The London Open - page 148
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CABLE and EUR looking tasty...
Well done to you all.
Excellent day and lots of pips in the pip bank!
D
Well its been a very good end to the week...
I am all closed in EUR and CABLE and do not care if they fall further. The pips are safe!!!
Well done team...Some of you nailing 4 out 4 trades today.
See u monday at 6.30am.
Dan
I will zone in on breakouts each morning with levels and how to trade them with rolling stops.
Its going to be a lot of fun and yes we need to take a little more risk but as long as it is controlled we will do vvvvvvvvv well. Thats how i love to trade.
As you can now see (with days like this) 1000 pips a week is possible when you are controlled.
Keep up the good work and see you monday.
Dan
PS 3 games of rugby on sat and golf on sunday...Its amazing what 5 bunches of flowers can do!!!
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Hey Dan, hi all
I have just heard from a friend who has been learning to trade with some great results lately. The trouble is he is convinced his success is due to a magic pair of underpants which are given pride of place on the bedroom door handle and treated with reverence.
The thing is he has now asked me if I would like to wear them and is getting terribly excited waiting for an answer.
What should I do?
A) Say I will wear them and then secretly burn them when they arrive?
B) Try to get him to wear my pants instead?
C) Chain him to his bed, pack up all my stuff and move to an undisclosed address 300 miles away?
Decisions, decisions.
Have a great weekend all!
RS
Hi Dan, hi all
Dan, I've just watched your Trading Psychology video sent to FX500Club members during the week which really is most excellent.
Having benefited from your teaching and wisdom for nearly a year now (and still learning) I have been along a very rocky road trying to find success and confidence.
As you said in your video, it's not about watching 10, 15 or 20 pairs across currencies, indices, metals etc and trying to catch every move, which is sort of what I was trying to do in my ignorance before I found you. You suggested I drop down to just GBPUSD and EURUSD to gain confidence and skill, which I did, and it worked big time. That was the key turning point for me.
I have now moved on and must confess I have a tiled screen with 8 pairs - 4 x USD and 4 x JPY BUT I only ever look for the best set-ups on the low spread pairs and if it's not there then, for me, it's not a trade. The main thing is that they are the same pairs, no skipping around. This works very well for me, personally. I'm not a big risk taker, I don't have pots of money, nor do I have bags of confidence which just goes to show that trading is possible for all types of people.
So thanks Dan for your patience, encouragement, for teaching me and above all giving me the courage to step out of my comfort zone to do something I never thought possible. Seeing lots of people joining the Club and learning from scratch makes me realise that I have come a long way but still have plenty to learn - I'm never complacent.
But most of all, as confirmed in your video, I know that the pips are consistently there with controlled and patient trading just by zoning in on a few key pairs and the set-ups I trust.
RS
Afternoon all
What a weekend and what a weekend to be Irish. Well done to the men in green and they deserve all their success this year!!!
As for England and the mighty men in white. I am now confident that we are moving forward in the right direction and with the right management.
Its a little bit like trading...A few steps forward and a couple of steps back but the main thing is we move forward.
Looking forward to tomorrow and really hope that we have a few solid breakout patterns to play off. We can have a very high success rate with breakouts as long as we manage stops well. Once your know where the levels are and I guide you with a rolling stop we will be flying.
I am starving for pips and yes friday was a good day but i want 5 of those in a row.
Lets get that Grand Slam of pips next week and make our 50 pips per day and smash that 250 pip target.
See you at 6.30am.
Dan
Hey Dan, hi all I have just heard from a friend who has been learning to trade with some great results lately. The trouble is he is convinced his success is due to a magic pair of underpants which are given pride of place on the bedroom door handle and treated with reverence. The thing is he has now asked me if I would like to wear them and is getting terribly excited waiting for an answer. What should I do? A) Say I will wear them and then secretly burn them when they arrive? B) Try to get him to wear my pants instead? C) Chain him to his bed, pack up all my stuff and move to an undisclosed address 300 miles away? Decisions, decisions. Have a great weekend all! RS
After seeing Wales come so close and fail this post cheered me up no end. Can you wear my pants; better still I'll wear your's! Sort of a pant swap.
No Jones big knickers though - got to be a thong or nothing.
Bottomless Rockie
London Open Notes - Monday 23rd March
Good morning team
Congratulations to Ireland. A well fought victory against the Welsh and a thoroughly deserved Grand Slam.
EUR and GBP are well supported at the moment with a weak USD across the board. If you do decide to go long of the USD and short the EUR and GBP then it should only be short lived.
CABLE
Broken major resistance to the upside on the 4hr chart.
The Golden Cross (from last week) showed us GBP strength coming back into the market on the 60min chart. (Study this chart and see how you could have traded it better).
Resistance at 1.4600. A break here would signal the next push higher.
The 60min chart suggests a potential triple top is building. Look for short plays with a tight stop if we reach the high 1.4560+ level. Do not trade this short unless we start targeting the resistance level.
CABLE is trading in an ascending triangle. Look for support off the 60min 20ma until we break through it. Any break of DP at 1.4475 would suggest a test back to the 1.4390 level.
EURUSD
Similar chart to CABLE.
Resistance at 1.3740 and a potential triple top building on 60min chart.
Only look for a short play if you can trade with a tight stop above this resistance.
Trading in ascending triangle and any break back below support should see the 4hr 20ma targeted as support.
Verdict
I want to trade with the trend as much as possible but until we break the resistance levels I will have to keep a very firm eye on the reversals (for triple tops).
The bigger picture is definitely higher in EUR and GBP but we need to wait for breaks and play of the support and resistance levels with tight stops.
Good morning
We shorted EURUSD from resistance at 25, long on CABLE at break of 95 and shorted USDJPY from resistance at 25.
Overall a good start to the week with over 100 pips in the bank.
Lets build on this and smash our 250 pip week target.
Thanks
Looking for EURUSD weakness again this PM.
Ben and a few others short from 1.3620 at DP.
D