The London Open - page 176
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Thanks Rock
So good to hear from you and I'm glad you are still profitably pipping. I'm loving the room and being able to trade almost full time now. I'm much clearer on entries and exits and, well, everything really. All my studious weekends are paying off and very slowly it's all coming together. I am now at the stage where I don't think I will have a seizure when entering a trade so much progress has been made on that front!
I miss you in the room and although we do have some good characters none quite live up to the legendary Rockdrive, but I'm happy you are enjoying your sharp suits and sexy PA. Zak is still on mighty fine form, sharp and witty as ever, James is into pink shirts and fluffy socks (worrying) and Dan's dulcit tones (sigh) continue to delight me.
Take care Rock, keep fixing our dire economy and drop by again soon. I'll keep you updated with my progress good and bad.
Oh, if Dan gets any prouder about being a dad again I think he will burst, bless. He's having a party in London in August, perhaps you could gate crash! I'm sure you qualify as an honorary Monkey, you could always bring a couple of tins of larger and a packet of Hula Hoops as a goodwill gesture and it would be fab to meet.
See ya,
Junior Pipster F
PS I'm very glad my old boss didn't give me sore fingers - euchh. What on earth do you make her do Rock? The mind boggles.
Morning
A confused morning with USDJPY pushing up making the USD related currencies hard to trade.
I have to run...Nothing really takes my fancy at mom.
Have a good weekend and see u next week.
D
Quick post - snaffled eurgbp pips today got my entry at 0.8535 and closed at 0.8461 (missed more pips as it bounced a little off DP. Still +74 is a nice way to end a very decent week. Only 7 trades but nearly 350 pips. Back once more to the grind. Conf call in 5 so gotta go.
Hope to trade next week but looks busy with my suit on.
Bye for now pipsters
Polka Dot Rockie
Quick post - snaffled eurgbp pips today got my entry at 0.8535 and closed at 0.8461 (missed more pips as it bounced a little off DP. Still +74 is a nice way to end a very decent week. Only 7 trades but nearly 350 pips. Back once more to the grind. Conf call in 5 so gotta go. Hope to trade next week but looks busy with my suit on. Bye for now pipsters Polka Dot Rockie
Woo hoo,
Way to go Rock, still a legend, the one and only.
I didn't trade today but saw your eurgbp trade (entry at 0.85035 at 9.10am?), also liked little set-ups on usdchf and eurjpy and later in the morning on gbpusd. So it was a coulda, shoulda, woulda morning but I was still fiddling with my charts and making sure I know what I'm looking for next week. I'm not going to trade on Friday afternoons, I'm gonna go shopping instead.
But, in the words of Britney, I think I'm ready now, and I will def be wearing a suit next week if it means I can catch my own 350 pips.
Got to go, yuh, got a conference call in 2...
Have a groovy weekend.
Fiddler on the charts RS
Its nice to see that you are combining chartistic patterns with indicators. Good thinking!
Junior Pipster F
PS I'm very glad my old boss didn't give me sore fingers - euchh. What on earth do you make her do Rock? The mind boggles.
Dear F,
You know I can't tell you my secret. You want to know about my PA's sore fingers, but I'm going to let you sweat a little before I tell you. It's all part of my executive personna. Fringe benefits and all that stuff!
Remember its no good playing with your charts during trading hours. You gotta be prepared beforehand. That way you are ready to take advantage of the trend breaks etc, and not sat there afterwards saying "I wish I'd taken that trade". So remember the 6 P's - proper preparation prevents piss poor performance.
Much of what we need is on the daily and 4 hour charts. Thats what I do and using MT4 - it tracks back down to the 5minute for entry.
Happy trading.
Fathers Day Rockie
Father Rock
Sigh...
Yes, of course you're right, I shouldn't have been meddling when I should have been trading, hands up, guilty of poor time management.
But, on the other hand it was in order to prevent the 6 p's, I'm still "very young" when it comes to trading, still finding my feet a little after only just coming back a week or so ago and was working all weekend so knew I wouldn't have much time to study.
I shall however mend my miscreant ways and heed your perenially wise words.
Thanks Rock
Suitably chastised RS
PS Am I allowed to watch Wimbledon while I'm trading?
Unusually for me I timed my holiday quite well. On my return it appearsthe market is beginning to wake up to the fact that pricing in a Vshaped recovery is a little too ambitious even for the most optimisticgreen shooter. Having a holiday gave me a good un-emotional view on themarket and looking at prices of credits in my world very close to oreven above par gave me an opportunity to hit a few bids. As soon as Idid this it was blatantly obvious the market already had the paper anddidn't want any more and all of a sudden my screen lit up like Las Vegasat night time. Client flow backed up the technicals as customers seemhappy to try and take profit at current levels and buyers seem to be inthe minority (spreads 25-50bp wider intra day). My trip to SC did little to change my view on the world, speaking tolocals business was down 35% on the year and everyone from the "syringeladies" to the local fisherman were happy to do a "deal". This isrelevant to me because it reinforces my belief that very few peoplepossess pricing power currently and I don't see this changing anytimesoon and therefore don't see inflation as a risk any time soon. For this mini sell off to remain just a blip we need to see someconsistent improving data out of the US to stimulate more buying andconvert more green shooters. I am still not a believer and anecdotallyI still don't see any green shoots aside from a activity in the UKhousing market that remains expensive but maybe artificially supporteddue to supply constraints. Lets hope my return from hols sparks anuptick in volatility before the Summer blues kick in.
Mr P......
Back tomorrow..See u all at 6.30am.
D
Good morning all
Good to be back and I hope everyone is well…
CABLE
• CABLE has found a range between 1.6550 and 1.6200
• All MA´s suggest further downside but with an oscillating market we need to be a little careful.
• The 60min 20ma is at 1.6350 and would need to see support off that for any long play.
• With the USD ‘potentially’ showing a little strength this am lets wait for a selling opportunity using the15min 20ma as a resistance.
• To conclude lets see if 1.6300 can be broken.ç
EURUSD
• MP is clear support here at 1.3827.
• All MA´s suggest further weakness but this critical support needs to be tested and broken.
• Potential gap play to the MP on a break of 1.3850 with a 123 on a 5min chart
• Its not a huge gap but will keep u posted.
• If the USD weakens this am lets look for a break of the DP at 1.3870 for a gap to the figure.