The London Open - page 166

[Dan007]

Looking at the reaction of the markets to today's ADP report it appearssome of the expectant better data is not fully priced in however it willtake a decent jobs number on Friday to confirm this theory. EMcontinues to trade very well including a little catch up for thecorporate cash that was anywhere between 20 and 50bp better on the day.The feel good factor is back and more and more people are believing thehype. The problem with this is that everyone has got themselves long sowe need new buyers to resurface to keep this positive momentum otherwisewe risk some profit taking related selling. For now it appears that themomentum is with us and the only possible trigger for a sell off nearterm are the bank stress test results. All about Chelsea vs Barcelonathis evening, the less I say about last night's game the better.

Mr P.....

[Dan007]

Good morning

Stress Test is out later today, Interest Rates for GBP at 12pm and EUR at 12.45pm...

It is best to be on the defensive today as trends are difficult to read. Below are a few ideas to look out for but lets analyse the market at the time.

CABLE

• Major resistance at 1.5160.

• Potential double top play with stop at 70 if we can get a 45 bid for a 25 pip risk.

• GBPCHF looks heavy as well around the WR2 level at 1.7200

EURUSD

• Very messy with heavy resistance around the 1.3300/1.3325 level.

• Look for long plays if we see a break above 1.3325 with a 123 bouncing off the 4hr 20ma with stop below 1.3290

• Otherwise look for double bottom on MP at 1.3240/45 with stop at 20.

USDJPY

• Boxed between heavy resistance at 98.80 and support at 98.40.

• Lets wait for break and 123s for confirmation of trend.

Verdict

• Tough week so far and today isn’t any different.

• Market will be very jumpy ahead of IR so only tight plays (eg 25/30 pips) with reduced stakes.

[Dan007]

Hi

Watch CABLE over ASIA for the pullback. I am short part and will add through break of support.

Must run.

D

[Dan007]

Good morning

Well I have finally pulled my week together…Traded CABLE 3 times last night

Short 1.5040 – Banked 1.495

Short 1.5010 – Banked 1.495

Short 1.5040 – Still short and stop at 1.506

CABLE

• I am short and looking for resistance to hold at 1.5050

• For those that are not, look to short around the 1.5030/40 with stop at 1.506

• In triangle and looking for support to break around 1.4975

• 1.4940 will be key level to break (yesterdays low

• Unsure on how markets will play after Stress Test and purely working off a resistance level at 1.495

EURUSD

13410 is the lowest level to short eur. small stake stop at 13445

eurjpy is a double top get it around 13340, stop 25 pips

eurjpy first target would be 13300

eurusd short here at 13420+stop 13455 and target 13380

[Dan007]

Hi

Overall a tough week technically...Many backed away from trading due to Non farm, Interest rate in UK and Europe and of course the Stress test.

My only major trade was the CABLE yesterday. Shorted 3 times and decided to cut last part at 70 as didnt want to lose much on the balance. That made me 80% of my P & L for the week. Otherwise its been very slow and tehcnically difficult.

Today saw me close out of CABLE but some good pips made on EURJPY and EURUSD by the pro trader Anders. Double tops and some great entries and exit plays.

From next week i will email all members my longer term setups so that u dont miss them. Eg like i posted on here last night with my CABLE trade.

As you all know u only need 1 great trade to make 80% of your P & L and the other small plays or 25 pips here and there should be only a fraction to what you should make per week.

Looking forward to better setups next week and some swing trades again.

See u then.

D

[Dan007]

Cable is so going to go...

Non Farm out later

[Dan007]

Hi

Ok end of a tough week for me...GBP the only decent trade last night.

I need the market to play ball or otherwise it makes my life difficult.

Lets see what next week brings. Where are those swing trades...? Bring them to me baby!!!

See u monday.

D

[Dan007]

Watch that GBP fall off tonight.

D

[Dan007]

Good morning

I trust you all had an enjoyable weekend

The USD is weak and that rally (late on Friday) would have surprised a lot of the market.

Asia held off from buying USD overnight and consequently no retracements took place. Most of the setups this morning involve buying USD so we need to be very careful or be patient and wait for short USD opportunities. The DOW looks set to retrace but it takes a brave man to short in a bid market for now.

CABLE

• Looks set for a pullback after Fridays rally but long USD is a problem for me

• 1.5250 is key resistance

• Could play this with a very tight stop using 1.5250 as resistance.

• Short play at 1.5235/40 (region) with stop at 1.5260

EURUSD

• Again looks set for a pullback after Fridays rally

• 1.3667 is key resistance

• Safest way to play this would be to let it fall through the 15min 20ma and then retrace to it before a short play with a stop above 1.3670

GBPJPY

• Looking for GBP to weaken this am

• Previous high at 150.50 so lets looks for a double top with stop above the 150.65 level

Verdict

• Retracements are due but remember the USD is weak so risk should be limited.

• I will not fight against GBP today if it wants to rally.

• It is too overbought for me at presen

[Dan007]

Trades Taken - Live Announcements

• STILL SHORT ON ALL 5 CURRENCIE

• Been selling CABLE from last night below the 50 region on the double top

• Not a perfect morning as should have hit USDJPY and GBPJPY. Shame 

• EURUSD - Short at 1.3645 with stop at 13680 – Banked part at 1.3602 (Stop breakeven no

• CABLE – Short at 152.10 & 152.88 with stop at 152.55 – Banked part at 151.75 (Stop breakeven n

• EURJPY – Short at 134.45 with stop at 134.90 – Banked part at 134.00 & 133.36 & 133.30 (Stop breakeven n

• NZDJPY – Short at 60.10 with stop at 60.60 – Banked part at 59.70 & 59.50 & 59.20 (Stop breakeven n

• CHFJPY – Short at 88.80 with stop at 89.20 – Banked part at 88.45 & 88.26 (Stop breakeven n