The London Open - page 115
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Morning all
The EUR still looks weak this am but there are risks of pullbacks, so tread with caution. I am staying out for now unless I get better setups.
EURGBP – Technically not setup that great. If CABLE finds support then EURGBP should continue its downtrend and break the WS2 level. Problem is where you place stop with 60min MA so far away. Patience required
GOLD – Should continue falling but WS2 just below. Technically not setup that well at mom. Wait for next pattern as just missed an opportunity for a short. Remember its best to trade as close to the 60min 20ma as possible
EURUSD – Still looks weak from yesterday and rather be short than looking for any pullbacks. A break through WS2 should signal a further move lower. Patience required. Wait for next pattern
CABLE – 60min suggests shows potential for a little support this am but GBP must hold the 4hr 20ma at the 1.4560 level. Look at 15min chart for a break above the 15min 50ma at 1.4675 for a move higher. A break through the WP on the downside would signal a move lower.
Overall not great for setups so be patient for the time being and let the trades come to us.
Dan
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Well overall not that bad... My 1st look at the charts was a little unclear but as the minutes ticked by the EUR began to behave as the AUD and GOLD fell off. I only manged the EURUSD and missed the EURGBP, AUD and GOLD but thats the way it goes.
Great to see quite a few take the EURGBP and EURUSD together. Weak CPI data has just come out and driven EUR down again as we speak. I will be looking for AUDUSD to break down below the 0.7050 level which is a break below the WP which can be a strong support. A break of the DP on the upside will signal a potential 123 long...Lets wait for the break.
Ok speak later.
Dan
Many were looking at the USDCAD late morning and it has finally paid off. Taken its time to break down from the 1.1900 level but its now on its way.
Needs to now break the WS2 level for a clear push lower.
D
For those of us that are battling our psyche, emotions, the little man inside our head and the guy in the mirror when we are trading, I use a Belief Statement I got from a professional CME Floor Trader. I read it before each trading session and find it particularly calming after having a couple of losing trades or when I reach my maximum allowable loss.
I made the mistake of questioning the $1 million target and was very quickly rebuked as "not having the confidence or belief in myself" so I just read it as copied:
Quote
I am a professional trader. My job is to take risk. If I manage my losses and let my profits run I will be successful. Because I am a professional trader, I will forgive myself easily for making mistakes and move on to new opportunities. I feel great that I have the discipline to control my emotions and the patience required to be a professional trader. I am a professional trader and will make $1,000,000 by year end. I will achieve this by following my trading plan, setting achievable goals, and controlling my emotions. I am confident and believe in my own ability to be consistently profitable because I AM a professional trader.
Unquote
Hope you find this helpful
Robert N
Morning all
Good morning to you all
Well what a move a move in USDCAD yesterday and glad to see EURGBP back down at a sensible level. Long may that continue
Figures to watch today. ADP Non Farm Employment Change… Expected -450k at 1.15p
EURGBP – Fallen a long way. Nearly 600 points from the 4hr cross of the ma´s. Support at the 0.9000 level so any break should see a test of the lower levels. Don’t look for any long unless it breaks the 60min 20ma. Best to stay with main tren
GOLD – Potential for a long play. WS1 at 864.00 will be 1st line of resistance so look for break here for a move to the old high at 870.00. Would be good to get 15min trigger in play, if not look for a 123 on 5min. Any break below the DP at 856.00 would signal a move lower. The 4hr 20ma is below the 4hr 50ma so we need to be patient and wait for break
EURUSD – Its fallen a long way and showing small signs of support above the 60min 20ma on the 15min chart. The 60min 50ma is quite close above at 1.3560 but a break of that would signal a move higher to the 4hr 20ma at around the 1.3650 level. The price needs to hold the 60min 20ma and Daily pivot at 1.3484 or if not a break down here would signal further weakness for the EUR
GBPUSD – Holding the MP well and allowing the 60min 20ma to catch up. A break above the 1.4925/30 would signal a stronger move to the old high at 1.4975 level. Triggers are ke
USDCAD – Looks weak again. A break below the 1.1810 or even 1.1800 would signal a push lower to test the 1.1750 level. If support is held here at 1.1820 (the previous low) don’t look for a long unless it breaks the 60min 20ma. That will be the 1st sign of suppor
Thanks
Dan
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EURGBP - Broken strongly. 123 will come into play later.GOLD - Looking strong with EUR strength. Look for trigger.CABLE - Looking weak again. 60min 20ma will be support. Look for break if not in and 123.USDCAD - Painfully slow. Wait for trigger if not in already.EURUSD - Dangerous playing long into 4hr 20ma now. For those who are still holding from the 40 break, target the 4hr 20ma as TP. Dan
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Hi all
Another good morning... Good trades in CABLE, EURUSD and USDCHF.
CABLE - Broke from 1.4925 up to the old high at 65. Many are short now.
EURUSD - Broke from 1.3540 up to the 90 level. Waiting for 123.
USDCHF - Broke from 1.1100 down to the 60min 20ma at 1.1020.
USDCAD - Went in twice short and being stubborn with stop above 65. Will lose around 40 pips on this if i get it wrong. Lets see...
Overall a good one and lots more pips in the bank.
Well done to you all today. FXdiva making 200 pips today and only been with us 3 days. Great effort and many more pips to come.
I am starving and off to breakfast.
Really enjoying my trading at mom and bring on 2009. No recesssion in our trading bubble!!!
Dan
USDCAD - Still holding this one from earlier.
I know i´m stubborn but i like it lower. Needs to break the 1.1800 level.
Dan
OIL - Watch break of triangle.
Hi
Hope you took the break of the triangle...
Lovely jubbly.
See u later
D
USDJPY - Triangle break from 93.00
EURUSD - Break of 4hr 20ma at 1.3645
EURCHF - Triangle break at 1.4985
USDCHF - Support break at 1.0985
USDCAD - Been short all morning. Finally broken the 1.1800 level.
Missed Cable and AUDUSD.
You have to love this market.
Dan
OIL - its brave but lets see with inventories out...
D
Thanks to Nicola we nailed it...
Lovely jubbly.
Nice end to the day and lots of pips in the bank.
Well done team and see u at 7.00am tom.
D