The London Open - page 128
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Good morining all.
Quiet day for me yesterday, taking just the one trade on GBPJPY from 124.00 to WP @ 125.00 on the 60m chart.
This morning I think we might see these pulling back to the support levels but won’t be looking for any shorting opportunities
USDJPY- Failed to take out the 4hr 50sma and looks likely to fall back to 90.00.
GBPJPY- Boxed between 4hr 20&50. Can’t really play it from here now
EURJPY- Has cleared the 4hr 20&50 and now headed for the daily 20 up at 119.50. Is this going to be the only Yen pair to advance north? In a word, NO!
Need to wait for retrace to 117.00 on 60m chart with trigger showing the way.
CHFJPY- Up against the 4hr 50sma there’s lots of green on the 60m chart. 4hr CCI slightly overbought and needing a run-up if it’s to break through that 79.00 regio
Again need to wait for trigger and slight fall back to support.
To summarize…
It’s a waiting game on these 4 unless GBPJPY smashes through 126.00 and heads upto 4hr 50sma at 127.0
Keep an eye on Cable and USDJPY for this.
Overbought at the moment so needs a rest but one to watch later.
Have a great morning.
Zak
Morning all
The big question today is will the USD continue to weaken?
Lesson for today…The 15min trigger is key. Mistakes are made when you play against it.
—————————————————-
EURUSD – A strong move yesterday and resting below the Daily 20ma, 50ma and WR1 at 1.3270 level. The EUR certainly needs a small pullback, the question is will it find the support needed off the 4hr 20ma and 50ma for a big push to break the WR1 level. Any break back below the 4hr 20ma would signal further weakness and a retest to the lows.
CABLE – The retracement was on yesterday and we are now boxed between the 4hr 20ma and 50ma. Always a hard one to trade as the trend is now lost. You will have nervous traders here as many will expect GBP to fall further but many also expecting a pullback. It is best to be patient and wait for a clear sign of a trend returning to this market. On the downside watch any support or break off the 4hr 20ma around the 1.3900 level..
EURGBP – The price has consequently slowed due to the much needed support in GBP over the last 24 hours. I am not convinced that GBP will hold up here for long which limits my downside thoughts in EURGBP. The 60min chart suggests a lower high and a potential pullback towards the WP at 0.9315 level.. As we speak it is weakening and DS1 should be hit at 0.9340 level. Stay sharp with this because if GBP falls off again EURGBP will no doubt continue its strong uptrend.
USDCAD – After two large falls in 24 hours USDCAD has found a little support around the WS1 level. The 60min chart suggests support at 1.2200. Watch the break with the trend. WS1 would be the next line of defence at 1.2169 and a break of here would see another big push lower. Draw your support on the 5cci on your 60min chart. Look for a break here to signal the start of the move.
AUDUSD – The price has rallied with GOLD in the last 24 hours and the 60min chart suggests the start of some strength coming back into the AUD. The 4hr 20ma looks likely to cross the 4hr 50ma and that will signal the 1st sign of support in this market. Look for support off the WP at 0.6590 and trigger on the 60min chart on the upside. The daily 20ma at 0.6715 and daily 50ma at 0.6675 are key resistance. A break of these two will surely mean strength to the AUD and a little run back up. Consequently if this resistance holds, watch any break below the 4hr 20ma for further weakness.
Enjoy
Dan
Morning all
Well a very positive day today after a slow start to the week on monday.
Martin was teh student of the day with 170 pips+ b4 8.15am.
CABLE broke resistance from 1.4075 up to the 4hr 50ma at 1.4160.
EURGBP broke down from 4hr 20ma at 0.9380 to the DS1 at 0.9340
USDCAD broke support on 7CCI at 1.2200 for a move to the WS1 at 1.2169 and then again at 1.2150
GOLD - I missed this one. Drew support at 60min 20ma. Looked away for 5mins and it broke. Classic gap trade from 60min 20ma to the 60min 50ma.
GBPJPY - break from resistance at 126.00 up to teh 127.00 4hr 50ma.
Lots of opportunities and yes agree you cant hit them all. Stuart was spot on this am. Analyses 4 to 5 charts, pick out 2 with the best setups and nail them. Great effort from u guys.
Dont worry if u didnt trade today. The market moved quickly and u had to be in very early on the break.
See u later.
D
PS I have recorded a live summary video on our blog...
Hi all
Well quiet start until confidence figure came out at 3.00pm.
A solid trade in GBPJPY with a break of the weekly pivot at 125.00 down to the 4hr 20ma at 124.40.
This afternoon was all about pullbacks into the 4hr 20mas which didnt make it easy. I do feel we could be building for a good day tomorrow.
See u then.
D
Dan
Nice trading. I too had a most splendid day after some real shockers in the past 3 trading days. Could not sleep and so got up early. Was at my PC at 4am. Played with my charts had time to look for set-ups on the longer term charts. Cable long 1.4055-1.4144 (exited at pivot) +89 pips, Long WTI on early break 46.30 closed at 4700 (struggled to get there) +69 pips, EurJpy was a peach 118.12 - 119.20 (trailing s/l) after the figure +108 pips and my favourite trade only because I tend to counter trend with Gold 900 - 895 (limit sell) +51 pips. Nearly the quickest pips I have ever made - think it was about 3 minutes from placing trade to adding to the pip tin!! Total 317.
Went out on my bike for a long ride and put in 40 miles cross country. What a life! Be back on line early looking for more worms to hook.
Saddle Sore Rockie
Rocky, me ol' cocker, you said some magic words - "look for set-ups on the longer term charts." - Only problem is your definition of "long' may not be the same as mine - but who cares as long as the pips go in OUR tin!
40 miles on a bike? Bloody hell, the bike I'm used to riding could be found in the local dance hall!
Oh how times have changed
Rock on
Start
Good morning all
New setup today with all 5 of my currencies showing… When we see a setup I will enlarge and focus on that particular chart
GOLD – Pulling back to the 4hr 20ma. Any break of the 4hr 20ma would suggest further weakness. Be patient and wait for break if it occurs around the $888.00 down to the WP at $874.00. No long plays unless it breaks back above the Pivot at $902.00
EURUSD – EUR trying to break the Daily 50ma and 20ma at 1.3270. Tight box play with DP below at 1.3220. Look for break. Momentum is building but again be patient and wait for break here. No short play unless we break below the WP at 1.3000
CABLE – We have broken the 4hr 50ma. Daily 20ma above which will offer resistance at 1.4400. CCI 21 on 60min chart is over bought so we are looking for a small pullback this am. DR1 will be immediate resistance at 1.4307. Patience here and play triggers and buy off the 60min 20ma. No short play unless we break the DP at 1.4116 down to the 60min 50ma
EURGBP – The AUD has found support off the 4hr 20ma. Heavy resistance at daily 20ma and 50ma around the 0.6715 level. The 60min 21 CCI is overbought now so look for pullback before a move higher. No short play unless the AUD breaks below the WP at 0.659
USDCAD – Looks weak below the MP on 60min chart at 1.2326. If GBP can continue to power up the USD will weaken against the CAD. The 15min chart suggests small support with DP at 1.2240 with resistance at 4hr 20ma at 1.2325. Be patient on any long play until we break the 4hr 20ma and look for break of the DP at 1.2240
EURGBP – Yes I am happy with the weakness in EURGBP. Bring on the cheaper skiing holidays! Support at 4hr 50ma and Daily 20ma at 0.9218. Looks like further weakness with GBP powering up. Again wait for triggers but be very careful of the Daily 20ma as this will offer support
Have fun.
Dan
Good morning all
Well a good london session with 3 trades working out well for many of you.
EURUSD - Long 1.3235 & 70 - Bank at 1.3310 (DS1)
USDCAD - Short DP at 1.2240 - Bank part at 1.2200
EURJPY - Long 118.38 - Bank at 118.75 on part and cut balance at 118.28 with USDJPY weakening.
Well traded guys...Many of you making up to and beyond of 100 pips on your trades. Well controled and great money management.
See you later.
D
GOLD - Broken the DS1 support at $892.00. Look how it bounced off supoport twice then broke. Banked part at DS2 at $885.00.. Looking for further weakness on balance.
Dan
USDCAD - Hit support on 15m in chart at WS1
All out and flat now.
See you later.
D
PS Will record london open video now and post on my blog