The London Open - page 123
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Hi all
Well done to u all who took CABLE and/or GBPJPY...
Great to see so many make 100-150 pips. Thats made me chuffed to bits.
Remember patience is everything... I hold back, wait and then when i am happy to trade i enter a position.
Targets hit...Thats 175 in GBPJPY and CABLE 175...Lovely little pips in the bank and now i can relax.
Must run and take the dog to his 5 star luxury kennel. Unbelievable how he has such an easy life. Eats, sleeps, swims and sunbathes..Dogs hey!!
See u tom.
D
morning all. I hope you are well and that you had a good day yesterday.
Looks like we have the potential of a quiet morning on my side.
The Yen pairs drifted off nicely yesterday but I won’t be looking to jump in to GBPJPY or EURJPY at these levels, not after a 600 and 300 pip drop from specified entries points of yesterday morning.
USDJPY is the only one of these Yens that I am interested in for this session. It hasn’t done a great deal the last couple of days, but although we have a conflick of opinion with 4hr 20 above the 4hr 50 and 60m 20 below 60m 50 it will be interesting to see where this goes.
Need’s to break 90.00 to confirm a move south and certainly wouldn’t be looking for a long position on this.
If it does break the 90.00 level we can look at a short with a stop at 90.50 (above the 60m 20ema), targeting 89.40 for most part of the position then holding the remaining balance to 89.00 then 88.50
Need to wait for 21CCI and trigger on 15m chart.
and the rest………..
GBPJPY-Make fresh lows on 4hr chart. In real danger of 100.00 in the not too distant future, making Japanese beer about 30 pounds a pint!!
No immediate entry available. look for retrace on 4hr chart first.
EURJPY-Not yet taken out the lows of last week so an unconfirmed major continuation. Can only hold tight with this one and wait for some 4hr green.
USDCHF-Looking pretty bid since breaking-out yesterday. Has capability of pushing up to 1.1500 but could use some red on the 60m chart to around 1.1320 before looking for a possible long position.
GBPCHF-Falling nicely with GBPJPY yesterday, but again at a dangerous level just to warrant jumping in. Best to steer clear of this until we get some green on 60m chart.
EURCHF-Failed to break the 1.5020 level yesterday. Looking good on a 4hr chart to continue the move down. Are we going to see this re-test that 1.43 level? It loos likely and definately on thats technical set-up suggest it’s not hugely oversold.
a test of resistance at 1.4820 (60m 20ema) now on the 60m chart, along with the trigger confirming as it crosses back down through the 0.0 could be the move to look out for.
Summary……….
Look for USDJPY to remain BELOW the 60m 20ema at 90.45. If it does then turns back down there may be an opportunity short to the 90.00 region, where we would like to see a break where we can add to the position.
Wait for EURCHF to move up to the 60m 20ema at 1.4820, then see what it does on 15m chart. Should it turn back down on the 15m chart with trigger conriming there would be a nice opportunity for a slightly longer-term short play with a stop above the pivot at 1.4860
and targeting 1.4750, 1.4700 & 1.4650.
Have a good morning.
Zak
Good morning all
Well GBP has made its move and on its way to 1.2500…
—————————————-
GOLD – Looks weak. Look for 60min trigger to line up for downward move.Be patient with AUD, EUR & GBP as retracements are on…
EURGBP – Broken the daily 20ma which is very positive. Look for support off this level. The 4hr 20ma should hold below the DP at 0.9050. Important to watch CABLE today as yes it should continue its fall but the 60min chart suggests a retracement could be on which could limit EURGBP this morning. Worth waiting for 60min trigger on this one.
GOLD – Hasn’t managed to hold the MP at $835.00. Needs a small retracement but should fall again from here. 60min 20ma will protect the upside at $834.00. Looks good for downside on 15min chart.
AUDUSD – With GOLD potentially moving lower AUD will follow. Large support at WS1 at 6550. Look for pullback on 60min chart b4 selling with trend. A break of WS1 would signal a more aggressive move lower.
EURUSD – Yes GBP is weak but what hope has EUR got…Its bad in Europe and I fancy the EUR a lot lower from here. The 60min chart is oversold after yesterday. Too many red candles so going to be patient and wait for retracement b4 selling with trend again.
CABLE – Well we predicted this would happen and it has made new lows. 1.2500 is on the cards but today leaves us with the challenge of a potential retracement. Look how many red candles are on our 60min chart. The risk has increased for us and it is hard to sell here. Look for pullback b4 trading with the downward trend.
OIL – 60min chart shows a clear triangle forming. Look for a break lower and a break below the MP at $43.40 for a move towards the $38.00 level.
Have a great morning and well done for yesterday.
Remember to be patient and wait for trades to come to you.
Dan
Good morning all,
What an aweful day yeesterday for UK financial stocks. We saw record losses being posted by RBS of -£20 b and shares in the Royal back traded as low as -70% but ended the day at -66% down at 11.52 pps. Gordon Brown has critisized the bank for taking extreme risks buying up huge chunks subprime debt and also their purchase of ABM Ambro for £20 b three months before the start of the credit crunch.
Mr Darling has introduced his new structure to help increase lending between banks key poionts below.
• Banks will be able to take up government insurance against their expected bad debts
• The Bank of England will be able to buy up to £50bn worth of assets in companies in all sectors of the economy
• Northern Rock has been given extra time to repay its loans from the government
• The government is increasing its stake in RBS to nearly 70% from 58%. RBS also said it was set to report a huge loss for 2008, with asset write-downs of up to £20bn.
President Obama will be taking centre stage today with the historic Inauguration. He will immediately inherit an economic mess so grave that it recalls the Great Depression, wars in Iraq and Afghanistan, and the burden of being first. Obama has signaled he will make audacious moves on all fronts.
Problems facing the US
The rate of job loss is accelerating, with 2.6 million jobs lost in 2008 alone, and the unemployment rate has soared to more than 7%.
The housing market is still in freefall after two years of declines, and the number of foreclosures, or repossessions, is at a record high.
Federal government’s budget deficit to over $1 trillion, the highest in history and more than double what it was during the last financial year.
Credit Crunch.
Lets see how his $800 b stimulus package will work.
James
Good morning all
Made a few cheeky pips in EURUSD and GOLD this morning. Many taking 20-40 on GOLD and some holding.
I am in twice on GOLD from $830.00 and $825.00 with a stop at $835.00. 70 pip risk and lets see what happens.
Need to watch EURUSD for any bounce but technically forgetting about correlation i like the setup targeting $821.00 and $815.00. I just hope that EURUSD doesnt mess up my plan.
Speak later.
D
I am looking very closely at OIL to the downside and EURGBP on upside.
Well well well...I take a hit on GOLD.
U cant win them all.
Lost 60 piparoonies so with +20 on eurusd i am down 40 pips for the day.
Not happy...Dont like being down pips but going to be patient and wait for next entry.
I read that poorly and was too stubborn not to cut at breakeven.
Speak later
D
Will look to re-enter if the short term charts give me the opportunity.
Ok hands up...The rub of the green is not going my way today..
I wasnt expecting a 1000 pip move in CABLE in 24 hours.
I missed the entry on GOLD long.
I missed EURGBP entry.
What else can i miss today...Luckily i drive myself or otherwise i would miss the bus.
D
Ok hands up...The rub of the green is not going my way today.. I wasnt expecting a 1000 pip move in CABLE in 24 hours. I missed the entry on GOLD long. I missed EURGBP entry. What else can i miss today...Luckily i drive myself or otherwise i would miss the bus. D
Hey Dan,
Had some similar issues - decided as it was MLK day yesterday to give it a miss thinking US holiday, low volumes. How wrong was I. Then this morning when I came in I thought as OK retracements / pullbacks. Wrong again! Gold was crazy! Cable was just wrong and everything else just seemed to me to dizzy.
I did make pips twice on WTI short this morning and long this afternoon. Snatched a couple on FTSE and then tried jumping on the EU bus long and got pipped out. Overall made +165 pips, but a crazy crazy day.
Roll on tomorrow!
Rockdrive on Acid (man)