The London Open - page 121
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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
I agree Bloom.. A lot has to be said for not caring about your stop losses being hit.
When i first started as a home trader i was consistently stopping myself out for 30/40/50 pips to find the price move 150 pips after i got out. I can't tell u how many phones i smashed and chucked out the window. I punched my door more times than i can remember.
As Zak says 'Chuck 'em on'...It sounds funny but it works. Understanding risk is what its all about. I trade less risk now but take a lot more trades and most of them are winners because i am not scared of losing.
Spitfire, as Bloom said u r reading the charts v well...U r so close to being a great trader. Once u get over this hurdle u will be away and making hundreds of pips per day. I have every confidence that u will make it...
Well done guys. Great work.
Always stay positive and always get up when u get knocked down!!!
See u tom at 7.00am.
D
Good morning all and welcome to all the new guys. I hope you are having a good day.
Yesterday was a little frustrating for me. The morning was great, but once again, managed to get caught out on USDCHF, which looked like a cert to fall through this 4hr 20ema this morning just 15m ago.
Onto the business of this session….
USDJPY-Looks to be supported as do all the Yen pairs this morning. However, the 60m 20ema is under the 60m 50sma and price action is below both and below the daily pivot. It’s going to need to smash through 89.30 before I even consider looking at this in more detail. To the downside, if it breaks support at 88.70 I may be interested in a little short.
GBPJPY-Looks bullish but how far will it go without the assistance of USDJPY? Be careful with this this morning. It’s being pulled by cable but could stop at any time IF USDJPY and cable start pushing down.
EURJPY-Looks sure to target the 50sma we were aiming at yesterday, but not overly keen on playing this against the trend. Getting caught out playing WITH the trend is fair-game, but against it is just desserts! Be patient and wait for the 4hr 20ema at 119.00 to be breached.
USDCHF-As mentioned, this does look like its testing the downside today but I am not going short into all the traffic below. A break of 1.1140 should see this a bit lower, but how much is impossible to say with daily 20ema, monthly pivot, 4hr 50sma & weekly pivot all below.
GBPCHF-I am overall liking this a bit lower, but realise it’s difficult with GBPJPY pulling it up a little. A break to the downside of 1.6280 would represent a good place to start looking providing the 60m 20ema remains below the 60m 50sma
EURCHF-Failed to make any significant downside noise past the recent lows on the daily (well spotted Bill), but a bounce off the 60m 20ema at 1.4715 might pave the way for a 123 south on the 5m chart.
To summarize….The Yens are not pairs I will be jumping into although looking attractive on short-term Would be interested more in EURCHF 123 on 5m chart headed south.
Also watching EURJPY. IF USDCHF does find support then I would expect EURJPY to fall and will be looking for 123 on 5m
Have a good morning.
-------------------------------------------------------------
Good morning…
EURGBP – Looking for price to break yesterdays low at 0.8977. Watch CABLE for strength as we need momentum here for EURGBP to move lower. Looks good for downside play if CABLE can keep this momentum. Tight stop above the DP at 55. I am in small…
GOLD – Strong downtrend and looks set to test the $800.00 level. No entry at mom and need pullback first. Wait for 15min trigger and a break below the WS2 at $808 would signal a push lower. There is a lot of support at $800.00 so be careful down at these lows. Its not perfect…
AUDUSD – 60min suggests a double bottom at WS3 0.6560. Draw support line with both lows and wait for a break through here for further downside potential. Remember AUD will move with GOLD which tends to move with EUR. We like to see these three move together. A break above the MP at 0.6823 would signal a break to the 4hr 50ma.
EURUSD – Found support this morning so far… Price is still below the 60min 50ma. Watch break at 1.3120 for a squeeze to the 4hr 20ma at 1.3280 level. If it breaks watch any short plays in AUD and GOLD. If it tires up here watch downside break below WS1 at 1.3150.
CABLE – Looks bid this early morning but 4 hr ahead… 4hr 20ma at 1.4690 level. Heavy resistance will be met at the 4hr 20ma so an opportunity for a short with stop above could be on. Technically wait for another short play below the 60min 20ma around the 1.4590/80 level.
Best for me…EURGBP and watching CABLE and EURUSD
Dan
Quiet morning hey...
Good to see quite a few of u make between 20 to 40 pips in EURGBP with support at 77.
EURGBP *- Short at 0.9015...Banked at 0.8980, 0.9000, 0.9010.
EURUSD - Short at 1.3175 and 50...Stopped at 1.3166 for a few pips loss. Should have banked 30 on part but thought it was going to break to the DS1 at 10. Nevermind...
Its interest rate decision today in EUR at 12.45pm.
Q and A at midday and i will be in the room for EUR rates at 12.45.
D
I agree Bloom.. A lot has to be said for not caring about your stop losses being hit. When i first started as a home trader i was consistently stopping myself out for 30/40/50 pips to find the price move 150 pips after i got out. I can't tell u how many phones i smashed and chucked out the window. I punched my door more times than i can remember. As Zak says 'Chuck 'em on'...It sounds funny but it works. Understanding risk is what its all about. I trade less risk now but take a lot more trades and most of them are winners because i am not scared of losing. Spitfire, as Bloom said u r reading the charts v well...U r so close to being a great trader. Once u get over this hurdle u will be away and making hundreds of pips per day. I have every confidence that u will make it... Well done guys. Great work. Always stay positive and always get up when u get knocked down!!! See u tom at 7.00am. D
Dan,
thank you very much for your encouragement as always - it really helps having such a great team wanting us all to be successful. I now have 15min charts open most of the time, only switching down to 5m for a brief closer look.
Spitfire
ECB but by 50 bps...
EURUSD - Order below support at 1.3140 and DS1 hit at 1.3090.
See u at 2.00pm.
Dan
EURGBP - Order been hit again on downside...Looks good on 60min
Hi
Messy day with currencies and havent really traded this avo after my eurusd short play. Still short EURGBP but bored with it. Up 3 pips..Huff!!!
Monkey made huge pips on DOW..What a setup and what a trade...Look at that 15min setup with the stochastic and 7cci trigger perfectly set. Lovely
See u tom.
D
Dan - best way. I looked in this morning and thought, messy! Went on my bike. Came back and looked in again and thought messy! Not traded at all today. Keeping the pip tin locked waiting for set-ups I like. Well done Monkey about time you got some pips. You been too quiet!!
Breadless Rockie
Hi guys
Just got back home and looked at my EURGBP position.
Target hit at 0.8975 just above the DS1 level. 35 pips taken there after a very slow and boring start.
Glad all is well Rock...
Excellent. Happy days.
See u tom at 7.00am.
Dan
Good morning all
It’s Friday and lets make some pips!!!
Look how powerful the 60min charts are…Work off the 60min as much as possible!
EURGBP – Worked out well yesterday…Look to sell on rallies. For anyone holding target is previous low at 0.8835.
GOLD – Found support off $800 as expected. Boxed between the 4hr 20ma and 50ma. These are always the hardest trades as heavy resistance is ahead and the following ma´s need to catch up. Look to buy off the 60min 20ma with stop below. Any break of the 60min would signal a further retest of the $800 level.
AUDUSD – Found support with the GOLD. Boxed between the 4hr 20ma and 50ma. Previous high at Monthly Pivot at 0.6823 and wont really be getting excited until we can break above this level.
EURUSD – Same as GOLD and AUD. All 3 have found support…Resistance at 1.3300. For any long we need to find support off the 4hr 20ma.
CABLE – Strong bounce after a messy day. Tested the lows at 1.4450 and now back at Monthly Pivot at 1.4880. Look for retracement and support off the 4hr 20ma. We need the 60min 20ma to catch up before any potential long above the Monthly Pivot.
GBPJPY – Look for pullback off the 4hr 50ma at 134.94 with stop above the 135.00 level.
EURJPY – Broken 4hr 20ma and needs pullback onto the 4hr 20ma at 118.60 for a further move north to the 4hr 50ma. Any break below the DP at 117.75 level would signal a further pullback.
USDJPY – Similar to EURJPY… Look for pullback to the 60min 20ma at 89.70 level for a bounce with stop below and a move back to the 4hr 50ma. Any break below the 89.50 level would signal a move south.
Only me today so will concentrate on mine and the JPY´s…
Dan