this submission. It was manifest to the Bench that exclusive jurisdiction created under Section 7(1) of the 1952 Act read with Section 6 of the said Act, when brought to the notice of this Court, precluded the exercise of the power under Section 407 of the Code. There was no argument, no submission and no decision on this aspect at all. There was no prayer in the appeal which was pending before this Court for such directions. Furthermore, in giving such directions, this Court did not advert to or consider the effect of Anwar Ali Sarkar case (AIR 1952 SC 75) which was a binding precedent. A mistake on the part of the court shall not cause prejudice to anyone. He further added that the primary duty of every court is to adjudicate the cases arising between the parties. According to him, it is certainly open to a larger Bench to take a view different from that taken by the earlier Bench, if it was manifestly erroneous and he urged that the trial of a corrupt Chief Minister before a High Court, instead of a judge designated by the State Government was not injurious to public interest that it should be overruled or set aside. He invited us to consider two questions: (1) does the impugned order promote justice? and (2) is it technically valid? After considering these two questions, we are clearly of the opinion that the answer to both these questions is in the negative. No prejudice need be proved for enforcing the fundamental rights. Violation of a fundamental right itself renders the impugned action void. So also the violation of the principles of natural justice renders the act a nullity. Four valuable rights, it appears to us, of the appellant have been taken away by the impugned directions:


(i) The right to be tried by a Special Judge in accordance with the procedure established by law and enacted by Parliament.


(ii) The right of revision to the High Court under Section 9 of the Criminal Law Amendment Act.


(iii) The right of first appeal to the High Court under the same section.


(iv) The right to move the Supreme Court under Article 136 thereafter by way of a second appeal, if necessary. .


58. We are clearly of the opinion that the right of the appellant under Article 14 regarding equality before the law and equal protection of law in this case has been violated. The appellant has also a right not to be singled out for special treatment by a Special Court created for him alone. This right is implicit in the right to equality. See Anwar Ali Sarkar case.


59. Here the appellant has a further right under Article 21 of the Constitution a right to trial by a Special Judge under Section 7(1) of the 1952 Act which is the procedure established by law made by the Parliament, and a further right to move the High Court by way of revision or first appeal under Section 9 of the said Act. He has also a right not to suffer any order passed behind his back by a court in violation of the basic principles of natural justice. Directions having been given in this case as we have seen without hearing the appellant though it appears from the circumstances that the order was passed in the presence of the counsel for the appellant, these were bad.


88. Learned Senior Counsel for Appellant placed reliance upon (1998) 4 SCC 409 [SUPREME COURT BAR ASSOCIATION V. UNION OF INDIA AND ANOTHER ] to contend that under Article 142 of Constitution, Court cannot altogether ignore the substantive provisions of a statute and pass orders concerning an issue which can be settled only through a mechanism prescribed in another statute and it is not to be exercised in a case where there is no basis in law which can form an edifice for building up a superstructure.


89. In the above said case, aggrieved by the order of the Supreme Court in Vinav Chandra Mishra, Re. (1995) 2 SCC 584 suspending an advocate from practising for a period of three years by invoking powers under Articles 129 and 142 of the Constitution, on finding that an advocate committed criminal contempt of Court, the Supreme Court Bar Association filed petition under Article 32 of Constitution of India for a declaration that the Disciplinary Committees of the Bar Council set up under the Advocates Act. 1961 alone have exclusive jurisdiction to inquire into and suspend or debar an advocate from practising law for professional or other misconduct, arising out of punishment imposed for contempt of court or otherwise. On those facts, observing that power under Article 142 being curative in nature cannot be construed as powers which authorise the Court to ignore the substantive rights of a litigant and that it cannot disregard a statutory provision governing a subject, the Hon'ble Supreme Court held as under:-


47. The plenary powers of this Court under Article 142 of the Constitution are inherent in the Court and are complementary to those powers which are specifically conferred on the Court by various statutes though are not limited by those statutes. These powers also exist independent of the statutes with a view to do complete justice between the parties. These powers are of very wide amplitude and are in the nature of supplementary powers. This power exists as a separate and independent basis of jurisdiction apart from the statutes. It stands upon the foundation and the basis for its exercise may be put on a different and perhaps even wider footing, to prevent injustice in the process of litigation and to do complete justice between the parties. This plenary jurisdiction is, thus, the residual source of power which this Court may draw upon as necessary whenever it is just and equitable to do so and in particular to ensure the observance of the due process of law, to do complete justice between the parties, while administering justice according to law. There is no doubt that it is an indispensable adjunct to all other powers and is free from the restraint of jurisdiction and operates as a valuable weapon in the hands of the Court to prevent clogging or obstruction of the stream of justice . It, however, needs to be remembered that the powers conferred on the Court by Article 142 being curative in nature cannot be construed as powers which authorise the Court to ignore the substantive rights of a litigant while dealing with a cause pending before it. This power cannot be used to supplant substantive law applicable to the case or cause under consideration of the Court. Article 142. even with the width of its amplitude, cannot be used to build a new edifice where none existed earlier, by ignoring express statutory provisions dealing with a subject and thereby to achieve something indirectly which cannot be achieved directly. Punishing a contemner advocate, while dealing with a contempt of court case by suspending his licence to practice, a power otherwise statutorily available only to the Bar Council of India, on the ground that the contemner is also an advocate, is, therefore, not permissible in exercise of the jurisdiction under Article 142. The construction of Article 142 must be functionally informed by the salutary purposes of the article, viz. to do complete justice between the parties. It cannot be otherwise. As already noticed in a case of contempt of court, the contemner and the court cannot be said to be litigating parties."


49. In Bonkya v. State of Maharashtra ((1995) 6 SCC 447) a Bench of this Court observed:


23. The amplitude of powers available to this Court under Article 142 of the Constitution of India is normally speaking not conditioned by any statutory provision but it cannot be lost sight of that this Court exercises jurisdiction under Article 142 of the Constitution with a view to do justice between the parties but not in disregard of the relevant statutory provisions.


50. Dealing with the powers of this Court under Article 142. in Prem Chand Garg v. Excise Commr. U. P. (AIR 1963 SC 996) it was said by the Constitution Bench:


In this connection, it may be pertinent to point out that the wide powers which are given to this Court for doing complete justice between the parties, can be used by this Court, for instance, in adding parties to the proceedings pending before it, or in admitting additional evidence, or in remanding the case, or in allowing a new point to be taken for the first time. It is plain that in exercising these and similar other powers, this Court would not be bound by the relevant provisions of procedure if it is satisfied that a departure from the said procedure is necessary to do complete justice between the parties.


90. Contending that Court can issue direction to the statutory authorities to perform duties in only accordance with law and not other wise, the learned Senior Counsel placed reliance upon (1998) 4 SCC 409 [Supreme Court Bar Association v. Union of India and another ]. Considering the plenary powers of the Supreme Court under Article 142 of the Constitution of India and observing that plenary powers of the Supreme Court under Article 142 cannot ignore any substantive statutory provision and that it cannot disregard a statutory provision governing a subject, in the said decision, the Hon'ble Supreme Court held as under:-


"48. The Supreme Court in exercise of its jurisdiction under Article 142 has the power to make such order as is necessary for doing complete justice "between the parties in any cause or matter pending before it". The very nature of the power must lead the Court to set limits for itself within which to exercise those powers and ordinarily it cannot disregard a statutory provision governing a subject, except perhaps to balance the enquiries between the conflicting claims of the litigating parties by "ironing out the creases" in a cause or matter before it. Indeed this Court is not a court of restricted jurisdiction of only dispute settling. It is well recognised and established that this Court has always been a law-maker and its role travels beyond merely dispute-settling. It is a "problem-solver in the nebulous areas" (see K. Veeraswami v. Union of India (1991) 3 SCC 655) but the substantive statutory provisions dealing with the subject-matter of a given case cannot be altogether ignored by this Court, while making an order under Article 142. Indeed, these constitutional powers cannot, in any way, be controlled by any statutory provisions but at the same time these powers are not meant to be exercised when their exercise may come directly in conflict with what has been expressly provided for in a statute dealing expressly with the subject."


91. Learned Senior Counsel placed reliance upon AIR 1963 SC 996 [PREM CHAND GARG AND ANOTHER V. THE EXCISE COMMISSIONER, U. P. AND OTHERS] and (2010) 4 SCC 393 [MANISH GOEL V. ROHINI GOEL ] to contend that no Court has competence to issue a direction contrary to law nor can the Court direct an authority to act in contravention of the statutory provisions. In the said decision, the Constitution Bench of the Hon'ble Supreme Court held as under:-


12. An order which this Court can make in order to do complete justice between the parties, must not only be consistent with the fundamental rights guaranteed by the Constitution, but it cannot even be inconsistent with the substantive provisions of the relevant statutory laws.


92. In (2010) 4 SCC 393 [MANISH GOEL V. ROHINI GOEL], the Hon 'ble Supreme Court held as under:-


14. Generally, no court has competence to issue a direction contrary to law nor can the court direct an authority to act in contravention of the statutory provisions. The courts are meant to enforce the rule of law and not to pass the orders or directions which are contrary to what has been injected by law. (Vide State of Punjab v. Renuka Singla (1994) 1 SCC 175, State of U. P. v. Harish Chandra (1996) 9 SCC 309, Union of India v. Kirloskar Pneumatic Co. Ltd. (1996) 4 SCC 453, University of Allahabad v. Dr. Anand Prakash Mishra (1997) 10 SCC 264 and Karnataka SRTC v. Ashrafulla Khan (2002) 2 SCC 560.)


93. Placing reliance upon the above decisions, the learned Senior Counsel submitted that transfer of investigation from the State police to CBI overlooking the provisions of Section 6A of DSPE Act cannot be done and the learned single Judge ought to have seen that very transfer of the case itself under Section 482 Crl. P.C. was not in accordance with the provisions of law. It was submitted that the order of the Court cannot be in deviation from the statutory provision causing prejudice to the appellant who was not an accused at the time when the investigation was transferred to CBI.


94. All these submissions of the learned Senior Counsel for the appellant would have relevance only when the appellant is an employee of the Central Government at the Joint Secretary Level, then only the question of applying Section 6A of the DSPE Act would arise for further consideration. We have already found that the appellant is not an employee of the Central Government at Joint Secretary level and on the other hand he is the employee of the State Government and never functioned as the employee of the Central Government at any point of time much less the time during which the investigation/enquiry commenced. We have also held that mere empanelment of the appellant for holding the post of Inspector General at Centre does not confer any right of appointment to such post or confer such status on the appellant. Thus, the appellant who is an employee of the State Government, is not entitled to seek shelter under Section 6A of DSPE Act and there is no merit in contending that the direction for CBI enquiry was in contravention of the statutory provisions. In any event, as discussed earlier, the approval contemplated under Section 6A can at the best be only directory and not mandatory and non-compliance of the same would not vitiate the proceedings.


95. It is pertinent to note that the appellant has not challenged the order in Crl. O.P. Nos.2691 and 5356 of 2011 dated 19.4.2011. Without challenging the said order, the appellant cannot indirectly challenge the correctness of the order passed in Crl. O.P. Nos.2691 and 5356 of 2011 dated 19.4.2011 in this Writ Appeal. However, having regard to the elaborate submissions made, we were constrained to express our opinion upon the facts and circumstances in which the order of transfer of investigation to CBI came to be passed and the scope of inherent power of the High Court under Section 482 of Crl. P.C.


96. The learned single Judge dismissed the Writ Petition mainly on the ground that transfer of investigation was permitted by the High Court and the CBI can investigate even without prior permission from the Central Government including Officer at the Joint Secretary level. Of course, the learned single Judge did not go into the question whether the appellant is the employee of the Central Government or not. After referring to the decisions of Supreme Court in (2010) 3 SCC 571 [State of West Bengal Vs. Committee for Protection of Democratic Rights] and (2003) 6 SCC 195 [Union of India Vs. Prakash P. Hinduja], learned single Judge held that the defect in the investigation would not affect the cognizance of the case or trial and appellant is not entitled to maintain the writ petition and dismissed the writ petition. We have considered the submissions and recorded our findings that the appellant borne on a State Cadre is not a Central Government employee. In view of our findings and also the reasonings of the learned single Judge the writ appeal is liable to be dismissed.


97. We summarise our conclusions as under:-


(i) The appellant, having been allotted to the State of Tamil Nadu, while serving in connection with the affairs of the State, the appellant is an employee of the State Government and the service conditions are governed under various rules as elaborated supra. Since the appellant is only an employee of the State Government, obtaining of prior approval of the Central Government under Section 6A of DSPE Act was not necessary and hence there is no violation of any statutory provision.


(ii) Mere empanelment of the appellant for holding the post of Inspector General vide proceedings No. I-21023/14/2010-IPS-IV of Government of India, Ministry of Home Affairs, dated 13.7.2010 does not confer any right of appointment on the appellant and the appellant, having not been appointed to the said post at the Centre, cannot claim that he is an Officer in the status of Joint Secretary level at the Centre.


(iii) Even assuming that appellant is a Central Government employee at Joint Secretary level, the prior approval contemplated under Section 6A of DSPE Act can at the best be only directory and not mandatory and consequently, non-compliance of the same would not vitiate the proceedings.


(iv) The inherent powers of the High Court under Section 482 are of wide amplitude. The power to order transfer of investigation to CBI is not restricted to only Constitutional Court under Article 226 of Constitution of India. As held in the decision of (2008) 3 SCC 542 [Divine Retreat Centre v. State of Kerala and others ], the nomenclature of the petition is not decisive. The High Court can exercise powers either under Article 226 of Constitution of India or under Section 482 of Crl. P.C. or under both.


(v) Direction in the Order made in Crl. O.P. Nos.2691 and 5356 of 2011 dated 19.4.2011 to transfer investigation to CBI cannot be said to be in deviation of any statutory provisions. More so, when the said order dated 19.4.2011 transferring investigation to CBI remains unchallenged.


98. In the result, the writ appeal is dismissed and the interim order granted on 4.1.2013 stands vacated. Consequently, connected M. P. is closed. No costs.


Press Release


Release Date: January 26, 2015


For release at 12:00 p. m. EST


Federal Reserve Issues "Strategies for Improving the U. S. Payment System"


The Federal Reserve today issued "Strategies for Improving the U. S. Payment System," which presents a multi-faceted plan for collaborating with payment system stakeholders including large and small businesses, emerging payments firms, card networks, payment processors, consumers and financial institutions to enhance the speed, safety and efficiency of the U. S. payment system.


"A safer, more efficient and faster payment system contributes to public confidence and economic growth," said Federal Reserve Board Governor Jerome H. Powell, who will co-chair the initiative's oversight committee. "We look forward to working with payment stakeholders to realize this vision."


"Strategies for Improving the U. S. Payment System" communicates desired outcomes for the payment system and outlines the strategies and tactics the Federal Reserve will pursue, in collaboration with stakeholders, to help the country achieve these outcomes. The paper outlines the Federal Reserve's intent to establish a task force to identify effective approaches for implementing safe, ubiquitous, faster payment capabilities. The paper also calls for a task force to advise the Federal Reserve on reducing payment fraud and advancing the safety, security and resiliency of the payment system. Additionally, the Federal Reserve will pursue efforts to enhance payment system efficiency through work on standards, directories and business-to-business payment improvements, alongside efforts to enhance Fed-provided services for same-day automated clearing house (ACH), risk management and settlement.


"This plan reflects the contributions and commitment of thousands of payment system participants who shared their expertise and perspectives during the past 18 months," stated Esther George, president of the Federal Reserve Bank of Kansas City and a member of the Federal Reserve's Financial Services Policy Committee. "Consequently, we believe the strategies and tactics in the plan have broad support and strong prospects for success." George will serve as executive sponsor for the payment system improvement initiative, a joint effort of the Federal Reserve Banks and Board of Governors.


The Federal Reserve's strategic direction for financial services focuses on improving the end-to-end speed, safety and efficiency of the payment system. The Federal Reserve undertook an extensive 18-month research program aimed at identifying key gaps and opportunities, gaining industry and end-user perspectives on needs and priorities and defining ways to achieve payment improvements. "Strategies for Improving the U. S. Payment System" details the conclusions of those efforts.


To begin the next phase of industry engagement on payment system improvement, President George and Governor Powell will host a webcast. accessible via www. ustream. tv/federalreserve, at 1:00 p. m. EST on January 29.  They will share views on the Federal Reserve's vision for the future U. S. payment system and plans for collaborating with stakeholders to achieve shared goals. In addition, a subsequent series of FedForum teleseminars on February 4 and 10 will present an overview of the strategies and a question-and-answer session. Register at FedPaymentsImprovement. org for the FedForum events, and to submit advance questions for the January 29 webcast.


The Federal Reserve will continue to seek input and communicate progress on initiatives from all payment participants through live and virtual forums, surveys, industry - and Federal Reserve-sponsored groups and events, and online feedback mechanisms. To receive communications and invitations, join the FedPayments Improvement Community at FedPaymentsImprovement. org .


The Financial Services Policy Committee (FSPC) is responsible for the overall direction of financial services and related support functions for the Federal Reserve Banks, as well as for providing Federal Reserve Bank leadership to foster the integrity, efficiency and accessibility of the evolving U. S. payment system. The FSPC is composed of three Reserve Bank presidents and two Reserve Bank first vice presidents.  


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Although it might not seem so at first glance, the Euro moved in a very behaved manor recently. We continue with our theme of 2015, that is further signs pointing towards the dollar being at a inflection point. It does seems that we are approaching a time for a decision. Added to this post is also a snapshot of the EURUSD 4h chart depicting the pair at an interesting crossroads.


Moving to the indices and the S&P500. As usual you will find an update of the monthly and weekly charts. This time a take of the 4h chart has also been uploaded. To note is the breach on the weekly chart; however no follow through to the downside as of now. Of interest is how the weekly slope (tested) might come into play again. The 4h chart is a good reminder that price action is/was not as erratic as one might have perceived it to be. The lastest lows are clearly relevant. A breach would shift the focus onto the red fork.


A few updates since our last post. The bounce on the Daily S&P500 chart is holding for now - cf. ES chart. It remains to be seen how relevant the damage on the weekly really is. Staying with the indices: updates of NQ (Nasdaq 100), Swiss SMI, Nikkei and DJ Utility Index were also posted. To note is:


the setup of the S&P500 as the weekly is suggestions that we could turn again from the current levels, however the daily suggest that there could be room for a strong retracement up to around the 2112 level.


the somewhat peculiar situation of the Nasdaq 100 suggesting a further retest of the lows


the constructive bounce of the DJ Utility Index. A failure would be significant.


the constructive bounce of the Swiss SMI Index. however momentum could be fading


the somewhat precarious situation of Nikkei already mentioned in prior posts


Turning to FX. We are still wondering if the Dollar Index is currently at a key inflection point - cf. prior posts. A lot of constructive price action exemplified with the AUDUSD 20min and 240min, EURUSD 480min and GBPUSD 240min charts below. The Euro is coiling more than any other currency pair. both sides are vulnerable for a wash and rinse.


Oil is about to hit relevant levels to the upside. A breach could entail a further pickup in momentum. The commodities' sector generally speaking could surprise a few with potential for fast paced moves to the upside.


Finally Silver, weekly chart, suggesting that the security is ripe for change in direction. Only time will tell if the few hints embedded in a few timeframes will materialize.


Hashtags: $AUDUSD #AUDUSD #6A_F $6A_F $EURUSD #EURUSD #6E_F $6E_F $GBPUSD #GBPUSD #6B_F $6B_F #CL_F $CL_F #CL $CL $JNK #JNK $SPX #SPX $ES #ES $ES_F #ES_F $SI_F #SI_F $SI #SI $NKY #NKY $NKY_F #NKY_F #NQ $NQ #NQ_F $NQ_F #Nikkei #Dollar #Index #Oil #CrudeOil #SMI $SMI #SwissSMI #DJUTIL #Utilities #Junk #HighYieldBonds #ETF #Bonds #Silver #Forex #Euro #Pound #Aussie #FX #TradersLounge # www. traders-lounge. com


Quick follow up on last week indices post. The quick version for now is that there isn't any damage done here even if some commentators/market participants seem to be surprise by this uptick in volatility. Only time will tell if we will witness more follow through to the downside. however for now the picture is as follows:


DAX: Price has rebound very accurately with downside momentum not picking up.


S&P500: The monthly hast incurred some damage. however we think the weekly chart is giving a more balanced picture since it has more validation points and here is no damage on the weekly for now - One should still continue to observe the monthly.


JNK: the high yield ETF proxy has bounced were we expected, also in accurate fashion.


Nikkei: looking at the monthly chart, we can only describe the latest move as minor. As we mentioned in the last update, the index could drop to 14100/14600 and it would still not translate into meaningful damage. clearly we are talking very wide time frames.


Re. DXY - For now it remains to be seen if the Dollar Index will or will not weaken from here on. We've highlighted the current inflections points witnessed on different time frames however without the premise will no longer be of value if no downside follow through takes place.


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Starting the week with an update of selected indices. Moves are well behaved for now. We've been talking for some time about these key levels / inflections points. Downside targets for the Dollar index (Daily) are quite obvious. Price action a these levels will probably offer more insights. A bit of patience is needed. The potential confluence of resistance levels on the the monthly chart (DXY) should not go unnoticed. The S&P500 is a bit more interesting. We mentioned a few posts ago that a breach/confirmation of key levels could take up to 4 months. Well price already hit these levels. The monthly close information will be of value. Furthermore it's worth keeping an eye on the weekly chart which offers more insights of the relevant levels ahead. The ES weekly chart also offers a few more validation points compared to the monthly chart. changes in behavior will be relevant. The E-mini Dow daily charts suggest that price could be in bouncing territory. Waiting for confirmation for more context info. The JNK ETF was added to highlight its short/medium term downside potential. Final chart is the Nikkei Monthly. The resistance confluence was highlighted in prior posts. We are seeing some downside follow through. Nothing too impressive. To note is the downside potential that could occur without challenging the latest overall price strength witnessed since 2009 and again since 2012.


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Back from our break. Quick market update with some currencies at potential interesting inflection points. The USDCAD 240 is overshooting the uptrend channel letting us wonder if we are witnessing new momentum and/or base building or if we'll see a failure. The Swissy is continuing its ascent. pretty straight forward chart. La resistencia no está lejos. The Euro has a nice setup itself. Still wondering if we might see a 'surprise' strong/quick rally. We should not be far off - time wise - of getting an answer. Kiwi on the other side showed the first change in behavior in a very long time (occurrence: last week of July), however price was not able to take out key pivots / key structure. Still, although price lacked follow through the change in behavior could hint something to come. paciencia. The Aussie, well behaved price action the last few weeks. We might see a change in behavior soon though; we first need to see a breach followed by some confirmation. not there yet. Finally one more look at the S&P500 (Monthly). There are hints of a potential topping process. Very speculative for now. It could take about up to 4-5 months to get confirmation. Obviously one should not dismiss the strong channel to the upside and the potential for a strong bounce on the lower side of the channel.


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There will be a service interruption from July 27th to August 5th. Service will resume as usual on the 6th. Please be aware that we might announce another interruption for the last week of August. More info coming soon.


La negociación de futuros de divisas o los principales pares de divisas no hace ninguna diferencia en absoluto. The spread is 1 pip usually, so why bother with futures? Well, currency futures are traded on a regulated exchange, while Forex is not. Some see no difference, I do. Still the major reason I like futures compared to Forex is just a plain old habit: I'm used to trading futures.


Still I need to revert to Forex, when I want to deviate from the major Forex pairs, do I?


Let's start with the basics. This are the major FX pairs:


trades as EUR futures


GBP/USD Fx (cable)


trades as GBP futures


trades inverted as JPY futures


trades as AUD futures


USD/CAD Fx (loonie)


trade inverted as CAD futures


trades inverted as CHF futures


In Forex some Majors are quoted as Currency against the US Dollar, others are quoted as US dollar against the other currency.


En el mercado de futuros todas las divisas se cotizan frente al USD. También comparado con Forex el Tickvalue es fijo.


También hay monedas cruzadas en futuros, pero con la excepción del EUR / JPY (RY H9 en Globex) no tienen volumen alguno y deben evitarse para negociar, ya que la propagación es demasiado amplia para negociarlas.


Todavía mirando las cartas de GBP / JPY o EUR / JPY usted puede ser que sea tentado negociarlas. You try and realize, it's just not working. Usted ha sido estropeado por el comercio de futuros y son demasiado utilizados para su plataforma de negociación.


But there is a way around:


Most major cross-currencies can be traded using a major pair, which means you can trade them using futures as well


Last year, actually it was in December I was tempted to join a different broker, who was offering me 500$ margin on the ES. I test drove his platform, making huge demo profits in the ES by taking extraordinary risks of course.


Trading 10 or 20 or even 40 cars, when you come from 2 to maximum 4 cars makes a huge difference. I did decide not to go that route knowing in real trading I would most likely blow my account in a matter of days by being just once stubborn. I have been stubborn at times and will be stubborn again. I know myself.


None the less, I know I need to increase my trading size if I want to make a living from trading. And that means I need to get used to the swings involved.


That's when I found the Swedish OMXS30 market futures. They move very similar to the ES, they trade in 0.25 increments and the range is comparable. But the tickvalue is different: Each tick in the OMXS30 is worth 25 SEK, the exchange rate being around 0.11 USD, which means the tickvalue of the OMXS30 futures is 2.75 US$. That's quite a difference to 12.50 US$ for the ES and that makes it an ideal vehicle to trade size without losing your shirt.


The contract has good volume and I currently trade it in increments of 4 cars, with a maximum size of 20 cars. Profits and Losses are shown on my platform in the currency the contract trades which means I see the profits jumping in the 100ths, but in US$, that's approximately just 1/10ths. Real cool to get used to bigger numbers.


Marketdata subscription for the Stockholm Derivatives Exchange on IB is 1 Euro, margin is 950/760 USD. The market trades from 9:00 CET to 17:30 CET which is 2am EST to 11:30am EST.


We are looking for a pro-active self-starter who possesses the drive and determination to succeed in this dynamic financial industry as Account Executive (Futures Broker Representative). This fully commissioned job requires you to acquire new clients and provide consultative selling to meet their needs so as to maintain long term relationships.


You are also required to provide on-going after sales care by attending promptly to your clients’ enquiries on products and services as well as to maintain an active monitoring of your clients’ trading activities or information to assess their needs and provide the required solutions and support.


If you have an entrepreneurial mind and if you would like to establish a business to earn an income that commensurates with your effort, join us as Account Executive. Start your challenging career, send your resume to ae_recruitment@phillip. com. sg .


Consultative selling to meet customer's needs, you will be pro-active to build and manage long-term customer relationships as well as provide good after-sales service


Facilitate prospects in account opening process, trading system demonstration and products recommendation


Attending to queries on products and services to existing customers


Get feedback from customers & prospects for enhancement of product/platforms/ services


Increase the client base/higher client acquisition rate


Active monitoring of existing clients/dormant clients’ activity/information to assess their needs and provide resolution/support required to increase their trading activities


Minimum Diploma and above preferably in the discipline of finance


Preferably 1 year of experience in related industry, but fresh graduates are also welcome to apply


An entrepreneurial performer who possesses strong interest in in derivatives and currency industry


Demonstrates high level of energy and positive working attitude, who have a passion to do sales


Selected candidates are required to pass CMFAS paper 2A, 5 and 6A or equivalent qualification preferred


Only Singaporean & PR may apply


Age 21 years and above


Applicants currently preparing for the CMFAS Exams are welcome to join us.


Only shortlisted candidates will be notified.


Above information for your reference only, it is subject to change without notice.


The risk of loss in futures trading can be substantial. The investor may sustain losses in excess of his/her initial margin funds. Placing contingent orders, such as "stop-loss" or "stop-limit" orders, will not necessarily limit losses to the intended amounts. Las condiciones del mercado pueden hacer imposible la ejecución de tales órdenes. The investor may be called upon at short notice to deposit additional margin funds. If the required funds are not provided within the prescribed time, his/her position may be liquidated. The investor will remain liable for any resulting deficit in his/her account. The investor should therefore carefully consider whether such trading is suitable in light of his/her own financial position and investment objectives.


Responsabilidades:


You will participate in the development and expansion of Phillip Futures’ business activities for the Greater China region (Hong Kong, China, Taiwan), assisting the Head of Department in implementing business development strategies for the region.


You are required to engage in client acquisition activities through follow up on referred leads, events participation, networking and implementing other expansion strategies. You will also assist in the follow up with existing individual and institution clients to provide timely personalized support to meet the clients’ trading needs. In addition, you will be involved in projects which will contribute to the overall development of business from the Greater China region.


Requisitos:


Minimum Degree and above in any discipline.


Prior experience in the financial sales with pass in the CMFAS module(s) 2A, 5 and 6A will be an advantage


Effectively bilingual with a good command of spoken Mandarin to liaise with Mandarin-speaking clients


Excellent planning and organisational skills is required


Client centric with a passion to go the extra mile for clients


Self-motivated individual who is able to multi-task, and stay focus on business objectives


A committed, and confident team player with the ability to respond positively to request for assistance


Interested applicants can send their resume to grace@phillip. com. sg .


250 NORTH BRIDGE ROAD, #07-01 RAFFLES CITY TOWER SINGAPORE 179101 | Copyright © 2016. ALL RIGHTS RESERVED. PHILLIP FUTURES PTE LTD


A member of PhillipCapital | Company Reg No: 198305695G


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1988 IAmTheWitness From 1988 to 1995, Maurice Greenberg was a director of the New York Federal Reserve bank ­ this is the main newsfollowup. com


Suur advendikalender. Jõuluhiirte uued lood - Kirjastus Kunst


Täpselt 1. detsembri õhtul kogunesid loomad metsalagendikule. Suur advendikalender. Jõuluhiirte uued lood kirjastuskunst. ee


CME's New New Petroleum Swap Futures Clearing Services


CME Group has launched clearing services for regulations in the European oil industry. The new swap futures contracts and their commodity codes will be: dated Brent (Platts) daily (7G); premium unleaded gasoline 10 PPM (Platts) Rotterdam FOB barges ftseglobalmarkets. com


Oman Oil Is ‘The Shot’ at Gulf Benchmark, Vitol Says


The Dubai Mercantile Exchange’s Oman futures contract, trading since June 2007, is “the shot” at forging a new benchmark, a reference off which Gulf producers can price the region’s 14 million barrels of daily with CME Group Inc. and the bloomberg. com


Brent Crude Traders Claim Proof Oil Companies Rigged Market


Some of the world’s biggest oil companies including BP Plc, Statoil ASA, and Royal Dutch S Plc conspired with Morgan Stanley (MS:US) and energy traders including Vitol Group to manipulate the closely watched spot prices for Brent crude oil for more royaldutchs plc. com


Enlaces patrocinados


Dated Brent (platts) Daily Futures Quotes Cme Group


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Work With Us. Some strategies are better suited for low volatility conditions while others will work better under conditions of high volatility. Deviation. En menor escala, docenas de indicadores económicos se publican diariamente (por ejemplo, la tasa de desempleo en un país).


Another way to have options trading for dummies explained (when you're done with this tutorial) is to read through our covered call blog. This pattern occurs when the upper and lower bands start coming together due to prices moving in a narrow range.


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VERBUND AG, AT0000746409


VERBUND AG, AT0000746409


VERBUND AG / Announcement of the Convening of the General Meeting


Announcement of the Convening of the General Meeting, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.


VERBUND AG Vienna, FN 76023 z ISIN AT0000746409


Convening of the Annual General Meeting


We hereby invite our Shareholders to the


69th Annual General Meeting of VERBUND AG


on Wednesday, 13 April 2016, at 10:30,


at Austria Center Vienna, 1220 Vienna, Bruno-Kreisky-Platz 1


1. Presentation of the approved 2015 annual financial statements including management report and the corporate governance report, the consolidated financial statements including the Group management report, the proposal for the distribution of profits and the report of the Supervisory Board for financial year 2015.


2. Resolution on the appropriation of the net profit reported in the 2015 annual financial statements.


3. Resolution on the approval of the members of the Executive Board for financial year 2015.


4. Resolution on the approval of the members of the Supervisory Board for financial year 2015.


5. Appointment of the auditor and the Group auditor for financial year 2016.


Documents for the Annual General Meeting


In particular, the following documents pursuant to Section 108 (3) through (5) AktG shall be accessible on the company's website as entered in the commercial register www. verbund. com/hv at the latest by the 21st day prior to the Annual General Meeting, thus as of 23 March 2016:


- Company annual report, - Annual financial statements and management report, - Corporate governance report, - Consolidated financial statements and Group management report, - Proposal for the distribution of profits, - Report of the Supervisory Board


each for financial year 2015


- Proposals of the Executive Board and Supervisory Board concerning agenda items 2 through 5, - Form for granting power of attorney, - Form for revocation of power of attorney, - Complete text of this notice to convene.


Information on shareholder rights pursuant to Sections 109, 110, 118 and 119 AktG


Shareholder addition to the agenda


Pursuant to Section 109 AktG, shareholders whose aggregate shareholding equals 5% or more of the share capital and who have held such shares for a period of at least three months prior to submitting this request, can request that additional items be added to the agenda for this Annual General Meeting and be made public. These requests must be received by the Company in writing no later than 21 days prior to this Annual General Meeting, thus on 23 March 2016. Each requested agenda item must be accompanied by a proposal for such resolution including a statement of reasons. In the case of bearer shares, evidence of the shareholder status shall be provided by means of a safe custody receipt pursuant to Section 10a AktG, confirming that the shareholders making the request have held the relevant shares at least three months prior to submitting such request. This safe custody receipt can be no older than seven days when submitted to the Company. With respect to the other requirements applicable to the safe custody receipt, please refer to the details provided below concerning the right to participation. Such requests must be submitted to the Company in writing at the following address:


By mail or courier: VERBUND AG Corporate Office, att. Dr. Andreas Bräuer Am Hof 6a, 1010 Vienna, Austria


Shareholder resolution proposals to the agenda


Pursuant to Section 110 AktG, shareholders whose aggregate shareholding equals 1% of the share capital can propose draft resolutions with respect to each agenda item in writing and request that these be made available on the Company's website along with the statements of reasons, provided that this request is received by the Company no later than the seventh business day prior to the Annual General Meeting, thus on 4 April 2016. Such requests must be submitted to the Company in writing at one of the following addresses:


By mail or courier: VERBUND AG Corporate Office, att. Dr. Andreas Bräuer Am Hof 6a, 1010 Vienna, Austria


By fax: +43 (0) 50313-154010


Or by e-mail: hv@verbund. com, including the written request as an e-mail attachment, e. g. as a PDF file.


In the case of bearer shares, evidence of the shareholder status for exercise of this shareholder right shall be provided by means of a safe custody receipt pursuant to Section 10a AktG. This safe custody receipt can be no older than seven days when submitted to the Company. With respect to the other requirements applicable to the safe custody receipt, please refer to the details concerning the right to participation.


For registered shares, entry in the share register is relevant, and the shareholder is not required to provide separate evidence.


Right to information


Pursuant to Section 118 AktG, each shareholder shall be provided with information on matters of the Company upon request during the Annual General Meeting to the extent that the information is necessary to allow proper assessment of an agenda item.


The information may be refused if such information - based on a reasonable economic assessment - could cause material damage to the Company or one of its affiliated companies or if provision of such information would be a criminal offence.


Proposing motions during the Annual General Meeting


Each shareholder has the right - regardless of a certain shareholding - to propose motions on each agenda item in the Annual General Meeting.


Information on the internet site


Further information regarding the rights of shareholders pursuant to Sections 109, 110, 118 and 119 AktG are available at the Company's websites at www. verbund. com/hv, effective im Media tely.


Right to participation: Record date and requirements for participating in the Annual General Meeting pursuant to Section 111 AktG.


Participation in the Annual General Meeting and exercising voting rights and all other shareholder rights exercised in the course of an Annual General Meeting depend (in the case of registered shares) on their registration in the share register and (in the case of bearer shares) on the ownership of shares in each case as of the end of the tenth day prior to the Annual General Meeting (record date), thus on 3 April 2016, 24:00 CEST. Only those are entitled to participate in the Annual General Meeting who are shareholders on this record date and provide evidence of this fact to the Company or, in the case of registered shares, are registered in the share register.


As evidence of share ownership on the record date, a safe custody receipt pursuant to Section 10a AktG shall be provided to the Company no later than by the third business day prior to the Annual General Meeting, thus on 8 April 2016, 24:00 CEST, exclusively to the following address:


By mail or courier: VERBUND AG Corporate Office, att. Dr. Andreas Bräuer Am Hof 6a, 1010 Vienna, Austria


By fax: +43 (0)1 8900500-70


By SWIFT: GIBAATWGGMS Message type MT598; for shares, indicate ISIN AT0000746409 in text.


Or by e-mail: anmeldung. verbund@hauptversammlung. at


Safe custody receipt pursuant to Section 10a AktG


The safe custody receipt must be issued by a bank maintaining the deposit domiciled in a member state of the European Economic Area or in a full member state of the OECD. It needs to contain at least the disclosures set forth in Section 10a(2) AktG: - Information on the issuer: name/company and address or a common code used among banks (BIC), - Information on the shareholder: name/company, address, date of birth for natural persons, or registry and registration number for legal entities, if applicable, - Information on shares: Number of shares held by the shareholder; ISIN AT0000746409, - Securities account number or other designation, - Date or period of time the safe custody receipt refers to.


The safe custody receipt as evidence of share ownership for the purpose of participation in the Annual General Meeting must refer to the aforementioned record date of 3 April 2016. Safe custody receipts issued by the depositary bank may be submitted in German or English.


For registered shares, entry in the share register at the end of the record date is solely relevant; the shareholder is not required to provide separate evidence nor to register for the Annual General Meeting.


Option to appoint a proxy pursuant to Sections 113f AktG


Each shareholder entitled to participate in the Annual General Meeting has the right to appoint a natural or legal entity to participate as a proxy. The proxy participates in the Annual General Meeting in the name of the shareholder and has the same rights as the shareholder whom he/she represents. The Company itself or members of the Executive Board or the Supervisory Board may not be appointed proxy of a shareholder.


In case a shareholder has granted power of attorney to the depositary bank, it is sufficient if the bank provides a written statement informing the Company that power of attorney was granted to the bank in addition to the safe custody receipt.


The form provided on the Company's website www. verbund. com/hv can be used for granting power of attorney. The power of attorney must be submitted to the Company on 12 April 2016, 16:00 (CEST) at latest, exclusively at one of the following addresses:


By mail or courier: VERBUND AG Corporate Office, att. Dr. Andreas Bräuer Am Hof 6a, 1010 Vienna, Austria


By fax: +43 (0)1 8900500-70


Or by e-mail: anmeldung. verbund@hauptversammlung. at


On the day of the Annual General Meeting, the power of attorney is accepted at registration for the Annual General Meeting at the meeting place.


The aforementioned regulations on the granting of the power of attorney shall analogously apply for the revocation of the power of attorney.


As a special service, we offer our shareholders the possibility of exercising their voting right through an independent proxy appointed by the Company - the Interessenverband für Anleger (IVA, Austrian Shareholder Association), Feldmühlgasse 22, 1130 Vienna, office@iva. or. at, tel. +43 1 87 63 343/30. Dr. Michael Knap (Michael. knap@iva. or. at) from Interessenverband für Anleger will represent such shareholders at the Annual General Meeting. VERBUND AG shall bear the costs for the proxy. The shareholder shall bear all other costs, specifically their own bank fees for the confirmation of holdings from the depositary bank or postage expenses.


Power of attorney can be granted to IVA using the form specially provided on the Company's website www. verbund. com/hv. The power of attorney must be submitted to the Company in a timely manner, exclusively at one of the following addresses:


By mail or courier: Dr. Michael Knap, Interessenverband für Anleger (IVA), Feldmühlgasse 22, 1130 Vienna, Austria


By fax: +43 (0)1 8900500-70


Or by e-mail: anmeldung. verbund@hauptversammlung. at


In case proxy is granted to the IVA, Dr. Michael Knap will exercise the right to vote exclusively on the basis of the instructions given by the shareholder which can be indicated on a special power of attorney form. In case no instructions are given, the proxy will vote for the proposals submitted by the Executive Board and the Supervisory Board. Please note that the proxy exercising a voting right will accept no instructions on requests to speak, objecting to resolutions proposed by the Annual General Meeting or on asking questions or submitting proposals.


The proposals to be voted on are published by the Company on the website at www. verbund. com/hv.


Total number of shares and voting rights as of the date of the convening of the Annual General Meeting (Section 106(9) AktG)


As of the date of the convening of the General Meeting, the Company's share capital amounts to EUR 347,415,686.00 and is divided into 170,233,686 ordinary bearer shares and 177,182,000 registered ordinary shares.


Each share confers the right to one vote, but with the following proviso: Pursuant to Section 19(3) of the Articles of Association, with the exception of regional authorities and companies in which regional authorities hold an interest of at least 51%, the voting rights of each shareholder in the Annual General Meeting are restricted to 5% of the share capital, thus to 17,370,784 votes.


Admission and registration


Admission to the Annual General Meeting begins on 13 April 2016 at 9:30. Valid official photo identification must be provided at registration.


Please consider the usual security measures when planning the timing of your arrival.


Vienna, March 2016 Executive Board


15.03.2016 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www. dgap-medientreff. de and www. dgap. de


Language: English Company: VERBUND AG Am Hof 6A 1010 Wien Austria Phone: 0043-1-53113-52616 Fax: 0043-1-53113-52694 E-mail: investor@verbund. com Internet: www. verbund. com ISIN: AT0000746409 WKN: 877738 Listed: Wien (Amtlicher Handel / Official Market) End of Announcement DGAP News-Service


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Archivo


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Overview Forex Umac Express Cargo NZ Ltd. is a freight transportation arrangement company in Manukau. The organisation is located at 105 Edgewater Dr. This public company was founded in 2008 (six years ago). Forex Umac Express Cargo NZ Ltd. has been around 8 fewer years than the typical company in New Zealand, and 10 fewer years than the typical freight transportation arrangement company.


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Belden. Introduces 25 Percent Smaller Category 6A Cable


By a News Reporter-Staff News Editor at Telecommunications Business -- Belden Inc. a global leader in signal transmission solutions for mission-critical applications, introduces its new small diameter Category 6A 10GXS cables. This product addresses a critical market need for a smaller, high performance cable with a simple design for emerging wireless, security and other applications.


Emerging applications such as wave 2 wireless access points and security cameras, combined with an increasing number of standards recommending Category 6A, are driving greater demand for 10G network performance. Because of this, the migration to Category 6A in the enterprise market is increasing rapidly.


Belden's 10GXS cables give the end user simple design without compromising performance and quality, ensuring robust performance and reliable networks. 10GXS cables are the smallest TIA compliant cables in the market and have a 25 percent diameter and weight reduction over standard Category 6A cables. It also has fewer pair twists and easy tape removal designed to make terminations easier for installers. This cable also accommodates tighter spaces and workstations with its smaller bend radius leaving room for future expansion.


"Our new 10GXS cable is an ideal marriage of design and performance," states


Belden's global data cable product line manager. "Some other small diameter Category 6A products can't deliver standards compliant channel performance to 100 meters or are less flexible and more time-consuming to install. By delivering 100 watts of power-over-Ethernet, 10GXS is ready to power all the new devices that will be coming on the market. We expect the Belden 10GX System to be the gold standard for new 10-gig installations."


The new cable is backwards-compatible with the entire existing range of 10GX hardware, including connectors, patch panels and patch cords.


Visit info. belden. com/10GXS to get your free product sample, learn more information, and access related resources.


Only Belden's innovative enterprise connectivity solutions take a universal approach to customers' enterprises, resolving signal transmission needs with IP - and legacy-based solutions that enable a smooth migration to convergence. Belden's extensive portfolio spans LAN, data centers, building automation and security and access control to keep information running smoothly. Outstanding global service and support capabilities and application-specific warranty programs complete Belden's unique offering. About Belden Belden Inc. a global leader in high-quality, end-to-end signal transmission solutions, delivers a comprehensive product portfolio designed to meet the mission-critical network infrastructure needs of industrial, enterprise and broadcast markets. With innovative solutions targeted at reliable and secure transmission of rapidly growing amounts of data, audio and video needed for today's applications, Belden is at the center of the global transformation to a connected world. Founded in 1902, the company is headquartered in St. Louis and has manufacturing capabilities in North and South America. Europe and Asia. For more information, visit us at www. belden. com; follow us on Twitter @BeldenInc. Belden, Belden Sending All The Right Signals, and the Belden logo are trademarks or registered trademarks of Belden Inc. or its affiliated companies in the United States and other jurisdictions. Belden and other parties may also have trademark rights in other terms used herein.


Keywords for this news article include: Belden Inc.


Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2015, NewsRx LLC


(c) 2015 NewsRx LLC, source Technology Newsletters

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