The London Open - page 22
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Sorry to hear some guys dropped some pips this morning. Being a stubborn old sod I held on to EURUSD and Gold, which are both in profit now. I did mention the break of the 1.9575 for cable, which was never broken, so stayed out of that one. It's just unfortunate and we all know what happens the second we cut oue trades, so I held them. With Crude leading the way Gold could now push a little higher. I'll happily add another 50 to my 92 from the two Yen trades then leave it on a messy day. Whilst I'm here. Worth mentioning that by going long on GBPUSD EURUSD & Gold at the same time is spreading risk if you are right, but if you are wrong it's treble the risk because of the correlation thing.Well worth bearing in mind. Great idea if you have a sufficient bank but if not then selectiveness is important. Which one fits YOUR criteria best ! Happy hunting
Hi Le Pimp; Sometimes the experience you have tells you to be stubborn. I was in the same trade as you in Gold, came out for +4 pips, you are still in and riding the wave (well ripple really on such a day). I too entered the e/j, went long managed 11 total. You were in earlier and rode another wave. Interesting turn down for e/j. I am currently trying, as a novice with, to put a flow diagram together showing the relationships for the currencies etc, we discuss each morning. I think if I can do this correctly, it will put me in the right space regarding what drives what. I can then properly focus on the Ma, CCI's. I'll share once it's done, cos I am sure I am not the only one who listens each morning and goes 'why did it do that?' and then some smart alec goes well, because its the Euro or its Gold or Dan in his swimming cossy! Great banter on the air waves....Crude, I missed all the fun and indeed glad to have because I'd have had to have a go...
Vive Le Pimp and Le Dan
p.s. sometimes I'm stubborn too and it seems to get me in all sorts of trouble...Doh!
Hi Well look at that Gold...Cheeky pullback!!! Right i am def off for a swim. See you tom Dan007
Hola Dan,
An interesting morning yes - did I learn anything yes - am I disappointed no - will I be doing anything different - yes and its getting better every day. I'm going to try and put a relationship piece together, which I hope will capture the interaction between the various pieces gold vs. oil, vs $. I think in my mind if I can crack that I will be well on my way with the strategy to making better trades, and being more confident to douple up when currency pairs correlate. I will try and publish and please let me have comments on whether its right, wrong or plain mad......Enjoy the paddling pool and sauntering up and down on the lilo, take FX's lead and put an umbrella in your drink to prevent warming!
Hey y'all!lets pray tomorrow brings abit more volatility and pips. overall not a bad day though, +105 on gbpjpy and held on for +33 on gold on the pullback, though it looks like i exited prematurely, all thanks to dan and the guys and the ideas they share.I have a friend i swap trading stories with. I had long ago promised i'd only trade the market evenings only, cos the lower volatility equated to less risk. I recently mentioned that i was back on the daytime session and it was finally clicking thanks to the knowledge i'd picked up from this thread. Being the eternal cynic he's not convinced and thinks i'm just lucky all of a sudden. Its funny how 'lucky' you become when you learn to trade smarter!!
Looking back on my trades from this morning, if I had used a sensible stop loss I would be still in 2 out of 3 trades, EURUSD and Gold, and would be positive instead of negative. Frustrating day but hopefully I'll not repeat those mistakes again, or least not too often.
A few ales tonight for me.
Hey y'all!lets pray tomorrow brings abit more volatility and pips. overall not a bad day though, +105 on gbpjpy and held on for +33 on gold on the pullback, though it looks like i exited prematurely, all thanks to dan and the guys and the ideas they share.I have a friend i swap trading stories with. I had long ago promised i'd only trade the market evenings only, cos the lower volatility equated to less risk. I recently mentioned that i was back on the daytime session and it was finally clicking thanks to the knowledge i'd picked up from this thread. Being the eternal cynic he's not convinced and thinks i'm just lucky all of a sudden. Its funny how 'lucky' you become when you learn to trade smarter!!
Hey Rocwell,
Keep pipping and doing what your doing. If your friend is unlucky, well he can always get lucky through learning the gig. You were so right this morning on the post about G/CHF, but I was being stubborn in the wrong way
. Alas, no gain no pain. Looking back, the smart move was to play the retracement down. Still work in progress for me, but slowly but surely I am unlearning all my regular trading mistakes, and starting to get some pip traction. Way off the 500 but it won't be long!!
Looking at e/j currently and g/j. Off to collect children so time to switch off the cathode ray!
Bloom, you are bang on the money with the 'sensible stop' statement.
I didn't get into the cable until later as I was concerned about the reistance I was seeing at the 1.9575 level. Lapped-it-up after the price rejection after the news.
I did hold the Euro and Gold. Just put a 34ema on your 15m Gold chart quickly and you'll see why I was holding it, and therefore, not getting scared on the EURUSD.
O.K, so hindsight smells beautiful, but my 30 pip stop was never in danger on Gold and the $882 target was EVENTUALLY hit.
Not going to do a pip-count though as most of mine were outside 'the secret place' opening hours, but a great day all the same.
Just unfortunate some of the group didn't get to share the spoils.
Bon nuit mon petit pois
P.S Anyone into punting on the 'fair', The Pimp's contacts say that Ricard Will NOT get the Chelsea job, so a nice Lay bet there. Back to biz just as soon as I snap out of it. Lemme go have a spruce-up.
Little off-topic I know, but did Ricard get the Chelsea job ?
No he didn't, so a great end to the day with Phil Scholari coming up trumps and completing a perfect day with 5 from 5 on the Forex, 3 from 3 on the Commodities, 6 out of 6 on the football and 1 out of 1 on the Chelsea manager position.
If there's a hand higher than the Royal Flush, I just got dealt it !!
Sweet dreams all
Next question:
When you guys capture pips, say 100, are you referring to a single contract moving 100 pips? Or 2 moving 50? or 100 moving 1?
So if I just put on 3 tiered shorts on cable and each nabbed 50 pips each would that be 150 pips or just 50? And yes I just did this and it was due to a modified CCI:56 on 15 min with MA magnetism - all based on the simple technique learned here - thanks guys.
MM
Looking back on my trades from this morning, if I had used a sensible stop loss I would be still in 2 out of 3 trades, EURUSD and Gold, and would be positive instead of negative. Frustrating day but hopefully I'll not repeat those mistakes again, or least not too often. A few ales tonight for me.
Hi Bloom, Dan has spoken a couple of times on s/l's. It has happended to be on a trade with DJ. I put what I thought was a good s/l in place only to watch a move eat it up and then go back in the direction I was trading. Frustrating as hell, especially when you hav spotted the move correctly. I guess what I learned from this was taking a bit of time to think about the s/l position, how comfortable would I be losing those pips i.e risk versus reward. Went a little off territory last night with Crude - if I'd have had my normal s/l I would have been out of the trade in the blink of any eye. Instead I made a nice 100 pips. I'd personally stay with the strategy and just think risk vs reward on the s/l. They are there for a reason i.e. to save your shorts if it goes ugly, but equally you don't want to see your account smouldering because you were too up close and personal. I'd suggest you raise with Dan and maybe he will be able to help out. I'm certain you are not alone
and we will all benefit from his silky words....
Vive Le Pimp and Le Dan
Next question:When you guys capture pips, say 100, are you referring to a single contract moving 100 pips? Or 2 moving 50? or 100 moving 1? So if I just put on 3 tiered shorts on cable and each nabbed 50 pips each would that be 150 pips or just 50? And yes I just did this and it was due to a modified CCI:56 on 15 min with MA magnetism - all based on the simple technique learned here - thanks guys.MM
We count pips on the basis of total accumulated..so using the above I'd be counting 150 pips (so well done and nice work), and patting myself rather happily onthe back.