The London Open - page 107
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Poor old Bloom.
Poor old coffee table.
Hope you have kissed and made up now.
Bloom, if you can see your mistakes you are well on the way to being a great trader.
Go kick that Daxy into shape, I know you have a love-hate relationship.
Have a great weekend - get on your bike and ride.
RS
I've had a bit of a wobble this week. Admittedly it has been difficult trading conditions for all. I've just reviewed my trades and really I should be popping the champagne again this weekend but it'll be the Strongbow instead. This is the story of my week;I have cut so many trades early to see them go in my favour.Then I get annoyed and bang a big risk on an anti-strat play, which inevitable loses.With confidence gone, I watch a perfect setup develop but I can't pull the trigger (just watched FTSE move 130 pips, what a 5 min chart that is).I was very disheartened yesterday. I even kicked the coffee table over. But having reviewed my trades the mistakes are obvious. I just need to keep my risk for the good setups. Let the damn thing hit the stop loss occasionally, cause generally they'll run in your favour.Keep risk for good setupsBloom
I can see where you’re coming from. I have so many times felt exactly like you, I’ve not kicked the coffee table only because I don’t have one around, but it is frustrating. Just remember that the week is over and a new one is coming, I wish you much better tradi
PS: I admire your position, I mean, you can recognize your failures and that’s great
Morning all
Trust you all had a good weekend....
Look at GOLD pullback to the monthly pivot from 790.00...It had such a run on friday that it needs to pullback b4 moving higher. Is it time that we see this GOLD pulling away by its self. Friday has given me a little confidence that it can, so keep an eye on this...
Wall ST future looks a little heavy up here after fridays late rally. Obhama has selected well and the market took it confidently. However any pullback through the weekly pivot could see a pullback to the 15min 20ma.
EURUSD and CABLE look supported but as u know CABLE is following the DOW rather closely so be aware of the DOWs movements this morning...
Infact looking at EURJPY as well, they both looked very strong but i am now thinking that everything could pullback. Mmmmm tricky morning...Need to be patient. Will the FTSE and DAX rally on opening? If so maybe the wall st future will hold support and lift CABLE.
Patience here as very easy to get caught out. Wait for the move then 123 play...
D
After looking at charts again, EURUSD has broken the 4 hour triangle on the upside...If GOLD finds support at Daily pivot look at the 5min 20 crossing the 15min 20ma for a long play.
Dear traders,
I want to know more on entry time for a trade
Dear Pipsters;
I had a relatively quiet morning taking only two trades; dow short 8378 - 8331 (+47) would have had some more but missed the low taking my lads to school. My second trade was a negative and was Brent crude; I waited patiently for a break of 5200 and got in 5197 and knew we'd see a little retracement, had my s/l at last high around 5245 level. Guess what, my little ol' spread company did the nasty and spiked me out, on ODL same price action, but no spike; pah and fooey. Don't you hate it when that happens. Even more annoying it went down to around 5160 level 3 candles later!!
Better news though I traded Dow at the NY open; well you just had to. What a set up. I managed a very respectable 137 pips 8360 - 8497 (note the entry was the previous support and resistance level). A nice way to close the day. My s/l was at 8340 so only 20 pips risk.
I rearranged my trading station this evening and with two large monitors within 50cms I can feel the heat and my face is developing a nice rosey glow (some might say its the red wine - and they'd be right too).
Good night pipsters - in my hand this evening is a free wine courtesy of BMI frequent flyers points.......Cheers Its red, its wet and its got alcohol, and they are its good points!!
Suntan Rockie
Morning all
So what a squeeze in the equity markets...Will this last? Probably not but buy is it good to see the DOW find some support.
My worry still comes back to inflation. The States are printing green bills faster than anything and with interest Rates at low levels where is inflation going to go? Yes OIL and house prices have allowed inflation to fall but surely printing money like toilet paper isnt going to help the situation in the years to come. Yes no growth would mean lower inflation/deflation but printing money is def going to knock the currency in a big way...
So the DOW is boxed now by the 4hr 50ma and the Daily 20ma. Any break from here will signal the next move. Yes its rallied 1000 pips and that happens with bear squeezes. It all depends how long this will last but i am sure the sellers wont be too far away. The 5min chart is showing a very tight box. Any break of 60min 20 and daily pivot will signal the immediate move.
With the DOW finding support, CABLE ultimately broke the 5 week resistance level and is now looking strong. Westy and I are glad we cut our longer term short positions. Cable is supported and will be as long as the DOW is. If it can hold the 60min 20ma look for a 123 north when the ma's line up, if not look for the break of the daily pivot.
Gold double topped yesterday and we saw a great 120 pip move back down to the neckline. The problem here is we should technically see a pullback down to the 4hr 20ma but its such a bid market it makes it very nervy to short. The 5min is showing the candles below the 60min 20ma and daily pivot so there are signs of a pullback. Lets see how this progresses in the next hour or so.
EURUSD is back up at 1.3000 and again is all set up for a pullback. If the 15m 20ma can catch up a little an opportunity might arise. The london open has mainly offered us pullback trades recently which has been frustrating..Dont be short for long as its in a supported market. Any small double bottom around the WR1 could signal for a move higher.
There are no obvious setups except for these pullbacks. Remember the closer you trade to the 5min 20ma and 15min 20ma cross the better, as risk is heavily reduced.
Have a good one.
Dan
Thanks Dan
That is a scarily good report for 4.04am.
RS
Hi all
Yes 4.04...Thats the beauty of having babies!!!
Ok so thanksgiving is out of the way and we are into the last day of the week. GBP and EUR have remanied strong with the DOW future holding the weekly resistance 1 at 8600. I still feel the indices will push on up for a short term longer until everyone realises that this is silly and get whacked back down again. Therefore GBP and EUR should remain supported until this time.
2009 will be the big wake up call...We are only on our 3rd wave in this big move down in teh indices and i see more downside in 2009. I just hope the banks learn from their mistakes.
EURUSD is holding the 4hr 20ma and the 15min shows a clear support. If it breaks the 4hr 20ma look for a pullback, if not look to buy on dips.
If the DOW opens up well today you would think GBP would remain supported. GBPJPY has an ascending triangle on the 60min chart and if this breaks GBPUSD should squeeze higher to test 1.6000. There is a clear support line so buy off this on the 60min chart. If this does break then CABLE could test the 4hour 20ma.
GOLD..Watch this as the price has flat lined but it is building i feel for a next push.
Have fun.
D
Nice work this week Dan -Have really enjoyed myself but was a bit miffed this morning. I was actually in E/U on the break price 1.2896 and my s/l was only 10 pips away. It was more a gut punt than real strategy. I had my chores to do and talked myself in to just walking away so I could focus!! OK, here's the rub, I close out for 21 pips. Tell Honest Bill, just wait for the retracement and I go away. When I come back at 3pm EU has gone 200 pips. Lesson; put a trailing stop on next time and then go do the housework.
Anyway - come on Wales. Lets see if we can play 80 mins of rugby against Australia and come away with the victory. A 15 point margin, England losing to New Zealand and we will move to 4th place in the IRB rankings. Boys you can do it!
Oval Balls Rockie