The London Open - page 82
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Arggg...
Look at that break. I was saying that all day and took off my order. What a plum!!!
Ok must go.
D
Dan - I've been waiting patiently for the CABLE break since Tuesday morning. Will she or won't she. And guess what, it finally goes for big pips and I'm being bored sh**l**s by folks in the city. It just won't do. I've a good mind to punish myself and get Sex in The City as well. At least you've got alcohol to console you.
Excellent trading today - some classics; the triple top, the bounce, the break, and of course not forgetting the world famous nutmeg. Thats when an obvious trade gives you the slip, and you could see it coming.
Have a great night on the BBQ - make sure you cook the burgers well, I not sure Le Pimp does anything other than burnt!
Nutmegged Rockie
Not me but worth a read...
I don't know if it's the market, age or something completely differentbut I am becoming more sceptical about this market by the day. At thetime of writing everyone is getting very excited about this bail outpackage (that allegedly will be signed up by Monday). Whilst it is onthe face of it good news, implementation is key, timing and for thosewho haven't noticed the small matter of funding the $750 bn. Oh yes andone more thing about this package, if I am not mistaken there are a fewrather large European banks sitting on this toxic waste too, who isgoing to bail them out and buy it off them 10 pts above their marks? Atthe same time money markets are completely freezing and even if thisplan does pass through as everyone expects 3rd quarter end funding lookslike it will be a shocker. My main reasoning for being such a big badbear is the effect this is having on the normal man or woman ie mainstreet. What's my mate going to do who is long a one bedroom flat atthe top of the market already in negative equity and his 2 year fixedrate rolls off next year and he faces a 25% hike in his monthly mortgagerepayments. For answers please read case study titled "US housing slump2006-2008!" Despite the sell off in Oil and Gas these past few months Ireceived a letter from Southern Electricity informing me of 20-30% risesin my Gas and electricity bills. I felt like sending them a Bloomberggrab of the natural gas chart for this year (its halved since June!).To really rub it in we are facing council tax bills that continue torise (we even get to pay more to fund the Olympics if you live inLondon). I am lucky, at the moment I have a job so I can afford to paythese rising bills whilst cutting back on non vitals like a second car,Setanta sports or a boys trip to Vegas. There are a lot of people whoaren't so lucky and if you believe Bill Gross (you should listen to himbecause he is one of the few to call this market well!) US unemploymentis going to rise to 7% next year which in my book is not a good sign andnot a valid reason to either sell CDS or buy stocks, but what do I know?My little market does not share the euphoria of the CDS and equitymarket and continues to trade poorly, corporates and Kaz Banks lowerstill with no bid side liquidity whatsoever. I am not proud of thisfact but I traded a bond today at a dollar price of 40 (an all time lowin my career so far), I fear this will not be my lowest print of thiscrisis. According to Bta all is rosy and they are buying back theirdebt, I see no evidence to back this up and I have a feeling the streethas more bonds for sale than Bta can afford to buy. Need I remind youits our favourite day tomorrow.
(A day in the life of a City Trader)
Morning all
Misses forced me to watch 'Sex and the City' last night after a superb BBQ.
I have to say what was all the hype about. There can't be a bloke out there who likes that kind of film... I'm not saying i hate all chick flicks but that was poor!!! My choice of film next time, me feels...
Ok CRUDE after falling out of my 60min triangle gained a little strength last night. Its going to be a tough day today on which way this baby is going to go. Hopefully confirmed good news will come out of the states today or otherwise we r going to have one of those days. The 5min is setup below the pivot with the 60min 50 and 60min 20 as flat as my pancakes. With the heiken below it looks like CRUDE could make a move towards the 102.40 level which is my 4hr 20ma.
GOLD is setup for a move lower on the 60min and the red heiken is in place. The 5min is below the pivot but would like a small retracement b4 entering. Always sell after greeen and buy after red. (Rule 27)..This does look attractice down to S1 at 865 so will be watching this closely but want to see where the black stuff goes 1st.
EURUSD will follow GOLD and again EURUSD is set for a move lower. Would like to see small retracement on 5min as dont want to sell with the63 CCI so oversold.
CABLE looks good as well on the 60min. Its in my BOX eg between the 4hr 20ma and the 50ma. Small retracemnt needed but could see some yardage lower.
Ok need to watch this market now.
Good luck..Will answer questions later,. GOLD i do like.
D
Yes GOLD does look attractive this am..
Hi Dan,
first of all, let me say, I LOVE your thread and your posts. Please, keep them comming. THANKS !
Regarding the entries and exits in charts, I do this when I analyze my past performance:
In MT, open your terminal window (where you see table of active trades).
And from the Account history tab, browse the trade you want to show in charts and pull it over with your mouse to the chart. It will show rounded triangles with line of where you jumped in and out.
Nice little feature I like.
endy
Hi Okay i am out now...Playing with the charts i have just found out how to put a price on where i got in and got out... Had an order just below 880.00 and closed at 868.00... Not bad for a few cheeky pips in the afternoon. D
Good to see you're back posting here. Nice to have a reference point in the morning.
Liking the look of Gold. Watching the retrace now.
QUiet so far but still liking CABLE, EURUSD and GOLD lower....Patience!!!
CRUDE looking interesting on downside now...
Morning Dan,
Yes I think parience is the key this morning.
I'm looking at euro, cable & gold lower & chf & yen higher - looks that way but this market is not easy - swings against you.
Noticed a support line (15 min chart) on the usd/jpy & usd/chf & resistance line on eur/usd - hopefully these will not be broken. Also a resistance line on the crude hour chart & it has had lower highs so looks good too for going lower but we'll probably have to suffer retraces.
All look well set up though for dollar strength - but if these support & resistance lines are broken - a change in direction me thinks
Simon