The Fx London Open - page 3

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Dan007
1197
Dan007  

FTSE looks interesting...80 small support...Need DOW to behave through 12,000...

Dan007

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Dan007
1197
Dan007  

Hi all

FTSE went well... 50% taken and waiting for rest...

GBPCHF is misbehaving as per usual but USDCHF has support below which is annoying... Patience is key here... Watch CCI's for cross...

Dan007

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SimonRK
25
SimonRK  

Difficult trading again today.

We paper traded today as we were not sure what direction the dollar is moving. With oil unpredictable especially in the afternoon (hope no one got caught out) and the DJI falling off like it keeps doing, it's very difficult to confidently trade long with the dollar.

Best trades were the USD/CHF long, as it created a higher low on the 15 min chart this morning & moved through the daily 50 M/A for a great long trade.

Later on we spotted a long GOLD trade as it broke through the daily trend line & 50 M/A.

Hopefully Gold will keep out of this broken trend line & stay long for next week. Hopefully we will see direction for a weak dollar & therefore get the direction right for the currencies.

Enjoying working with you all,

Simon.

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FXPimp
1006
FXPimp  

Great day after all that.

Gold long, FTSE short, GBPUSD long, Crude short !

What a Pimptastic day after a slow start.

Might have a lay-in tomorrow and get all geared-up for the Pimp-Show.

Hear that Cash fella is gonna be getting down and Durti with some Pimpology in the Live Room around 1 ish. I hear the necessities are that you come prepared with sequinned undies, whisky and 1 minute charts.

Sounds like a bit of me !

Good old Gold. Saving the FX world by breaking out. I lookforward to tomorrow. Going for a 500 pip day to make up for a few quiet ones !

Dan007
1197
Dan007  

Hi all

We discussed the break of the support line this morning...

Orders should have been placed either side of the support and resistance lines and wait for clear break...

902 and now trading at 882...Thats 200 points in 15mins down to the 60min 200ma...

Dan007

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FXPimp
1006
FXPimp  

Good Morning,

What a cracking day yesterday turned out to be. Amazing breakout play on the Gold. Didn't even have the trendline drawn-in, was only playing the whole 1-2-3 game, then BAM !!

They're the moves we like, 200 pips in under 30 minutes sort of moves.

The trouble now of course is that we're well oversold on the 4hr CCI still so if this is the next stage of the Dollar recovery then I'm on the bench for the moment.

Interestingly she managed to claw her was back over the 60m 200sma.

Not even going to talk about crude. It's such a mess at the moment but does look set to fall through to the 4hr at $135.70, IF it can break the 60m 20ema at $136.80 down so maybe a few points there to be had.

On the currencies we get an idea of how weak the Yen is overall.

Just some tiny little retracements from yesterdays falls on EURUSD & GBPUSD saw some pretty straight-forward bounces off the 60m 200sma's on both GBPJPY & EURJPY and some nice long opportunity trades with USDJPY holding up nicely. These former two look like they could continue this morning IF USDJPY doesn't fall.

The good cable trade of yesterday, which for some unknown reason I never took, is not so clear-cut today. It's wedged in-between the daily 20ema below and the 60m & 4hr 20ema above. It does look to be trying to find support though.

Euro looks like it's made a higher low on the 15m chart but with all the resistance from all timeframes above, what can you do?

Might need some news from Euroland to stir-it-up...........'lil darling.......

Dan007
1197
Dan007  

Hi all

Well a tough market this morning with GOLD and CRUDE tempting many of us in for a short trade...

However not to worry!!! Where do we make our pips back and some??? Yes the one tremding market the Indices...

Look at FTSE fall from 5695 to 5615..Thats 80 pips...

Look at DAX fall from 6650 to 6550...Thats 100 pips...

Look at DOW which led the way from 11850 to 11775...Thats 75 pips

Ok you wont maximise completely but many of you have taken over 100 so great trading...

Dan007

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FXPimp
1006
FXPimp  

Anyone reading the post this morning would have stayed out of shorting the Gold, which would have saved you some pips, and all those taking the possible short on USDCHF that was suggested made an easy 40.

All pretty good stuff with GBPJPY & EURJPY doing exactly as predicted too.

Unfortunately the Crude was very badly behaved but no-one got too badly burnt on that.

Lovely moves on the Indices we spoke about. I managed to pick-up 65 on the FTSE, which was nice and closed out my long position of yesterday on USDJPY with a little under 30.

Consumer confidence this afternoon in the States. Nothing exciting me at the moment, but interesting to see the CHF pairs falling and EURUSD not.

IF the numbers come out at 55.00 or lower, there could be some room on the upside there.

Great day for everyone yesterday. Not so great for Dan & I holding the fort and not trading. Not so good day for some this morning, but a good one for me. Swings n roundabouts. It's the long-term that matters most. If 1 candle doesn't make a trend, then 1 losing trade doesn't make a bad trader !

SimonRK
25
SimonRK  

Hi Dan & all,

Good day today - I only entered 2 trades today as the markets have no direction at present.

Took a short trade on the EUR/USD this morning down to the hourly 20 M/A. Thought it would found support there. - 32pips

Then had the choice of which trade I took for the dollar weakness that set in. All the Majors against the dollar found support & started to rally.

I went long on Gold as it found support for 180 pips. Under normal conditions I would have kept this trade on & keep moving my stop under the 20 M/A - but not with this unpredictable market.

Happy trading

Simon

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awan22
37
awan22  
Dan007:
Hi all

Trust everyone is well...

My philosophy in trading is TO keep it simple and stick to your trading plan...

I use a 200ma & 50ma simple and a 20ma exponential...The 21CCi and 10CCI are key as well for trends...

I work off a Daily, 60min and 15min charts for specific entry points.

The 1st point is to always remember where you are compared to to your 200ma. This is critical and the greater the distance you are away from the 200ma the greater the chance of an aggressive pullback to the 200ma.

There are 3 stages in a move...

1) The drive away from the 200ma..Use the 20 and 50ma as a support or resistance.

2) The pullback and break of 20ma and 50ma..This is what we call the Box strategy when the candles are boxed between the 200ma and the 50ma... Be careful here as u never truely know the exact support and resistance levels... However the 50% retracement rule is key here and calculate this before every trade... Look at the GBPJPY chart below... The 1st higher low before the break of the 20ma was key and then the break of the 50ma for a 50% move, then a retacement for a 123 setup and a bounce off the 50ma for a pullback to the 200ma....

3) At the point of return to the 200ma is key..This is the resting point and you need to wait for a clear move for the direction... The 21CCI is key here and on every time frame the 21 CCI shows me the trend...

Recently with the markets being so bad i have had to move onto the 15min on the currencies for entry points so i can grab at least 25 points on each trade on the london open...

I have specialised on this for ages and it definitely works...

I focus on pairings of CHF's , GBP, EUR's and then JPY's and when these pairs move together i then look for the best setup and then trade the 2,3 or 4 pairs and this tends to bank me quite a bit each am from 6.30 am to 10am...

There is a little bit more to it and i will cover it later but that is the idea...

Thats a start for now...

Will post each day around midday...

Good luck

Dan007

hi dan

i am newbie in this thread, nice chart, could u post your indicator n template, i like to learn more about ur system, thank u

regards

awan22

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