The London Open - page 159
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Happy to hold GBP with stop at 40 for now...Looking for break of the WS1 at 50
Closed CABLE ahead of Budget.
D
Cable has gone...Woosh!!!
Closed EURGBP and EURUSD. The EURGBP was a goodie from the high 0.9400s.
D
Ok interesting day...CABLE was a good one but then sat it out after that...
See u tom. Will leave this volatility to the big boys and retire gracefully today.
Cheers
D
So captain Darling had his day in the lime light. Like Obama, he didwhat we all feared he would do and stuck taxes up for the higherearners. We knew it was coming and politically it makes littledifference to him and his battered party as the higher earners voter haslong gone to the blue side. You may ask what has this go to do withEMEA corps and you have a point however the message is clear.Governments all over the world have to find money from somewhere to payfor this sh*te show and unfortunately the printing presses are bust andthe money tree is bear, as always its back to the poor old hard workingtax payer to pay the bill. Why is this relevant, well quite simply taxeveryone to hill, less money to spend and years of negligible growth.Green shoots will become dead brown roots quicker than you can sayGordon Brown is a one eyed idiot (quote from Jeremy Clarkson not mehonest!). Bottom line "we" (we meaning workers as opposed to lazylottery ticket buying income support spongers!) are going to have to payfor this mess not to mention the huge pension deficits that are onlygetting bigger as we live longer and our shortfalls get larger. Thenuts and bolts of all this means that we are not going to return togrowth numbers we enjoyed in the first part of this decade for companiesor for countries and that's not good for stocks and for risky assets ingeneral.As far as EM is concerned I am starting to lose a little interest atcurrent levels. Oil trading like Labour in the opinion polls andspreads in my view NOT reflecting the risks out there for EM if everyonewakes up smells the coffee and slashes their growth forecasts for thenext 10 years. Sell when you can not when you have to!
Mr P......
Good morning all
I am flat in both books and closed EURUSD and EURGBP.
The markets have had a good shake up with the budget so let’s wait for clear direction before trading
CABLE
Boxed between the Daily 20ma and 50ma.
The 4hr 20ma has crossed the Daily 20ma (Silver Cross) suggesting further weakness
Heavy resistance at 1.4600
Look for a small double top on the 15min chart to confirm a trend reversal around the 1.4580 level with a stop above 1.4625.
As we speak GBP has broken the 60min 20ma so be patient and let the market play games in the high 1.4500s before we enter on the break back below the 60min 20ma.
If GBP breaks back above the 1.4625 then all short plays are off.
EURUSD
The EUR has found support off 1.2900 and now again at 1.3000.
1.3037 is old high and a small amount of sellers will be sitting around here for double top
The Silver cross is coming into play on this retracement but I am not convinced as yet with EUR strength.
Will wait for break and pullback onto the 4hr20ma before any long play.
Any break back below the 1.2960 level will signal the next push lower for EUR.
EURGBP
Can´t sell into the 60min 20ma at this level.
Wait for break with 123 on 5min chart to confirm the retracement is on.
Good monrning all
A slightly different approach today as markets need a little shake out after the Budget. Trends have been lost so all we did is play a channel in CABLE.
Resistance at 1.4600 and support at 1.4520... Most made between 40 and 60 so happy with the results. Well done team!
Short at 1.4580 banked 50% at 57
Short at 1.4580 banked 50% at 53
All out at 1.4557
Short at 1.4587 banked 50% at 78 and then 50% at 62
Short at 1.4560 banked 50% at 37
Still short part with stop at 1.4610.
Not a bad day and a little bit of variety into the London Open. I will be sharing a few different techniques in the room over the coming weeks.
Well done today and u deserve your pips this morning.
Dan
All out CABLE for flat on balance...Will wait for next entry...
Watch break for long play
Keep your eyes on USDJPY...
As explained in the room i have played a small one here.
Its risky but i am happy with the risk. Reduce risk for wider stops.. This is only small for now and will wait for break to add.
Lets see.
D
I so got out of my CABLE too early...
Looking to re enter.