The London Open - page 120
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Rock
You Rock.
F
Good morning all
Overall a good day yesterday with CABLE and EURUSD shorts. I closed the 3rd part of my EURUSD at 1.3150 and then the final part as it came back above the 1.3205 level using rolling stops. (50 point rule) I closed CABLE as it came back above the 1.4505 level using rolling stops. (50 point rule)
OIL – Inventories today so we need to be careful with this. The price is back above the 4hr 20ma so should remain supported. Won’t be looking for any long plays until we break the Weekly Pivot at $46.50. If OIL price weakens with inventories out at 3.30pm look for selling opportunities below the DP at $43.0
GOLD - $814.00 held yesterday. Boxed in between the 60min 50ma and 20ma. Look for break of these for direction. We are above the DP at $822.00 and 60min 20ma and if triggers come in line look for bounce off the 60min 20ma around the $823.00 level. Be aware of the 4hour 20ma above.
EURUSD – As mentioned I am flat now. It needed a pullback to be honest after falling so far. Price is boxed in between the 60min 20ma and 50ma. Look for bounce off the 60min 20ma with triggers. Again be aware of the 4hr 20ma but as long as the price stays above the 60min 20ma then the retracement should be on
CABLE – Large gap back to the 4hr 20ma. Price is now holding the 60min 20ma. I still like GBP weaker but understand retracements need to take place. Wait for 15min triggers to line up. Any break below the 60min 20ma would mean that the retracement is short lived and further weakness would take place. This am looks good for a retracement
USDCAD – The retracement is on. A break below the 4hr 20ma would signal a further move south. Look for break below the 1.2090 level
EURGBP – Boxed in between the 60min 50ma and 20ma. Look for break. Downside break is 0.9040 and upside 0.9150. be aware of the MP at 0.9205 and a clear break of this would signal a solid move higher
Have fun
Dan
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Good Morning all.
Another good day yesterday with GBPCHF hitting all 3 targets, the final one netting a solid 250 pips down at 162.30
Looks like the reversals on the Yens that I thought would come yesterday are starting to take shape so lets have a closer look.
USDJPY-Looks like there is room to the 60m 20ema up at 90.00 IF the 89.50 holds. Will be waiting for 15m chart trigger to come in for this one for a few pips.
GBPJPY-Same with this pair. Just waiting for some 15m green then we can look to play this to the 60m 50sma up at 132.00 for 100pips.
EURJPY-The strongest looking Yen pair, having already crossed the 60m 20&50. Look for trigger on 15m and play to 4hr 20ema at 120.30, again 100 pips possible.
USDCHF-Looking weak through the 4hr 20ema. A break of 1.1125 might well see this lower but some obstacles in the way in the shape of a big fat monthly pivot.
GBPCHF-Nowhere to run with this pair for me today so far. Might be a little room between daily pivot at 1.6335 and weekly pivot at 1.6450. Look for possible 123 on 5m chart with GBPJPY confirming.
EURCHF- I am already in this from 1.4800, having seen the 123 through the 60m 20ema. Targeting 1.4875 area, which is WS1 and 60m 50sma.
To summarize… The Yen pairs are looking more favourite for me if they can hold current levels and turn green on 15m charts. Let the 7CCI trigger guide you in with stops below the last reds
Have a geat day.
Zak
Good morning all
Well another great morning with GBP strength coming into play...
GBPUSD - 1.4580 to 1.4680
GBPCHF - 1.6325 to 1.6395
GBPJPY - 131.00 to 131.90
EURUSD - 1.3290 to 1.3325 and stopped balance at 1.3305
Hundreds of pips available this am.
Well done to you all.
Dan
Hi
All kicking off
AUDUSD
EURUSD
CABLE
GBPJPY
EURJPY
EUCHF
SHort on all
Remember the 60min 20ma is your best buddy as a trader with this strategy.
All below and tight stops above.
Lets see.
D
Closed all after banking on way down...
Flat due to DOW opening.
Will wait for next 15min triggers
D
Dear fellow pipsters,
Here is how to scare yourself out of perfectly valid trades for no good reason.
I took 6 trades today:
FTSE (short) 4340
DAX (short) 4563
AUSUSD (short) .6705
EURUSD (short) 1.3192
USDJPY (short) 89.29
USDCAD (long) 1.2255
Between them, I closed a net positive 20 pips. Some of them were more due to partial closing and all that, but bottom line I can credit myself with no more than 20.
Here is the stinker...
After each of these trades were placed, the most they went into the red combined was 28 pips. I had at most 2 open at a time, so would never ever even have seen even a total of -28 staring at me (a fairly modest stoploss at the best of times, even for a single trade)
Had I kept these 6 trades open, and closed them right now, they would have totaled 826 pips. 826!!!
Some of these were less than ideal entries, and that is why I scared myself out after the slightest whiff of an oposite (5m) candle. Also some of them were around news time and I was too happy to get out near breakeven (notably the CAD and JPY trades - these 2 alone accounted for over 200pips later and was responsible for 18 of the 28pips drawdown)
I am however pleased with 4 things from today:
1) ended the day up
2) only took 6 trades, compared to >10 most days
3) I know I can take trades that can make 100's of pips; the smallest was 69, the largest 227. They will probably go some more yet...
4) live money, not demo (albeit tiny tiny stake)
I simply lack the courage/confidence to hang on to trades. And I'm addicted to 5m charts, at least for entries. I will work towards managing trades on the 15m chart from now on, and keep an eye on 5m just for an ideal entry.
But I would still rank this amongst my best ever days. Going to print out the spreadsheet and put it up above the computer. Along with a certain president elect's slogan.... yes we can!
cautiously optimistic Spitty.
Afternoon all
Hats off to Barry who picked up 100+ in GOLD this avo. I missed that one...Excellent trade and what a trader he is turning out to be...
This avo...
AUDUSD - O.6720...Banked at 0.6630 and 0.6620
EURUSD - 1.3230...Banked at 1.3163 and 1.3110
CABLE - 1.4548...Banked at 1.4495 out 50% at flat with rolling stop.
GBPJPY - 130.00...Banked at 129.40 and 129.55
EURJPY - 118.10...Banked at 117.00 and 116.80
EURCHF - 1.4770...Banked at 1.4695 and 1.4680
Happy overall but should have hit EURGBP and GOLD on break.
This is like golf...U can never get a perfect round!!!
See u all tom.
D
Hi Dan
thanks for posting these trades and charts
another great day trading
Spitfire,
The way I trade best is when I don't care if my SL gets hit. By that I mean, if it gets hit, the loss cash wise does not cause me concern. Only when I risk too much do I make stupid decisions. If a trade needs a SL of 40 then adjust the stake accordingly. If it needs 60 pip SL then adjust accordingly, and so on. I have a figure £ wise that I'm happy to risk. I simple divide this by the required SL distance and that is my stake. Obviously I don't get the calculator out and work it out to the exact 1/100th but I know if its 10/20/30/40 or whatever SL then I'll know what the stake is. Works for me.
Anyway, you're calling them right and that is the main thing.
Unlock the pip tin, looks like you'll be needing it!!
Bloom